(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 exceeding twelve times the rent of the land as payable under section 12,13 or 14;
(b) the depreciated value of any structures, wells and embankments constructed and permanent fixtures made and the value of any trees planted on the land by the landlord or the tenant after the period of the last Settlement or where no such Settlement is made, during the period of thirty years before the commencement of this Act.
(2) Where in the case of a sale or purchase of any land under this Act, the Tribunal or the Tahsildar or any other officer has to fix the price of such land under this Act, the Tribunal or the Tahsildar or such other officer, as the case may be, shall, subject to the quantum specified in subsection (1), fix the price having regard to the following factors, namely :-
(a) the structures and wells constructed and permanent fixtures made and trees planted, on the land by the landlord or tenant;
(b) the profits of agriculture of similar lands in the locality;
(c) the prices of crops and commodities in the locality;
(d) the improvements made in the land by the landlord or the tenant;
(e) the tenure, on which the land is held; and
(f) such other factors as may be prescribed.