Execution to agreement of sale
Mr.Rajesh approached me and offered to sell his site property measuring to an extent of 10,000 sq.ft as he wanted to discharge his loans borrowed from various persons. After due deliberations and negotiations they both arrived at the sale consideration of Rs.3,60,00,000/- and thereafter entered into an agreement of sale in respect of the site property and on the day of execution of the agreement of sale I paid a sum of Rs.60 Lakhs towards advance cum part sale consideration. I was to pay the balance sale consideration amount of Rs.3 crores to Mr.Rajesh at the time of registration of the Sale Deed scheduled after 3 months from the date of Agreement of Sale.
In meanwhile Mr.Rajesh was approached by some other person who is a real estate developer who is willing to pay Rs.6 Crores to the same property. Mr.Rajesh got tempted by this bigger consideration and canceled the Agreement of Sale which he entered into with me without any communication. Further without communicating to me of his intention to withdraw from the Agreement of Sale, Mr. Rajesh entered into a Joint Development Agreement with Mr.Govardhan and has received a sum of Rs.2 Crores as refundable deposit.
Subsequently, I after the lapse of the said 3 months approached Mr. Rajesh and requested him to execute the Sale Deed by receiving the balance sale consideration amount of Rs.2 crores. Mr. Rajesh kept deferring and at one point of time tells me that he is no more interested in selling the property to me and that he wants to cancel the Agreement of Sale and also he is ready to return the advance cum part sale consideration amount of Rs.60 Lakhs along with an interest of 18%. I had borrowed the advance cum part sale consideration amount from Canara Bank, KG Road Branch, Bengaluru as a home loan for which I had paid interest for the past 3 months.
Can I make him execute the agreement of sale?