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.