Land Title Disputes Come Under Insurance Cover

HDFC Ergo, a general insurance company, has recently launched title insurance, made mandatory under the Real Estate (Regulation and Development) Act, or RERA. This kind of insurance cover protects developers against any cost/loss arising out of title claims on the land of the project by any third party. Earlier, several projects were delayed or stalled due to title disputes, resulting in a delay in possession and rise in costs due to the compensation paid. The policy can be purchased by developers and then assigned to the association of allottees or allottees/members of housing societies who will be the ultimate beneficiaries.