Skip Navigation Links
 

Refund of Caution Deposit

Whenever a Resident vacates the Residency or ceases to be a Resident, the Caution Deposit becomes refundable.

A) The Resident has to give a notice of minimum of 30 days while vacating the Residency. The Resident has to surrender the MOU, and the original receipt issued by the Residency, along with a requisition letter for the refund of the caution deposit, on the day of vacating the Residency. The receipt of the above documents will be duly acknowledged by the Residency. The cheque for the caution deposit amount after deducting all the dues will be issued on the 90th day.

B) In the unfortunate event of the demise of a Resident, the caution deposit will be refunded immediately. The process of settlement will be initiated after the completion of rituals and vacating the unit by the kith/kin of the deceased Resident after adjustment of all outstanding dues, if any. The nominee has to surrender the original MOU and the receipt issued by the Residency along with a requisition letter. In circumstances where one of the double occupancy Residents deceases, the refund of caution deposit will be governed by the following rules:

i) Single unit – Double occupation
The caution deposit as applicable for a single occupancy, at the date of their joining the Residency, will be retained and the balance will be refunded to the nominee. The continuing Resident has to surrender the MOU and the original receipt so as to enable the Residency to enter into a revised MOU.

ii) Double unit occupation
The caution deposit refund question will not arise so long as the surviving Resident continues to occupy the same double unit. The surviving Resident has to surrender the original MOU for the purpose of modified MOU to be substituted.
In case the surviving Resident opts to shift to a single unit in the same sector, the refund of caution deposit will be made, subject to the Residency retaining the amount applicable as caution deposit for a single unit, as applicable at the date of their original occupation. The balance amount will be refunded immediately. The continuing Resident has to surrender the MOU and the original receipt, so as to enable the Residency to enter into a revised MOU. However, the allotment of a single unit will only be subject to availability or on waitlist basis, of course under preference over new applicants.

C) In all cases, the refund of caution deposit will be effected only after return of the original MOU along with the original receipt issued by the Residency. In case, any of the Resident or the nominee pleads about the loss of the original MOU or the original Receipt, the refund can be effected only after completing the necessary legal formalities to protect the interest of the Residency.

D) The nominee or legal heir will not have any lien to occupy the unit, once vacated by the Resident, for whatever reason.

Back

© Copyright SSME Trust 2016, All Rights Reserved.