Embassy Group, India's leading real estate developer, forays into the co-living asset class under EPDPL Co-Living Private Limited to cater to the growing migrant millennial workforce, which will revolutionise their lifestyle and standard of living.
This type of workforce in top seven cities in the services sector is estimated to reach 7m by 2023, as reported by JLL, thus making the concept of co-living the 'next big thing' with its market potential worth $93 billion per year as reported by PropTiger. Embassy Group is starting this new co-living business initiative with 20,000 beds to be built on its existing land portfolio and targets to reach over 100,000 owned and operated beds in the next five years.
A market leader in commercial and residential spaces, Embassy Group will target students from colleges and working professionals employed with multinational companies in organized Grade A business parks across major cities namely Bengaluru, Pune, Hyderabad, Delhi NCR, Mumbai, and Chennai. The official brand launch is planned by the end of 2019 with a flagship project in Bengaluru, followed by Pune.
"We are very excited to introduce this new asset class in our portfolio, in line with Embassy's vision of enriching lives. 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, COO, Embassy Group.
"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. 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 co-living spaces for students and working professionals will offer custom-made facilities and will be equipped with ultra-modern reception area, co-working and co-play areas, fitness centre, cinema, and music rooms, communal kitchen, laundry rooms, multi-purpose studios, pool, cafe, restaurants, dining hall, and market. Services such as high-security, Wi-Fi, shuttle service, technical assistance, and housekeeping for its members.
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