JUDGMENT :

1. The petitioners herein, who are husband and wife respectively, are the owners in title and possession of property having an extent of 15.77 Ares and situated within the limits of Perumbaikad village. In the year 2018, the petitioners decided to construct a commercial building in the said property and based on their application, a mercantile/commercial building permit was issued by the local authority.

2. On receiving information about the commercial building project, the 4th respondent, who is a hotelier, approached the petitioners and informed them of his desire to take on lease 6000 sq. ft. of commercial space on the ground floor of the proposed commercial building for the purpose of starting a hotel therein. After deliberations, the parties entered into an understanding as per which, the petitioners offered to complete the structure of the building and hand over the space to the 4th respondent on or before 31.12.2020 and the 4th respondent agreed to take on lease the said commercial space at a monthly rent of Rs. 3,30,000/- for a period of five years, and to commence from 1.1.2021. Consequently, Ext.P1 agreement for lease was entered into on 23.12.2019. The document