By Accommodation Times Bureau
Raheja Universal Private Ltd (RUPL), a real estate giant has announced the adoption of a Title Insurance Policy from HDFC ERGO General Insurance Company. Which make them the first Real Estate Company in India to secure the policy for their real estate projects.
Ashish Raheja, Managing Director, Raheja Universal (Pvt) Limited said “This will provide much-needed protection and build buyers confidence. The policy will stabilize accountability and transaction process.”
The Title Insurance policy secured from HDFC ERGO General Insurance Company, the first to launch the speciality insurance policy in the private sector in India, has been mandated under the RERA Act 2016 for all real estate projects registered with the regulatory body.
“Title insurance is an innovative product which covers the customers’ from the risks related to the title of the land on which the property rests. It is a must-have for developers as an effective risk transfer mechanism”, Anuj Tyagi, Executive Director and Chief Distribution Officer, HDFC ERGO General Insurance said.
As per the guidelines of MahaRERA Authority, once notified, Title Insurance Policy will be made mandatory for all real estate developers to adopt. The policies will provide security to property developers and new age buyers against defects in Title of the property. This regulation will bring a lot of confidence among buyers, bankers and financiers. The rising policy assurance in the market will also improve home financing options while ensuring timely delivery of projects.
The policy will be beneficial primarily to real estate developers, property investors and housing finance companies. It will help to protect property buyers against loss due to problems in land title defects discovered after purchase.