Bengaluru-based Embassy group is going to invest Rs 2,000 crore into co-living space.

On 21^st January, the Bengaluru-based Embassy Group has entered into co-living space and plans to build six such buildings in Bengaluru and Chennai.

They are planning to widen there co-living brand Oliven to Hyderabad, Mumbai, Pune and Delhi-NCR. Initially, 20,000 beds space is being launched, starting from Bengaluru (15,000), Chennai (2,500) and Pune (2,500) and the company is also open to tie-up with landowners in order to establish co-living centres.

“We are aiming to launch this year the development of 5-6 greenfield co-living properties, with a capacity of between 5,000-10,000 beds,” the company also added that price would vary from Rs 10,000- Rs 20,000 per bed.

This year, in the heart of Whitefield, Olive is going to start its first experiential centre in Bengaluru and its 2,500 beds flagship project in Chennai.

The plans for expansion include Bengaluru, Hyderabad, Mumbai, Pune and Delhi NCR with a goal of taking the brand globally over the coming years.

Bengaluru’s projects include large facilities in the Manyata Business Park Embassy and the Techvillage Embassy, in Pune areas like Magarpatta and Hinjewadi and in Chennai OMR area.

Olive by Embassy projects will range from 500 to 5,000 rooms and will be tailored to suit the respective markets in various formats and are competitively priced.

“There are over 36 million higher education students and migrant millennial populations are growing rapidly over metros. Olive by embassy aims for the enhancement of the standard of living for this sector by providing hospitality services and an ecosystem to support young people from our country in their professional and academic pursuit. In addition, our non-living projects will complement and add value to our large tenant base at our Embassy Office Parks,” said COO of Embassy group and Co-founder of Olive, Aditya Virwani.