A list of frequently asked questions are presented here.
The cost of the dwelling works out more than the prevailing rates for an apartment. How do you justify such high cost?
The price you are paying is for owning 15000 shares in the company which owns 31 acres of land with a government published guidense value of Rs. 40 lakh per acre. As you have 1/200th of the shares in the company you own 1/200th of the asset of the company. and not the cottage. The ownership of the cottage rests with the company as a whole
A maintenance fee of Rs.5000 per month is too high, what does this include?
The maintenance fee will be decided by the Residents committee depending on the fixed expenses of maintenance of common amenities like Security, health visitors, garden, nursing home, club, laundry kitchen, 24 hours water and electricity supply. We expect this to be around Rs.5000/ per month. Utilisation of water, electricity, laundry, restaurant in the club etc will be charged according to usage as variable charges. 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. It will be of interest to you that a housing project next door to us is charging Rs 2500/- plus as maintenance fee just for security guards and maintenance of gardens (even if there is no house built). 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.
The area around the units will be maintained by the company. We will provide a separate area for your hobby where you can grow flowers, Vegetables etc, like an allotment in UK.
I am living with my pet Dog, can he/she come to live with me in the village?
Although we will allow Pets with the owners, the units allotted to them will be in certain areas only and we will be enforcing certain restricted areas and code of conduct to be signed by the pet owner at the time of occupancy.
Will I have my own telephone, internet and cable connection, or do I have to use a service that is shared by others?
You will have your Telephone, Internet services and Cable TV in your Unit. For somebody who does not have a computer of their own, there will be some PCs with internet connection in designated areas for use by any resident. These services will be charged.
Will I have Air-Conditioning, fridge, washing machine, Geyser and other utilities in my unit?
These commodities are not provided as standard with the unit, however we will provide any or all this if you so desire for additional cost. The solar water heater with backup geyser is within the cost of the unit.
What type of illnesses can be treated in the Nursing home in the Village and how much will it cost?
Assisted living, Primary and Emergency health care will be provided in the Nursing home. Anything requiring specialist care will have to be treated at The Bangalore Hospital or any Hospital of your choice. All medical expenses will have to be borne by you. At the time of occupying the residence you will have to provide proof of health insurance or other means of paying for your hospital bills. This will vary from individual to individual, and time to time.
Can I sell my shares in the company during and after the lock-in period?
You can return the shares to the Company only and cannot sell it to third party for five years. The company will pay only the cost price and is subject to a deduction of ‘Processing’ fees (to be determined at a later date by the Board). After the lock in period of 5 years the investor can benefit from the prevailing price minus the processing fee.
Can my shares be transferred to my near and dear ones?
Yes. The shares can be transferred to your nominated heirs according to your Will. If you would like to transfer the shares to your next of kin during your lifetime, it can be done but you will no more be eligible to occupy the Unit without the consent of the person to whom the shares have been transferred. A processing fee will be charged by the company as fixed by the Board, periodically.
Will they be entitled to occupy the dwelling unit that I had occupied?
Eligibility to occupy the unit is not granted automatically by virtue of inheriting the required quantum of shares. You were allowed to buy shares in the company and be a resident in the village after you were proposed and recommended by two other Residents of the Village or you proved your good standing in the society, or you were invited to join us. Similarly the person who inherits your shares has to satisfy the criteria laid down by the company when you became a resident of the Village.
What will be the process for the inheritor to become a resident in the Village?
The person who inherits the shares and desires to reside in the village has to apply to the Residents committee giving the names of three existing Residents as referees. The Committee will forward the application to all the residents of the Village. The Residents may approve or reject the application.
Can the inheritor own shares in the Company without being a resident in the Village?
Yes the inheritor will be eligible to own the shares and receive Dividends etc as and if announced by the Company. Alternatively the Company will offer to purchase the shares at the rate fixed by a certified assessor. The share value will be assessed once every year or as often as the Resident’s Committee feels necessary.
In principle, yes, it can be done but a processing fee will be charged by the company at a price fixed by the Board periodically. As the shareholding is coupled with eligibility to occupy a residential Unit and use of amenities provided, the purchaser does not get these privileges automatically. He / She has to go through the same process as a person who has inherited the shares to become a resident of the Village as explained in answer to question no 12.25. In the event the permission is denied, the Company will offer to purchase the shares at the rate fixed by a certified assessor. The share value will be assessed once every year or as often as the Resident’s Committee feels necessary.
Yes, they can stay with you to a maximum of sixty days. There are certain conditions that apply. At the time of issuing share certificates you will have to sign a contract and provide some personal information. You will be required to give details of your children / next of kin like their names and addresses etc. If they are coming on a visit, you should inform the company in advance, including their duration of stay. If the guests are your son / daughter and the spouse, they are welcome to stay. If you would like to have your grand children staying with you, you will have to obtain permission from your immediate neighbours on all four sides. In such an event it is preferable that the visitors stay in the Company guest house. Irrespective of the relationship of the guest to the Resident, the Company will levy guest charges that are prevalent at that time. These charges increase incrementally for sixty days. After sixty days, if the guest intends to extend the stay he / she has to shift to guest room in the club house, or the Guest House owned by the Company or Dormitory accommodation if available, paying the prescribed rent. In view of the strict selection process of the Residents, it is not envisaged that anybody will default on the payment of guest fee or over stay the maximum limit of sixty days. In the unlikely event of this happening the Company in consultation with the Residents Committee will take suitable steps to recover the dues and vacate the premises. In long standing dues, the same will be recovered with interest (Bank rates) at the time of share transfer.
My children have taken the responsibility of paying the maintenance bills and hospitalization bills if needed. What happens if they do not send the money for either or both?
The share reverts to the company & you will be considered as a tenant in the unit
Will there be a Garage for my car? Can I park it in front of my unit?
No, for safety reasons vehicles other than the ones owned by the Company will not be allowed in the residential area. A common car parking area will be provided near the club for residents only.
I have a house in the city, will the Company take the responsibility of renting / leasing / or selling it so that I can buy a unit in the village or arrange for paying the maintenance fees or hospital bills?
We are looking at this possibility. The chances are, we will.
What are the standard materials used in the unit, like the tiles, paint, Doors and Windows, Bathroom fixtures etc?
We will have some sample units with a choice of colour schemes, tiles, bathroom fixtures. You will have to choose from these. Windows will be made of Aluminium; doors will be particle boards or some other eco-friendly material, wherever possible solid wood will not be used.
If my unit is rented out and I want to come and spend some time in the Village, can I have the use of another unit? What will be the charges?
We will try and provide another unit for you, if we cannot, you can use the guest rooms in the Club. The rental will depend on the period of occupation. The longer you occupy lesser the rent.
Will there be a large enough storage space for my furniture, books, and memorabilia from my old home for my use?
As these may occupy a very large area we are at present doubtful about providing such area. If we do decide to provide such a facility, it will attract a rent.
Yes you can. Our vehicle will be making regular visits to the site every Monday, Wednesday and Friday of the week. The vehicle will depart from The Bangalore Hospital at 10:30 am and return by 12 noon. You are welcome to make use of this facility. Please inform us at least a day earlier.
Is there a minimum age limit for taking part in the project?
There is no minimum age limit for buying a unit. Only people over 55 years can use it as their permanent home. Youngsters can use it as-
• Weekend retreat or week of holidaying,
• Home for your parents, in laws, or relatives aged over 55 years,
• The company can take over the responsibility of renting it out to an outsider for short or long periods, if you so desire.
