same date i.e, 31.03.2007 by and between the 2nd respondent and the petitioner-company. The development agreement dated 31.03.2007 sets out the rights and obligations of both the petitioner-company (as developer) and the respondent No.2. The respondent No.2 was to hand over the project site i.e., vacant land of Ac.55.15 cents in Sy.No.1 of Vepagunta Village, Pendurthi Mandal, Visakhapatnam District to the Developer as is where is basis, for the petitioner to develop and the petitioner –company was to pay 10% of Minimum Guaranteed Amount of Rs. 6,24,00,000/- which was later adjusted as advance against the total sale consideration. The petitioner-company also paid an amount of Rs. 43,12,000/- toward Project Development Expenses incurred by the Respondent No.2 on land management, payment to consultants, etc. in order to bring the project to bidding stage. The project concept is set-out in Article 1.2 of the Development Agreement dated 31.03.2007. As per Article 1.2, the project concept as conceived by erstwhile VUDA included independent 2,3,4 and 4- Bedroom dwelling units/Bungalows with a mix of Low rise and High Rise Group Housing with world class amenities including Shopping Malls, IT Campus, School, Hospitals, Star Rated Hotel Club House, Health Spa & Swimming Pool, Community Center etc. to be designed, developed, financed, constructed, marketed, operated and maintained by the Developer. The Obligations of the petitioner-company (Developer) are set out