~ First adopter of RERA Mandated Title Insurance in India ~
Mumbai, August 27 , 2018: Raheja Universal Private Ltd (RUPL), one of Mumbai’s leading real estate conglomerates has announced the adoption of Title Insurance Policy, to become the first Real Estate Company in India to secure the policy for their real estate projects. The Title Insurance policy secured from HDFC ERGO General Insurance Company, the first to launch the specialty 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.
As per the guidelines of Maha RERA 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.
Commenting on the development, Mr. Ashish Raheja, Managing Director, Raheja Universal (Pvt) Limited said “This is a game changer initiative by the State Government and MahaRERA. This will provide much needed protection and build buyers confidence. The policy will stabilize accountability and transaction process. At Raheja Universal, we adhere to strict policies and guidelines which are customer centric. We welcome the move by MahaRERA and strongly believe that it will further help strengthening our relationship with the existing and future stakeholders, partners and investors.”
Mr. Anuj Tyagi, Executive Director and Chief Distribution Officer, HDFC ERGO General Insurance added “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. We are delighted that Raheja Universal has taken the step to secure this policy from HDFC ERGO and become the first in the Real Estate sector in India to adopt Title Insurance Policy.”
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.
Corporate Comm India(CCI Newswire)
