April 10, 2010

INDIA: Aamoksh One Eighty to set up 5 retirement resorts in next 3 years

. MUMBAI, Maharashtra / Business Standard / April 10, 2010 By Vimukt Dave / Mumbai/ Rajkot Aamoksh One Eighty Pvt. Ltd., the Indian arm of the US based One Eighty, one of the largest privately owned and most innovative operators of retirement communities in the United States and Canada, plans to set up five retirement resorts in India in the coming three years. "In the next three years we plan to set up five resorts for senior citizens in India. We have already started work to setup one such resort at Kodaikanal. Meanwhile, we are also looking at other locations such as Jaipur, Dehradun, Bangalore, and one between Mumbai and Pune. In terms of investment, to set up one resort it will cost us around Rs 50-70 crore," said Sumer Datta, founder of Aamoksh One Eighty Pvt. Ltd. Talking about the upcoming resort at Kodaikanal, Dutta said, "The Kodaikanal resort is spread across 121 acres and will have 150 to 200 units to stay. It will also feature a golf course, high-quality housing options, and services that create an incomparable living experience for seniors in India. The concept of retirement resorts is quite new in India, while it is a successful model already in the UK and the US. Parents whose children are not able to stay with them can stay in the resorts and get better lifestyle. This is an old age home kind of model." The company is also looking at setting up around 5-6 centers across the country, where each one will have its own unique theme and attractions. Aamoksh One Eighty is a joint venture between Aamoksh Leisure Living and One Eighty of USA. The company was conceptualised as a company specializing in managing, developing and creating exclusive retirement communities by bringing in global best practices to provide the most exciting lifestyle to seniors. The India promoters have a varied experience of working in very senior positions in the corporate environment with various Indian and MNC organizations across India and the Asia-Pacific region. rc] Copyright Business Standard Ltd