JUDGMENT :

R.D. Dhanuka, J.

By this petition filed under section 34 of the Arbitration & Conciliation Act, 1996 for short "Arbitration Act"), the petitioner has impugned the arbitral award dated 7th September, 2018 passed by the learned arbitrator allowing various claims made by the respondent and rejecting the counter claim filed by the petitioner. Some of the relevant facts for the purpose of deciding this petition are as under :

2. The petitioner herein was the original respondent in the arbitral proceedings, whereas the respondent herein was the original claimant. Andheri Kamgar Nagar Co-operative Housing Society Limited is entitled to leasehold piece or parcel of land or ground situate, at Versova Link Road, Taluka Andheri bearing survey no.139, city survey no.1319 (part) admeasuring 8892 sq. mtrs. The said property is a notified slum.

3. On 6th October, 1996, the said society entered into a development agreement with M/s.Aurora Properties & Investments. Under the said development agreement, the said M/s. Aurora Properties & Investments was under an obligation to construct 239 tenements and 40 tenements for project affected persons (PAP) free of charge and to develop and dispose of balance areas utilizing the F.S.I. as may be available on the said property for consideration on the terms as set out therein.

4. On 22nd September, 1999 the said M/s.Aurora Properties & Investments entered into an Agreement for Sub-Development with the petitioner herein with the consent of the said Andheri Kamgar Nagar Co-operative Housing Society Limited and transferred the benefits of the development rights in respect of the said property under the said development agreement dated 6th October, 1996 with an obligation to construct the buildings consisting of 240 tenements and to provide the PAP and also to construct buildings by utilizing free sale F.S.I. after deducting 15,000 sq. ft. area retained by the said M/s.Aurora Properties & Investments.

5. On 10th March, 2003, the petitioner and the respondent entered into an Agreement For Development which agreement was registered along with the Deed of Confirmation dated 3rd July, 2004. Under the said Agreement For Development, the petitioner confirmed that the total area of the property described in the schedule to the said Agreement For Development would aggregate to 12,334 sq. mtrs. and the total F.S.I. which would be available for free sale component area permitted to be constructed on the said property would aggregate to 21,386.255 sq. mtrs. It was further agreed under the said agreement that the respondent would be entitled to 55% of the total area available for free sale buildings and car parking and the petitioner herein would be entitled to 45% of the total area available for consideration for free sale buildings and car parking by utilizing F.S.I. which may be available at the said property as per S.R.A. scheme. Clause 31 of the said agreement provided for an arbitration clause. The redevelopment of the said property was under Regulation 33(10) of the Development Control Regulation pursuant to the letter of intent no.1 dated 8th April, 1994 and the revised letter of intent no.2 dated 6th February, 2001.

6. It is the case of the respondent that the petitioner represented to the respondent that they had constructed rehab building no.1 comprising of ground and 7 upper floors for 97 members and on obtaining the occupation certificate for that building on 10th May, 2002, the petitioner allegedly further represented to the respondent that the rehab building no.2 comprising of ground and 7 upper floors for 140 members was under construction for 137 slum dwellers occupying the said property and/or the members of the said society.

7. It is the case of the respondent that the petitioner represented to the respondent that at the relevant time, 40 PAP tenements admeasuring 20.0 sq. mtrs./225 sq. ft. (carpet) area) were required to be provided to S.R.A. and the petitioner would provide the same at some othe