Tue. Jan 26th, 2021

M/S Ridgeview Construction Pvt … vs M/S Skyhigh Properties Pvt Ltd on 28 January, 2016

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1. Brief background of the matter is that M/s Ridgeview Construction
Pvt. Ltd. the appellant No.1 herein (in short „Ridgeview‟) on allotment of
property bearing No.D-2, Saket District Centre, Saket Place, Saket, New
Delhi by DDA on a perpetual-lease-hold tenure raised commercial building

FAO(OS) Nos.391/2015, 392/2015, 452/2015 & 395/2015 Page 2 of 17
known as „Southern Park‟. A joint Purchase Agreement was entered into
between M/s South Lake Properties Pvt. Ltd. (in short „South Lake‟), M/s
Pushp Vihar Properties Pvt. Ltd. (in short „Pushp Vihar‟), M/s Koshika
Properties Pvt. Ltd. (in short „Koshika‟) and M/s Wales Properties Pvt. Ltd.,
(in short „Wales‟) with Ridgeview for purchase of the entire 5th floor of the
said commercial property. Thus Joint Purchase Agreement dated February
09, 2005 was executed between Ridgeview and the predecessors-in-interest
of the respondent Skyhigh Properties Ltd. (in short „Skyhigh‟) i.e. South
Lake, Pushp Vihar, Koshika and Wales. Further a bifurcation agreement
was executed amongst the four predecessors-in-interest of Skyhigh on
March 06, 2006 whereafter by virtue of agreement to sell dated April 16,
2007 Ridgeview agreed to sell office space of 5th floor of Southern Park
having a total gross area of 9235.96 sq.ft. along with proportionate 4.76%
undivided, indivisible and impartible share in and underneath the land to the
predecessors-in-interest of the respondent. In terms of the Agreement to
Sell dated April 16, 2007 it was agreed that Ridgeview shall have the lease-
hold tenure converted into free-hold within three months of the date of the
said Agreement to Sell subject to South Lake, Koshika, Pushp Vihar and
Wales bearing the conversion charges on pro-rata basis inspite of the
premises purchased by it. Relevant clause of the Agreements to Sell being
para CC(v) reads as under:

Source: Indian Kanoon

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