Land title insurance to be mandatory for registered builders

The state housing department is set to make land title insurance mandatory for MahaRERA registered developers, for which insurers are already in talks with the regulatory authority to decide on the premium. Land title insurance is a form of indemnity cover, which insures builders and customers against financial loss from defects in title to real property, among others. It had earlier failed to take off due to high pricing and lack of clarity, besides discrepancies in the government records. The Real Estate (Regulation and Development) Act 2016 (RERA) mandates the purchase of title Insurance for new and ongoing realty projects registered with the Maharashtra Real Estate Regulatory Authority (MahaRERA).