Tarun Chatterjee, J.— This appeal by special leave is directed against the judgment and order dated 27th of May, 1999 of the Division Bench of the High Court of Allahabad in Writ Petition No. 38748 of 1997 whereby, the Division Bench of the High Court had dismissed the Writ Petition filed by the appellants above named.

2. The relevant facts leading to the filing of this appeal, as emerging from the case made out by the appellant may be summarized as follows :-

New Okhla Industrial Development Area (in short “Noida”) allotted lands to several Co-operative Housing Societies by execution of lease deeds with such Co-operative Group Housing Societies in respect of the lands allotted to them. The said lease deeds contain various restrictions on the transfer of leasehold rights which, interalia include :

(1) Restrictions on the transfer without prior consent of the Noida authorities by transfer memorandum.

(2) Construction of buildings on such leasehold lands had to be made within a stipulated period from the date of allotment failing which the leases of the respective Co-operative Housing societies were liable to be resumed by the Noida authorities.

3. The lease deeds also contained another clause, which stipulated that such lease deeds must be compulsorily registered with the sub-Registrar. It may be clarified that Noida is the lessor, the cooperative societies are the lessees, members of the cooperative societies are sub-lessees and the present appellants are the assignees.

4. The appellant is the Resident Welfare Association, Noida, (hereinafter called the “Association”). The members of the association executed various agreements for transfer of leasehold rights with the co-operative societies and its members from 1988 onwards. Each of the agreements for transfer of leasehold rights entered into by the members of the association with the lessees and the sub-lessees were registered with the Office of the Sub-Registrar, Noida. It may be kept on record that from 1984 to June 1997, Noida authorities were injuncted by the Civil Court from issuing transfer memorandums for grant permission for transfer of leasehold rights. The order of injunction was operative from 1988 and continued almost throughout the State of U.P. till July 1997. It may also be kept on record that the agreements for transfer of leasehold rights were denoted as agreements of sale. The various transactions entered into by the members of the association may be categorized in three different heads :

(1) By the agreements of transfer entered into and possession taken over on payment of most or all of the consideration due and such agreements being duly registered with the Office of the Sub-Registrar, Noida on payment of stamp duty charges at half of the stamp duty payable on a conveyance for the consideration set forth in the agreement in accordance with Article 5(b)(1) of Schedule I-B to the UP Stamp Act,

(2) By the agreements entered into and possession not taken under the agreements, but later the said agreements were duly registered with the Sub-Registrar, Noida,

(3) In both the above mentioned categories, the agreements for transfer were either for a plot of land on which construction was made thereafter by the assignees (members of the association) of the leasehold property out of their own funds or the agreements for a plot of land along with the building constructed thereon. Thus in some cases, as noted hereinabove, the plots were purchased along with small construction which was later demolished and the assignees constructed new building after obtaining new sanction plans using their own funds.

5. On 1st of July, 1997, a public notice was issued advertising that Noida authorities shall issue transfer memorandums with respect to the transfer of plots in question upon terms and conditions including payment of transfer premium. Upon issuance of the said notice, various members of the association applied for and obtained transfer memorandums from No