Realty firm Embassy Group on Monday announced its foray into the co-living segment, stating it plans to build 20,000 beds on its land bank to start with.
The Bengaluru-based company has set up a new company EPDPL Co-Living to cater to the growing migrant millennial workforce, it said in a statement.
"Embassy Group is starting this new co-living business initiative with 20,000 beds to be built on its existing land portfolio and targets to reach over 1,00,000 owned and operated beds in the next five years," it added.
The company will target students from colleges, and working professionals employed with multinational companies in organised Grade A business parks across major cities such as Bengaluru, Pune, Hyderabad, Delhi NCR, Mumbai, and Chennai.
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The company is expected to launch its first co-living centre in Bengaluru by the end of this year.
"Embassy's concept of co-living aims to uplift the standard of living by offering quality hospitality services to this segment," said Aditya Virwani, COO, Embassy Group.
"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," Virwani said, adding that there are over 35 million students in higher education and migrant millennial workforce is growing at a rapid pace.
Kahraman Yigit, Co-Founder, Embassy Co-Living, said, "The globalised workforce and students today are constantly on the move and look for accommodation that is easy to access and hassle-free."
Founded in 1993, Embassy Group is one of India's largest real estate conglomerates with a broad portfolio of over 54 million sqft of prime commercial, residential, and industrial space in India.
Embassy and Blackstone launched India's first real estate investment trust earlier this year.
OxfordCaps, Stanza Living, Zolo, Yourspace, Coho, Stayabode, Colive, Hamstead, Placio, NestAway, RentMyStay, Rentroomi, SimplyGuest, and Flathood are major players in the co-living segments providing rented space for students and working professionals.
OYO and Housr too have recently entered into this space. PropTiger has recently acquired Fastfox.com that helps people in getting rental accommodation.
Most recently, realty firm Puravankara has announced its entry into co-living segment and will develop its first project, comprising over 1,000 beds, in Mumbai. The Bengaluru-based company has identified a project in Goregaon, Mumbai to enter into this growing segment.
(Edited by Evelyn Ratnakumar)