1. This original petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for brevity, "the Act") against the award of the learned Arbitrator dated 2. 2007, granting the claimant before the Arbitral Tribunal an amount of Rs.14, 00,000/- and Rs.90, 11,070/-, in total Rs.1,04,11,070/- with interest at the rate of 6% from the date of the award till payment. The claimant before the Arbitral Tribunal has filed this original petition.

2. The brief facts leading to the filing of the arbitration proceedings are as follows:

1. Respondents 1 and 2, which are Companies, owned lands in the city and wanted to promote the lands as commercial complex by name "The City Centre Point". The petitioner is a property developer who wanted to extend area of its operation to Chennai. The said respondents have represented to the petitioner that they will obtain necessary planning permission from the authorities concerned for construction of basement and ground floor to third floor and have put up the construction accordingly and subsequently, obtained sanction for raising multistoried construction up to 10 floors and that they were interested to assign the right of constru