Buying of property by tenant

assessee is tenant for last almost 40 yrs. now the owner intends to sell the property to the tenant. what is the best option to tenant: 1. buy out at market / guideline value ? -this is quite high; 2. receive it as gift from the owner ? owner is ready subject to that the gift tax is borne by the tenant. will this gift be justified ?(amount is to the tune of 200 lacs value)