Hey,
Would like to confirm, how to proceed further..
My friend has taken loan from private money lender and the condition kept by money lender was to do a sale deed of the property which my friend owned and if the money is returned within 11 months with interest then he will cancel the deed or else the property would be aquired by him. My friend agreed to the condition and proceeded due to urgent money requirement.
However, there is no agreement or clause mentioned in the deed, sale deed states that the money lender has purchased the property from my friend by paying complete amount.
Govt. Land value: Approx.: 50-60 lakhs
Loan taken: Rs: 20 lakhs
Amount mentioned in the sale deed: Rs: 35 lakhs
Amount paid in Cheque by Money lender: Rs: 35 lakhs
Immediately extra amount was refunded to money lender by Cheque: Rs: 15 lakhs
Now, 13 months have been completed however my friend couldn't repay the loan and money lender has aquired the property. He said the total amount payable is Rs: 35 lakhs with interest and have given enugh time to repay however you couldn't hence, I have the take the posession.
Kindly suggest if there is any way out to regain the property or at least to get remaining value of the property as per Market rate.
