1. The present suit is filed seeking specific performance of the sale agreement dated 07.12.2007 entered into between the plaintiff and the defendant, in respect of the suit property, directing the defendant to execute the sale deed in favour of the plaintiff, after receiving the balance sale consideration of Rs.33,00,000/-. An alternative prayer is made seeking direction to the defendant to refund the advance amount of Rs.10,00,000/- paid by the plaintiff in pursuant to the sale agreement dated 07.12.2007, together with interest at the rate of 24% per annum, from 07.12.2007 till the actual date of realisation.

2. The averments made by the plaintiff, in the plaint, are as follows:

(a) The suit property measuring 1500 SFT, in Survey No.335/2, "E" Type, Plot No.30, Block No.7, Phase - I, Sidco Nagar, Villivakkam, Chennai 49 was settled by the sister of the defendant, in the name of the defendant, under a registered settlement deed dated 28.03.2007, document No.1534 of 2007, registered at Sub-Registrar Office, Konnur, Chennai.

(b) An agreement dated 07.12.2007 was entered into between the plaintiff and the defendant for sale of the suit property. As per the sale agreement, the defendant agreed to sell the suit property, to the plaintiff, for a total sale consideration of Rs.43,00,000/-(Rupees Forty Three Lakhs Only).

(c) On the day of signing of sale agreement, an advance amount of Rs.10,00,000/-(Rupees Ten Lakhs Only) was paid to the defendant, by the plaintiff. It is stated in the sale agreement that the balance sale consideration of Rs.33,00,000/- (Rupees Thirty Three Lakhs Only) shall be paid by the plaintiff within three months from the date of agreement. That is, the balance sale consideration shall be paid by the plaintiff, before 07.03.2008, failing which, there shall be forfeiture of a sum of Rs.1,00,000/- from the advance amount. It is also stated in the sale agreement that if the defendant fails to execute the sale deed on or before the date fixed, i.e. 07.03.2008, he shall pay an amount of Rs.1,00,000/- in addition to the advance amount of Rs.10,00,000/-, to the plaintiff. The agreement also provides that the plaintiff shall bear the expenses for the execution of the sale deed.

(d) According to the plaintiff, he repeatedly requested and demanded the defendant to receive the balance sale consideration and execute the sale deed in his favour, as per the terms of the sale agreement dated 07.12.2007, but the defendant was protracting the same, for the reasons best known to him.

(e) The plaintiff averred that he was always willing and ready to purchase the suit property and despite several requests were made by him, the defendant did not come forward to execute the sale deed in his favour.

(f) The plaintiff also averred that he requested the defendant to receive the balance sale consideration and execute the sale deed on 16.04.2008, and the defendant agreed for the same. On that day, the plaintiff made arrangements and possessed of necessary funds for payment of balance sale consideration, as per the terms of the sale agreement. However, the defendant failed to come on that day to the Registrar's office, to execute the sale deed. Hence, the plaintiff deposited the remaining sale consideration along with registration charges, in fixed deposit, in the name of the defendant, in the bank account of the plaintiff in Punjab National Bank, Anna Nagar Branch, Chennai. Hence, the present suit is filed.

3. The defendant filed written statement refuting the allegations made by the plaintiff in the plaint.

(a) The defendant admitted the execution of the sale agreement dated 07.12.2007 and also the receipt of advance amount of Rs.10,00,000/-. The defendant averred that the balance sale consideration shall be paid by the plaintiff before 07.03.2008, failing which, there would be a forfeiture of Rs.1,00,000/-from the advance amount and the defendant shall return back the balance amount of Rs.9,00,000/-to the plaintiff. If th