entered into a Collaboration Agreement on 08.04.2008 (hereinafter referred to as the ‘agreement’). The appellant herein (Builder) agreed to demolish the structure existing on all the three plots. He was also to get the plan sanctioned, take permissions from the concerned authorities, at his own cost and thereafter, the said plots were to be developed by the appellant by raising a new construction as per the sanctioned plan. For the sake of clarity, it may be noted that in the agreement, plots bearing no.B-8 & B-9 were referred to as property no.2 and the same was allocated to the share of the respondent (Owner), whereas the plot bearing no. B-7, referred to as property no. 1 and was exclusively to fall to the share of a Builder in terms of the agreement. In terms of the agreement, the appellant was to pay Rs.1,75,00,000/- (One Crore Seventy Five Lakhs only) as a refundable security deposit to the Owner. Additionally, the Builder was to bear the cost and expenses for construction of the buildings on all the three plots. An amount of Rs.35,00,000/- was to be paid at the time of execution of the agreement, while the balance amount of Rs.1,40,00,000/- was to be paid by the Builder by 15.05.2008 or within 15 days from the date of grant of sanction for construction of buildings on the plots in question. The refundable security deposit was to be repaid from the revenue generated from property no.2 i.e. built up of land over plots bearing no.B-8 and B-9, Sector 1, Noida. The physical possession of the three plots were handed over to the appellant. However, title and the possession of the property No.1 was to pass in favour of the Builder only upon the completion of the construction of the Owner’s share in all aspects. There is no dispute
