The Maharashtra government has unveiled its much-anticipated Maharashtra Housing Policy 2025, bringing forth significant reforms, particularly for the burgeoning senior living sector. This comprehensive policy, the first in nearly two decades, is set to redefine urban development in Maharashtra and create a more inclusive housing landscape.
Major Benefits for Senior Living Buyers: Flat ₹1,000 Stamp Duty!
One of the most impactful announcements for senior living buyers in Maharashtra is the drastic reduction in stamp duty. Under the new policy, individuals purchasing properties in senior living projects will now pay a flat ₹1,000 as stamp duty, a massive reduction from the previous 5% to 7% of the property’s value. This substantial saving is expected to significantly boost senior housing affordability and demand.
Beyond stamp duty concessions, owners of senior living homes will also benefit from property tax concessions, further easing the financial burden and making these specialized residences more attractive.
Incentives for Developers: Boosting Senior Housing Projects in Maharashtra
The Housing Policy 2025 also offers a robust framework of incentives for real estate developers venturing into the senior housing segment. These measures aim to encourage investment and accelerate the development of high-quality senior care facilities across the state.
Key Developer Incentives & Policy Highlights:
- Higher Permissible FSI (Floor Space Index): This allows developers to build more on a given plot, enhancing project viability.
- Single-Window Clearance: Streamlined approval processes will expedite project timelines.
- Concessions in Development Charges & GST: Reducing overall project costs for developers.
- Mixed-Use Development Permission: Allowing up to 15% commercial usage within senior housing projects provides additional revenue streams.
- Zoning Flexibility: Senior living projects can now be developed in both residential and green zones, offering greater location options.
- Mandatory Registrations: Projects must be registered with MahaRERA and a district-level Monitoring Committee, ensuring transparency and accountability.
- Location Requirements: Projects must ensure easy access to public transport and medical facilities within a 5-km radius.
- Essential Amenities: Mandatory inclusion of recreational spaces, gyms, dining areas, nurse stations, and on-call doctors to cater to the specific needs of elderly residents.
- Partnerships Required: All senior housing developments must partner with registered service providers, hospitals, or NGOs, and adhere to MahaRERA safety norms.
- Minimum Plot Size: A minimum plot size of 3,000 sq. meters with 12-meter-wide access roads is mandated for well-planned developments.
Addressing the Growing Elderly Population: A Vision for Inclusive Urban Development
The new policy directly addresses the evolving demographic landscape of Maharashtra. With the elderly population projected to reach 17% by 2036, and the shift towards nuclear families, the demand for independent and specialized senior living facilities is rapidly increasing.
As part of the policy, the government plans to redevelop aging old-age homes and orphanages located on government land. These facilities will be upgraded and integrated with senior citizen housing projects to better accommodate the growing elderly population, signifying a proactive approach to elderly care infrastructure.
Real Estate Developers Welcome the Policy
Leading real estate developers in Maharashtra, including Rustomjee Group and Dosti Realty, have expressed strong optimism about the new policy. They view it as a crucial step towards fostering age-friendly urban development and creating a viable market for senior housing investments.
“The recognition of senior citizen housing as a distinct, regulated asset class in the new Maharashtra Housing Policy is a progressive step,” said Keval Valambhia, COO of CREDAI-MCHI, highlighting the positive impact on private sector participation in senior housing.
The Maharashtra Housing Policy 2025 is poised to usher in a new era for senior living in India, setting a benchmark for inclusive housing solutions and attracting significant investment into this vital sector.
