A common dillema in the real estate market is the investment decision in Apartment vs Land. Where an apartment is great for city life, lands are highly sought after investment options since they are the only assets with no depreciation but rather gain value over time. Since the total availability of land is limited, the price of land assets increases quickly over time. That is why land is a suitable investment for a handsome return. Then again, unless you invest in government bonds, every return will come bearing risks, and for land, illegal possession is a common threat in our country. So how can you prevent your asset from unwanted possessions? Let’s take a look at a couple of steps you can take for prevention of land grabbing, usually practiced in our country.
Build A Boundary
After you are done with all formalities of the transaction process and fully take possession of the property, it is important to keep it separated from the rest. Most land developers tend to own acres of land in a single location and you will probably be purchasing only a small part of it. So, if you don’t build a boundary around your land, there will not be any physical identification of your asset. Also, having a boundary indicates restrictions to entry. Therefore, intruders won’t be able to take control or build their boundary on your property and claim ownership.
Create A Signboard
A boundary is good for creating a division and separating your land from other properties. However, it still doesn’t show your ownership of the property. Yes, even if you have updated land documents, occupancy of the owner is the best prevention of land grabbing. However, just like east Dhaka is expanding, most lands are currently sold on the outskirts of the capital and for most landowners, it is not feasible to go and live there by themselves. Some land may not even be in habitable conditions or landowners may have other plans for their property. Hence, as an alternative, you can hang a signboard on the property with your credentials. Not only it will warn others but the sign will work as your mark on the land.
Build A Small House
Another measure you can take as a prevention of land grabbing is building a house. It doesn’t have to be expensive as long as it is liveable. Now you can rent it out to or have a security guard placed to watch over the property. Doing so, you will have an even stronger hold on the asset. The security guards or the tenants may work as your agents and represent you in your absence. It might incur a little expense but is worth the investment. If you choose to rent it out, then you will be generating cash flows and will slowly recover the cost over time while keeping the property protected.
Having utility connections such as electricity/gas or water on your newly purchased land is just another layer of protection. Since such utilities are provided by government-owned organizations against a legitimate holding number, the billing documents will validate your ownership. As they represent the government in the documents, it is hard to argue the validity of these billing documents. Moreover, without authentic records, no one can apply for a connection request. Hence, only the original owner can enjoy the benefit. This barrier is quite effective at preventing illegal land grabbing from your property.
Seek Legal Actions
The last resort for prevention of land grabbing is seeking legal actions from local authorities. There are many layers in the legal system and several courts to review such matters. In most cases, suits regarding properties fall under the civil court. But based on the price of the asset, you might have to seek justice from different authorities. Since such matters can be sensitive, it is always better to take advice from a lawyer before taking any legal steps. Since such procedures can be cumbersome, the best way to avoid it is by checking the documents of the property before your purchase.
Trust is an important factor in a property transaction. Both sellers and buyers have to be credible enough in order to engage in such matters. Therefore, be sure to transact with a renowned and trusted entity to keep your property safe from land grabbers.