FAQs Plots in Nagpur
What is sandalwood farmed on agricultural land in Nagpur?
Sandalwood-farmed agricultural land in Nagpur is rural land used for an agroforestry plantation in which Indian sandalwood is grown with suitable host plants and supporting farm infrastructure. It remains agricultural land unless it has separately received lawful non-agricultural conversion and development approvals.
Such offerings may combine land ownership or a defined land interest with plantation establishment, irrigation, fencing, maintenance and future crop-sharing. Buyers should carefully separate what they are purchasing: the registered land, the standing trees, management services and any projected income are legally and commercially different components. Sandalwood requires compatible hosts because it is a hemi-root parasite, and successful cultivation also depends on drainage, water, quality seedlings, pruning, pest management and long-term security. A developed farm can make management easier, but gates, internal roads and landscaping do not convert agricultural land into a residential layout. Before buying, verify the survey number, title, buyer eligibility under the Vidarbha tenancy law, exact area and boundaries, legal access and the agreement governing trees and maintenance. Ask whether the buyer's name will appear in revenue records, whether the parcel is individually measured, and what happens if mortality exceeds expectations. Also confirm the procedure for lawful felling, transport and sale when the crop matures. A credible sandalwood farmland opportunity should be understandable without relying on guaranteed returns or future conversion claims.
Why is Nagpur considered good for sandalwood cultivation?
Nagpur can be suitable for sandalwood because its broader region has warm conditions, a defined monsoon and agricultural belts where well-drained sites and irrigation can support agroforestry. Suitability, however, depends on the specific farm rather than the city name alone.
Indian sandalwood can grow across a relatively broad range of soils and rainfall, but it performs best when roots are not chronically waterlogged and compatible host plants are properly managed. Nagpur district includes different soil types, slopes and water conditions, so a soil and drainage assessment is essential. Hot summers do not automatically prevent cultivation, provided young plants receive appropriate establishment care, moisture and protection. The monsoon can support growth, while irrigation may be required during prolonged dry periods. The region also has access to agricultural labour, nurseries, transport and technical institutions, which can help a professionally managed plantation. At the same time, black cotton soil, low-lying land or poor drainage may create local challenges, and proximity to forest or wildlife areas can add practical or regulatory considerations. Buyers should ask for soil-test results, water-source capacity, plantation layout, host species, survival data and a seasonal maintenance schedule. Nagpur should therefore be described as a potentially suitable location not a guarantee of crop performance. The farm's agronomy, security and management quality will matter more than a broad climate claim.
How do I start investing in agricultural land near Nagpur?
Start by defining your objective, budget and holding period, then confirm that you are legally eligible to acquire the chosen agricultural land. Shortlist parcels only after checking title, access, water, land use and the credibility of any plantation-management arrangement.
Near Nagpur, agricultural-land purchases fall within the Vidarbha legal framework, so a local lawyer should review eligibility and whether any Collector or competent-authority permission is needed. Once the legal route is clear, compare locations based on all-season road access, distance from Nagpur, soil, drainage, irrigation, electricity, security and resale demand. Obtain the latest digitally signed 7/12 and 8A extracts, mutation records, prior registered deeds, measurement map and encumbrance search. Visit the exact survey number rather than only a sample farm or sales office, and have a surveyor confirm boundaries. For managed sandalwood land, separately review the plantation agreement: tree ownership, host plants, maintenance fee, mortality replacement, inspection rights, harvest permissions, sale process and revenue share. Compare the total cost with the government's e-ASR and recent registered transactions, not merely advertised square-foot rates. Use a written, refundable token agreement tied to satisfactory due diligence. Proceed to a carefully drafted registered deed only after documents, permissions, payment schedule and possession are clear. Agricultural land is a long-term and relatively illiquid asset, so retain sufficient funds for ongoing maintenance and unexpected delays.
What documents do I need before buying plots in Nagpur?
For an agricultural plot near Nagpur, you need the buyer's KYC and eligibility documents plus complete revenue, title, survey and registration records for the land. If the plot is advertised as residential or non-agricultural, insist on the relevant conversion and approved-layout documents as well.
