Purchase of Agricultural land for housing purposes
I want to purchase a 1800sqft land for housing purposes which has shali record on the document of the property. In front and beside of the property there are houses and residential flats. The land owner did a simple written agreement, not registered, on court paper with someone (Say Mr. X) who has failed to pay the full amount of the property Rs. 50 lakhs. Mr. X pay only Rs. 40 lakhs. The title of the property has not been transferred to Mr. X. The deal was cancelled by the owner. Owner of the property had already returned Rs. 28 lakhs to Mr. X out of 40 lakhs. Owner now want to sell the property and will be returned Rs. 12 lakhs to Mr. X. The person Mr. X is also agreed to the proposal of the owner. I want to purchase the said property as it is in the prime location. Now, my question are as follows :
1. Whether I should go for buying the property or not. Please specify reasons.
2. If ans. of the 1st question is yes then Whether loan from public sector banks will be available or not.
3. If ans. of the 2nd question is no then loan from private bank will be available or not.
4. What are the precautions to be taken if i want to purchase the property.