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HDFC ERGO provides title insurance for Shraddha Landmark's Project


HDFC ERGO, country's third largest non-life provider in the private sector, today announced the of their policy by Landmark Private Ltd. (SLPL), for their upcoming project in Bhandup (West) near Neptune Mall, off the LBS Road.

has been developed stemming from the requirement of the Real Estate Regulation and Development Act 2016 (RERA), which mandates the purchase of for all new and ongoing property developments registered with the regulatory body, once notified by the State Governments.

The of this policy by Landmark 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 and Chief Distribution Officer, HDFC Insurance said, "The policy will provide indemnity to 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 "

Speaking on the of the policy, Vishal Salecha, Director & Group CFO, Shraddha Landmark Private Limited (SLPL) said, "At Shraddha Landmark, the customer comes first and we not only want the buying experience to be smoother but also want to ensure transparency and accountability with it. We evaluated various insurers and found Title Insurance from HDFC to be technically most capable. This is a very 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."

The adoption of this policy will also improve home financing options for the buyers and ensure the timely development of the project. This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 15 2019. 15:35 IST