The facts of the case briefly are as follows. One Smt. D.K. Sarojini, being the respondent herein, is the absolute owner of the property bearing No.4-1617 to 4-1-621 admeasuring about 480 Sq.yards situated at Troop Bazaar, Hyderabad. The offer was given by her for development of the said land to the applicant firm before reconstitution. Accordingly, a development agreement was entered into which was executed between the said firm and the respondent on 16.10.1996. In terms of the development agreement, a sum of Rs.10,00,000/- was to be paid to the respondent out of which Rs.5,00,000/was to be paid on the date of the agreement and the balance Rs.5,00,000/was to be paid within two months from the date of execution of the agreement in question. It was further agreed that except the mulgies on the roadside, which will be shared in the ratio of 50% each, the respondent will be entitled to have 45% of the sale proceeds of the constructed area after deducting the amount already advanced i.e., Rs.10,00,000/-, and the balance 55% of the sale proceeds of the constructed area was to be retained by the said firm. After necessary permission from the municipal authority, ground plus three floors construction was raised consisting of nearly 52 shops. Subsequent thereto, notices were served by the Hyderabad Municipal Corporation for demolition of
