In this context a 'land' is usually a building, often a tenement, and even if it's known as "so-and-so's land" its official address may be something different. I'd expect Page's Land to be a building in Heggie's Wynd, owned or occupied by someone named Page.
If you go to
www.scotlandspeople.gov.uk and look at the index to the 1865 and 1875 Valuation Rolls for Kirkcaldy, you'll see that there is a David Page listed as proprietor of a house in Heggie's Wynd.
Alexander Muir is listed as tenant of a house in Heggie's Wynd in 1872, 1873, 1874 and 1875.
You'd need to look at the full valuation roll, not just the index, to see how many properties David Page actually owned, and how many tenants he had in Heggie's Wynd.