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INSURANCE UNDER RERA


 

Real Estate Regulatory Authority (RERA) laws primarily focus on regulating and promoting transparency in the real estate sector. While RERA may not specifically address insurance requirements for real estate projects, certain aspects related to insurance can be covered under RERA regulations. Here's an overview:

1.    Builder's Liability Insurance: Some states in India have introduced provisions under their respective RERA regulations that require developers to obtain builder's liability insurance. This insurance provides coverage for structural defects, workmanship issues, or any other liabilities arising during the construction and development phase of the project.

2.    Defect Liability Period: RERA regulations typically stipulate a defect liability period during which the developer is responsible for addressing any structural defects or issues in the project. During this period, developers may be required to provide insurance coverage to protect against potential liabilities arising from such defects.

3.    Project Insurance: In certain cases, RERA may require developers to obtain project insurance that covers risks related to the construction, development, and completion of the project. This insurance can provide protection against unforeseen events, such as fire, natural disasters, or accidents during the construction process.

It's important to note that the specific requirements for insurance coverage under RERA may vary between states as RERA is implemented at the state level. Therefore, it is crucial for homebuyers to review the RERA regulations applicable in their respective state to understand any insurance-related provisions and requirements specific to that region.

Additionally, while RERA may not explicitly require individual buyers to obtain insurance for their units, it is advisable for homebuyers to consider purchasing homeowner's insurance or property insurance to protect their investment and belongings.

It is recommended to consult the specific RERA regulations in your state or seek legal advice to understand the insurance requirements and obligations applicable to real estate projects under RERA in your jurisdiction.

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ADV LEENA KAULGEKAR 

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