JUDGMENT

1. This Arbitration Application is filed under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter 'the Act, 1996') for appointment of an arbitrator to resolve the disputes between the parties.

2. Heard Mr. M.A. Basith, learned counsel for the Applicant and Mr. B.Anil, learned counsel for Respondent.

3. Case of the Applicants:

i. The Applicants entered into an agreement of sale dtd. 18/1/2016 with the Respondents herein to purchase Flat No.301 on 3rd Floor, with plinth area of 1710 Sq.Ft, in the premises bearing H.No.12-2- 799/3, Ayodhya Nagar Colony, Gudimalkapur, Hyderabad (for short 'subject property) for a total sale consideration of Rs.60.00 lakhs. The applicants had paid an amount of Rs.12.00 Lakhs towards part sale consideration. As per the terms of the agreement dtd. 18/1/2016, the execution, registration of sale deed along with handing over the possession of the subject property was agreed to be completed within 12 months extendable with a grace period of 2 months from the date of the agreement of sale.

ii. When the applicants approached the respondents for title documents and building permission of the subject property, in order to obtain a housi