ORDER :

M.S.Ramachandra Rao, J.

The background facts

The petitioner is a Co-operative House Building Society registered on 05.06.2012 under the Andhra Pradesh Mutually Aided Co-operative Societies Act, 1995. It has about 1200 Members. It was constituted for the welfare of the employees of Bharat Heavy Electricals Limited (BHEL), Hyderabad and was formed to provide individual housing facilities to all its members by developing a housing scheme for its members.

2. M/s. SSPDL Limited is a Company incorporated under the provisions of the Companies Act, 1956 and owns land in Osmannagar Village and Kollur Village of Ramachandrapuram Mandal of Medak District.

3. The petitioner society approached M/s. SSPDL and expressed their intention to provide housing units for the benefits of its members and requested SSPDL to develop the project by constructing individual houses/homes and convey the same to its members. The petitioner then entered into a Memorandum of Understanding dt.05.09.2004 with M/s. SSPDL under which each member of the petitioner society has to contribute about Rs.24,95,000/- per home/house totaling Rs.299.00 Crores for 1200 homes.

4. The petitioner society also entered into a sale a