For agricultural land, collect the latest digitally signed 7/12 extract, 8A extract, mutation entries, village map, measurement plan, land-revenue receipts and the seller's registered title deeds. Check Index II and registration records, mortgages, litigation, acquisition, reservations, tenancy claims and any restriction attached to tribal, government-granted, ceiling-affected or Occupant Class II land. Because Nagpur is in Vidarbha, confirm the buyer's status and compliance with Section 89 of the applicable tenancy law or obtain the required permission before registration. Verify the legal approach road and match the on-ground parcel with the survey number through a licensed surveyor. If it is an NA or residential plot, ask for the non-agricultural order, sanctioned layout, planning-authority approval, road and amenity handover conditions and, where applicable, project registration or legal opinion on its status. For a managed sandalwood plot, review the tree inventory, plantation plan and service agreement separately from the sale deed. The buyer should also have PAN, identity and address proof, photographs, funding records and any entity resolutions. An independent Nagpur land lawyer should issue a written title report before a substantial payment.
Who should consider buying agricultural land in Nagpur for sandalwood farming?
This type of purchase suits buyers with a long investment horizon, adequate liquidity and an interest in land-backed agroforestry. It is not ideal for anyone needing quick resale, fixed annual income or guaranteed maturity proceeds.
A suitable buyer understands that agricultural land and sandalwood are both long-duration assets. The land may appreciate, but resale can take time and depends on title, access, location and buyer eligibility. The crop may create future value, but growth and heartwood yield are affected by biology, weather, host plants, management, security and regulation. Therefore, the buyer should be able to hold through periods with little or no cash flow and should budget for maintenance, fencing, irrigation and professional oversight. People living outside Nagpur may consider a managed model, provided the manager offers transparent records, inspection rights and a clear agreement. Buyers seeking portfolio diversification or a family agricultural asset may find the combination attractive when the price and legal structure are sound. It is less suitable for short-term speculators, purchasers relying on future NA conversion, or those using borrowed funds that require predictable repayments. Before proceeding, assess legal eligibility under the Vidarbha tenancy law, obtain independent title verification and review conservative financial scenarios. The decision should still make sense based on the land's quality and lawful use even if sandalwood prices or projected returns are lower than expected.
What are the benefits of investing in sandalwood-farmed agricultural land?
The main benefit is exposure to two potential sources of value: the underlying agricultural land and a long-term high-value tree crop. A professionally managed farm may also reduce the practical burden of establishing irrigation, host plants, security and routine maintenance.
Land provides a tangible asset whose value is influenced by title, road access, water, location and future demand. Sandalwood adds an agroforestry component that may produce valuable heartwood and oil over a long cycle, while host or intercrops may support plantation health and limited interim agricultural use. Managed projects can be useful for buyers who lack farming expertise, but management quality and contractual clarity are crucial. The agreement should specify the buyer's land rights, tree ownership, maintenance fees, mortality replacement, reporting, security, harvest approvals, processing, sale and revenue distribution. Potential advantages must be balanced against illiquidity, crop failure, theft, regulatory delays and uncertain future prices. Land appreciation and crop returns should never be presented as guaranteed. Buyers should also check whether the advertised plot is individually measured and transferable, or whether they receive only an undivided share in a larger survey number. The strongest proposition combines clean registered title, a suitable farm, transparent management and conservative economics. When any one of these is weak, the supposed benefits can be difficult to realise. Treat promotional monthly payments separately from genuine agricultural income and understand who is legally obligated to make them.
Is sandalwood farming profitable in India?
Sandalwood farming can be profitable in India, but it is not predictably profitable in every plantation. Results depend on survival, heartwood quantity and oil quality, crop duration, security, management costs, legal harvest procedures and the market available at the time of sale.
Indian sandalwood is commercially valuable, which explains interest in private agroforestry. However, the tree is biologically specialised: it needs host plants, appropriate root conditions, light, moisture management and protection over many years. Heartwood formation varies between trees, so multiplying an assumed future price by the number of saplings gives a misleading profit estimate. A serious business model should account for mortality, replanting, fencing, guards, irrigation, labour, professional supervision, harvesting, transport, processing, commissions and any land or management cost. It should also discount future proceeds to today's value. Farmers may improve economics by using suitable horticultural or agricultural hosts and by maintaining good records, but intercrop income also varies. The crop is particularly exposed to theft because of its value, making security a major expense. At harvest, owners must comply with applicable felling and transit requirements and establish lawful ownership of the timber. Profitability is therefore possible when agronomy, security, documentation and market access are professionally managed. Any offer promising a fixed per-tree payout, assured annual return or risk-free harvest should be examined critically and verified through an independent expert.
