All you need to know about Assessed Income Program
The Assessed Income Program Home Loan is specifically designed for those customers who fall under the…Read More
In 1908, with the goal of simplifying the maintenance of revenue records under the British regime, a red line was drawn along maps that separated the village population from the agricultural land that was adjacent to it, particularly the land in Delhi. Red Tape Property or Lal Dora Property is the name classification that is assigned to the part of village land that comprises village habitation, which is referred to as ‘abadi.’ This land is used for the purpose of storing farm produce and rearing livestock.
After India gained its independence in 1947, the government extended its Lal Dora privileges to six different villages across Delhi. Although the land was initially used only for agricultural purposes, residents who were given the privilege of village abadi would enjoy relaxation from house taxes and building bye-laws. As the population of such villages grew, peripheral boundaries were named ‘Phirni’. The areas that lay in between the Phirni and prior Lal Dora Boundaries turned into extended Lal Dora areas.
The construction laws and building by-laws that are laid down by the Delhi Municipal Act do not apply to Lal Dora, as the latter is exempt. As per a clause passed in 1963 by the Municipal Corporation of Delhi (MCD) in 1963, it was no longer compulsory for buildings on Lal Dora Land to be sanctioned by any authority. Today, some of the prime areas in Delhi still make up Lal Dora land. They host not only commercial but also some high-end residential spaces. These properties cannot be registered under any authority of the city. Hence, the Indian government issues a Lal Dora certificate that serves as ownership proof of that property.
Opportunities associated with Lal Dora Land
There currently exist over 300 landlocked villages sprawled across Delhi where property buyers are flooding due to the lack of any municipal regulations or property taxes on that land. This is one way in which Lal Dora land is beneficial. However, it isn’t the only way. Here are some advantages that are associated with owning a Lal Dora property whether or not you bought it with a home loan or not.
Compared to the other regulated spaces across Delhi, the Lal Dora Land comes at a minimal property rate. This makes it possible for most people to purchase affordable properties in the most prime locations of the city. Costs are reduced by avoiding the building of civic amenities such as parks, state-of-the-art roads, and other such public places which are a mainstay in government-regulated localities.
Another key benefit of Lal Dora land in comparison to regulated localities is that there is an absence of too many stringent norms in such areas. For instance, there is no need to opt for a building plan that is usually sanctioned for any kind of construction in localities, with the exception of regulations under the Delhi Municipal Act.
Such properties exist in areas whose popularity amongst locals has boomed in the last few decades. In fact, the status of being Lal Dora Land has also added to the attraction of these spots. This is why many Lal Dora areas appear to be close to metro stations and business districts in Delhi.
Those plots which are over 1500 sq ft in Lal Dora areas have been placed as part of Delhi’s large-scale development plan. The city plans to rebuild these plots are multistorey apartments to create more space for residents to reside in. With the creation of high-risk buildings in addition to basic amenities, this place will become a lot more attractive to dwellers. In fact, many builders are already entering into lucrative arrangements with Lal Dora Landowners for the development of multi-story structures.
Suppose you were to buy a property on Lal Dora land that does not cover an area of more than 200 square meters. In this case, you would not have the burden of paying house tax on the land you own. This is one of the perks of Lal Dora land and can appeal specifically to those opting for a Lal Dora property loan to reduce their expenses.
Buying Lal Dora land has its perks but may be costly for some. In this case, one can easily opt for a Lal Dora property loan to make the process simple. Get repayment structures and attractive interest rates on huge Lal Dora property loan amounts with Hero Housing Home loans.
Requirements for funding Lal Dora Properties :