The project has been started by a group of Doctors nearing retirement who wanted to live in a community without compromising their lifestyle. The project is not commercial but a co-operative venture.
We purchased 30 acres of land in Green belt about 7 km from Banashankari temple and 1 km from NICE peripheral road. Government approvals, along with all clearances have been obtained. The Government has imposed certain conditions while sanctioning permission for the project. The land cannot be sold like in any other real estate project and the residents have to invest in shares in the Company to be able to have exclusive use of a cottage. All residents will have equal number of shares and hence equal say in functioning of the Village.
The second condition is that only 15% of 30 acres can be built up area. The third condition is that we cannot build more than two levels which means ground and first floor only. The above conditions are welcome as we have a very ‘GREEN’ village with plenty of lung space, manicured gardens, lake, fountains etc. It also means that we will not have high raised buildings in the village. In fact all the cottages are at ground level only and are disabled friendly.
The project is not exclusive to Doctors but people of other professions are welcome to participate in this project. The project has not been advertised even though it is nearing completion. The reason being the residents can invest by invitation or by introduction by an existing investor or a person of very high stature in society. The permanent residents in the village will all be above 55 years valuing their independence yet in close proximity to all facilities needed in old age including Physiotherapy, Rehabilitation and Assisted living.
Many of the investors have children living abroad and visiting periodically hence temporary accommodation will also be available for them to be with you.
FACILITIES OFFERED FOR SENIOR CITIZENS
- A facility conducive for senior citizens to lead a simple, serene, safe and satisfying life without compromising the individuality or independence
- A dwelling in a healthy and clean atmosphere away from the hustle bustle of the town that we can call our own with no encumbrances
- Choice of food either self catered or prepared and served
- Relaxation in the form of meditation, yoga, reading, gardening etc
- Recreation in the form of games, swimming, lectures, movies etc
- Supervised exercises by a physiotherapist in the gymnasium, swimming pool etc
- Rehabilitation after an illness to gain confidence to be self-dependent with the help of Doctors, Nurses, Physiotherapists and Psychologists
- Regular health check-ups with primary and emergency care when needed
- Privacy and Security - Physical and Mental
- Assisted living for the needy
- A place for assisted living during the temporary absence of their children
- A weekend retreat for young investor
As this is not a real estate venture and special permission has been obtained from the Government for establishing a Retirement Village, hence the land cannot be sold, but shares in the Company can be bought. You have to buy 15000 shares at a value prevailing. Your investment entitles you to the Unit with the entire infrastructure located on the premises including the use of club facilities. One Unit will consist of 840 sq ft of carpet area. This will consist of a bedroom with attached bathroom, a common bathroom and toilet, a kitchenette, a lounge and two verandhas. If you desire to have two bedrooms within the 840 sq.feet it attracts an extra cost of 2% of the basic amount. You can apply for a maximum of Two Units. A minimum of 15000 shares must be held for entitlement to each Unit.
View of the almost finished cottage that faces the lake with French windows
INVESTMENT AFTER YOUR TIME
The 15000 shares in the company that entitles you to ownership of a unit and the club membership can be willed, bequeathed to your nominated heirs or sold at a price that will be assessed by a certified assessor once every year or as often as the Resident’s Committee feels necessary. There will be certain conditions attached to the transfer of eligibility to occupy a unit which are answered in the FAQ’S.
The maintenance fee will be decided by the Residents committee depending on the fixed expenses of maintenance of common amenities. It covers
- the security guards round the clock
- health visitors to visit the residents every day
- maintenance of gardens
- maintenance of club house facilities and the staff
- 24 hrs backup electricity with generators
- 24 hrs water supply
- home delivery of food(food charges extra)
- pick up laundry from the cottages(laundry charges extra)
- maintenance of common amenities like central kitchen, Library, Nursing home, Swimming pool, tennis court etc
- maintenance of electric cars or golf carts to move within the village.
- house keeping
- administrative expenses
We expect this to be around Rs.4500/ per month.
Paid services include:
- utilisation of water, electricity (metered for each cottage)
- consumption of food in the club/ central kitchen / ordered to the cottage
- laundry charges
- use of company owned vehicles as taxies
- hospitalisation/ nursing home charges
- assisted living (an attendant/ nurse aid) as per the usage
- Maid to clean individual cottages (house keeping).
We are looking at various ways of reducing this. Some of the options are opening the Club membership to public, sharing of the rental proceeds between the share holder and the Company, transaction fees when a unit is transferred etc. In view of the strict selection process of the Residents, it is not envisaged that anybody will default on the payment of maintenance fees; in the unlikely event of this happening the Company in consultation with the Residents Committee will take suitable steps to recover the dues. In long standing dues, the same will be recovered with interest (Bank rates) at the time of share transfer.
Every resident gets free membership to the club. We are planning to open the Club membership to public to make it functionally and economically viable. The club will have central kitchen (functionally and physically separate vegetarian and non vegetarian kitchens), laundry, gym, physiotherapy, library, recreation hall, indoor games, tennis court, swimming pool, guest rooms etc