How long does it take for sandalwood trees to mature and generate returns?
Sandalwood is a long-term crop. Commercially meaningful harvesting is commonly considered over roughly 12 to 20 years, with many investors using 15 years or more as a planning horizon rather than expecting quick returns.
The tree may grow and begin forming heartwood earlier, but visible height or trunk size does not by itself determine commercial value. Heartwood proportion, oil content and tree health develop unevenly and depend on genetics, host plants, soil, water, spacing and management. Harvesting too early may produce less valuable material, while extending the cycle can increase value but also adds maintenance, security and market risk. Interim returns may come from compatible host or intercrops, but these should be evaluated separately and not confused with sandalwood harvest proceeds. In a managed farmland project, promotional payments or rental-style commitments are contractual financial arrangements, not proof that the trees themselves are generating income. Buyers should request a plantation schedule showing establishment, replacement, pruning, inspections, inventory, sample measurements and the proposed harvest decision process. The agreement must also state what happens if the biological maturity date differs from the projected date. A realistic plan uses a range rather than a fixed maturity promise and includes the legal time needed for permissions, felling, transport, processing and sale. Investors should be financially prepared to hold the land even if the harvest occurs later than expected.
What features should I look for in agricultural land near Nagpur?
Look for clean title, recorded all-season access, dependable water, well-drained soil, clear boundaries and a location priced according to real comparable sales. For sandalwood, add host-plant planning, security and professional plantation management to the checklist.
Near Nagpur, site conditions can vary significantly even within one village. Inspect the exact survey number, preferably during or after the monsoon, to identify waterlogging, erosion and road problems. Obtain soil and water tests, confirm borewell yield or irrigation rights and check electricity availability for pumps. Verify the measured area, shape and boundary stones through a surveyor. The approach road should be shown in official records or supported by a legally enforceable right, not only by a developer's internal layout. Review the regional plan, nearby forest or wildlife boundaries, acquisition proposals and any land-use restrictions. For managed plots, examine fencing, gate control, surveillance, fire lines, caretaker presence and the distance from the management team. Ask for the source and age of sandalwood seedlings, host species, spacing, mortality rate and maintenance reports. Also evaluate practical access from Nagpur: a slightly more distant farm with a reliable road and water may be better than a closer but legally or physically weak parcel. Compare the all-inclusive price with e-ASR and recent registered transactions. Do not pay a premium only for landscaping, a clubhouse or promises of future development unless those rights are legally documented.
Does the land come with irrigation and boundary fencing?
Irrigation and fencing are project-specific and should never be assumed. Confirm their exact scope, ownership, capacity, maintenance responsibility and completion status in the sale and management documents before purchasing.
A sales brochure may show drip lines, a borewell, reservoir or perimeter fence, but the buyer needs to know whether these are existing, proposed, shared or separately chargeable. For irrigation, ask for the water source, borewell or well ownership, measured yield, storage capacity, pump and electricity arrangement, distribution schedule and backup plan during summer. Clarify whether water is guaranteed to each plot or supplied according to plantation needs, and who pays for repairs, electricity and replacement. For fencing, distinguish between a boundary around the entire farm and individual plot fencing. Verify the material, height, gates, surveillance and arrangements for damage, theft or wildlife entry. Shared infrastructure rights should appear in the registered deed, easement document or enforceable maintenance agreement, not only in marketing material. Inspect the site and request dated photographs, invoices or completion certificates where appropriate. If facilities are to be installed later, link payments to clear milestones and define remedies for delay. A professionally managed sandalwood plantation also needs internal access for maintenance and emergency response. The full cost sheet should state whether irrigation, fencing, security and annual upkeep are included, time-limited or subject to escalation.
How much does an acre of agricultural land cost in Nagpur?
There is no standard price per acre for agricultural land in Nagpur. Values vary widely across the district based on distance from the city, highway access, water, road frontage, soil, development pressure, title quality and permitted use.
