Sell of agricultural land

Mr Prashant,

You have not given details as such, whether the said agricultural land has converted into Non-agricultural land by your Co. for the purpose of industrial use  or not.  If your Co. purchased the Class II land , then you might have paid 2 % Nazrana after executing sale deed within a one month is mandatory.  If it is Class I land need not to pay said Nazrana to State Govt.  Also intimation has to be given to Dist Collector for conversion of land to NA purpose as per section 44A of MLRC code 1961.  There is a Govt Resolution that , if you are not utilising the said land for the industrial purpose upto 5 yrs from date of purchase, the said land , shall be sold back to the original owner for the same purchase consideration. This has been amended in section 63 (1) A  of Bombay Tenancy and Agricultural Act 1948. Other wise, simply there will be violation by you by selling the said land to another farmer.  It is better to sell this land to original owner.  You have also not mentioned about what type of industrial use for which the said agricultural land is purchased.