The registered sale deed can be cancelled only if there is a clause that the payment received by cheque shall be subject to realisation of cheque. whereas your case is different that you have obtained a Rs.100 stamp paper for return of cheque while executing a sale deed in his favor. This clearly indicates that you have already received the sale consideration amount which is essential for any transaction. Therefore you have to wait for him to file a cheque bounce case and can challenge the same on the basis of his agreement made in Rs. 100 NJS paper.
Even objection to mutation or revenue records may not be acceptable on this ground. You may intimate the bankers to stop payment on the cheque being presented for collection for the reason that there is no liability towards the cheque amount to the holder of the cheque.
If you are still insisting on any legal action, you may consult a local lawyer and take his further advise.