Embassy Group to develop Olive co-living communities in India
Embassy Group, an Indian real estate developer, will invest Rs 1,000 crore to develop six co-living properties in major cities in India under the brand Olive by Embassy.
The Bengaluru-based real estate developer has announced a new company called Olive to develop co-living spaces for working professionals and students. The co-living properties will have custom-made facilities, which will feature co-working and co-play areas, cinema and music rooms, fitness centre, communal kitchen, laundry rooms, multi-purpose studios, café, restaurants, pool, dining hall and also market.
Olive by Embassy residents will get Wi-Fi, shuttle service, housekeeping, security, and other services.
The co-living property developer will open its first centers in Bengaluru, Pune, and Chennai this year. Olive will have thousands of beds in its co-living communities, each offered at a monthly rent in the range of Rs 10,000-20,000 per bed.
Aditya Virwani – COO of Embassy Group and Co-Founder of Olive said: “The shared economy concept has percolated all aspects of society, creating unprecedented disruptions as well as opportunities. Today it is not just the scarcity of spaces or living in congestion that is driving co living, but also the affordability and flexibility, aspirations of the current generation, transition from owning to sharing, the digital economy and technological innovation.
“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 eco-system 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.”