The Haryana government's recent amendment to its Retirement Housing Policy 2024, which raises the permissible Floor Area Ratio (FAR) for retirement housing colonies from 2.25 to 3.0, is poised to significantly impact the real estate landscape in Gurugram. This change is particularly beneficial for developers focusing on senior living projects, as it allows for increased construction on the same land parcel. By enhancing project viability without a corresponding rise in land costs, this policy revision is expected to stimulate the development of much-needed housing tailored to the ageing population's specific needs.
The updated policy aims to address the growing demand for senior living options, reflecting a societal shift towards more organized and supportive living environments for the elderly. According to the clause outlined in the amendment, the new FAR provisions will apply to licenses granted per the policy established on October 20, 2020, in conjunction with the Transferable Development Rights (TDR) Policy of 2021. By facilitating higher density development, the government is not only promoting economic growth in the real estate sector but also ensuring that the housing needs of senior citizens are met, fostering a more inclusive community.
Industry experts have lauded the increase in FAR as a progressive step that enhances the viability of senior living projects. Rajagopal G, chairman of the Association of Senior Living India (ASLI), emphasized that the adjustment will accelerate the supply of much-needed senior housing. However, he also cautioned that as the sector evolves, maintaining high design standards and adequate supporting infrastructure will be essential to ensure a quality living experience for residents. Rishabh Periwal, senior vice president at Pioneer Urban Land and Infrastructure Ltd, echoed this sentiment, noting that the amendment reflects a growing recognition of senior living as a viable lifestyle choice, rather than a mere alternative.
From the perspective of potential buyers, this policy change marks a reassuring development in the housing market. It signals the emergence of more structured and thoughtfully planned housing options for seniors, moving beyond the limited choices previously available. As developers respond to this evolving demand, one can expect a more organized pipeline of credible senior living projects entering the market. This shift not only addresses immediate housing needs but also lays the groundwork for sustainable growth in the senior living sector, ultimately benefiting both developers and homebuyers alike.