DORAISWAMY RAJU, J.JAGANNADHA RAO
Gautam Constructions And Fisheries LTD. – Appellant
Versus
National Bank For Agriculture And Rural Development – Respondent
JUDGMENT
Raju, J.-The controversy involved for consideration in these appeals is in a very narrow compass. The appellant M/s. Gautam Construction and Fisheries Ltd., and the 1st respondent National Bank for Agriculture and Rural Development, Bombay, entered into an agreement for the sale and purchase of office accommodation admeasuring 48,000 square feet of built up area together with the land at the rate of Rs. 400/- per square feet of built up area. The transaction is governed by two agreements and whereas under the principal agreement, the total amount payable is 1,20,00,000/- at the rate of Rs. 250/- per sq.ft. for 48,000 sq.ft. Under the subsidiary agreement, provision was made for amenities, extra works, fittings etc. in a payment of Rs. 150/- per sq.ft. and that is how the total rate constituted Rs. 400/- sq.ft. Though originally there was a provision for construction of stilt for parking cars, subsequently what was desired and constructed was a basement for car parking. It appears that the conveyance of the buildings was to be after the construction of all floors and as further agreed upon between the parties and that it was a specific terms of agreement between the parties
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