Bengaluru: For a long time, the agricultural land market in Karnataka saw a little movement, the ancient ceiling law was the main reason.
But over the past six months, transactions have soared, resulting in separation for the government.
The BJP government in the state introduces Wideranging reform in September last year, including allowing non-farmers to buy agricultural land.
“There was a 67.3% increase in the number of transactions on agricultural land, resulting in an increase in income of 127% compared to what was before the amendments to the land reform law,” according to the Internal Revenue Internal Report.
“Transactions on agricultural land continue to increase in the past six months despite negative growth for two months of locking,” said Kp Mohan Mohan Raj, Inspector General of Registration and Commissioner Stamps, quoting a report.
‘Changes in policy have raised requests’ interested in buying agricultural land has grown Since the decline induced by a pandemic.
Individual investors, first and experienced buyers, stepped into the agricultural land market when they are looking for safe and long-term real estate investments in low interest rates, “said income officials.
“The price of sale of agricultural land rose 5-15% in six months, with most rises coming because the new law was introduced,” said Bhaskar C, land aggregator.
“Demand for good agricultural land beyond agricultural supply which is very important to buy agricultural land.
Ordonance revoked Section 79 (a) which sets a non-agricultural income limit at RS 25 Lakh to buy agricultural land and section 79 (b) which stretched nongriculturists from the purchase of agricultural land.
Section 63 is also amended to increase the limits of agricultural land ownership.
Previously, the ceiling for a family of four was 54 hectares and for a larger family, it was 108 hectares.
Amendments make it 108 hectares for someone or a family of four, and 216 hectares for larger families.
It is higher than Kerala (42 hectares), Tamil Nadu (60) and Andhra Pradesh (54).
Revenue Minister R Ashoka previously thought that the transfer of the sidewalk would enable nongriculturists to take agriculture.
However, several farmer groups accused the surge in demand for agricultural land mostly due to the purchase of spree by the coordramation and sales agent.
Farmer leader Kuruburu Shanthakumar said he would protest such sales.
However, an income official clarified that the government had not revoked the Section 80 which prohibited land transfers from non-farmers.
This ordinance determines that irrigation land (irrigation with water from the dam) can only be used for agricultural purposes.
Ordonance has included section 80 new (a) which states that no relaxation is permitted based on underlats to the land given under Karnataka SC and ST (a certain land transfer ban), ACT, 1978.
Suresh day, Credi Chair, Bengaluru, said change Policy of course increases demand for agricultural land.