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srikanth (free)     23 March 2010

cancellation of plot purchase

I have a purchased a vacant plot , and I paid 10% of the value via cheque and the balance through instalments with State Bank of India . And the plot has been purchased from a registered society in Chennai for which I am paying the EMI for two years. And the term of Loan is 10 years.

 

Now, due to financial position, I am not able to pay further EMI’s. And I want to cancel the registration and get back the paid amount , which I have paid to society and in Bank. Is it possible, or give me any other alternative.

 

 



Learning

 3 Replies

mohammed mazharuddin (Associate Lawyer)     23 March 2010

Mr. Srikant,

IT is clear that the time specified for payment is 10 years but you have to give me some clarifications on the conditions of your Agreement that you have a right to cancel or transfer the same to third party. i am of the opinion that unless a full payment is done a plot cn't be registered. so clarify few things to guide u in better way.

M.Mazharuddin

Advocate.

Gagan Gupta (Advocate)     23 March 2010

Did allotment letter talked about deduction of any money in case of cancelation for non-payment, or what  are conditions to transfer to third party. 

bhagwat patil (Property due diligence 9422773303)     24 March 2010

with the concent of society you transfer to third party. u may morgage the same and ask bank to pay hte remainig instalment .


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