<article><a style="color: #000080;" href="http://www.aamoksh.com" target="_blank">Aamoksh One Eighty Hospitality</a>, an international brand of retirement homes based out of Gurgaon, is in talks to raise up to $8 million in funding for their upcoming projects.</article>

<a style="color: #000080;" href="http://www.aamoksh.com" target="_blank">Aamoksh One Eighty Hospitality</a>, an international brand of retirement homes based out of Gurgaon, is in talks to raise up to $8 million in funding for their upcoming projects.
&#8220;We had raised angel funding six years back. Now we need funds to launch new retirement home projects near Bangalore and Mumbai,&#8221; said Sanjay Lakhotia, co-founder and director, in a chat with DEALSTREETASIA.
Lakhotia, a graduate of XLRI, started the company in 2009 with Sumer Datta, a former managing director at <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Hewitt+Associates" target="_blank">Hewitt Associates</a>.
Aamoksh works with builders in the designing of the retirement homes, which have features such as corridors with handrails, anti-skid tiles in the apartments and a resident doctor.
The average cost of its apartments is between Rs 50-70 lakh. Prices of such apartments are higher than comparable ordinary housing because of the extra features.
After the project is built, Aamoksh manages services in the homes, such as entertainment and sports facilities, security and availability of doctors, for which residents pay for. It is also responsible for marketing the project, and receives a percentage of the sales proceeds from builders.
Its joint venture partner <a style="color: #000080;" href="http://www.oneeightytwist.com/senior-housing-brands" target="_blank">One Eighty</a> has designed and developed more than 40 independent housing communities in the US, Canada, and Mexico.
Other players in this sector in India include <a style="color: #000080;" href="http://www.pscl.in" target="_blank">Paranjape Schemes Ltd</a>, <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Max+India+Ltd" target="_blank">Max India Ltd</a>, backed by <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Goldman+Sachs+Group+Inc" target="_blank">Goldman Sachs Group Inc</a>., LIC Housing Finance Ltd, The Covai Group and <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=Ashiana+Housing+Ltd" target="_blank">Ashiana Housing Ltd</a>.
The market for serviced retirement home for senior citizens has been growing rapidly in India. There is a need for about 300,000 retirement homes for senior citizens, according to Jones Lang LaSalle India, a realty consultancy. The current supply in the pipeline is just for 10,000 to 15,000 new homes.
While India is much younger than Japan, China or the US, the number of people over age 60 is expected to more than double to 173 million by 2025.
Under the concept of senior living, there are two main categories &#8211; independent living and assisted living. In assisted living, you will get round-the-clock services, and this is meant for those senior citizens who need help. Those who are more active and can take care of themselves opt for independent living. Most retirement projects, including Aamoksh&#8217;s projects in Kasauli, Himachal Pradesh and Kodaikanal, Tamil Nadu, offer both facilities in the same space.
Unlike the US, where retirement housing is mostly rented, Indians prefer to own apartments. That suits developers as well, who derive returns of about 25 per cent annually, less than the 35 per cent they make from comparable ordinary housing.
Projects also vary by the amount of facilities available, just like properties in the hospitality industry have different stars. High-end retirement homes usually have club houses, swimming pool, movie theatre, golf course, central dining area, and medical care on call.
Aamoksh wants to raise the funding in the next six months. Land for two upcoming projects has been purchased, and deals signed with builders.
Aamoksh&#8217;s township in Kodaikanal has 200 villas &amp; row houses for the retirement homes with options of 1-3 bedroom apartments. That was its first project and opened six years ago. The one in Kasauli opened this year, and has about 100 apartments.
Also read:
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<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=retirement" target="_blank">Excalibur buyout team to meet banks over funding for Tata UK bid</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/?s=retirement" target="_blank">Glencore to sell stake in agri business to Canada Pension Board for $2.5b</a>

India: Aamoksh One Eighty Hospitality to raise $8m from PE, HNIs

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