MahaRERA is leading the way to make better housing for retirees, proposing India's first regulations for retirement projects. These guidelines ensure seniors' access to necessary facilities and require developers to comply during construction. Concerns about misleading advertisements prompted this move, with many projects failing basic standards. MahaRERA's draft addresses this, echoing earlier Ministry guidelines. Builders like Tata Housing and Paranjape Schemes are already targeting affluent retirees. MahaRERA's draft emphasizes various aspects such as building design, safety, and accessibility. The initiative reflects a concerted effort to meet seniors' needs while preventing fraud, highlighting the evolving dynamics of society.
The Maharashtra Real Estate Regulatory Authority (MahaRERA) has taken a pioneering step towards ensuring better housing facilities for retired and senior citizens. This initiative marks the first time a housing regulator in India has proposed regulations specifically for retirement housing projects.
The objective behind these guidelines is to guarantee that retired individuals and senior citizens can access the necessary facilities upon moving into such housing projects. Once implemented, developers will be required to incorporate specific provisions outlined in the Agreement for Sale and other relevant documents. Consequently, senior citizen housing projects must adhere to these model guidelines during construction.
The need for these guidelines arose due to concerns that many developers were misleading prospective buyers by falsely advertising their projects as "Retirement Homes." It was noted that several of these projects failed to meet even the minimum standards and specifications required for senior citizen residences.
Earlier, the Union Ministry of Housing and Urban Affairs (MoHUA) had issued Model Guidelines and suggested that state regulators take appropriate measures to introduce regulations. Following this, MahaRERA has formulated draft regulations for retired homes, outlining minimum physical criteria that every project must meet, including construction norms tailored to the needs of senior citizens.
These guidelines cover various aspects such as building design, green building principles, lifts and ramps, staircases, corridors, lighting, ventilation, safety, and security. The aim is to ensure that senior housing projects provide a safe, comfortable, and accessible environment for residents. Retired, senior housing projects are becoming a necessity of the changing society. Due to the growing demand, many developers are starting these kinds of projects, but it appears that they are not considering the most basic requirements of this market. MahaRERA has released Draft Model Guidelines for this new category of housing projects to prevent potential fraud and disappointment of seniors and retirees. MahaRERA is working to complete the framework and put it into effect as soon as possible.
Recognizing the growing demand for retired and senior housing projects, builders such as Tata Housing, Paranjape Schemes, Adani Realty, Silverglades, and Brigade have commenced the development of specially designed homes targeting affluent seniors seeking independent living post-retirement. These homes are tailored to provide age-specific amenities, offering retirees the opportunity to live independently with dignity.
Various real estate developers, including Ashiana Housing, Paranjape Schemes, Columbia Pacific Communities, NEMA Eldercare, Vedaanta Senior Living, and Antara Senior Living, are actively involved in creating retirement communities across India. These communities aim to provide a comfortable and secure environment for seniors, offering a range of amenities and support services tailored to their needs.
Paranjape Schemes, under its brand Athashri, has developed several projects exclusively for senior living. With six Athashri communities in Pune alone, including the recently launched Athashri Pebbles in Bavdhan, the company is committed to providing comfortable and secure living spaces for retirees. Ashiana Housing has five projects, two of them in Pune, two in Bhiwadi (NCR) and one in Chennai.
In conclusion, MahaRERA's initiative to draft model guidelines for retirement homes reflects a concerted effort to address the evolving needs of society's aging population and prevent potential fraud and disappointment among retirees and senior citizens. Developers and regulators alike are working towards finalizing the framework and implementing these guidelines at the earliest opportunity.
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