New Delhi: Three Bengaluru-based realty players- Brigade Group, Embassy Group and Puravankara Ltd are entering the co-living business and have grand plans to disrupt the student and millennial workforce accommodation market.
Brigade Group will start its co-living operations from its ‘Brigade Utopia’ project in Bengaluru. The company is taking stock of the exiting co-living market and players and also evaluating the business models, it said in its annual report for 2018-19.
Even Puravankara Ltd has announced its plans to enter the lucrative business and has identified a project in Goregaon in Mumbai for starting its co-living offerings. It will have 1,000 beds in the initial phase of the launch of co-living operations.
Company’s MD Ashish Puravankara has said that the company is in the process of deciding whether to have its own brand and start the operations alone or to join hands with an existing operator.
Embassy Group has also announced similar plans. It will have 20,000 beds in operation that will be constructed on its existing land portfolio. It plans to have a total of 1 lakh beds in the coming five year period.
Interestingly, Bengaluru is home to many of the startups that offer co-living spaces and the IT Capital already has many brands for the same.
The co-living market is expected to be USD 93 billion opportunity per year in a few years, according to a report by real estate portal Proptiger.com.