Here we are incorporating a separate corporation called AyurHeritage Villas. As and when each villa is completed, we will issue 12 additional shares and each person who buys the place for a month will be given 1 share of this corporation. Face value of shares will remain same unless a decision is made by the board otherwise. The corporation holds the ownership of the property and the 12 owners will be owning 12 shares issued to them at a face value. Shares for the first Villa that is being sold now is Rs.7.50 lakhs each.

This is not a lease. As indicated in Question 1, each will be owning a Share and these are transferable to spouse and/or children in the event of death just as any other asset would be. The shares can be sold as well and we would make it convenient for the owners to do temporary exchanges, selling, buying etc.

There are several reasons for not having actual property deed written up for each individual buyer. Primary reason is that Reserve Bank of India has restrictions on ownership of immovable property by foreigners (of non-Indian origin). So even if we get specific permission from RBI, it could still run into hurdles when someone try to sell it or transfer it. Moreover, recent laws in Kerala state require both buyer and seller to physically be present at the time of transaction at the Office of the Sub Registrar (where land transactions are conducted) and this is impractical. There are several other reasons, but these two are are the major ones.

Share certificates cannot normally be used as a security for taking mortgage loans. It is an asset and some banks might give consideration for it as a collateral for loans. But it is not as prevalent as land deed in the Indian banks.

Each owner will be charged for the maintenance fee and utilities for the month he/she has signed up whether they come to the facility or not. The utilities will be charged on an actual basis. Utilities include Water, Sewage, Electricity, Telephone and Cable. There will be a charge for the upkeep of the place. At this point exact amounts are is being estimated. Similarly if there are expenses related to annual maintenance which is common for all, then those expenses will be shared equally by all 12 owners.

Yes. An owner can do whatever he/she wants with it. The guests have to abide by the rules and regulations of the facility. It is our expectation that owners would have guests who expect to use the Ayurheritage Center

Yes. They can. How much discounts on what etc will be worked out only after finalization of our tariffs.

The corporation has the first right to buy (at prevailing market prices at the time of selling) and then resell the shares of the Villas. If an owner specifically wants to sell their share to an individual then that person has to enter into an agreement with the corporation in that they will abide by the rules and regulations which is agreed upon by all other owners. This is also the case when the ownership automatically gets transferred to somebody else.

First step will be for the corporation to recover those amounts by subletting the period the facility was supposed to be used by this delinquent owner. But if this is not possible or the accruals have become large enough and there is no response from the owner, then corporation would sell it to someone else, recover the unpaid amounts.

Yes. Of course they can. But they cannot put up any sign boards of their own, have their corporate insignias be shown in any part of the building or surrounding or on the contents inside the Villa. Also we expect that these companies utilize these Villas for the purpose of Ayurveda and Wellness solutions through the use of AyurHeritage Center.

Sign up sheets can be emailed to you or downloaded from the corporate web site at http://www.ayurheritage.com