Farmland is rarely valued only for its soil. In many agrarian economies, it is valued for the rights that travel with it: rights that are often unwritten, informal, and unevenly distributed. Set in Punjab, India, this case examines a tenant farmer’s decision between two seemingly identical farmland parcels. While their productivity is similar, the parcels differ in a crucial respect: the bundle of institutional rights transferred to the tenant, including access to subsidies, credit eligibility, and disaster compensation. Using a combination of Discounted Cash Flow (DCF) valuation and a hedonic pricing model based on survey data from tenant farmers, the case challenges a fundamental assumption of valuation that land prices reflect land productivity. Instead, it emphasizes that the institutional architecture around the land (who controls subsidies, who bears risk, and who has the authority to make production decisions) are also critical.