Embassy Group recently announced investment of Rs 40 crore in its in-house startup called Olive Residences. This money will be invested over 12 months, with Rs 40 lakh to be spent on an average per project, and the brand will expand to 100 properties during the time.
Olive Residences has a two-fold membership approach. One can choose their location of primary residence in Bengaluru city itself and gain access to member partner escape locations, or opt for the exclusive Olive Club on a ‘pay as you go’ system. Planning to take up residential buildings and hotels under a management agreement in the central locations of metro cities, across India.
“This is a new segment for us, which offers solutions for millennials and building/hotel owners. The pandemic has enhanced the need for flexibility, secure living and the importance of communities. All our facilities are envisioned to meet these needs and the growing aspirations of the millennials and migrants. Our purpose-built portfolio at Olive Co-living are planned in and around our business parks, and Olive Residences will be complementary to our business, with city-centric locations where the demand is high and the land is scarce and expensive. This asset-light business model allows us to maximise returns for building owners – by around 30-40 percent higher than other operators.” said Aditya Virwani, COO, Embassy Group in a statement.