Embassy Group To Foray Into Co-living Business, Plans 1 Lakh Beds In 5 Yrs
New Delhi: The trend of realty firms foraying into co-living business continue unabated with the latest to join the band wagon being Embassy Group which today said that around 1 lakh beds would be offered by it under the initiative in the next five years.
The Bengaluru-based company has fromed EPDPL Co-Living Private Limited to make its foray in the co-living sector and will have 20,000 beds that will be constructed on its exiting land parcels and offered to students and millennial population, it said in a statement.
The company is looking at Chennai, Bangalore, Delhi-NCR, Pune, Hyderabad, and Mumbai for setting up co-living spaces. It plans the first one in Bengaluru, to be followed by Pune. It plans to make officially launch its brand by the end of the current year
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 comonay plans to have fitness centres, co-play areas, cinema and music rooms, laundry rooms, kitchen and multi-purpose studios in its co-living spaces. There will also be shuttle service and Wi-Fi facilities.