photo credit: anappaiah
Some of India’s biggest real estate market developers are looking to boost their insurance cover following the Mumbai terrorist attacks.
According to The Financial Express, only a handful of builders have cover in place which protects against damage from terrorism.
Other firms have said not enough suitable cover products are on the market which protect against attacks, the Express reports.
Over 150 people are now confirmed dead after last week’s atrocities in Mumbai, when Islamic militants attacked key hotels and tourist hotspots.
The incident has also cast a shadow over Mumbai’s property market, apparently on the verge of a small recovery before the incident.
Quoted by the Express, Abhinandan Chatterjee of Delhi developers BPTP said:
“I don’t think there are too many products available from insurers to cover terrorism in our country.”
Other experts have said India could see a further credit squeeze following the attacks, although the Express also quoted Shobhit Agarwal of Jones Lang Lasalle Meghraj as saying there will be no “direct” impact on the real estate market.
The attacks led to the cancellation of the Cityscape India property event, which was due to be held in Mumbai from December 9 to 11.
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