Every time fertile farmlands are acquired for building roads and townships we poke a hole into our future food production. Farmlands are being acquired at a high pace in may parts of India and though it may help the poor farmers rise out of generations of poverty, the whole process is usually rife with corruption and ill planning. Even in cases where land use conversion is not allowed, buying of farmland as farmhouses serve no good purpose either unless the land is actually used to grow food instead of planting decorative and exotic plants and trees.
Food is the next 'oil' in the making as many countries join the race to acquire farmlands in poor countries (http://farmlandgrab.org). It could lead to development of uncultivated land for farming which is good for overall food production but how much it'll help the local population and their needs is a question mark.
Eventually large scale farm industrialization offers hope but unless it's done in an equitable way (like cooperatives), we'll be back to a modern version of colonial 'landlord' days where poor ill paid land-less 'farmers' toil on the fields owned by rich individuals, corporations and countries.
It's a very broad and complicated topic to talk about and I'm no expert in any of it. It's just a little something to think about on India's 65th Independence day. We have come a long way and we have a long way to go. Happy Independence day to my fellow Indians!