I am trying to find help and collect information related to a “Deep of Exchange” also known as “Transfer of property.
Party of the first part: 7 acres of land( Schedule A)
Party of the second part: 2 Acres land given to a builder for commercial space development (Schedule B)
Schedule C- Promoter develops a building and will hand over 88,000 Sq Ft to Party of the Second part
Deed of Exchange: Party of the second part hands over 50000 sq ft of buildup area which includes UDS of 26,000 Sq ft and takes over 7 acres of land.
The annexure for the market values on both properties in the Deep of exchange is as shown below
Property value of the First part
Extent of the site: 7 acres
Cost of the land: 6,80,00,000 ie 6.8 crore( The math derives to 100 rs per sq ft but the government guideline value is 550 rs per sq ft)
There is a 25 years old building of 3000 sq ft in the middle of the land and the value mentioned for the same is 1,20,00,000 ie 1.2 crore
Market value of the property which includes land and building: 6.8 + 1.2 = 8 Crore as mentioned in the Annexure 1-A
As per the government value on the date of execution of deed the cost of the land is 550 per sq ft and the property is worth 34,00,00,000 ie 34 crores and the market value of the property is 50 crores
Property value of the second part
He hands over his 2 acre land to a builder to promote a commercial building for a 60:40 sharing deal and is expecting 88000 sq ft of buildup area .Now he gives 50,000 sq ft of build up area with an UDS value of 26,000 sq ft and performs the below calculation for the Annexure 1 -A
Extent of site: 26,000 sq ft of UDS
Cost of the land: 2.6 crore( The math derives to 1000 rs per sq ft but the government guideline value is 750 rs per sq ft)
Build up area: for 50,000 sq ft the construction cost is mentioned as 5.4 crores
Market value of the property which includes land and building: 2.6 + 5.4 =8 crore
With this the Deep of exchange is executed as 8=8 crores property exchange. Daughter finds in now after 8 years of the deed execution that parents were cheated (Property is the name of her mother) and they never knew anything on the value of the property and executed the Deed of exchange.
Reason for initiation of the Exchange:
Second part helps First part to buy a property of 10 acres and takes his commission without First parts knowledge. Second part says that I will take care of your property and over a period of time keeps on asking money for maintianance etc.In reality no development or maintenance was done. First part never visited the site. The surrounding people think that Second part is the owner of the property and a neighboring owner asking him to sell some land towards the corner so that he can have road width to drive his car. Second part now tells First part that the locals are trying to take over your property and I am struggling to save you.First part says I am ok to give some land for free and hands over 30 cents towards the corner of his land for public road.Second part does not give the 30 cents to anyone and retains it to him.
After a while neighbors bring the concept of Joint venture to second part thinking he is the owner. There are neighbors having land towards the backside of the First parts property, now second part identifies that he can make big money in this land so he keeps calling First part frequently gives mental pressure saying that SC/ST people are trying to take away your land and I can’t maintain it anymore and you better sell it.
First part without knowing what to do asks Second part to do something. Second Part now checks 10 acres of land and find some Porambokku land inside the property. He takes 7 acres as per his need for the joint venture and leaves 3 acres with porambokku to first part.
He now exchanges his commercial space for the 7 acres of land and enters into joint venture for flat promotion. He takes 8 crores advance from the builder and now is waiting for more than 140 crores.
The builder is about to get planning approval to start work.How can I legally get a hold to stop work and fight a legal battle with Second part.
Will this issue cover under Section 420,464,463,418,53