Embassy Group forays into co-living segment

In order to cater to the demand of the growing migrant millennial workforce, Bengaluru-based Embassy Group has forayed into the co-living asset class and plans to start with 20,000 beds to be built on its existing land portfolio.

The company targets to reach over 1,00,000 owned and operated beds in the next five years.

The company has set up a new company EPDPL Co-Living to cater to the segment, it said in a statement.

The company will target students from colleges and working professionals employed with multinational companies in organized Grade A Business parks across major cities namely Bengaluru, Pune, Hyderabad, Delhi-NCR, Mumbai, and Chennai.

The official brand launch is planned by the end of 2019 with a flagship project in Bengaluru, followed by Pune, the company said.

The millennial workforce in the top seven cities in services sector is estimated to reach 7m by 2023, as reported by JLL thus making the concept of co-living the “next big thing” with its market potential worth $93 billion per year as reported by PropTiger.

"Our co-living spaces have been thoughtfully crafted to exceed expectations of the millennials who are looking for a community that feels like home. There are over 35 million students in higher education and migrant millennial workforce is growing at a rapid pace, thereby giving us an opportunity to cater to this increasing demand of co-living and create accommodation for them across the country," said Aditya Virwani, COO, Embassy Group.

"Our co-living spaces will be designed keeping in mind the evolving preferences and needs of our target customer base. In addition to compliance with global health and safety standards, Embassy’s Co living is planned with high-end ultra-modern amenities, entertainment, learning and development that will provide an entire eco system for our members," said Kahraman Yigit, co-founder - Embassy Co-Living.

The co-living spaces for students and working professionals will offer custom-made facilities and will be equipped with ultra-modern reception area, co-working and co-play areas, fitness centre, cinema and music rooms, communal kitchen, laundry rooms, multi-purpose studios, pool, café, restaurants, dining hall and market. Services such as high-security, Wi-Fi, shuttle service, technical assistance, and house keeping for its members.

Embassy and Blackstone launched India's first real estate investment trust earlier this year.

Recently, realty firm Puravankara has announced its entry into co-living segment and will develop its first project, comprising over 1,000 beds, in Mumbai.