The Haryana Cabinet, led by Chief Minister Nayab Singh Saini, has recently approved a significant amendment to the Retirement Housing Policy-2024, aimed at enhancing the state's position in the senior living sector. By increasing the permissible Floor Area Ratio (FAR) from 2.25 to 3.0, Haryana is positioning itself as a leading destination for organized senior living, particularly in high-demand areas like Gurugram and Faridabad. This change is pivotal for developers, who have long argued that the high cost of land in the National Capital Region (NCR) has made it difficult to create specialized senior housing that requires extensive medical and social infrastructure. The amendment, spurred by requests from the BRICS Chamber of Commerce and Industry, transforms the financial landscape for such developments.
The revision not only permits developers to construct additional units but also improves the overall facilities available on the same land parcel through the grant of additional FAR via Transferable Development Rights (TDR). According to the updated provisions of Clause 5(ii), while the ceiling is now set at 3.0 FAR, any pending applications will continue to be processed under the existing 2024 policy framework, ensuring a seamless transition for developers. This strategic shift aligns with the demographic changes in India, as the country prepares for a burgeoning elderly population, as highlighted in the India Ageing Report 2023.
Industry experts view this policy adjustment as a much-needed catalyst for the senior housing market. Anil Godara, Founder and Managing Director of J Estates, notes that the increase to a 3.0 FAR significantly enhances project viability, enabling developers to scale their offerings without a corresponding rise in land costs. Rishabh Periwal, Senior Vice President at Pioneer Urban Land & Infrastructure Ltd., adds that there is a cultural shift occurring in Gurugram, with families increasingly viewing senior living as a deliberate and planned choice. The new policy enhances the flexibility to create integrated communities that provide essential support systems for residents.
However, there is a consensus among industry leaders that the success of these developments will hinge on execution and service design. Dr. Gautam Kanodia, founder of KREEVA, emphasizes that effective implementation will be key to realizing the potential of these high-rise retirement communities. Meanwhile, Paras Rai, Managing Director of Property Master, points out that the regulatory clarity provided by linking the benefits of additional FAR to the 2020 policy norms offers developers the predictability they need in a changing market. As Haryana continues to align urban planning with the realities of an aging population, the NCR housing sector is evolving to accommodate not just a youthful workforce but also the growing demand for thoughtfully designed, sustainable, and financially viable senior living communities.