[63A. Reasonable price of land for the purpose of its sale and purchase.- (1) Except as otherwise expressly provided in this Act, the price of any land sold or purchased under the provisions of this Act shall consist of the following amounts, namely:-
(a) an amount not being less than 20 times the assessment levied or leviable in respect of the land and not being more than 200 times such assessment excluding, however, for the purpose of calculation, the amount of water rate, if any, levied under section 55 of the Bombay Land Revenue Code, 1879 (Bom. V of 1879) and included in such assessment;
(b) the value of any structures, wells and embankments, constructed, permanent fixtures made and trees planted on the land.
(2) Where under the provisions of this Act any land is sold or purchased by mutual agreement, such agreement shall be registered before the Mamlatdar, and the price of the land shall, subject to the limits specified in sub-section (1), be such as may be mutually agreed upon by the parties. In the case of disagreement between the parties, the price shall be determined by the Tribunal having regard to the factors mentioned in this section.
(3) Where in the case of a sale or purchase of any land under this Act, the Tribunal or the Mamlatdar has to fix the price of such land under this Act, the Tribunal or the Mamlatdar, as the case may be, shall, subject to the quantum specified in sub-section (1), fix the price having regard to the following factors, namely :-
(a) the rental values of lands used for similar purposes in the locality;
(b) the structures and wells constructed and permanent fixtures made and trees planted, on the land by the landlord or tenant;
(c) the profits of agriculture of similar lands in the locality;
(d) the prices of crops and commodities in the locality;
(e) the improvements made in the land by the landlord or the tenant;
(f) the assessment payable in respect of the land; and
(g) such other factors as may be prescribed].
[Explanation.- For the purpose of this section the expression ‘assessment’ shall have the meaning assigned to it in section 8].