new delhi aug 26 realty firm embassy group on monday announced its foray into coliving segment and plans to build 20000 beds on its land bank to start with the bengalurubased company has set up a new company epdpl coliving to cater to the growing migrant millennial workforce it said in a statement embassy group is starting this new coliving business initiative with 20000 beds to be built on its existing land portfolio and targets to reach over 100000 owned and operated beds in the next five years it added the company will target students from colleges and working professionals employed with multinational companies in organised grade a business parks across major cities such as bengaluru pune hyderabad delhi ncr mumbai and chennai the company is expected to launch its first coliving centre in bengaluru by the end of this year embassys concept of coliving aims to uplift the standard of living by offering quality hospitality services to this segment said aditya virwani coo embassy group our coliving spaces have been thoughtfully crafted to exceed the expectations of the millennials who are looking for a community that feels like home virwani said adding that there are over 35 million students in higher education and migrant millennial workforce is growing at a rapid pace kahraman yigit cofounder embassy coliving said the globalised workforce and students today are constantly on the move and look for accommodation that is easy to access and hasslefree founded in 1993 embassy group is one of indias largest real estate conglomerates with a broad portfolio of over 54 million sq ft of prime commercial residential and industrial space in india embassy and blackstone launched indias first real estate investment trust earlier this year oxfordcaps stanza living zolo yourspace coho stayabode colive hamstead placio nestaway rentmystay rentroomi simplyguest and flathood are major players in the coliving segments providing rented space for students and working professionals oyo and housr too have recently entered into this space proptiger has recently acquired fastfoxcom that helps people in getting rental accommodation most recently realty firm puravankara has announced its entry into coliving segment and will develop its first project comprising over 1000 beds in mumbai the bengalurubased company has identified a project in goregaon mumbai to enter into this growing segment mjh ans ans