If you're lucky you may find someone who will say that they can do one for less. However, if you want one from my local LR dealer, the price above stands. And no, I'm not laughing.
That's actually quite cheap by modern standards. A new key for the wife's 2003 BMW cabrio cost over £300 to supply and program. So under £200 is a reasonable price. Even a key for a Ford Focus costs more than the FL1 key.