Can we acquire rights on the land we purchased ?

Respected Sir / Madam Under the madras presidency : In 1928 , the governement had covered some portion of the pond in our village and constructed a governement : school , hospital & other government offices . After constructing these the remaining land was alloted to the landless labourers for the house sites . Government alloted nearly 20 plots to poor people . Since then those plots are being sold and purchased by many people . Without having knowledge of that , we have purchased a land ( 2.5 cents ) on [ [deleted] ] through a registered sale deed . Then after we have constructed a house , since then we are residing in that land by paying respective water bill , electicity bill & other taxes to the grama panchayat . Recently , we came to know that : the land which we purchased in 2011 was the land alloted to poor people in 1928 of which some portion of the village pond was covered through the governement order . we are afraid of knowing this . We need your advice - Please be kind upon us by replying your valuable suggestion .