I had made payment of XX Lakhs to builder for his upcoming project in Panvel Navi Mumbai in November 2012. I had made the payment by NEFT and MOU was signed between us on stamp paper duly notarized. However, that project never took off and the work has not started yet. There is point in MOU stating if project does not start in a year time then i can demand refund with x% interest by giving one month notice. On verbal discussion, He had refunded the money by cheque. however, the cheque was returned due to insufficient funds. Now i wish to demand the money legally. I have two questions.
1. Should i send him a notice on simple paper asking for refund signed by me. will simple notice be admissible in court of law. OR should i send a notice through a lawyer?
2. It has been more than 3 years, will period of limitation be applicable to such MOU or such case.
Also please guide what other remedies are available in such cases.