When leasing is a lease agreement mandatory?

The company is duty bound to cancel the lease agreement and   refund your lease amount of Rs 15.75 lakhs for not availing the benefit of its services  regarding lease agrrement and  the  lease  amount of 15.75 lakhs paid by you tothe company.After issuing a due legal notice to the company proceed to recover your lease amount of Rs.15.75 lacs and cancellation of lease agreement entered between you and the company by filing a suit.

Thank you for your reply.
It appears that I was not clear in my post.

quote, "The company is duty bound to cancel the lease agreement"
Since I did not sign the lease agreement, is there a lease agreement in place for them to cancel?

It is me who decided not to proceed with the lease purchase.
They have never said that I can not stay in the flat.
So how can I claim, quote, "not availing the benefit of its services" ?

Also please advice, if in real estate law, is it mandatory to have a written agreement in place?

Thank you.

Written agreement is preferred  than oral agreement.if you have not availed their services  then there is a breach of contract  on your part.     If its They can proceed against you fo rbreach o rf contract and damages etc if the lease agreement is written and valid . Otherwise it ceases to have any effect. But according to principles of equity your amount of Rs.15.75 lacs  would be refunded. on Quantum Meruit basis or so much as is desrerved.  Since you've not signed the lease agreement there was no lease at all.

I am shocked but please confirm if only Rs.2.5 lacs would be refunded according to principles of equity?

I quote from the email from a director on 15 Mar 2017.
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Dear Mr.Job
I feel bad that you have decided not to re consider your decision.
At the outset let me thank you for helping us at the crucial stage.
Further to our discussion I confirm the following:
    (1) As per our understanding and the agreement during our meeting we will refund Rs.15,25,000 to your account with Citibank. Subsequent to your notice, we have started searching for a suitable tenant for D30. We need a minimum of 60 days to locate an alternative tenant and refund your amount.
As per your request, I am trying my best to arrange some advance payment.

    (2) The non-refundable position of Rs.50,000 can be adjusted against the Room rent at the rate of Rs.500 per day of your stay. We will extend A/c room for this rate.
    For the current usage we will adjust agains the above credit and will send you the balance statement. You may use the balance as and when you stay at our facility.

Srinath Venkataramanan
Director
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His claim "We need a minimum of 60 days to locate an alternative tenant and refund your amount." is not true.
Ar the meeting, I specifically asked him what would be sitiuation if they can not find someone else within 60 days.
His reply was, "we will then give your the money"!

I do appreciate that there are words only, and I can not proove that he said so.

However, he did state in writing, "As per our understanding and the agreement during our meeting we will refund Rs.15,25,000".

Can I use this as basis for legal action?

Thank you.
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Sorry! I committed a mistake while typing. They will have to refund entire Rs.15.75 lacs.

The lock in period starts from the date  they have acknowledged that they will return/refund  your entire amount of Rs.15.75 lacs  through email. Period of limitation of 3 years  starts from that date.

According to you they've given in writing  perhaps by email that as [per lease agreement they will refund you rmoney. To quote from your query:

However, he did state in writing, "As per our understanding and the agreement during our meeting we will refund Rs.15,25,000".

I paid 15.75 lacs in full for a 5 year lease. Payment was made in January 2016
Does the 5 year period of the lease start from January 2016?