Can I Backtrack from a property sale agreement if i agree to pay the damages mentioned in the agreement?

5 years ago

"The agreement for sale and purchase” was done on Rs. 20 non judicial bond paper and it is NOT registered. The important terms of agreement are as follows. 1. Vendor hereby declares that he/she absolute owner of the said property. 3. The Vendor hereby declare that the said property is free from all encumbrance. 7. Vendor hereby agreed to execute the sale deed in favour of the purchasers or his/her nominee or nominees after receiving the total sale consideration 8. That the “PURCHASER” shall pay the balance consideration amount to the “VENDOR”, on or before 25th April, 2019. There is also the undermentioned clause in the said agreement: 9. That if the VENDORS fail to honour this “AGREEMENT”, they shall be liable to refund within (7) days from such date all payment(s)/ amount(s) received by the Vendor/s from the Purchaser/s on account of sale of the “PROPERTY” along with a sum of Rs.50,000/- in total as damages. The purchaser/s shall be at liberty to recover the paid earnest/part consideration amount from the vendor/s with interest @18% per annum if the earnest/part consideration amount has not been refunded to the Purchaser/s by the Vendor/s within seven (7) days from such date. 10. That this contract shall be specifically enforceable under the Specific Reliefs Act, 1963. 11. It is hereby agreed that time is the essence of the contract. Now that I have a buyer to buy the property for 15% more price. Can I sell the property without any further information to the previously agreed person and and pay back his money with damages, whenever he asks? If I inform him now, I suspect he may create problems. Kindly give suitable advice.