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Gold Spot   05 July 2022

Termination joint development agreement

In 2016 we had given our family property to the Builders under Joint Venture Agreement later due to various reasons like Real Estate Regulations Act the project got stopped and didn't workout as per talks, by the time we had demolished the old rental income building, the Builders never came for settlement nor applied for plan sanctions or started the construction, later we sent several legal notices which he never replied n finally filed the case in the court as per agreement arbitration clause, 1 party came to record n other 2 became ex-party in the case, firther due to COVID the case didn't move for 2 years n now he's unnecessarly dragging the case n not appointing his arbitrator not accepting our arbitrator selection , this case is taking too long for us ( 7years ), we are even ready to return his advance amount , we need to cancel the registered agreement as per law .

My questions is 
1 . Is joint venture agreement still valid even after 7 years when the project itself never started ?
2. Can I file Termination of Agreement? Without arbitrator ?
3. How to cancel the registered agreement in sub-reg office ? 

Kindly need in suggestions



 1 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     05 July 2022

If you want to cancel the agreement and don't want to claim any damages, there is no need to go for any legal action. There would be a forfeiture clause in the agreement which would give a right to the vendor to forfeit the token money in case of breach by the buyer.
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