PROBLEMS OF LARGE TRACT ACQUISITIONS

There are many risks involved in acquiring large tracts of land not to mention the enormous costs. In these days of development at breakneck speed, many developers, corporate houses and entities are interested in the acquisition of large tracts that vary in extent from 50 to 100 acres.

Various problems come along with the acquisition of large tracts as it is hard to pinpoint these tracts. They must be grouped as a single unit if need be. The acquisition has to be done strategically according to various factors such as the location, size, dimensions and other matters related to it.

There may be problems such as title issues, missing documents, the owners' differing perception on title and documents, oral arrangements, mortgages, encroachments, interests of third parties, communal interests of third parties, communal interests and social issues. Within a short period of time all these have to be tackled creatively.Holding the price can be another problem which needs to have a budget for acquisition. Provision for escalation must also be provided.

Very often there may be holdings without any title documents as the owners may say that they are holding ancestral property. These may be of a substantial size and there must be a clear process to handle these issues. It is necessary to investigate the factors supporting the title and the outworking of a method is needed to find out the title.

The persons who are actually interested in a particular holding may have to be determined and this could further need the interpretation of personal laws and interests of ownership. A daughter's interests may have been omitted as many believe that it is an insult to ask the daughter to come for registration as it is felt she does not have any interest in the properties once she is married.

Other issues related to communal interests such as ponds, common of a church, mosque, burial ground or graveyard have to be sorted out. The dumping of waste in a particular place could also be an issue. Lands may also be classified as government lands, channels and other lands with restricted usage. Laws related to assignments, holdings by persons in society, restrictions on alienations and dealings have to be handled.

Further documentation may have to be obtained regarding power of attorney given long back and a mechanism to fall back on it must be needed. Sometimes large extent of land are plotted and sold. Every such plotted lot has to be acquired for consolidation of acquisitions.

Acquisitions may be for several public purposes such as formation or expansion of roads, setting up of industries and other public interest matters. All these have to be fully checked and ascertained. Pending litigations, proceedings, recovery proceedings, awards or court orders that may impact the property may be there. Such issues may have been suppressed or revealed at points where the matter has come to a critical position. These issues must be searched out with caution.All revenue records for a given period of time must be scrutinized and there should be understanding of the implications of documents.

Dealings may have to be undertaken through intermediaries knows as accumulators or aggregators. Such persons may have made up the papers in a way that would show that everything was alright. Sometimes they may honestly not have comprehended the implications of many crucial factors.

Time scheduling and meeting deadlines are very much a matter of concern. The date prefixed for completing the acquisition may have been arrived at in a casual manner and there may be competition at every point. Proposals are tied to funding and various interests may have been created from the start.

Quick decision-making, evaluation of title, collection of documents, risk coverage, compiling clear documents, implementing effective processes, meeting costs, solving logistics and creating purposeful documents are all part of the process that poses a challenge. This is truly a battle of wits and only a few have the capacity to execute the work. Teamwork is needed at each stage.

More,

2BHK Apartments in Bangalore
Site at Bangalore
Villa Houses in Bangalore
Apartments for sale at Electronic city
Individual house for sale in Bangalore
Plots for sale in Bangalore

Flats purchase in Bangalore
House for rent in Bangalore
Apartments for rent in Bangalore
BMRDA Approved Layouts