Adult Living On the Lake

Modern Amenities Traditional Values



About

Pujya Gurudeva

Chinmayalaya is the proposed Adult Living (retirement) community that is being planned by Chinmaya Mission Houston (CMH). To build Chinmayalaya was Pujya Gurudeva’s Vision. It was His direction to our Acaryas Shri Gaurangbhai and Smt. Darshanaben that we build an Adult Living facility to serve our members. This is the reason we have undertaken this project. Chinmayalaya is not a commercial project. It will be developed to serve only Chinmaya Mission members. It will be a community of like-minded people helping each other and living in a communal way with common values and interests.

The building will occupy less than 3 acres, the other 10 acres of land will be beautifully landscaped with a large lake, plenty of trees, shrubs, walkways, and sit outs, giving it a resort type of environment . There will be good amenities such as common dining, gym, game rooms, multimedia rooms, lounges among other things. Chinmayalaya will be a gated community, with covered garage and secured entrance and exit for safety. There will be two sizes of condos - 1741 Sq Ft, and 1331 Sq Ft. The 1741 Sq Ft condo will have 3 bed rooms, and the 1331 Sq Ft condo will have 2 bed rooms.

Chinmayalaya will be a separate non-profit legal entity under Chinmaya Mission Houston (CMH). A team of residents, appointed by resident Acarya, will manage the day to day affairs of the community.


Site and Building Plans

Site Plan

This site plan shows an aerial view of Chinmayalaya. It shows our current Chinmaya Mission property as well. As you can see Chinmayalaya is a large area of land, with a large lake, and long walking trails around the lake and around the building. It is set in a resort type environment, and you will not feel like you are in a retirement community.

There are two sizes of Condos. One is 1741 Sq Ft, and the other is 1331 Sq Ft one. Each has two bedroons with two attached bathrooms. All condos have either a east or west entrance. Chinmayalaya units will come with appliances like refrigerator, stove, cooking oven, microwave oven, dish washer, washer, and dryer. Members will not be allowed to bring their own appliances


Benefits of Living in Chinmayalaya

Question may come up in your mind why live in Chinmayalaya? As many of us are reaching that ripe age, where living by ourselves will have many challenges, Chinmayalaya offers several advantages.


Amenities and Project Details

Amenities include a reception area at the entrance of the building, two multimedia rooms, and several lounges for small groups of people to gather. The parking is below the building on the first level. It will have secured entry and exit. There will be two trash shoots at every level. .

We have planned a traditional Indian way of living at Chinmayalaya. Use of meat, alcohol, tobacco, illegal drugs, and smoking is prohibited . Members will not be able to have firearms or pets. Creating noise or social disturbances will not be allowed.

An external management company will manage the day-to-day operations of Chinmayalaya. Renting or sub-lease, or transfer of lease is not permitted . Guests can stay for a maximum of 3 months. There will be a charge for the guests for meals. Parents are allowed to stay with members as long as the members stay in their home. The lease can be in only a married couple or an individual's name. The lessee must actively stay in the Chinmayalaya. The lease will terminate when the lessee leaves the Chinmayalaya for more than 11 months. The full maintenance fee has to be paid when the lessee is away. Retail business cannot be conducted inside the Chinmayalaya.

Support staff for security, lawn maintenance, plumbing, electrical work, cooking, office management and others will be decided by the management team.


Financials

The condo allotment will be on a first come first served basis. We will start the Chinmayalaya project as soon as we have a commitment from a minimum of 50 members. The cost of the condos is as follows :

  • Cost of 1331 Sq Ft condo ~ North - $313,500 - South - $346,500
  • Cost of 1741 Sq Ft condo ~ North - $413,250 - South - $456,750

Terms

To become a member of Chinmayalaya one has to do the following:

  • Pay an initial deposit of $10,000.
  • Your ranking in the list of members who want to be part of Chinmayalaya will depend on when we receive this check.
  • Make the check to CMH with a note: "Deposit for Chinmayalaya". Please mail the check to CMH, PO Box 521, Sugar Land, TX 77487 You will receive a statement from Chinmaya Mission Houston for your deposit. If you do not get an email from CMH Contribution Desk, please write to CMHcontributions@chinmayahouston.org.
  • First installment will be 30% of the cost of condo. This will be considered as donation (tax deductible)
  • The remaining 70% will have to be paid in installments as the project progresses. This 70% amount will be returned to the members or their trust or beneficiaries when the member (s) are no longer part of Chinmayalaya.
  • IT IS IMPORTANT TO NOTE THAT CHINMAYALAYA WILL BE A NON-PROFIT LEGAL ENTITY. AS SUCH THERE WILL BE NO PROPERTY TAX. SO, IF YOU LIVE IN CHINMAYALAYA FOR 10 YEARS YOU COULD SAVE ABOUT $100,000.00 TO $125,000.00 DEPENDING ON THE CONDO YOU CHOOSE. THIS EFFECTIVELY REDUCES THE COST OF CONDO BY THAT AMOUNT COMPARED TO LIVING IN A COMMERCIAL RETIREMENT HOME. IN ADDITION, YOU WILL GET A TAX BENEFIT FOR MAKING THE INITIAL 30% PAYMENT, WHICH WILL BE CONSIDERED AS A DONATION
  • The legal arrangement will be a lease, and not an ownership.
  • The $10,000 deposit will be refunded if we do not get the minimum number required to start the project. If we go forward with the project, the $10,000 will become part of the first installment of 30% of the cost of the condo.

The above terms are subject to approval by IRS and other Government legal entities.

Who is eligible?

  • Chinmaya Mission member in good standing.
  • Members should be 55 years or older.
  • Members should qualify financially.
  • Members should have management approval.

Monthly Maintenance Costs

Monthly maintenance costs will include cost of meals, landscape maintenance, cleaning, equipment maintenance, elevators, appliances, gym equipment, AC and heating units, lake pumps, and salaries of all personnel. Monthly maintenance cost may vary on a yearly basis. Electricity bills are not covered.

Comparison between a Commercial Project and Chinmayalaya

Chinmayalaya is a non-profit legal entity. There will be a tax credit for the initial 30% payment. In the above example, we have used a 25% tax rate to calculate the tax credit. Also, there will be no property tax for the condo in Chinmayalaya. We have assumed the property tax rate in Houston to be 3% of the original cost. .


Contacts

Should you have any questions, you can contact any of the persons below: