No, you do not need to make update from WordPress directory, because then you will use Booking Calendar Free.
We will sent to you update(s) (if these update(s) are ready) of your version of plugin by email directly, after you are sent request to email info @ wpbookingcalendar.com for getting update. You can check according new updates at this page. You can receive free updates during 1 year after purchasing of your version. After this 1 year, you can prolong this period for next year of getting updates and support for the 50% of original cost of your plugin version.