Mandatory provision of Land Title Insurance in MAHARERA

Dated on: Monday 23rd September 2019

Land Title Insurance is a form of indemnity cover, which insures builders and customers against the financial loss from defects in the title of the property. This concept earlier failed due to high pricing and lack of clarity in the sector. However, now the MAHARERA authority has mandated the developers to purchase the title insurance for new and ongoing registered realty projects. The insurance companies have already applied to the IRDA for launching title insurance products with expected low premium rates which may vary from 0.5-3% of the sum insured for a 7-year policy.

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