JUDGMENT :

Dhananjaya Y. Chandrachud, J.

1. The present appeal [Leave was granted on 12 January 2012.] is from the judgment of a Division Bench of the High Court of Calcutta [The High Court delivered judgment on 18 February 2009.]. The appellant, who is a builder, instituted a suit for specific performance of a development agreement, against the respondents, who are owners of the premises. The suit was dismissed by the City Civil Court. The High Court dismissed the first appeal.

2. The subject matter of the suit for specific performance is a development agreement dated 14 April 1992, entered into by the appellant with the predecessor-in-interest of the respondents (Late Kalidas Sadhu) [Late Kalidas Sadhu was the original respondent. Upon his death, by an order dated 12 May 2018, the legal heirs of the original respondent were substituted as existing respondents.] in respect of premises situated at 243N, Acharya Prafulla Chandra Road, P.S. Burtolla, Kolkata – 700 006. The agreement recites that the owners had approached the appellant for construction of a building on the land and that the following terms, inter alia, were agreed upon by and between the parties:

a. The appellant agreed t