KAMADHENU ENTERPRISES Vs. ZARA AHMAD

JUDGEMENT

(1.) Heard Sri Nikunj Dugar learned counsel for the appellant and Sri Damodar Mundra learned counsel for the respondents 2 to 4.

(2.) The brief facts of the appeal are that the appellant is a registered partnership firm under the provisions of the Indian Partnership Act, 1932. The appellant is the owner and possessor of the property being Plot Nos.1 to 4 and 13 to 16 in Sy.Nos.322, 323 and 326 of Quthbullapur village and Mandal, Medchal-Malkajgiri district, admeasuring 4444.44 square yards. The respondents are carrying business of real estate and development of immovable properties. The appellant initially entered into registered Development Agreement-cum-General Power of Attorney vide document no.1435/2014 dtd. 8/9/2014 registered at Sub-Registrar at Balanagar. In terms thereof, the respondents 1 to 3 were authorized to carryon the development of the above property. Agreement envisaged 43% of the built-up and saleable area on all the floors including the stilt/cellar together with all the general amenities, facilities etc. to the appellant and 57% to the developer. The agreement also envisaged completion of the project within 27 months with a grace period of 3 months from the date of obtaining permission for construction from GHMC. The respondents 1 to 3 gave refundable security deposit without interest for a sum of 30,00,000/-. The respondents 1 to 3 obtained building permit No.52714/HO/NZ/Cir-15/2016, dtd. 3/12/2016.

(3.) During the subsistence of this agreement, respondent no.1 retired from the firm and respondent no.4 was admitted as partner of the respondent no.5. The appellant and the respondents entered into a supplementary agreement on 4/11/2017, wherein it was mutually agreed to reduce the ratio of the share of the owners from 43 % to 42% and the ratio of share of the builder increased from 57% to 58%. In accordance with new sharing ratio, the owner is entitled to 28 flats and the builder is entitled to 38 flats. Subsequently, the parties executed supplementary agreement dtd. 2/1/2019 to divide and distribute the constructed areas between the parties as per the ratio of 42% to owner and 58% to builder respectively. Subsequently, another supplementary agreement dtd. 17/1/2019 was entered into between the appellant and the respondents, whereby it was agreed to share the ground floor commercial space of 8000 square feet as per their sharing ratio of 42% and 58% respectively and it was also agreed to share the car parking in the same ratio.