Namma Bhoomi (Our Land)
As we grow older and kids grow up and move on with their life, we will be on our own and tend to become lonely if we do not have company of family and friends. If we look at our elders currently in their last phase of life, the key aspect for them to live happily is the love and support from family and company of friends without which they feel lonely and hard to get much needed medical attention. Most of the time people living in India will have the family and friends around to provide that caring and support as they would have lived their entire life with in the same ecosystem. For people like us living in USA, we will have to find a “home” for ourselves away from our homeland for a comfortable old age living. We rely on our friends more than our extended family and childhood friends, which we won’t have here. So it is important for us to have an arrangement to live together with our network of friends even at that old age.
It will be difficult to find houses close by with friends if we start looking that age. Also life events and family situations vary with each one of us as time passes and our needs and priorities change depending on our health, finance and family situations. We cannot expect our kids to take care or plan for us as they will have their life in front of them. We need to plan ourselves for our future and the way we want to live during final decades of our life.
After a careful consideration and thought process a group of nine like minded friends from similar family background, culture and values are envisioning to purchase a land and build a community to live with family & friends after retirement with common amenities to provide the care and attention needed at old age.
This concept is not new, there are already multiple Indian communities planning for old age homes in different cities. But this is our initiative to plan and develop a new community for our own family and friends.
Our Mission
- Friends live together, care for each other, avoid loneliness, support each other and live peacefully
- Build a comfortable living homes, with flexible options for single / multifamily units with common areas (kitchen, entertainment, play area)
- Have a well-planned downsizing
- Get professional care / assisted care at older age
Strategy
Purchase a large piece of land (10-15 acres) in which we can build community (township) with 50 – 60 single / multifamily units
Plan to start building houses and developing the community in 10 years from now (2026)
Rationale (Why are we doing it now ?)
- If we purchase the land now, we can get something at a reasonable price in the vicinity of already developed area in one of the suburbs around Houston with easy access to public facilities like hospitals, shopping centers, restaurants, entertainment etc. We will not get such lands 10 years down the line at this price as the city grows further.
- If we make this investment today, we will get the benefit at the time of downsizing. Though the extent of benefits depends on market conditions, we will have one less thing to worry investing when we reach the retirement age and also we will know where and with whom we will be living during final decades of our life.
Approach
- Initial group of nine people founded and registered a company called “Namma Bhoomi LLC”, under which land purchase and maintenance will be managed. It is a member managed company with a standard operating agreement.
- A new company will be formed later for land development and building houses under the parent company Namma Bhoomi LLC. This child company will have more shares required to build houses and amenities. The land will be divided and each unit be inventory.
- Forming the child company will help to cash out first company owners and build partnership with new people. The parent company will sell the shares to child company, the decision will be made by parent company members.
- The group of nine people who founded Namma Bhoomi LLC will be the Board of Directors for this company. They will carry out the future planning and decision making.
- We have spent significant time and effort over last few months in formulating idea, consulting legal experts, real-estate researching, looking for prospective lands and site visits.
- We will come up with an Operating Agreement with details of company structure, ongoing land maintenance, insurance, tax payment etc. and future roadmap after purchasing the land.
Investors
- We are in the process of assessing the funding required to purchase land and cost involved to maintain (taxes etc.) until we start building houses. Cost of the land depends on various factors like size, location, type of land, availability of utilities connection, etc.
- We are looking for likeminded “Partners” from similar cultural background who are ready to invest in shares for purchasing the land.
- Profit / cost sharing will be based on the number of shares. Profit / cost per share will be allocated equally amongst Board of Directors and Partners.
- Board of Directors own the decision making rights; each member will have equal rights in making consensus based (majority driven) decisions, it does not depend on number of shares held by the member.
- Investors/Partners will have equal rights on shares and profit sharing, but will not have rights to make company decisions. Though Board of Directors can consider input from Partners and keep them updated on company roadmap.
Founding Members
