Land Records Modernisation: Urban and Peri-urban Areas
Urban and peri-urban areas are economic hubs and sophisticated land markets. They comprise dense property relationships and accommodate a wide range of socio-economic groups, including ownership rights, tenancy rights, occupancy rights (lease arrangements, rights given under public schemes to residents of informal settlements), development rights (TDRs, other usufruct rights), etc. These property relationships are at the heart of the economic value and GDP, produced in urban areas. The urban informal economy contributes from 40 per cent to 60 per cent of urban GDP and cannot be ignored. Urban property values are also significantly higher than rural values. However, land records, as the name suggests, do not record transactions in the built-up property market. They often do not capture public allotments of land and property and they often inadequately capture inter-governmental issues. Lack of updated and comprehensive urban property records creates incentives for fraud and increases property disputes.