Conditional/springing power of attorney

I want to get a Power of Attorney granted to me by a borrower which will become effective when the borrower fails to repay the loan taken from me. It will allow me, ONLY IN THIS EVENT, to execute any sale deed to transfer his property to my name. Is such a Power of Attorney viable in India? I am loaning some monies to a relative and I want to balance trust with controls in place. Rather than going for a mortgage deed, I thought this was the easier way around to save him monies on stamp duty.