Came across this apartment by LIC(Yes, LIC is the builder/owner)!! 2BHK for 27L. It is around 1-1.5km from BIEC(Last metro station in the north-west of Bangalore), 10km from Yeswanthpur.
1. Applicant has to be 50+ years of age. Can name a co-applicant, nominee - no age restrictions for them. Apartment can be passed on from generation to generation.
2. Only Occupancy rights are given, and not the ownership of flat
3. Can be rented out, but the again same condition 1 applies.
4. Can be sold at market rate in future after paying a transfer fee to LIC, again condition 1 applies to whoever buys.
I visited this place, construction is already on. It has a running canteen, tie-up with a local hospital - so doctors visit the apartment on call, stand-by ambulance within the property. It is being done keeping in mind the senior citizens, but anybody can buy this apartment passing the conditions above. Apparently, there were ads in newspapers in March..
Now, question to the forum - is this apartment worth buying??