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HDFC Ergo General Insurance, on Friday, said Shraddha Landmark Private Ltd has adopted its title insurance policy for their upcoming project in Bhandup (west) in Mumbai.
“The adoption of this policy by Shraddha Landmark will provide their upcoming project and subsequent buyers with the 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 said in a statement.
Anuj Tyagi, Executive Director and Chief Distribution Officer, HDFC ERGO General Insurance, said: “The policy will provide indemnity to Shraddha Landmark and subsequent home-owners with the peace of mind from title risks arising out of third-party challenges.”
Sources said the insurer has sold four policies since the launch of title insurance in July last year, and is currently in talks with a few developers.
Title insurance has been mandated under the Real Estate Regulation and Development Act 2016 (RERA) for all new and ongoing property developments registered with the regulatory body. However, there have been few takers for the product, as it is yet to be notified by many State governments.
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