Is Zakat obligatory on land acquired in exchange for shares after an oscillation of intent between selling and building, and is the period prior to possessing the title deed considered land or shares?

You are considered the owner of the designated land from the moment it is allocated to you, and it is not affected by a portion of its price remaining unpaid or by a delay in the issuance of the title deed. There is no zakat due on it if you do not intend it for trade, even if you are hesitant to sell it should you need money or if a good price is offered to you. This is because the default intention for it is for personal use, and it does not become a trade commodity except with a firm intention, as mentioned by Ibn Baz and Ibn Uthaymeen.