Section 16. ( 1) The promoter shall obtain all such insurances as may be notified by the

{
    "act_title": "The real estate (regulation and development) act, 2016",
    "act_slug": "real-estate-regulation-and-development-act-2016",
    "section_label": "Section",
    "section": {
        "number": "16",
        "title": "Section 16. ( 1) The promoter shall obtain all such insurances as may be notified by the",
        "chapter": null,
        "content": "appropriate Government, including but not limited to insurance in respect of —\n(i) title of the land and building as a part of the real estate project; and\n(ii) construction of the real estate project.\nObligations\nof promoter\nin case of\ntransfer of a\nreal estate\nproject to a\nthird party.\nObligations\nof promoter\nregarding\ninsurance of\nreal estate\nproject.\n\n16 THE GAZETTE OF INDIA EXTRAORDINARY [P ART II—\n(2) The promoter shall be liable to pay the premium and charges in respect of the\ninsurance specified in sub-section (1) and shall pay the same before transferring the insurance\nto the association of the allottees.\n(3) The insurance as specified under sub-section ( 1) shall stand transferred to the\nbenefit of the allottee or the association of allottees, as the case may be, at the time of\npromoter entering into an agreement for sale with the allottee.\n(4) On formation of the association of the allottees, all documents relating to the\ninsurance specified under sub-section ( 1) shall be handed over to the  association of the\nallottees.",
        "footnote": "",
        "is_definition": false,
        "sort_order": 15
    },
    "prev_section": "15",
    "next_section": "17"
}