Mon. Feb 24th, 2020

Embassy enters co-living business in big way to cater students and young professionals across 6 major cities; Invests INR 2000 crore in the first phase
 


co-living

Embassy’s subsidiary Olive  contemporary living for students and young professionals

Embassy Group, India’s leading real estate developer, recently launched its newest asset class Olive by Embassy, the next-gen living community in India. Olive has kept an eye on the ever-rising concerns of young working professionals and students for a modern, safe and secure environment for this ambitious co-living space business.

As millennials forming the largest population at 34%, India is set to become the youngest country in the median age of 29. The need of the hour is organized, affordable and thoughtfully planned communities that will disrupt the market and address the social issue of nonexistent purpose-built co-living supply for this increasing segment of consumers.
 
Olive will build its first experiential center in the heart of Whitefield in Bangalore and its another flagship project in Chennai with the capacity of 2500 beds this year. Other major cities that are part of the expansion plan include Bengaluru, Hyderabad, Mumbai, Pune, and Delhi-NCR.

The first phase will see the launch of 20,000 beds in total; Chennai – 2500, Bangalore – 15,000 and Pune – 2500. 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.

Aditya Virwani, COO, Embassy Group and Co-Founder Olive opined “The shared economy concept has percolated all aspects of society, creating unprecedented disruptions as well as opportunities. Today it is not just the scarcity of spaces or living in congestion that is driving co-living, but also the affordability and flexibility, aspirations of the current generation, transition from owning to sharing, the digital economy and technological innovation. 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 eco-system 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.”

The rooms and living spaces at Olive by Embassy are designed efficiently for members to socialize comfortably with a quality palette of furniture, furnishes and functionality to elevate the communal living. Each Olive property will be highly liveable with wellness centres, cafes, chill out areas, cook and share kitchens, cinema, gaming, music, and karaoke rooms, laundry, convenience stores, co-working areas, and rooftop terraces. Olive will create a Residence Club that will enable access to its members across all Olive by Embassy locations through a cutting-edge mobile app. Members will be able to do all their onboarding steps, manage their contract, pay bills, avail maintenance services, connect with other members, join activities and take advantage of exclusive offers and services.
 
“It’s in our best interest for our members to be happy and lead an active lifestyle. Happy people are more successful in life. Our mission is to empower them to achieve their full potential. Olive by Embassy provides the necessary platform and infrastructure for our members to flourish; our members will benefit from community offerings like business & networking, music, arts and culture, travel and adventure, volunteering and charity, sports & leisure among other opportunities. The partnerships with fitness centers, bike share, ride-hailing services, etc. will add to the party. We hope that this will help enhance personal development and learning as well as minimize social isolation,” said Kahraman Yigit, Co-Founder and CEO, Olive.

Olive projects are designed and developed by UK-based design consultancy firm PriestmanGoode, a leading name for innovation in the design of small spaces. Having designed many aircraft interiors and compact hotel rooms, PriestmanGoode excels in creating flexible, highly functional, and beautiful living places.

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