Some very good points there, however the main risk is that in...

Some very good points there, however the main risk is that in the future this land will not be productive or competetive enough for agriculture and then the NTA plummets because who will buy it?

The general concern is that TIM have overpaid for land on the basis of MIS / tax rulings and in the future this model may no longer work. This is different from a real estate property where even if the building goes the land still has tangible value.

My overview is that irrigation country will be less productive over time and this is not a buy and hold.