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Retirement homes get regulatory push: What buyers and senior citizens should know
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Times of India
Land and colonisation are State subjects, making state-level implementation important.For the real estate sector, a key provision is that retirement homes are covered under the Real Estate (Regulation and Development) Act, 2016, or RERA.
The guidelines state that retirement-home apartments can be sold only after registration with the relevant state or Union Territory real estate regulatory authority.
They also provide for a tripartite agreement involving the developer, service provider or retirement-home operator, and the allottee.The framework seeks to make these projects different from conventional housing by incorporating senior-friendly infrastructure.
This includes wheelchair-accessible ramps and lifts, barrier-free movement, handrails, anti-skid surfaces, power backup and uninterrupted water and electricity supply.
Maintenance charges can be collected through lump-sum or periodic payments.For buyers, the guidelines mean that the apartment price is only one part of the decision.