Is this a real note or some fantasy?

And what could be its value?

It seems to be a fantasy note, issued by the Khalistan Independence Movement. Here is a link for more information: http://www.numismondo.net/pm/kln/

This is interesting. Judging by the look and condition of the note, I would say this is a private issue. It's so heavily circulated, it appears that this note has been transacted many times. A note may not be worth anything to you, but as long as someone is willing to accept this as a form of payment, then it is worth the paper it is printed on. I would have no idea what the value would be, if any, but I would not buy them for my collection yet.

I would call this a private issue, rather than a fantasy.

Update: On second thought, could it be that someone has been using this as a lucky charm?

Sadly, with a best offer accepted, there's no way to tell what the actual sales price was. That in mind, here's one where the ask price was $499.99:

https://www.ebay.com/itm/394985535983?hash=item5bf6f8f9ef:g:biMAAOSwrYxlOpT1&amdata=enc%3AAQAIAAAA4Lb47uPqeyMdQJ55fzOR6clcrUcBma6k5LSUAHF3dNWBy1CS7FmmOPIS1pyfrpywDDLQmvuYTvPtSCpT01KYydnYclQFM%2B%2F%2FaObsIBNuoBLGXgAraNH6azJCvArLIZmP%2BBtPqdNKC%2Bz02kh05NrDppv1e4Un%2Ff6vjo6p5nnPGeP%2FHW8V8qKemu%2FCSAAFPJzWOIqpAXTng2EQZcMxW4A3NOH%2F8VncX5IrYp8TIEZY%2B73xDDXbBcfFScC3MHnpFXpP4v0aRtmp3My4W25DJ2OwA%2FAmszgY43VEPpF%2FT6hIyMds%7Ctkp%3ABk9SR-jTteudYw

I notice a few things:

1. It has no serial numbers or prefixes, so unlikely to be currency of any kind.

2. Cheap one colour printing, pointing towards an advertising/propaganda device.

3. It appears to be laminated – this would drain away most of its value in collector terms, unless it is a very rare item.