Joint Development Cancellation No Progress
Hello - Good evening. I am looking for guidance on how I can get my land encumbrance free as no progress has been made till date by builder who I have signed for joint development. Below is a background on a Joint Development Agreement that we entered into with a builder and no progress till date.
In 2011 we entered into a JD agreement with POA and her Builder to agree on a joint development construction of our hard-earned land of 4000 sqft. Till date no progress has been made further more they committed the following fraud,
Our POA along with her Builder pledged our property as second mortgage to Repco Bank Chennai and took a loan. Neither the POA nor the builder was granted the right through the POA to pledge our property to Repco Chennai.
Additionally they promised 3 potential buyers and entered into a sale deed agreement to give them 3 flats of the proposed JD. The POA/Builder took some money from the 3 buyers and registered the sale deed. But they are also aware that no progress has been made.
We have also filed a letter/case to Repco Bank mentioning the same that POA has no right to mortgage our property per conditions of our POA agreement and there was no such clause giving the POA power to mortgage our land and requesting release of our property EC free per arbitration the tribunal reserved judgement and ordered as “no clause for mortgage hence property has to be released as e.c free “.
POA/Builder have asked for one last time till Jan 2021 to build and if they can’t fearing the legal cases, they have agreed to give our land EC free from all obligations and will assume all financial responsibilities on account of the fraud they committed
If they don’t construct as planned by 2021 can we as land owners
1. Cancel the POA
2. What steps we have to take to cancel the current POA. If POA is cancelled will the sale agreements still hold good. If so
3. What steps Builder will have to take to cancel the sale agreements so we don’t have any liability
4. What steps Builder can take with Repco bank such that we can get our property EC free.
5. What documents we have to get in writing from POA/Builder to ensure we can get our land free from EC.
6. If not what legal actions we can take on the POA/Builder.