Chief Minister BS Yediyurappa-led Karnataka government’s land reforms from last year have reinvigorated the agricultural land market of the state.
The reforms that permitted non-agriculturists to purchase farmland has led to a 67.3 per cent growth in the number of transactions in the agricultural land.
This growth has subsequently shot up the revenue collection of the exchequer by a massive 127 per cent compared to what it was ahead of the amendments made in the Land Reforms Act.
One of the revenue department officials quoted in a report by The Times of India (TOI) said that there had been an increased interest in buying agricultural land following the pandemic-induced slump.
He claimed that both fresher and experienced investors are delving into the agricultural land market as they pursue a long-term investment, low-interest investment in the real estate sector.
In September 2020, the Karnataka state government had repealed sections 79 (A) and 79 (B) of the Karnataka Land Reforms Act, 1961 that had put a limit of Rs 25 lakh to purchase agricultural land and prohibited nano agriculturists from buying agricultural lands, respectively.
KP Mohan Raj, inspector general of registration and commissioner of stamps, told TOI, “The transactions in agricultural land have steadily risen in the past six months despite the negative growth during two months of lockdown.”