Validity of sale agreement
R. Gopinathan Nair.
(Querist) 03 April 2010
This query is : Resolved
Sirs,I have 97.5 cents (36.80 Are) of land in Kollam,Kerala.The orginal title deeds of this property was hypothecated to Indian Overseas
Bank,Kollam Branch and in 2000,the upset price fixed for the whole property was 5.62 Lakhs (Rs.five Lakhs and sixty two thousand only) by the
Bank.In December 2000,I had extended a sale agreement for this property with a secatary of a society in Kollam for a price of Rs.21250/- per cent
and this sale agreement was registered at the Kollam Sub Registry.This was done only because the person with whom I had made the agreement
came to me and since the plot was lying vacant I agreed to his suggession.I made an offer to the bank that I will remit Rs.10 lakhs to release the
document,but the bank refused saying that since this case was before the Debt's Recovery Tribunal (DRT),the bank cannot consider my proposal at
that time.I had also given possession of property to this person and he errected some sheds, etc. to run a nursery school in my premises.After 1 year
the agreement was renewed for another 2 years and in 2003 renewed for another 2 years and finally in 2005 December 12,the agreement was
renewed for a period of 5 years (five years) the validity of which will expire only on 12th of December 2010 (this year).Now against a price of
Rs.21250/- per cent in 2000 the cost of land appriciated to a whooping Rs.2 lakhs per cent in this area.Although the sale agreement is registered it
is renewed for 5 years.Now after settlement, etc. with the bank the orginal document was released and is in my possession .A few months
before,the other person suggested that he requires only 28 cents in order to accomodate his students and where the shedds are constructed with
access to bus,etc. and he promised to pay me Rs.15 lakhs (ie.Rs.50000/- per cent for 28 cents plus one lakh excess).After the document was released
last month,he totally changed his attittude and insists on the sale agreement which was last renewed on 12th december 2005 for 5 years which
expires on 12th december 2010.Taking his assurance given to me months before,I borrowed huge amount as private loans and cleared the salestax
and other dues on my property and the bank released the document without any liability.
Sir,Kindly give me your valuable advice on this matter whether a 5 year sale agreement if at all a registered one is a valid document or is it null
and void.Also what can be done from my side to nullify the said agreement as the other man will not make any movements from his side saying that
the sale agreement is a valid one.Kindly advice.Regards.
R. Gopinathan Nair.
(Querist) 11 April 2010
Sirs, For my querry on the 5 year registered sale agreement validity (dated03/04/2010) I have not received your valuable advice till now.I request your valuable advice as the matter is so urgent.Regards. Gopinathan Nair.R.
