(1) In any case in which rent is payable in kind, the raiyat or the under-raiyat may apply in writing to the competent authority in the prescribed form and manner, for commuting the rent into money rent.
     (2) On receipt of such application, the competent authority shall, after giving notice to the other party, determine the money rent payable for the land in accordance with the following provisions but not exceeding the maximum rent specified in section 111.
     (3) In determining the money rent, regard shall be had to--
         (a) the average money rent payable by under-raiyats for land of similar description and with similar advantages in the vicinity;
         (b) the average value of the rent for the land actually received by the raiyat during the three years preceding the date of application;
         (c) the average prices of crops and commodities in the locality during the three years preceding the date of application;
         (d) the improvements, if any, made to the land by the raiyat or the under-raiyat; and
         (e) any other factor which may be prescribed.