Indian real estate developer, Embassy Group has ventured into co-living segment with the introduction of Olive by Embassy. The project, with an investment of ₹2000 crore in the first phase, targets young working professionals and students across India.
Olive’s first experiential centre will be in Whitefield in Bengaluru and its flagship project in Chennai with 2500 beds this year.
The expansion plans cover Bengaluru, Hyderabad, Mumbai, Pune and Delhi NCR. The first phase will see the launch of 20,000 beds in total — 15,000 in Bengaluru, 2500 in Chennai and 2500 in Pune.
The projects in Bengaluru include large facilities at Embassy Manyata Business Park and Embassy Techvillage; Magarpatta and Hinjenwadi in Pune and OMR in Chennai.
Each Olive property will feature wellness centres, cafes, recreational areas, cook and share kitchens, cinema, gaming, music and karaoke rooms, laundry, convenience stores and co-working areas among others.
A cutting-edge mobile application will allow members to manage their contracts, pay bills, avail maintenance services, connect with other members, join activities and take advantage of exclusive offers and services.
Aditya Virwani, chief operating officer, 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 ecosystem 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.”