Builders can opt for land title insurance soon
Property prices in Karnataka are set to go up with land title insurance, which is mandatory under the Real Estate Regulatory Authority (RERA), becoming a reality soon. On July 10, RERA will complete one year in the state.
Land title insurance is an insurance product that provides safety to builders and buyers against any loss from defects in property title. It covers litigation cost if the builder seeks legal recourse against a defective title.
While insurance providers are still working out the modalities, industry trackers say they expect the annual premium to be priced at about 0.1% of the land value, because of which property cost would eventually go up.