Zakah on land purchased to build a rental property on it

Assalamualaikum w.r.b. I worked for a company in Saudi Arabia for 10 years. The End-of-Service benefit I received is more than the specified Nisab. I invested this money on a land alongwith others with the intention of making use of this land to build something that can give some profit. As of now, nothing has been built. Do I need to pay Zakah on the amount so far I have invested? In case if the Project does not materialize, anf if we agree to sell it, do I have to pay Zakah for all the years since I started investing in it or only for one year

All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad is His slave and Messenger.

With regard to the end-of-service benefit, the Islamic Fiqh Academy has issued a decision about it which reads: “The employee or worker is not obliged to pay Zakah on it throughout the period of service because its complete possession is not achieved, however, if a decision determining it has been issued and it (the benefit) has been given to the employee or the worker on one go or on a regular basis, then he has completely owned it, in which case he should add it to his Zakatable property.”

Therefore, you are not obliged to pay Zakah on this money except after getting possession of it, or after a decision of paying it to you has been issued provided it reached the Nisaab (minimum amount liable for Zakah) by itself or with other Zakatable money added to it and a whole lunar year elapsed over it.

As regards the piece of land that you co-owned with others to invest your money, then there is no Zakah on your share in it since you did not purchase it with the intention of trading with it. Rather, Zakah is obligatory only on the profit [revenue] of this project after its completion if your share in it reached the Nisaab by itself or with other Zakatable money added to it and a whole lunar year elapsed over it.

Hence, you are not obliged to pay Zakah on the price of the land for the previous years.

Allaah Knows best.