LAW FOR ALL

specific performance of contract of sale - A purchaser can no longer take shelter under the principle that time is not of essence in performance of contracts relating to immovable property, to cover his delays, laches, breaches and "non-readiness".- In these days of galloping increases in prices of immovable properties, to hold that a vendor who took an earnest money of say about 10% of the sale price and agreed for three months or four months as the period for performance, did not intend that time should be the essence, will be a cruel joke on him, and will result in injustice- As a result, an owner agreeing to sell a property for rupees one lakh and received rupees ten thousand as advance may be required to execute a sale deed a quarter century later by receiving the remaining rupees ninety thousand, when the property value has risen to a crore of rupees.- the plaintiffs cannot be permitted to take undue advantage and when the contract itself stipulates the payment of interest on failure of payment of money within the stipulated date i.e., before October 1997, the decree passed by the trial Court cannot be faulted and the judgment of the learned District Judge cannot be sustained and accordingly, the judgment of the District Judge is set aside and the judgment of the trial Court is restored. The plaintiffs are directed to pay interest at 24% per annum from October 1997 on the balance of sale consideration to the extent of 224 square yards till 31.01.2008 when the balance of Rs.2,98,000/- was deposited.- I do not find any reason to reduce it since it was stipulated in the contract and comparative value of the rise in the properties entitles the defendants for the said amount.