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Section 16 : Obligations of promoter regarding insurance of real estate project - The Real Estate (Regulation and Development) Act, 2016

What is the Obligations of promoter regarding insurance of real estate project under section 16 of The Real Estate (Regulation and Development Act, 2016). Obligations of promoter regarding insurance of real estate project is defined under Section 16 of the Act. Provisions under Section 16 are:

Section 16 "Obligations of promoter regarding insurance of real estate project" - The Real Estate (Regulation and Development Act, 2016)

 

 

(1) The promoter shall obtain all such insurances as may be notified by the appropriate Government, including but not limited to insurance in respect of -

(i) title of the land and building as a part of the real estate project; and

(ii) construction of the real estate project.

(2) The promoter shall be liable to pay the premium and charges in respect of the insurance specified in sub-section (1) and shall pay the same before transferring the insurance to the association of the allottees.

(3) The insurance as specified under sub-section (1) shall stand transferred to the benefit of the allottee or the association of allottees, as the case may be, at the time of promoter entering into an agreement for sale with the allottee.

(4) On formation of the association of the allottees, all documents relating to the insurance specified under sub-section (1) shall be handed over to the association of the allottees.

The Real Estate (Regulation and Development) Act, 2016

Section 2 : Definitions

CHAPTER - II

REGISTRATION OF REAL ESTATE PROJECT AND REGISTRATION OF REAL ESTATE AGENTS

Section 3 : Prior registration of real estate project with Real Estate Regulatory Authority

Section 4 : Application for registration of real estate projects

Section 5 : Grant of registration

 

 

Section 6 : Extension of registration

Section 7 : Revocation of registration

Section 8 : Obligation of Authority consequent upon lapse of or on revocation of registration

Section 9 : Registration of real estate agents

Section 10 : Functions of real estate agents

 

 

CHAPTER III
FUNCTIONS AND DUTIES OF PROMOTER

Section 11 : Functions and duties of promoter

Section 12 : Obligations of promoter regarding veracity of the advertisement or prospectus

Section 13 : No deposit or advance to be taken by promoter without first entering into agreement for sale

Section 14 : Adherence to sanctioned plans and project specifications by the promoter

Section 15 : Obligations of promoter in case of transfer of a real estate project to a third party

 

 

Section 16 : Obligations of promoter regarding insurance of real estate project

Section 17 : Transfer of title

Section 18 : Return of amount and compensation

CHAPTER IV
RIGHTS AND DUTIES OF ALLOTTEES

Section 19 : Rights and duties of allottees

CHAPTER V
THE REAL ESTATE REGULATORY AUTHORITY

Section 20 : Establishment and incorporation of Real Estate Regulatory Authority

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