Generally, most of Non-Banking Financial Institutions and Banks do not provide home loan or loan against property for Lal Dora properties or land. However, there are a few of them, who can provide loan on the said properties.
The following are some of the necessary documents required to get the “Lal Dora” certificate;
• Application form duly signed by the applicant
• Application form containing the details of Owner of the Property, Details of the property, Khasra No.
• An Affidavit mentioning the details of the property, Name of the Owner of the property/land, Khasra No of the land/property, the purpose of obtaining the Lal Dora Certificate
• Aksh Sizra of the land
• A copy of the Ration Card
• A Copy of Khatoni
The “Lal Dora” certificate can be obtained from the office of the Sub-Divisional Magistrate in the relevant jurisdiction where the Lal Dora or Lal Lakir property is located.
With the rise in the prices of lands in the authorized areas and low prices in the Lal Dora areas, there are several redevelopment projects that may come up in future, and the number of such projects is increasing day by day. Thus, there is a possibility of a rise in the capital values of Lal Dora properties.
The Lal Dora certificate is a piece of evidence that a particular individual is the owner of the specified Lal Dora land or property that comes under the Abadi area of a village. Apart from that, the Lal Dora certificate can be obtained from the sub-divisional magistrate of the relevant jurisdiction.
In case someone wants to purchase property in the Lal Dora area, he or she has to obtain a No Objection Certificate (NOC) from the office of the district Magistrate of the relevant jurisdiction. Apart from that, one must make sure all the payments of the property tax have already been cleared with the municipal corporation. Also, it is important to check the integrity of the property prior to purchase. Further, also ensure to keep a signed copy of the receipt of payment.
Generally, it is misunderstood that Lal Dora property cannot be regularized. However, it is a wrong assumption. It can be done by visiting the office of the Sub-Divisional Magistrate located in the relevant jurisdiction on the area. An application in the prescribed format must be submitted along with the affidavit containing the details of the property and its owners.