With 'Olive by Embassy’, Embassy Group foray into co-living segment
Six greenfield co-living properties or shared residence are being planned across major cities
Bengaluru-based leading real estate developer Embassy Group announced a foray into co-living segment with an investment of upto Rs. 1000 crore. They plan to develop six greenfield co-living properties or shared residence across major cities; eying the large number of young working population or co-living professionals.
Embassy Group will operate co-living business under a separate firm 'Olive by Embassy’. Aditya Virwani, COO, Embassy Group said, “In the first phase, Olive will be rolled out in Bengaluru, Chennai and Pune, with 75% of the proposed inventory coming up in Bengaluru. The objective is to disrupt the PG (accommodation) market which is unorganised and poorly managed. We will also enter into joint venture and joint development agreement with landlords to expand the brand.”
With a target of having 5000-10,000 beds by 2021, Virwani says that they may also look to scale to 100,000 beds over the next five years depending on the business growth. By mid-2021, the first centre is expected to be operational.
Hyderabad, Mumbai, Pune and Delhi NCR are said to get a taste of Emabssy’s co-living business. The first phase will see the launch of 20,000 beds -- Bengaluru 15,000, Chennai 2500 and Pune 2500. It is also open to tie up with land owners to develop co-living centres.
The co-living projects are designed and developed by the UK- based design consultancy Priestman Goode. India’s coliving market is at a nascent stage and has only a few organised players. However, the trend is catching up in the major cities as the housing market begins to lean away from the proprietorship and towards a service model.