Land near expanding urban or industrial areas may command a substantial premium over rural rain-fed land, while irrigated farms or parcels with direct paved-road access can be priced higher than nearby interior holdings. Advertised square-foot rates can also include plantation, internal roads, fencing, management or amenities, so they should not be compared directly with raw agricultural acreage. Start with Maharashtra's e-ASR to understand the government valuation used for stamp-duty purposes, then examine recent registered transactions for comparable survey numbers or villages. Ask a local valuer or lawyer to distinguish genuine sale evidence from asking prices. Convert all quotations into the same unit and compare the total consideration, including maintenance and infrastructure charges. A cheaper parcel may be poor value if it has no legal access, uncertain water, restricted tenure or a defective title; an expensive parcel may be unjustified if its price depends only on future conversion. For sandalwood farming, also factor in the cost of seedlings, hosts, irrigation, fencing, security and long-term management. The correct answer is therefore village- and parcel-specific. Obtain a written valuation and title review before accepting any broad 'Nagpur per-acre rate' quoted in advertising.
Are there hidden costs when buying agricultural land in Nagpur?
Yes. Beyond the advertised land price, buyers should budget for government duties, registration, legal review, survey, permissions, brokerage and the ongoing cost of water, fencing, security and plantation management.
In Nagpur, the buyer may need to pay stamp duty and registration charges based on the applicable valuation, along with document, appointment and professional fees. A proper title search, certified copies and physical measurement add cost but are essential. If the buyer is not an agriculturist or the land has restricted tenure, a permission process, premium or legal structuring expense may arise. Managed plots can include separate charges for drip irrigation, borewell use, electricity, plantation, host plants, replacement, annual maintenance, security, insurance, harvesting, transport, processing and sales commission. Ask whether GST or other taxes apply to service components and whether fees increase over time. Also verify unpaid land revenue, agricultural loans, local dues, encumbrances and the cost of clearing or releasing them. Future NA conversion or layout approval, if legally pursued, is a separate process with no guaranteed cost or outcome. Request an itemised all-inclusive sheet covering acquisition through at least the first several years of ownership. The agreement should identify who pays for failures such as pump replacement, borewell decline, fence damage or tree mortality. Comparing only the headline per-square-foot rate can significantly understate the real investment.
Which is better - buying agricultural land or a residential plot in Nagpur?
Neither is universally better. Agricultural land is suited to farming, agroforestry and long-term land ownership, while a residential plot is generally better for building a home, obtaining urban services and achieving a broader resale market.
Choose according to use, legality, cash flow and holding period. A properly approved residential plot should offer clearer building rights, defined roads, planning norms and easier comparison with other urban properties. It may be more liquid and financeable, but it can cost more per unit of area and may not provide agricultural or plantation value. Agricultural land offers larger areas and productive possibilities, but buyers face eligibility restrictions, limited construction rights, farm-maintenance obligations and a smaller pool of future purchasers. Its performance depends on title, access, water, farming economics and location rather than city appreciation alone. A sandalwood-farmed parcel adds crop potential but also biological, security and long-duration risk. Buyers should never purchase agricultural land expecting to use it immediately as a residential plot unless valid conversion and development approvals are already in place. Compare the total cost, not only the land rate, and test the exit route under conservative assumptions. For a family home within a predictable timeframe, an approved residential plot is usually more appropriate. For a legally eligible buyer seeking a long-term agricultural asset and willing to manage it, good farmland may be suitable.
Where can I buy agricultural land near Nagpur for sandalwood farming?
Buy only in a rural location where the individual parcel is legally transferable, physically suitable and supported by reliable water, access and security. The best choice is determined by the farm, not by a popular taluka name or distance claim.
Buyers commonly evaluate agricultural belts in Nagpur district and surrounding areas such as Ramtek, Saoner, Katol, Kalmeshwar, Hingna, Umred, Kuhi and other rural locations, but each village and survey number must be assessed independently. For sandalwood, favour well-drained land with soil and water-test evidence, practical irrigation, compatible host-plant planning and access for year-round maintenance. Consider travel time from Nagpur, availability of labour, security arrangements and proximity to forest or wildlife areas. Legally, obtain the 7/12, 8A, mutation history, registered title chain, measurement map and a written opinion on buyer eligibility under the Vidarbha tenancy law. Verify that the approach road is recorded and that the advertised plot can be identified and possessed on the ground. If purchasing through a managed-farm operator, inspect an existing plantation, speak with current owners where possible and review the service contract separately from the land deed. Avoid choosing solely on the basis of a low square-foot price, future highway stories or projected sandalwood value. Shortlist several parcels, compare all-inclusive costs and proceed only after independent legal and agronomic due diligence.
