Legal
Refund & Cancellation Policy
Transparent and fair policies governing deposits, cancellations, and exits.
Effective Date: 23 March 2026 | Last Updated: 23 March 2026
1. Scope
This Refund & Cancellation Policy applies to all financial transactions related to membership and the lifetime lease deposit made for a residence at Vishvaloka Assisted Living, operated by C R Balakrishnan Memorial Foundation.
As Vishvaloka operates on a Lifetime Lease Model (not a property sale), the deposit structure and refund terms differ from standard real estate transactions.
2. Deposit Structure
The Lifetime Lease Deposit typically consists of the following components:
Registration Fee: A one-time, non-refundable fee paid at the time of registration to secure your interest.
Refundable Security Deposit: A refundable amount held for the duration of the lease, returnable upon exit (subject to terms).
Community Contribution: A non-refundable contribution towards community infrastructure and amenity development.
The exact breakdown and amounts are specified in the Membership Agreement signed at the time of enrolment.
3. Cancellation Before Occupancy
If a member wishes to cancel their membership before taking occupancy:
- Within 30 days of registration: Full refund of the Refundable Security Deposit. Registration Fee remains non-refundable.
- 31–90 days after registration: 90% of the Refundable Security Deposit will be returned. Registration Fee and Community Contribution are non-refundable.
- After 90 days: 75% of the Refundable Security Deposit will be returned, subject to deduction of any costs incurred for unit customisation or preparation.
4. Exit After Occupancy
If a member wishes to exit or vacate the residence after occupancy:
- A 90-day written notice must be provided to the Vishvaloka management.
- The Refundable Security Deposit (less any outstanding dues, damage costs, or unpaid monthly fees) will be returned within 90 business days from the date of vacating the unit.
- The Registration Fee and Community Contribution are non-refundable under any circumstances.
5. Nominee & Succession
In the event of a member's passing or permanent incapacitation:
- The nominated individual (as declared in the Membership Agreement) may choose to continue the lease under the same terms, or request a refund of the Refundable Security Deposit.
- Refund to the nominee will be processed within 120 business days from the date of exit, subject to verification and completion of formalities.
- Transfer of occupancy to the nominee is subject to eligibility criteria and management approval.
6. Refund Timelines Summary
| Scenario | Refund Amount | Timeline |
|---|---|---|
| Cancel within 30 days | 100% of Security Deposit | 30 business days |
| Cancel 31–90 days | 90% of Security Deposit | 45 business days |
| Cancel after 90 days | 75% of Security Deposit | 60 business days |
| Exit after occupancy | Security Deposit minus dues | 90 business days |
| Nominee refund | Security Deposit minus dues | 120 business days |
7. Non-Refundable Components
The following amounts are strictly non-refundable under all circumstances:
- Registration Fee
- Community Contribution
- Monthly maintenance and service fees already utilised
8. Dispute Resolution
Any disputes regarding refunds shall first be addressed through internal resolution with Vishvaloka management. If unresolved, disputes will be subject to arbitration under the Arbitration and Conciliation Act, 1996, with the seat of arbitration in Ernakulam, Kerala.