Sentence:  Simply defined, it means a landlord letting a ‘tenant' use his property – forever in most cases – after receiving a “<WSD>pagri</WSD>,” an amount that is a little less than the prevailing market price. In return, the tenant pays a nominal monthly rent and stays on the premises for years on end without any fear of eviction. The property remains in landlord's name and he continues to pay taxes on it. 
Meaning of the word marked with <WSD> tags:  A payment made to secure the long-term rental of a property.