Embassy Group ventures into co-living market with Rs 2,000-crore investment

Real estate major Embassy Group on Tuesday launched its newest asset class, Olive by Embassy, a next-gen living community in India. Olive is purpose built for young working professionals and students in a world-class safe and secure environment.

With 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 launch its first experiential centre at Whitefield in Bangalore and its flagship project in Chennai with 2,500 beds this year. The expansion plans include Bengaluru, Hyderabad, Mumbai, Pune and Delhi-NCR with a vision to take the brand international over the next few years. The first phase will see the launch of 20,000 beds in total – Bangalore 15,000, Chennai 2,500 and Pune 2,500 – with an investment of ?2,000 crore. 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, said: “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.”

Each Olive property is expected to be amenitized with wellness centres, cafes, chill out areas, cook and share kitchens, cinema, gaming, music and karaoke rooms, laundry, convenience stores, co-working areas and roof-top terraces. Olive will create a Residence Club that will enable access to its members across all Olive by Embassy locations through a mobile app. Members will be able to do all their on boarding steps, manage their contract, pay bills, avail maintenance services, connect with other members, join activities and take advantage of exclusive offers and services.

“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 PriestmanGoode. The studio is widely recognised as at the forefront of innovation in the design of small spaces. Having designed aircraft interiors and compact hotel rooms, PriestmanGoode excels in creating flexible, highly functional spaces that are both beautiful and fit for purpose. Olive will compete with the likes of Oyo Life, Nestaway, Zolo Stays but as a premium offering in terms of standardised interior and spatial design and facilities provided.

Talking about the design, Paul Priestman, chairman PriestmanGoode, said: “Olive is a place that feels like home, that gives users the privacy they need when they want it, with all the facilities of a luxury hotel, and common spaces for shared experiences. The attention to detail is across every element of our designs, from the logomark and the application of the brand on different platforms, to the interiors, where each element of the room has been designed bespoke, to create a beautiful, highly functional space.”

Source: Financial Express