Bengaluru-based real estate development company Embassy Group has announced plans to enter the co-living space segment.
The project will target students and working professionals employed with multinational companies across major cities like Bengaluru, Pune, Hyderabad, Delhi NCR, Mumbai and Chennai, an official statement said.
“Embassy’s concept of co-living aims to uplift the standard of living by offering quality hospitality services to this segment. 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, chief operating officer, Embassy Group.
To begin with, the company will offer 20,000 beds, which will be built on its existing land portfolio and targets to reach over 100,000 owned and operated beds in the next five years, the statement added.
The co-living space will be equipped with an ultra-modern reception area, co-working and co-play areas, fitness centre, cinema and music rooms, laundry rooms, multi-purpose studios, pool, cafés, restaurants, dining hall and market.
“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 ecosystem for our members,” said Kahraman Yigit, co-founder, Embassy Co-Living.
The official brand launch is planned by the end of 2019 with a flagship project in Bengaluru, followed by Pune, the statement added.