M.BALAJI Vs. PERIMJANARDHANA RAO

JUDGEMENT

(1.) Challenge in this appeal is to the dismissal of the suit in C.S.No.941 of 2010.

(2.) The plaintiff in the said suit is the appellant. The plaintiff sued for recovery of a sum of Rs.1,21,66,000.00 with interest at 18% p.a. on the principal sum of Rs.79,00,000.00 which according to the plaintiff is due and payable by the 1st defendant in the following circumstances.

(3.) The plaintiff has been doing real estate business, since 2002 and he had invested monies and entered into agreements of sale for properties in and around Bangalore. According to the plaintiff, the 1st defendant approached him expressing an interest in purchasing properties in Bangalore as an investment proposition. The plaintiff, being a real estate trader had showed certain lands to the 1st defendant, in fact, the 1st defendant purchased 50% of the share in 3 acres of land in Giddanahalli Village of Anekal Taluk, Bangalore Rural District. The plaintiff and the 1st defendant had various transactions between them and in the process, the 1st defendant also expressed interest in purchasing 5 acres 25 guntas of agricultural land, which was held by the plaintiff under an agreement, subject to the condition that it should be converted into non-agricultural land. The sale price was also finalized at Rs.46,00,000.00 per acre. Believing the promise made by the 1st defendant, the plaintiff spent huge amounts in obtaining conversion of the land from agricultural to non-agricultural. The plaintiff also entered into agreements with land owners and paid huge advance to them.