Is it worth buying agricultural land in Nagpur right now?
It can be worth buying agricultural land in Nagpur now if the land is legally clean, appropriately priced and suitable for your long-term objective. There is no reliable citywide answer based only on current market sentiment or infrastructure headlines.
Nagpur's importance as a major regional city can support interest in surrounding land, but individual agricultural parcels do not appreciate uniformly. A farm near a road or growth corridor may still be a poor investment if it lacks legal access, water, clear title or lawful transfer to the buyer. Conversely, a more rural property can offer better agricultural value when soil, irrigation and management are strong. Compare the asking price with e-ASR and recent registered transactions, and calculate the all-inclusive cost of duties, fencing, irrigation, security and maintenance. If the investment includes sandalwood, use conservative survival, maturity and price assumptions and be prepared for a 15-year-plus holding period. Do not base the decision on guaranteed monthly income, future NA conversion or verbal promises of government projects. A disciplined buyer should define an acceptable annualised return, downside scenario and exit plan before paying a token. 'Right now' is suitable only when the specific property passes legal, physical and financial due diligence and the buyer has enough liquidity to hold it without depending on an early resale.
Is it legal for non-farmers to buy agricultural land in Nagpur?
Non-farmers do not have an unrestricted right to buy every agricultural parcel in Nagpur. Transfers are generally controlled by the Maharashtra Tenancy and Agricultural Lands (Vidarbha Region) Act, with specific exceptions and permission routes depending on the facts.
Section 89 of the Vidarbha law restricts sales and certain other transfers in favour of a person who is not an agriculturist, while allowing the Collector or an authorised officer to grant permission in prescribed circumstances. The Act also contains exceptions connected with specified planning jurisdictions or land allocated for non-agricultural use, subject to conditions. Whether a particular buyer can purchase therefore depends on the land's revenue classification, location, tenure, regional-plan status, intended use and the buyer's background. A project cannot create eligibility merely by issuing an internal certificate or describing the purchaser as a farmer. Before making a substantial payment, obtain a written legal opinion and verify the process directly with the local Tahsildar, Sub-Divisional Officer or Collector's office where needed. The sale deed should refer to the relevant permission or legal basis, and mutation should be capable of being completed lawfully. Using a relative, nominee or entity to bypass the restriction can create title, tax and beneficial-ownership problems. Treat any blanket statement that 'anyone can buy agricultural plots in Nagpur' as incomplete unless it is supported by parcel-specific documents and current legal advice.
What mistakes should I avoid when buying plots in Nagpur?
Avoid paying a large token before verifying title, land use, buyer eligibility, access and the exact parcel. The most expensive mistakes come from treating agricultural land as an approved residential plot or relying on verbal promises that are absent from registered documents.
Confirm whether the property is agricultural, non-agricultural or part of a sanctioned layout, and obtain the corresponding records. Match the survey or gat number, area and boundaries with a licensed measurement; do not assume a peg or painted line creates a lawful subdivision. Check the seller's title chain, heirs, mortgages, litigation, tenancy, acquisition, restricted tenure and legal road. For agricultural land, assess the buyer's eligibility under the Vidarbha law before paying. Compare the total price with e-ASR and actual registered sales, including charges for roads, plantation, maintenance or amenities. If sandalwood is involved, verify seedling quality, host plants, water, survival records, security, tree ownership, harvest permissions and the manager's obligations. Avoid guaranteed-return claims, pressure based on limited inventory and promises of future highways or NA conversion without official evidence. Use a written refundable token subject to independent due diligence, and have your own lawyer not the seller's representative review the final deed and agreements. Finally, inspect during different seasons and speak with neighbouring landholders where practical. A polished site visit should not replace documentary verification.
What happens if the sandalwood trees don't grow as expected?
Poor growth does not automatically mean the investment fails, but it requires early diagnosis and corrective management. The financial responsibility for inspection, treatment, replacement and continued maintenance depends on the plantation agreement.
