The Most Expensive Land Transaction in History: A Quantitative Analysis of a 1704 Purchase in Punjab

Abstract

We examine the economic magnitude of a unique 1704 land transaction in Punjab, India, where four square meters were purchased for 78,000 gold mohurs. Using standardized gold value conversion, we estimate a modern equivalent value of USD 19.8 million per square meter in 2024 terms, with an alternative historical currency adjustment suggesting USD 8.9 million per square meter. Both estimates substantially exceed the current highest recorded land value of USD 1.04 million per square meter (Hong Kong, 2017). The transaction's extraordinary valuation reflects the complex interplay of political constraints and religious significance in pre-modern South Asia, challenging conventional understanding of historical property markets.

Keywords: Sikh, Punjab, History, India, Land Deal, Costliest, Transaction, Todar Mal, Guru Gobind Singh, Chotte sahibzyade