Embassy Group has announced its foray into the co-living asset class under EPDPL Co-Living Private Limited, to cater to the growing migrant millennial workforce. The Group said that it will start its 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. The official brand launch is planned by the end of 2019 with a flagship project in Bengaluru, followed by Pune. The announcement comes, at a time when this type of workforce in the top seven cities in the services sector, is estimated to reach 7 million by 2023, as reported by JLL, with its market potential worth USD 93 billion per year, as reported by PropTiger.
Embassy Group will target students from colleges and working professionals employed with multi-national companies in organised Grade A Business parks across major cities, such as Bengaluru, Pune, Hyderabad, Delhi NCR, Mumbai and Chennai. Commenting on the new business initiative, Aditya Virwani, COO, Embassy Group said, “Embassy’s concept of co-living aims to uplift the standard of living, by offering quality hospitality services to this segment. 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.”
Kahraman Yigit, co-founder, Embassy Co-Living, added “The globalised workforce and students today, are constantly on the move and look for accommodation that is easy to access and hassle-free. 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 spaces will be planned with high-end ultra-modern amenities, entertainment, learning and development that will provide an entire ecosystem for our members.”
The co-living spaces for students and working professionals will offer custom-made facilities and will be equipped with ultra-modern reception areas, co-working and co-play areas, fitness centres, 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 house-keeping.