Common causes include unsuitable or overgrown host plants, poor-quality seedlings, damaged roots, waterlogging, drought stress, nutrient imbalance, pests, disease, grazing and inadequate sunlight. A forestry or agroforestry specialist should inspect the plantation, supported by soil and water tests. The manager should record mortality, growth, host condition and treatment and provide a time-bound corrective plan. Young-tree losses may be addressed through replanting, but replacement resets the maturity timeline and can create an uneven-age plantation. Buyers should therefore review the contract before purchase: it should define expected maintenance standards, inspection frequency, mortality thresholds, replacement period, cost responsibility and whether any crop insurance or performance obligation exists. A land sale alone usually does not guarantee biological output. If the project promised a specific number of surviving trees or harvest value, determine whether that promise is legally enforceable and who has the financial capacity to meet it. Keep dated photographs and reports and raise complaints in writing. When growth remains weak despite corrective work, reassess the crop mix, hosts or plantation design rather than continuing ineffective treatments. The underlying land may still retain value, but projected sandalwood returns should be revised conservatively.
Is it true that sandalwood farming is illegal in India?
No. Cultivating sandalwood on private land is not generally illegal in India, but ownership records, felling, transport and sale are regulated and the applicable procedure differs by state.
The historical association of sandalwood with government control often creates confusion. Private cultivation has expanded, yet growers must be able to prove lawful ownership of the land and trees and comply with state forest and transit rules when harvesting or moving timber. In Maharashtra, tree felling and forest-produce transit may require applications, marking, inspection or passes depending on the species, location and current rules. A buyer should not assume that owning the land automatically permits cutting and transporting sandalwood at any time. Maintain the registered deed, updated land records, plantation inventory, purchase invoices for seedlings, photographs and management reports so the origin of the trees is documented. Before harvest, contact the local Range Forest Office or Maharashtra Forest Department for the current process and approved sale or transport route. Rules can change over a 15-year plantation cycle, so the management agreement should assign responsibility for compliance and costs. Illegal activity arises when trees are stolen, felled or transported without required authority not from genuine, documented cultivation itself. Any project claiming that no permissions will ever be needed should be treated cautiously and verified with the competent forest officials.
How often should sandalwood trees be inspected or maintained?
Sandalwood should be inspected frequently during establishment and at least monthly under normal managed-farm conditions. Additional checks are advisable after heavy rain, drought, fire risk, pest outbreaks, fencing damage or any security incident.
During the first two to three years, survival, irrigation, host-plant connection, weeds, grazing and root-zone moisture need close attention. A practical schedule may include weekly operational checks by the caretaker and a documented technical inspection every month, with seasonal reviews before and after the monsoon. Host plants should be pruned so they support rather than suppress sandalwood, and excess moisture must be avoided. Dead or weak plants should be identified quickly because delayed replacement affects the plantation's age profile. As trees establish, inspection frequency may be adjusted, but security, fire prevention, fence condition and unauthorised cutting remain continuous concerns. Records should include tree counts, mortality, height or girth samples, pest symptoms, irrigation, fertiliser or treatment use and dated photographs. An annual review by a qualified forestry or agroforestry expert can validate the management plan and recommend changes. For owners in a managed project, the agreement should define the minimum inspection and reporting schedule and give owners reasonable site access. Maintenance should be based on actual field conditions rather than a fixed calendar alone; extreme weather or disease may require immediate intervention.
What are the pros and cons of investing in sandalwood farmed land?
The main advantages are ownership of a tangible land asset, potential long-term appreciation and exposure to a valuable agroforestry crop. The main disadvantages are a long lock-in, uncertain biological returns, maintenance and security costs, legal complexity and limited liquidity.
A well-located farm with clear title, water and access may retain independent value even if crop performance is below projections. Sandalwood can add upside through heartwood and oil, while professional management may help non-farming owners handle hosts, irrigation and inspections. The investment can diversify a portfolio and create a long-term family asset. However, returns are concentrated late in the cycle and depend on survival, heartwood quality, market price and lawful harvest. Theft risk can make protection expensive, and poor host management or waterlogging can reduce growth. Agricultural-land eligibility, shared survey numbers, restricted tenure, felling permissions and transit documentation can complicate purchase and exit. Resale may take longer than for a residential property, especially when the buyer pool is limited by law. Managed projects also create counterparty risk: the owner relies on the operator's competence, transparency and financial continuity. Evaluate the land and plantation separately, insist on independent legal and agronomic review, and model conservative scenarios after all fees. The opportunity is strongest for patient buyers who understand farming risk; it is unsuitable as a substitute for a guaranteed-income product.