Bengaluru-based Embassy Group has entered the co-living space and plans to come up with six such properties across Bengaluru and Chennai, it announced on January 21.
The company plans to expand the co-living brand Olive in Hyderabad, Mumbai, Pune and Delhi-NCR. The first phase will see the launch of 20,000 beds, starting with Bengaluru (15,000), Chennai (2,500) and Pune (2,500). It is also open to tie-ups with land owners to develop co-living centres.
"We are targeting to start development of 5-6 greenfield co-living properties this year with capacity of 5,000-10,000 beds," the company said, adding that the company would operate in a price range of Rs 10,000-20,000 per bed.
Olive will launch its first experiential centre in the heart of Whitefield in Bengaluru and its flagship project in Chennai with 2,500 beds this year.
The expansion plans include Bengaluru, Hyderabad, Mumbai, Pune and Delhi NCR with a vision to take the brand international over the next few years.
The projects in Bengaluru include large facilities at Embassy Manyata Business Park and Embassy Techvillage, Magarpatta and Hinjenwadi in Pune and OMR in Chennai. Olive by Embassy projects will range from 500 to 5,000 beds and be customized 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. Olive by Embassy aims to uplift the standard of living for this segment with hospitality services and an ecosystem that will support our country's youth in their academic and professional pursuits. Additionally, our co living projects will complement and add value to our large tenant base at our Embassy Office Parks," said Aditya Virwani, COO, Embassy Group and Co- Founder Olive.
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