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Embassy Group to invest ₹2,000 crore in 6 cities to set up co-living business
The Embassy Group will operate its co-living business under the brand ‘Olive’. The projects will come up in Bengaluru, Chennai, Hyderabad, Mumbai, Pune and National Capital Region (NCR).
Embassy Group, one of the leading real estate developers, has said that it is going to invest around ₹2,000 crore for setting up co-living, or shared accommodation facilities across six cities.
The group will operate its co-living business under the brand ‘Olive’. The projects will come up in Bengaluru, Chennai, Hyderabad, Mumbai, Pune and National Capital Region (NCR).
Embassy Group said it is planning to launch two experimental centres -- one centre each in Chennai and Whitefield in Bengaluru with a total of 2,500 beds this year. The group will then gradually expand to Hyderabad, Mumbai, Pune and Delhi-NCR.
In the first phase, it plans to launch a total of 20,000 beds. 15,000 will be available in Bengaluru, 2,500 in Chennai and 2,500 in Pune.
The projects in Bengaluru will include large facilities at Embassy Manyata Business Park and Embassy Techvillage. Projects in Pune will include Magarpatta and Hinjenwadi and OMR in Chennai.
Each of the projects of Olive by Embassy would comprise 500 to 5,000 beds and would be customised with “diverse formats and priced competitively to suit respective markets.”
“There are over 36 million students in higher education and the migrant millennial workforce is growing at a rapid pace across metros,” Embassy Group COO and Co-Founder Olive AdityaVirwani said.
He added that Olive by Embassy is aiming at enhancing the standard of living standard of the segment with hospitality services and an ecosystem that will “support our country’s youth in their academic and professional pursuits.”
Virwani also said that the co-living projects will complement and add value to the large tenant base at Embassy Office Parks.
UK-based design consultancy Priestman Goode is designing the projects of Olive by Embassy.
