Embassy launches asset light management business under ‘Olive Residences’

Olive by Embassy, the co-living and student housing brand of Embassy Group, has launched Olive Residences – an asset light management of shared residences/co-living.

Olive Residences is being offered with a two-fold membership approach, one can choose their primary residence location in the city and gain access to member partner locations, as well as the exclusive Olive Club on a ‘pay as you go’ system.

The company launched its first Olive Residences in Koramangala in Bengaluru by offering occupancy as one bedroom (BHK) residences and is planning to launch two more properties on Magrath Road and Indiranagar, in Bengaluru. Olive Residence units are priced starting at Rs 16,500 per month.

Aditya Virwani, COO, Embassy Group said “For future expansion and adding more Olive Residences, the company is planning to take up residential buildings and hotels under a management agreement in the central locations of metro cities, across India.”

“Initially, we are focusing on Bengaluru. Once we stabilise here, then we plan to take it to other south Indian cities.”

Kahraman Yigit, Co-Founder and CEO, Olive by Embassy explained “Olive Residences will be the first private residence club targeted at millennials and migrants, based on sharing economy. The idea behind it is “why have one address when you can have ten or more”! People love change and we at Olive, wanted to offer diverse and interesting experiences to today’s generation. Having a primary residence and access to multiple escape locations will be a welcome change, adding to a fun and exciting lifestyle for the young millennials.”