The study compares gross revenues from modern rice varieties and landraces and valuates different useful traits of rice landraces to demonstrate an empirical methodology for biodiversity valuation. A sample of 200 rice growers in hills and plain area was surveyed for commercialization of agro-biodiversity project. For estimating the value put by the consumers on different rice traits a hedonic pricing model was used that disaggregates the prices paid by the consumers for different useful traits of rice.