Embassy Group To Launch Co-Living Brand By End-2019

Embassy Group To Launch Co-Living Brand By End-2019

SUMMARY

The company plans to start with a capacity of 20K built-in beds

It aims to reach 100K owned and operated beds in the next five years

The first project will be launched in Bengaluru, followed by Pune

Bengaluru-headquartered real estate firm Embassy Group has announced that it will soon launch a co-living product under EPDPL Co-Living Pvt Ltd.

The company plans to start with 20K built-in beds on its existing land portfolio and aims to reach 100K owned and operated beds in the next five years. The co-living brand focuses on growing migrant millennial workforce and students.

The company will launch the co-living brand by 2019-end with first project in Bengaluru, followed by Pune. “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 the expectations of the millennials who are looking for a community that feels like home,” said Aditya Virwani, COO, Embassy Group.

The real estate group said that in addition to compliance with global health and safety standards, Embassy’s co-living product is planned with high-end ultra-modern amenities, entertainment, learning and development.

“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,” said Kahraman Yigit, cofounder, Embassy Co-Living.

Embassy Group becomes one of the latest real estate giants to explore the booming co-living space in the country. Recently, real estate firm Puravankara launched first 350,000 sq ft  co-living space in Goregaon, Mumbai. Another player, Salarpuria Sattva Group brought 50% stakes in the Bengaluru-based startup CoLive, which provides ready to move-in homes to single professionals and young couples.

The organised co-living sector in India has grown 100% over the last year with the entry of startups such as OYO, Nestaway, StayAbode, Grexter, Zolo, Coho and others. Yet, the sector is estimated to have an untapped demand of around 46.3 Mn beds in India.

A latest PropTiger report has noted that co-living segment has the potential to grow into a $93 Bn market in India. The report estimated an untapped demand of approximately 46.3 Mn beds in India, of which 8.9 Mn beds are required for student housing.

By 2022, India’s co-living industry is expected to be 20 times bigger than it was in 2018 with the shared-living market valued at $120 Mn (INR 845 Cr), as per RedSeer Consulting. However, at present, the absconded founders of Homigo with an alleged fraud of about INR 20 Cr have raised the trust concerns in the sector.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

Embassy Group To Launch Co-Living Brand By End-2019-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

Embassy Group To Launch Co-Living Brand By End-2019-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

Embassy Group To Launch Co-Living Brand By End-2019-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

Embassy Group To Launch Co-Living Brand By End-2019-Inc42 Media
Embassy Group To Launch Co-Living Brand By End-2019-Inc42 Media
You’re in Good company