Real estate developer Embassy Group will invest ₹2,000 crore in developing a next-generation living community, Olive during the first phase of the development.
A statement from the company said Olive is built for young working professionals and students. It addresses the social issue of non-existent purpose-built co-living supply for this increasing segment of consumers.
Olive will launch its first experiential centre in Whitefield in Bengaluru and its flagship project in Chennai with 2,500 beds this year. The expansion plans include Bengaluru, Hyderabad, Mumbai, Pune and Delhi NCR with a plan to take the brand international over the next few years. The first phase will see the launch of 20,000 beds in total; Bengaluru - 15,000, Chennai - 2,500 and Pune – 2,500.
The projects in Bengaluru include large facilities at Embassy Manyata Business Park and Embassy Techvillage, Magarpatta and Hinjenwadi in Pune and OMR in Chennai. Olive by Embassy projects will range from 500 to 5,000 beds and be customised with diverse formats and priced competitively to suit respective markets.
“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,” Aditya Virwani, COO, Embassy Group and Co- Founder Olive, said.
The rooms and living spaces at Olive by Embassy are designed for members to socialise comfortably with a quality palette of furniture, furnishes and functionality to elevate the communal living. Each Olive property will be highly amenitised with wellness centres, cafes, chill out areas, cook and share kitchens, cinema, gaming, music and karaoke rooms, laundry, convenience stores, co working areas and roof top terraces. Olive will create a Residence Club that will enable access to its members across all Olive by Embassy locations through a cutting-edge mobile app.