Farm pond, essentially a rainwater harvesting structure is in the news for quite some time now. The agriculture scientists and the government have portrayed it as a magical tool to cope with climate change whereas critics have raised their concern about the transformed farm pond structure and practices for being unsustainable. Meanwhile, parts of Maharashtra have witnessed rapid spread of farm ponds in recent time. This study aims to understand the factors responsible for the transformation and the spread of the farm ponds in Marathwada region. Considering the existing gap of farmers’ perspective in the literature, this study attempts to understand the factors responsible for these phenomena from farmers’ perspective. This study has followed approach of qualitative interpretive research where qualitative data collected during fieldwork using different data collection instruments like semi-structured interviews and focused group discussions is analysed using method of thematic analysis. These themes are then logically woven and presented to the reader. This study argues that the transformation that has happened is result of the differences of the idea of utility of farm pond as perceived by scientists and farmers. It also claims that the spread of the farm ponds is largely driven by the pursuit of economic benefits by farmers to get out of the agrarian crisis.