Elderly couple reviews blueprints for new housing development in Haryana.
The Haryana government has revised its Retirement Housing Policy, increasing the permissible Floor Area Ratio (FAR) from 2.25 to 3.0. The adjustment aims to spur development of senior living communities, particularly in high-demand areas like Gurugram, according to a recent announcement. The increased FAR allows developers to build more homes and facilities on the same land, potentially stabilizing costs for senior homebuyers.
Real estate experts suggest the higher FAR enhances project viability by enabling more construction without proportionally increasing land costs. This policy amendment aims to transition senior living from a niche market to a mainstream segment, attracting more branded developers and promoting a more organized, professional housing market. The success of the policy hinges on developer credibility, quality of maintenance, and service delivery.
While the policy is promising, considerations include potential overcrowding or compromised open spaces if the increased FAR is not well-regulated. The increased supply of senior housing may attract institutional investment into the sector.
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