2 Acres of industrial land was sanctioned to a prominent businessman, Mr. X , for a ITI college from karnataka Industrial Area Development Board at a very discounted rates. Since he was not interested in that land, we did pay for all the proceedings and later the land was registered, in 2010, in his name as " Lease cum Sale deed". Our verbal agreement was to get the land transferred to our name once he gets " Absolute Sale deed".
Recently, in July 2014, Govt of Karnataka has decided not to handover land parcels to industries. Instead land will be offered on lease for 30 years.
My question here is,
1. Is this new rule applicable for all the earlier leased lands also.
2. IF NOT - can a " Absolute sale deed" be executed? After that can it be transferred to us?
3. IF THE NEW RULE IS APPLICABLE - How can we secure the property from Mr. X
Please help me here.
