I have agreed to sell my house in Chennai in the month of April 2012 and made an agreement with the buyer in a 100Rs. Stamp paper for a agreement period of 4 months for an advance amount of 5 lakhs. After completion of 4 months my mind changed not to sell my house and the buyer has not paid the remaining amount. Now I told the buyer the bond period has exceeded and I am not willing to sell my house. Now the buyer fights back saying he'll pay the money or else he wants 5 Lakhs advance amount + 2 Lakhs for settlement. I said I cannot pay 1 re. more than what he gave. Kindly let me know how to proceed with the buyer.
If I take legal action against him what can be done.
If I had to pay interest like what he demands whats the legal amount for four months during the bond term or will it be calculated after the bond duration.
Please reply urgent :-(
