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Caution Deposit

The Residency is in a vast area of land with a total built up plinth area of 3 lakh sq.ft. and is totally furnished to the state-of-the-art comfort with world class facilities. The Resident – employee ratio is 1:1 which is quite unique. The total worth of the Residency is more than Rs. 60 crores.

The Residency is run by a Charitable Trust engaged in Philanthropic and charitable activities and also renders service to Senior Citizens.

The Trust has borrowed a huge amount as loan from the Bank of India for the development of its organizations.

“The Book”, the rule-book of the Residency and its web site will speak for the both physical and psychological comforts provided to the senior citizens apart from the service rendered with utmost love and affection. It will also throw light on the good intention and vision of the Trust to serve the elders with love and care.

In this background, atleast to meet a part of the capital cost the Trust is compelled to collect an interest free Caution Deposit from each one of the Residents for their stay in this most luxurious and elite Residency.

Caution Deposit will not bear any interest.

Normally third occupant is not permissible in a single/double unit. However, the management can grant exemption in special cases on merit and on payment of caution deposit and monthly charges. The second and third occupant can only be a spouse or a blood relative.

When an applicant joins the Residency, the Trust will enter into a Memorandum of Understanding with the Resident for the refund of Caution Deposit. A Format of the MOU is appended. The incidental charges there on will be debited to the account of the Resident.

The Resident is at liberty to change the nominee during the period of the stay / living and only the latest nominee as in the records of the Trust will have a legal claim over the caution deposit.

Whenever the Resident wishes to change the nominee, the previous MOU – both the copies, of the Resident and the Nominee, are to be returned along with such application for renomination.

The Resident can nominate more than one person as nominee for the refund of the caution deposit. In such cases, a separate MOU will be entered subject to the number of nominees for the purpose of legality and to enable easy refund of caution deposit.


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