Real Estate

Embassy Group enters co-living space segment

Our Bureau Bengaluru | Updated on August 26, 2019 Published on August 26, 2019

Representative image

Targets migrant millennial workforce, eyes 1,00,000 owned and operated beds in five years

Bengaluru-based real estate developer - Embassy Group - has forayed into the co-living asset class under EPDPL Co-Living Private Limited. They will cater to the growing migrant millennial workforce.

This type (millennial workforce) of workforce in top seven cities in services sector is estimated to reach 7 million by 2023, as reported by JLL.

The market potential of the segment is worth $93 billion per year as reported by PropTiger.

Embassy Group will begin the initiative with 20,000 beds, which will be built on its existing land portfolio. It hopes to reach over 1,00,000 owned and operated beds in the next five years.

The company will target college studentsand professionals working at multinational companies (MNCs) in organised Grade A Business parks across major cities namely Bangalore, Pune, Hyderabad, Delhi NCR, Mumbai, and Chennai. The official brand launch is planned by the end of 2019 with a flagship project in Bangalore, followed by Pune.

Aditya Virwani, COO, Embassy Group said, “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.”

Kahraman Yigit, Co-Founder, Embassy Co-Living, said, “The globalized workforce and students today are constantly on the move and look for accommodation that is easy to access and hassle-free. We, at Embassy Co-Living, will bring in the best global co-living practices equipped with elegant design, sustainable green initiatives, high security and a remarkable experience for all our members.”

Published on August 26, 2019
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