How to revoke the agreement

Sir

As per contract act 1932 the party must be competant and major.

That agreement can be revoke at any time without reason also. If u want then u can  revoke the agreement u need to explain what is the reason for cancellation of it.

U can make the agreemnt withindividual or firm or company.

If deed is not registered then no provision of benami transaction apply to ur agrrment.

If u like my suggesation then  give THANK on my LCI profile.

It's 14 acres of agricultural land. So it can't be very valuable. Maybe 1-2 crores max. It is benami and all that. But frankly Tax dept. gives less priority to agricultural land. And here you are anyway cancelling the project. So nobody will bother. If you have given a receipt for the cash or cheque you got from X then return same amount and by same method of cash or cheque and get his receipt. Whether Y contributed or not is not known to you. Maybe X and Y have another agreement within themselves. Nobody knows. If X and Y names are mentioned then your agreement is with both. You can cancel this if there is some performance clause in it. Example is that X and Y have to begin construction within some date. If you want to cancel because someone else offered more money then invent some medical reason and plead for cancellation. If that is not working then Arrange some money and offer them little bit extra over what they paid. Make a new cancellation agreement and register it compulsorily. Else it has no value.

If this is simply that you feel you sold for very less then have a meeting with X and Y. Request some more money. 99% they will give a few more lakhs. Make new agreement and register that. It will help if you know some common person either rich person or politician to act as mediator. Else if courts get involved for whatever reason it is an unwanted headache for all.