Bajaj Allianz General Insurance and ICICI Lombard plan to launch their title insurance covers, shortly in India. In the multi-crore, high risk real estate business, an insurance cover is important in case of property transactions/acquisitions falling through.
Title insurance is a cover that protects the potential owner of a property, against loss from defects in title. The policy is a retrospective one, where the insured is protected against losses arising from the events that occurred prior to the date of issuing the policy. Most institutions are very particular about clear titles.
Institutions do not buy property if they have even the slightest doubt about the titles. More private equity funds will flow into Indian real estate, if title insurance products are available in the country, opines Anuj Puri, Chairman, Jones Lang LaSalle Meghraj.
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