G.M. AKBAR ALI,J.,

1. Appeal filed under Section 96 of the Civil Procedure Code against the judgment and decree dated 21.8.2007 in O.S.No.222 of 2004 on the file of the Additional District Court (Fast Track Court-III), Poonamallee.

2. The defendants are the appellants. The suit is filed for specific performance of the contract dated 2.9.1996. The brief facts of the case are as follows:

3. The plaintiff and the defendants entered into a sale agreement dated 2.9.1996 and the defendants agreed to sell the suit property to an extent of 10.83 acres comprised in various survey numbers in Srinivasapuram village of Sriperumbudur for a sale consideration of Rs.2,49,09,000 at the rate of Rs.23,000/-per cent. The plaintiff paid a sum of Rs.25,00,000/- as advance and agreed to pay the balance sum of Rs.2,24,09,000/- within 18 months from the date of agreement. The purpose for which the plaintiff entered into a sale agreement was to form a layout. Therefore, the possession was handed over to the plaintiff to apply and obtain necessary permission and also to develop the land for a lay out.

4. The defendants agreed to obtain income tax clearance certificate within 18 months. The pla