ORDER :

Kunuru Lakshman, J.

1. The present arbitration application is filed under Section 11 of the Arbitration and Conciliation Act, 1996 (hereinafter 'the Act, 1996') for appointment of a Sole Arbitrator to resolve the disputes between the parties.

2. Heard Mr. Srinivas Velagapudi, learned Counsel for the applicants and Mr. N. Bhujanga Rao, learned Counsel for the respondent.

3. The applicants are the owner of land admeasuring 1,266.3 Square yards, H. No. 13-17-85/A/NR situated at Sri Nagar Colony, Gaddiannaram Village, Saroornagar Mandal, R.R. District (hereinafter referred to as 'schedule property'). The applicants and the respondent entered into a lease deed dated 05.03.2020 whereby the schedule property was leased out to the respondent.

4. As per the terms of the lease deed, the period of lease was nine years with a lock-in period of two years. The monthly rent for the first three years was fixed as Rs. 22,00,000/-. The lease deed also provided that after handing over the physical possession, the first three months will be a rent-free period for completion of interior works by the respondent. If the respondent fails to complete the interior works within three months from the date