A veteran financial industry professional with over 25 years of experience, Mr Sushil Kaushik is a leading expert in corporate and infrastructure finance. Apart from being a Co-Founder of Shristi Infraprojects, he is also one of the Co-Founding members of Fortress Finance. He has concluded numerous transactions including raising funds through structured financial products, equity flotations and financing infrastructure projects in the local and international markets. Mr Sushil Kaushik was also instrumental in establishing the corporate finance business for reputed groups like the Tatas and Times of India. He is a Fellow Chartered Accountant and British Chevening Scholar from London School of Economics.
ET: As a promoter and developer of large land projects for agro-based tourism & other purposes, can you please share with us the challenges involved in the acquisition of rural and agricultural land?
SK: In the acquisition of any class of asset "one can only buy that is up for sale". Acquisition of agricultural land in not an exception. Other than the usual terms and conditions in any commercial transaction, some of the key challenges envisaged in the acquisition of agricultural land is the lack of updated land records with the revenue department and the taluka land records department of the Government. This is more so with respect to hereditary land and where the details of legal heirs are not updated.
Besides these, the usual issues one also needs to overcome are the hurdles with respect to the current location of the residence and identification of the legal heirs, negotiations with multiple family members, etc. In any large parcel acquisition of land of more than 20 to 50 acres, one usually ends up facing problems in the acquisition of the last few parcels of land since you are confronted with the problem of too many agents trying to procure the land, so as to make an extra buck.
ET: What are the steps that the government could do to make rural land acquisitions for projects like roads, highways etc., easier for developers?
SK: Some of the steps/ways to make this process easier for developers would include: computerisation of land records and automatic updating of records in different departments, transparency in the process of acquisition, adequate planning in the acquisition process and effective communication at the grassroot level to the farmers in the amount and schedule of compensation and reducing the delays in the implementation process.
ET: In your opinion, how will the demonetization of large value currencies going to impact the rural economy, which is considered to be largely a cash based economy?
SK: In general, demonetisation will be very helpful for the economy in the long run, so the same would apply for land acquisition also. However, many players who are not conversant with having the ability to operate through digital means will have to go through the learning curve and all players will have to pay a price for such delays and the ability to adapt to the new methods.In my experience, no farmer who is selling his land is averse to getting the payment through his bank. It is only the intermediates and buyers who would have to go through the hardships. In order to make this more effective and easy to implement, the transparency in the process would be very helpful.
ET: Some state governments have taken innovative steps for land acquisitions (for instance, Andhra Pradesh's new Capital city, Amaravati). What are the other similar steps that have been attempted by the other states in the country?
SK: The acquisition of land in Amaravati by the newly formed Andhra Government was the first of its kind in this country, besides the commercial terms of acquisition and its communication to the local farmers, especially aspiring to the social and sentimental needs of the Government. The transparency in the process of acquisition was also a very positive and influencing factor. Some of the other states have now initiated such steps and processes where results are yet to be seen. Even the Government of Maharashtra is taking a similar path for the acquisition of land for the Mumbai-Nagpur Super Communication Expressway.
ET: Could you please share with us some information about your company, Shristi Infraprojects?
SK: Having gained the personal experience in the acquisition process, planning and implementation in the creation of basic infrastructure for our orchid of mangoes and cashew plantation, we conceptualised "Sun Valley" as a fully developed, gated farm land project. Sun Valley is cradled in the valley surrounded by lush tropical evergreen forests and fruit bearing trees and the Sahayadri mountains with the added advantage of natural rain water streams flowing through the property. The family home project which is located within a two hour driving distance from Mumbai and Pune and within close proximity of Adlabs Imagica entertainment park makes this project very attractive. It was our objective to make available the opportunity for urbanites to acquire agricultural land in a legitimate manner and build their family homes in the midst of nature, waking up to the chirping of birds and to enjoy the evenings under the starlit skies. There is an overwhelming response with the recent addition of home stay facility and outdoor activities for all age groups.
To read the complete issue click here.
|
The ELS Lotus logo is trademark of Empowered Learning Systems Pvt. Ltd.