The company will be investing Rs 2,000 crore for its expansion plans.
Embassy Group, the real estate major, has ventured into the co-living business under the Olive Brand. The company will be investing Rs 2,000 crore for its expansion plans.
Olive will be introducing its first experiential centre at Whitefield in Bangalore and its flagship project in Chennai with 2,500 beds in 2019. Its expansion plans include cities like Bengaluru, Hyderabad, Mumbai, Pune and Delhi-NCR. Initially, Olive plans to launch 20,000 beds in total, of which, 15,000 will be in Bengaluru, while 2500 each will be in Chennai and Pune.
Olive aims to take the brand international over the next few years.
Aditya Virwani, COO, Embassy Group, and Co-Founder, Olive, said, “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.”
The co-living centres are being designed and developed by Priestman Goode, the UK-based design consultancy.
Paul Priestman, Chairman of Priestman Goode, stated, “Olive is a place that feels like home, that gives users the privacy they need when they want it, with all the facilities of a luxury hotel, and common spaces for shared experiences. The attention to detail is across every element of our designs, from the logomark and the application of the brand on different platforms, to the interiors, where each element of the room has been designed bespoke, to create a beautiful, highly functional space.”