Double registration of land

You first got issued  an advocate notice complaining that the land in question is already registered as per the E.C.and see that the registration is got cancelled within a fortnight otherwise  a cheating case will be instituted against him for double registration.It is apt to inform you that first registration is  always valid.So take immediate action. 

Thank you JanakiMohan Rao sir for your quick reply. I have already talked to the venture owner.He gave me two options and asked me to decide the legally valid one so that he will impliment it...

1. He will make the first party to cancel the registration, so the second registration which is mine will be valid. (is it legally valid? If their registration is cancelled am I become the only owner for that plot)

2. Orelse asking first party to transfer the property to on my name through registration. so that i will become the owner of the property.

can you please look in to the two options and suggest me with the best one. so that i should not face any problem in future from the venture owner and first party registred.

Please suggest 

Awaiting for your Valuable rply...

Thank you ...