Legal Question in Real Estate Law in India

Property!
I am an NRI.I bought a property in kharghar in my friends name as i was not able to take a quick loan.We had agreed mutually that i will pay the loan and the property will be transfered & I have been paying the loan.Now only 6laks remains to be paid & we have got into dispute.We have a stamp paper agreement - for mutual understanding!- and I have evidence of the money transfer to his account from my bank statements..Wot should i do at this stage!..there is no guarantee that if i pay the remaining amount he will return the flat ..Please advice ..Can i take any legal action!.. i have a signed cheque - for 2 laks! which i have kept as gurantee before starting this deal.

Asked on 8/13/07, 3:40 am

4 Answers from Attorneys

0 users found helpful

0 attorneys agreed

Re: Property!

Details are missing.Purchase of flat by you in the name of your friend is a benami transaction which is void abnitio.You use the cheqe showing the ammount transfered from you account to yourfriend's account as loan and also file suit for recovery of restof the ammount.In case of need you may contact me.

Answered on 8/13/07, 1:40 pm

Mark as helpful

Viswanathan Ganapathy G Viswanathan & Associates

0 users found helpful

0 attorneys agreed

Re: Property!

You seem to have a case prima facie. However, the agreement between you and your friend needs to be studied.

Answered on 8/13/07, 3:45 am

Mark as helpful

Prabhat Shroff Shroff & Company

0 users found helpful

0 attorneys agreed

Re: Property!

Prima facie, it appears that you can successfully file and win a case against your friend and get the property transferred in your name. However, full details and the referred documents are required before a concrete advise can be given

Answered on 8/13/07, 4:03 am

Mark as helpful