Landowners, Developers concerned about compulsory Title Insurance policy under RERA

Mumbai, Apr 02 Arihant Superstructures Ltd.,has expressed its concerns over the compulsory Title Insurance policy proposed by the Government of Maharashtra under RERA.

Talking to Bizz Buzz, Ashok Chhajer, the CMD of the company, says, “making the policy compulsory will be increased costs for landowners and developers, which will ultimately be passed on to homebuyers. The company will announce an increase in the prices of their properties by Rs. 100 per square feet in response to the increased cost of construction materials and the impact of the new policy on the real estate industry.”

Chhajer understands the importance of title insurance but believes that making it compulsory will only benefit insurance companies while adding to the costs of landowners and developers. He emphasizes that such a policy will not lead to a better relationship between buyers and developers. Instead, the real issue is addressing the root causes of mistrust and transparency in the industry through greater collaboration, communication, and accountability between the parties involved.

Arihant Superstructures believes that a more comprehensive approach is necessary to address the challenges facing the real estate industry, rather than relying solely on individual policies and regulations that may not have the desired impact. Chhajer stresses the need to address the underlying issues to build greater trust between buyers and developers in the real estate industry.