Hdfc ergo’s ‘ti­tle in­sur­ance Pol­icy’ for Prop­erty de­vel­op­ers.

Realty Plus - - News -

This spe­cialty in­sur­ance prod­uct pro­vides In­dem­nity to prop­erty de­vel­op­ers and the sub­se­quent own­ers of the prop­erty against losses and risks re­lated to de­fects in the Prop­erty Ti­tle aris­ing out of Third Party chal­lenges not dis­cov­ered prior to the com­mence­ment date of the pol­icy due to the Ti­tle of Prop­erty be­long­ing to some­one other than the In­sured, De­scrip­tions & Plans in His­toric deeds of the prop­erty be­ing in­ad­e­quate, His­toric trans­ac­tion be­ing sub­ject to an act of fraud or forgery by a third party that ad­versely af­fects in­sured’s rights over the ti­tle of the prop­erty, Ti­tle to the Prop­erty be­ing sub­ject to Un­known Bur­dens or Dis­charge of Bur­dens which may have been im­posed in his­toric deeds ex­e­cuted prior to the com­mence­ment date etc. More­over, de­fence costs / Le­gal costs in­curred are also cov­ered un­der the pol­icy. Also, cer­tain known de­fects in the ti­tle, may also be cov­ered un­der the pol­icy by spe­cific un­der­writ­ing as­sess­ment for an ad­di­tional pre­mium. The prod­uct has been de­vel­oped, stem­ming from the re­quire­ment of the RERA, which man­dates the pur­chase of Ti­tle In­sur­ance for all new and on­go­ing prop­erty de­vel­op­ments reg­is­tered with the reg­u­la­tory body. This new Ti­tle in­sur­ance pol­icy will prove ben­e­fi­cial to real es­tate de­vel­op­ers, prop­erty in­vestors and hous­ing fi­nance com­pa­nies. The pol­icy can be ob­tained by de­vel­op­ers and is sub­se­quently as­signed to the as­so­ci­a­tion of al­lo­tees or al­lo­tees /mem­bers of the hous­ing so­ci­eties, who are the ul­ti­mate ben­e­fi­cia­ries of the pol­icy.

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