Bangalore-based Embassy Group is set to foray into a new real estate segment. To cater to the growing migrant millennial workforce, the developer has announced its entry into the co-living asset class under EPDPL Co-Living Private Limited.
The Group has reportedly announced that it will start its new co-living business initiative with 20,000 beds, to be built on its existing land portfolio. The target is to reach over 100,000 owned and operated beds in the next five years.
The flagship project of EPDPL Co-Living Private Limited will be launched in Bengaluru which will be soon followed by launches in Pune. The group will majorly target students from colleges and working professionals employed with multi-national companies in organized sectors in the cities like Bengaluru, Pune, Hyderabad, Delhi NCR, Mumbai and Chennai.
“Embassy’s concept of co-living aims to uplift the standard of living, by offering quality hospitality services to this segment,” Housing.com quoted Aditya Virwani, COO, Embassy Group, as saying. “There are over 35 million students in higher education and the 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.”
The spaces offered by EPDPL Co-Living Private Limited are said to be designed keeping in mind the evolving preferences and needs of our target customer base, in addition to with global health and safety standards. The group will reportedly have spaces that will be planned with high-end ultra-modern amenities, entertainment, learning and development that will provide an entire ecosystem for their residents.
Some of the features that are expected to be present in the co-living spaces by EPDPL Co-Living Private Limited are ultra-modern reception areas, co-working and co-play areas, fitness centers, cinema and music rooms, community kitchens, laundry rooms, multi-purpose studios, pools, cafés, restaurants, dining halls, market, security services, Wi-Fi, shuttle service, technical assistance and housekeeping.
Established in 1993, Embassy Group is one of India’s largest real estate conglomerate with a portfolio of over 54 million sqft of prime commercial, residential, and industrial spaces across the country. Earlier this year, the group, in collaboration with Blackstone, has seen the successful launch of India’s first real estate investment trust.
Read in detail about co-living segment.