V.K. Jain, Presiding Member—Pursuant to a Memorandum of Understanding dated 06.11.2002, a collaboration agreement dated 19.08.2003 and a supplementary agreement dated 19.08.2005 between Andhra Pradesh Industrial Infrastructure Corporation Ltd. (APIIC) and Emaar Properties, PGSC, Dubai, a Special Purpose Vehicle, namely Emaar Hills Township Pvt. Ltd. (Opposite Party No. 1) was formed, with equity participation to the extent of 26% from APIIC and 74% from Emaar PGSC. Andhra Pradesh Industrial Infrastructure Corporation Ltd. transferred certain land to opposite party no. 1 by way of a conveyance deed dated 28.12.2005. Opposite party no. 1 entered into development agreement dated 03.12.2006 with opposite party no. 2 namely Emaar MGF Land Ltd., for development of the said land and construction of flat thereon.

The complainant agreed to purchase a residential flat in the aforesaid project from the opposite parties for a total sale consideration of Rs. 1,91,85,362/-, which was later reduced to Rs. 19021426/-. An allotment letter dated 30.07.2008 was issued to the complainants. The complainants entered into a sale agreement for purchase of the said flat alongwith a construction agreeme