Embassy unveils ₹2,000-cr co-living realty project

In order to make the most out of the growing millennial workforce and students flow to the cities, Embassy Group has recently decided to invest ₹2,000 crore to set up co-living or shared accommodation facilities across top six cities in India. The Bengaluru-based real estate firm, which builds commercial office spaces, residential projects and also operates WeWork co-working offices in India, announced that the company will operate its co-living business under the brand 'Olive'. It plans to launch two centres each in Bengaluru and Chennai this year with a total of 2500 beds. Its office parks have about almost half million people more than 60% of that population are migrants. Over 30 million people are moving into the metros every year with the unprecedented growth in urbanization in these cities, said chief operating officer, Embassy Group, Aditya Virwani, adding that after the first two projects in Bengaluru and Chennai, the company plans to expand to Hyderabad, Mumbai, Pune, Delhi and National Capital Region (NCR).