Panchayat land auction fetches double the price in Faridkot village

Panchayat land auction fetches double the price in Faridkot village

Low returns, rising input costs and agricultural crisis notwithstanding, one acre in a Faridkot village fetched Rs 2.82 lakh as annual lease money.

Tribune News Service

Balwant Garg

Faridkot, May 22

Low returns, rising input costs and agricultural crisis notwithstanding, one acre in a Faridkot village fetched Rs 2.82 lakh as annual lease money. To put this into perspective consider this: the prevailing rate for one acre in this area is between Rs 50,000 and Rs 55,000 per annum.

Rs 6.11 lakh lease money for 5.5 acre this yr

Rs 1.82 lakh revenue generated last yr

The clash of egos of some farmers at Panjgrain Kalan village during the auction of panchayat land fetched the panchayat lease money of Rs 6.11 lakh for 5.5 acre.

This means one acre fetched Rs 1.11 lakh revenue while, last year, the same chuck of land generated Rs 33,000 as lease money. Farmers paid 235 per cent more this year, for political rivalry among bidders and clash of ego were at play.

To outsmart his rival, farmer Ranjit Singh bid a record Rs 71,000 as annual lease money for just 1,210 sq yard (0.25 acre) of agricultural land. The prevailing rate for 4,840 sq yard (one acre) is about Rs 50,000 per annum.

In another case, farmer Satnam Singh announced a record bid of Rs 2.10 lakh per annum as lease money for 5,445 sq yard (nine kanal) of agricultural land when the auctioneer’s hammer was about to go down in favour of his political rival.

Another farmer got the lease of 5,445 sq yard for Rs 1.05 lakh.

“Last year, five acre, six kanal and 17 marla of panchayat land had fetched the department Rs 1.82 lakh revenue as lease money. This time, however, the clash of egos fetched Rs 6,11,900 for the same piece of land,” said Iqbal Singh, panchayat officer.

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