Notwithstanding any agreement, usage, decree or order of a court or any other authority, in the case of any land to which section 43A applies, the rent payable shall be reasonable rent as determined under the following clauses :-
(1) A landlord or a tenant of such land may make an application in writting to the Mamlatdar for the determination of the reasonable rent in respect of such land.
(2) On receipt of such application, the Mamlatdar shall give notice thereof to the other party to the lease and after holding an inquiry shall determine the reasonable rent.
(3) In determining the reasonable rent regard shall be had to the following factors :-
(a) profits of agriculture of similar lands in the locality,
(b) prices in the locality of the particular crop for the growing of which the land is leased,
(c) the improvements made in the land by the lessee or the landlord,
(d) the assessment payable in respect of land,
(e) the profits realised by the lessee on account of the lease of the land,
(f) profits earned by an industrial or commercial undertaking by the manufacture or sale of articles made out of the produce of the land leased,
(g) such other factors as may be prescribed.
(4) The reasonable rent determined by the Mamlatdar under clause (2) shall, with effect from [the date specified by the Mamlatdar] in that behalf, be deemed to be the rent fixed under the lease in lieu of the rent, if any, agreed between the parties.