In 2005, after repeated pestering by many property dealers, I decided to sell a plot to one of them. He paid 1 lakh earnest money and we signed a sales agreement, on a plain paper which had a revenue stamp. Due to change in some personal circumstances, I decided not to sell the plot and offered to return the advance.
The buyer(dealer) refused to take it back. I sent a Demand draft for the same through courier and he accepted the courier but never cashed it. He filed a performance suit in the court. The case is going on in the court till now.
I am ready to pay him double the amount but he was asking for half the present value of the property. Now some people (one of them is a retired judge) have told us that the court can rule in his favour, that is, forcing us to sell the plot and that too at 2005 prices (which is now almost 1/10th of the present value).
I'd like to know that as the agreement was unregistered, and I am ready to pay him twice the advance with interest, and also the fact that he accepted the Draft for the earnest amount, is there a chance that he can get the agreement enforced?
I have searched for similar topics in the forum but I got mixed responses. Some say unregistered agreement has no value while some say that it still can be enforced. Any help would be greatly appreciated. Thanks!