The economic slowdown has played havoc with the dreams of 86 farmers from Nigoje village, some 50 km from here, who wanted to turn entrepreneurs in the Chakan industrial belt. These are the same farmers who, after giving up their farm land, had used part of the compensation money — Rs 4.5 crore — to buy back 15 per cent of the developed land at half the industrial rate from the Maharashtra Industrial Development Corporation (MIDC) to start their own production units.

The farmers who owned land that came under the industrial area of Chakan Phase-IV had bought back 32 acres in April 2008. Spurred on by their initiative, another 43 farmers pooled resources to buy back 18 acres in Nimgaon in Ranjangaon Phase-II for Rs 3 crore.

Now, with no business likely to be firmed up in the foreseeable future, even their efforts to lease out small portions of land to companies have found no takers. At both places, the farmers are quoting Rs 80-Rs 90 lakh per acre. A senior MIDC officer said he was trying to get the farmers to reduce the rates. “The farmers are looking to find takers for a 95-year lease. They are quoting Rs 80-Rs 90 lakh for an acre while the MIDC rate is only Rs 72 lakh an acre,” the officer said.

Research officer of the rehabilitation cell, MIDC, Geeta Patil had presented before the farmers various entrepreneurial options — transportation, warehouse, hotel and hostel facilities besides mineral water and dairy products. The farmers were also given counselling about their future course of action by the Indira Institute of Research and Development before the formation of company. They were also taken to Magarpatta city to understand the farmer-turned-entrepreneur model.

“Most farmers spend the compensation money on buying fancy cars and other such things. The company was a unique initiative and the idea was to ensure a steady flow of income to the farmers. It is unfortunate that the slowdown has affected this initiative adversely,” she said.

Farmer and chairman of a farmers’ firm, Nigoje Logistics, Anandrao Yelwande said they were disappointed as their project has failed to take wings even nine months after it was formally announced. “Of the 32 acres, we want to lease out 10 acres to some company so that we can use the returns for our entrepreneurial activity, but we have no takers. We are ready to negotiate on the rates,” said Yelwande.

The farmers had plans to start a warehouse in the land bought back as a long-term project besides an eatery or dhaba to cater to the industrial estate.