not readily transferable under the various land reform legislations, i.e., laws relating to ceiling on agricultural holding under the existing State laws and tenancy laws which place restrictions on transfer of such lands with concomitant danger of effacement of the rights of the absentee-landlords and the creation of rights in the tillers of the soil. In evaluating the rate of return which would ordinarily satisfy an investor in such a property, the risk factor has further to be evaluated. There may be total or partial failure of crops either through failure of rain or draught; or inadequate or excessive rainfall. There may be a failure of crops on account of locust invasion or insects or pests. The cost of inputs such as seeds, water, fertilizer, labour charges, etc., would vary from year to year. If the overall cost goes up, the income from agricultural produce would be comparatively less. The fluctuations in prince of agricultural produce introduce a great deal of uncertainty in regard to the income that can be expected from the sale of the produce. If the yield of the crop in other producing countries is large, or the market-prices prevailing in such countries are low the prices of such agricultural produce in India would go down.
