Until September 2020, agriculture land investment in Bengaluru was restricted under Section 79 A, B & C.
Section 79 (A) of the Karnataka Land Reforms Act restricted individuals with non-agricultural income of Rs 25 lakh and above to buy agricultural land.
Section 79 (B) of the Karnataka Land Reforms Act that bars non-agriculturists from purchasing agricultural lands
Section 79 (C) of the Karnataka Land Reforms Act that deals with penalty for falsely claiming eligibility to hold agricultural land.
Through a historic move in September 2020, The Karnataka Legislative Assembly passed amendments to the Karnataka Land Reforms Act that liberalised farmland ownership.
Since September 2020, anybody can now own farmland in Karnataka without any restrictions.
Bengaluru is the fastest-growing metropolitan city in India and the fastest-growing tech hub in the world. As the population of the city grows, the requirement for farmland for various uses will also increase. Due to the limited availability of farmland, the prices have risen 15 to 30% per annum over the last 10 years.
Since 2020, once the restrictions were removed, we have seen a surge of 30-50% per annum on the outskirts. Global players are setting up shop to develop world-class residential, commercial spaces and farm communities in Bengaluru.
Some recent launches include Arvind Greatlands which is a Golf theme residential plotted community on IVC Road, Adarsh Savana. Embassy Lake Terraces is a landmark project of the Embassy group.
The Vineyard by Agrocorp is a unique farm community bringing the feel of Tuscany to Bengaluru. This project is being marketed by India Sotheby’s International Realty. Agrocorp has delivered 7 projects since inception. The first of its kind in India, The Vineyard project is a unique gated farm community with an elegant vineyard equipped with premium amenities where, you can experience nature at its best as you spend time with your loved ones.
The availability of luxury farmhouses seems to be a dream. Team Agrocorp has made the dream a reality. Our team worked on this amazing project and gave shape to this vision.
There is no space for the question of whether the investment in farmland is good or not as land is the foundation requirement of any real estate development.