HDFC ERGO, country’s third largest non-life insurance provider in the private sector, today announced the adoption of their Title Insurance policy by Shraddha Landmark Private Ltd (SLPL), for their upcoming project in Bhandup (West) near Neptune Mall, off the LBS Road in Mumbai..
Title insurance has been developed stemming from the requirement of the Real Estate Regulation and Development Act 2016 (RERA), which mandates the purchase of Title Insurance for all new and ongoing property developments registered with the regulatory body, once notified by the State Governments.
The adoption of this policy will also improve home financing options for the buyers and ensure the timely development of the project.
Also, it will provide their upcoming project and the subsequent buyers with much-needed safety against financial losses that may arise due to defects in the title of the property when the ownership of the property is transferred. It will also build confidence among financiers.
Anuj Tyagi, Executive Director & Chief Distribution Officer, HDFC ERGO General Insurance said “The policy will provide indemnity to Shraddha Landmark and the subsequent home-owners with the peace of mind from Title risks arising out of third-party challenges. It is a must-have for developers as an effective risk transfer mechanism. We are elated that Shraddha Landmark has opted to secure this policy with HDFC ERGO.”
Speaking on the adoption of the policy, Mr Vishal Salecha, Director & Group CFO, Shraddha Landmark Private Limited (SLPL) said “We evaluated various insurers and found Title Insurance from HDFC ERGO to be technically most capable. This is a very specialised insurance cover and hence the technical capability of an insurance company for due diligence, understanding of land issues, and their financial capabilities must be kept in mind before finalising the cover and the insurer.”