Paradise Village

Why lease rather than outright purchase?
Most retirement communities want you to buy a property within their community and live there.   This means that once you have made that commitment and bought a property within the community, you have no other choice but to live there.  Apart from all the hassles involved in the purchase of property in India, the continued taxes associated with the purchase and the issues involved in bequeathing it, here are some questions you need to ask yourself before you embark on a purchase route.

What happens if you decide to move back to the city?  What happens if you don’t like the place you are staying in or the weather does not suit you?  What if the services promised do not materialize and you do not get the level of service you require/deserve?  What happens if the service charges are increased by the management and they become prohibitively expensive for you?
  On the other hand, here are the advantages of leasing a property.
  1. No purchase related expenses such as stamp duty etc.
  2. Less expensive than purchasing a property.
  3. Can close the lease agreement and get back the lease amount at any time
  4. If you need to move out of the place you can do so easily
  5. You can look at it as advance rent payment
  6. No need to worry about actual value, resale value, etc.
  7. No need to worry about property tax, water tax, etc.
  8. No additional bequeathing worries.  After you, the lease amount will be returned to your legal heirs.
  9. You have a hold over the service provider.  If they increase their services charges unfairly or do not provide you the quality of service you require, you can terminate the lease agreement and move out.  This will also ensure that the service provider does not take unilateral, arbitrary decisions.
  10. No long term commitments.
Try it before You Lease it
Unlike other traditional retirement communities that insist on residents buying the property, Paradise Village allows potential residents to lease out their cottages on long-term basis. Based on availability, Paradise Village also allows potential residents to stay at their full-service cottages for short periods of 2 weeks to a month on a “try before leasing” basis so that potential occupants can experience and appreciate all the facilities available first-hand before making the decision.