R.K. Batta, Presiding Member—The complainants are joint owners of property bearing No.82, Infantry Road, Bangalore-560 001. The said property is described in the schedule at the end of the complaint. The respondent Company is engaged in business of property development and is a part of the Kirloskar Group of Companies. The complainants and the respondent entered into an agreement dated 1.1.1990 whereby the respondent undertook the construction of a residential apartment complex with a total built area of not less than 36,000 square feet on the vacant schedule property measuring 27,197 square feet. The respondent was to build the complex at its cost and allot 50% of the built area along with proportionate car parking space and other common areas, in consideration of the owners transferring 50% of their undivided interest in the land in favour of the respondent or its nominees. The respondent was to deliver possession of the owners share of the completed building within 25 months from the date of sanction of the building plan by the competent authority and time was agreed upon as being the essence of contract in this regard.

2. According to the complainant, the respondent actin