India’s first title insurance policies launched by HDmabFC ERGO

HDFC ERGO launched its first ever title insurance policies on Tuesday making them India’s first Title Insurance Policies.
Title insurance refers to insurance for the title of a real estate property and is mandatory according to the Real Estate (Regulation and Development) Act 2016, or RERA.

This specialty insurance product provides indemnity to property developers and the subsequent owners of the property against losses and risks related to defects in property title arising out of third party challenges not discovered before the commencement date of the policy.

For more visit:www.rerafiling.com

Comments

Post a Comment

Popular posts from this blog

RERA Karnataka to appoint private entity to find out unregistered projects in the state

Image
KRERA is planning to appoint a private entity to identify unregistered project in the State. The private entity firm will find out the ongoing projects and new launches which are not registered in RERA yet. KRERA has issued tenders for invitation of application for appointment of consultancy. The private entity will be submitting a detailed report to the authority by conducting ground level survey for identification of unregistered projects. “We are planning to execute the project on a trial basis for a month,” said P Sunil Kumar, secretary, RERA. RERA was using the plan sanction certificates issued by BBMP as preliminary information and was planning to send the surveyor to the address for physical verification. “We will scale up the project with more effective tools and expand it to the rest of Karnataka gradually,” said Kumar.  For More Visit: www.rerafiling.com
Read more

How can Real Estate Agents work with RERA?

Image
The Real Estate ( Regulation and development ) Act to come into force in India on 01 May 2017.  Real estate agents are the nerve of real estate industry.They are the mediators facilitating transactions between builder and buyer. Section 9 and 10 of act covers real estate agents. Under  RERA provisions , all brokers are mandatory required to get registered with the concerned state-level regulatory authorities. Real estate agents will be given a registration number by the authority which will be valid for 5 years and will be quoted in every transaction facilitated by him.  The act states that only registered are allowed to function in the real estate market. RERA puts into loop all real estate brokers dealing in under construction projects.  Along with registration, real estate agents are also captured in penalty circle under RERA Regime.  Real estate agents will be penalized if they will falsely represent any information regarding the project to buyers.The penalty will extend
Read more

RERA Bihar - No registration of on-going projects without RERA number

Image
In order to prohibit builders to pass on the ownership to the buyers by registering the incomplete projects with the registration department, Bihar Real Estate Regulatory Authority (RERA) has asked the state registration department not to register any ongoing projects without RERA registration number. According to Afzal Amanullah,  Bihar RERA   Chairman “The registration of incomplete flats or apartments put the real estate buyers in a very disadvantaged position as the developers refuse to complete their obligations once the registration was done. Therefore, we have requested the registration department not to register incomplete projects and the projects which don’t have RERA number.” July 31 st , 2018 is the last date to register ongoing projects with RERA Bihar with a late fee of Rs. 4 lakh or 400% of the registration fee, whichever is higher. For more visit: www.rerafiling.com
Read more