Embassy Group, a real estate firm, based out of Bengaluru, is set to step into the co-living asset class business under EPDPL Co-Licing Pvt Ltd. According to the company, by stepping into the realty business, it can cater to the growing migrant millennial workforce and students.
While, the official announcement from the company will be made in the end of 2019, the Group has planned for 20,000 beds to be built on its existing land portfolio with a target to reach over 100,000 owned and operated beds in the next five years.
“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, co-founder, Embassy Co-Living.
Yigit further said that in addition to compliance with global health and safety standards, Embassy’s Co living is planned with high-end ultra-modern amenities, entertainment, learning and development that will provide an eco-system for our members.
Embassy Group came into existence in 1993. It is a privately-held real estate developer based in Bangalore. The group is into real estate development for verticals like commercial, residential, hospitality, industrial warehouse spaces, services, retail and education.
“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 expectations of the millennials who are looking for a community that feels like home,” said Aditya Virwani, COO, Embassy Group.
Virwani further said that there are over 35 million students in higher education and the migrant millennial workforce is growing at a rapid pace, offering an opportunity to cater to this increasing demand of co-living and create accommodation for them across the country.
Some of the ace players in the co-working domain include WeWork, GoWork, Awfis, Regus, Innov8 and among others.