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.
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 by Shraddha 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.
Mr. 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, “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 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.”
The adoption of this policy will also improve home financing options for the buyers and ensure the timely development of the project.
About HDFC ERGO
HDFC ERGO General Insurance Company is a 51:49 joint venture between the Housing Development Finance Corporation Ltd. (HDFC); India’s premier Housing Finance Institution and ERGO International AG; the primary insurance entity of the Munich Re Group of Germany. In August 2017, with IRDAI’s approval for the merger of HDFC ERGO General Insurance Co. Ltd. with HDFC General Insurance Ltd. (formerly Known as L&T General Insurance Co. Ltd.), the Company marked the first merger in the General Insurance sector. The merged entity, known as HDFC ERGO General Insurance Co. Ltd., is the third largest General Insurance provider in the private sector.
HDFC ERGO offers policies like Motor, Health, Travel, Home, Personal Accident and Cyber Insurance in the retail space and customized policies like Property, Marine and Liability Insurance in the corporate space through its vast network of 122 branches spread across 106 cities and a wide distribution network.