Why is lease better than ownership sale?
One of the key differentiators of Vivara is the lease. The lease model, as compared to an ownership, spares our customers the usual headaches associated with owning property and grappling with issues of management, maintenance, security etc. With a lease, seniors have all the advantages of possessing and enjoying the benefits of real estate without them or their legal heir(s) having to bother (as it happens in the case of owned property) with searching for a buyer when the home is to be sold, dealing with brokers or real estate agents, executing a sale deed and complying with the associated formalities. All apartments in Vivara are only offered on rent or lease, and only to persons of 60 years or older. You can choose from a range of affordable options that suit your means. More importantly, Vivara's lease model demonstrates Acron's commitment to quality standards and management of a high standard Vivara on a long term basis, ensuring that the specific character of the complex and the investments of its residents are protected and their lifestyles are enhanced appreciably.
What is the rent and deposit for a typical home in Vivara?
The majority of the apartments in Vivara are 1-bedrooms. The amounts in the tables below are computed on the basis of
an illustrative example of a 1-bedroom apartment of 775 sq.ft. for which, at zero rent, the full Lease Deposit would be Rs.
38,00,000. However, the Vivara system works on a deposit and rent.
| RANGE OF MONTHLY RENT AND LEASE DEPOSIT OPTIONS | |||||||||
| The monthly rent payable will be Rs. | If you choose to pay a Lease Deposit of Rs. | ||||||||
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| in each option, the deposit is refunded to you in full when you leave. | |||||||||
| OPTIONS THAT INCLUDE A CAPITAL APPRECIATION BENEFIT | ||||||||||||||
| Pay a monthly rent of Rs. | And Lease Deposit of Rs. | Your Share of the Capital Appreciation. | ||||||||||||
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| in each option, the deposit is refunded to you in full when you leave. | ||||||||||||||
How does the Capital Appreciation option work?
When your lease ends, the Capital Appreciation on your home is computed. It is the difference between the amount you paid (i.e. the percentage of the full Lease Deposit for that home) and the prevailing lease value of that same percentage when you leave. In April and October each year, the expected lease values of the homes in Vivara is published by the Management on its website, on the notice board in the community lounge and in the monthly newsletter circulated to the lessees in the complex. This information can also be easily obtained from the new residents that move in. On an ongoing basis, the Management maintains a waiting list of seniors who would like to move in. When you decide to end your lease, we refund you your Lease Deposit and the Capital Appreciation. The apartment is then leased afresh to a new resident who will pay exactly the same amount by which your home has appreciated. In other words, the price of the homes at which it is leased to the incoming resident will be the basis on which your Capital Appreciation is calculated. However, for those lessees who have not chosen the Capital Appreciation option, the bi-annual publication of information on the values of fresh leases is irrelevant, as they are only entitled to a full refund of their original Deposit.
Can I stay for a limited period or for a few months every year on holiday in Goa?
Seniors have the option of using a home in Vivara on a short term 'resort' basis. Packages of a minimum of 30 days are available and the rates for these are structured differently depending on availability. The Management reserves the right to modify the rent and deposit pricing at any time. In the long stay options, residents sign a Lease Agreement with the Management under which the monthly rent increases by 5% every year but the Lease Deposit remains fixed. Stamp Duty and registration fees are paid when the document is registered at the property registry office.
Will I get my money back when I leave?
Once you leave Vivara permanently, your Lease Deposit along with your share of the Capital Appreciation (if you opted for it) will be refunded to you immediately and the lease on your home is offered to a new resident. The deposit that the new lessee pays will depend on various factors including recent sales trends, vacancy rates and general market conditions. The original lease amount, plus a share of any Capital Appreciation (if you have chosen this option) will be paid to you or your legal heirs or your nominee.
Are all apartments priced the same?
The apartments in Vivara are available in a range of 1- and 2-bedroom options with differing areas, hence, the Lease Deposits and monthly rents vary accordingly. Lease Deposits vary with the size, floor and location or view from each apartment. The apartments facing the pool on all floors and all ground and top floor apartments are priced higher than the others. The two-bedroom apartments are larger and are therefore priced differently.
Can I bequeath my leasehold rights to a family member or my heirs?
No. The lease arrangement is specific to the resident, or in the case of joint leaseholders, to the surviving lessee. The proceeds from the refund of your Lease Deposit and Capital Appreciation, if any, are paid to your legal heirs or nominees.
What are the monthly expenses I will have to pay for?
Payments for utilities such as electricity, telephone, gas, water, cable /satellite TV, cost of insurance of your belongings, internal housekeeping expenses and general day-to-day costs of living required to run the home and household have to be made by the resident. The Management pays for the property taxes on your apartment, your share of the expenses on security services, pest control, cleaning and repairs of all common areas upto your front door, garbage clearance, swimming pool expenses, water, fuel and power to community facilities, gardening and salaries of community staff, the statutory charges relating to the operation of the community, etc. The Management also pays for the insurance of all the structures and amenities in Vivara as well as the items of furniture, fixtures, appliances, etc. provided in each home by the Management.