16. Obligations of promoter regarding insurance of real estate project.—(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.
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More sections of this act
Section 1 · Short title, extent and commencement.Section 2 · Definitions.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.India Code, Government of India. Text fetched 14 Oct 2026. Check the linked official text and subsequent notifications when applying a provision.