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Article 17 provided that the vessel would be at the risk and expense of the builder until handed over and accepted by the owner and the builder had to keep insured at its own cost for all builders’ risks. Any insurance moneys recovered on damage being sustained were to be applied for the reinstatement of the vessel. If any insurance money was received on destruction of the vessel or total or constructive total damage, the builder was to refund to the owners the monies paid by them. The question was whether the transaction was a sale or only a works contract for the purpose of sales tax under the Andhra Pradesh General Sales Tax Act, 1957. The High Court held that the transaction was a sale. Gift City Ahmedabad appeal to the Supreme Court emphasis supplied: Neither any of these nor the hull was provided by the owner though under Article 15 the items mentioned therein became the property of the owner simultaneously with the payment of the first instalment, other clauses generally, and Articles 16 and 17 immediately, went to show that for all practical purposes the property in the vessel continued to remain with the builder and passed to the owner only on satisfactory completion of the work, the vessel coming into existence in a deliverable state, and satisfaction of the owner as to the vessel being seaworthy and built in accordance with the terms and conditions of the contract emphasis supplied.

It may sound such as a paradox but the rental market of Gujarat city is showing bias in two directions when it comes to the property acquisition on rent. While the housing market is showing rental bias in the negative direction, the same property index is going northwards in the commercial vertical of property even among the different segments of commercial property the trend is not uniform as demand for retail space is Gift City as high as the demand for office space. It seems the rental index of the major markets such as Ahmedabad, Vadodara and Surat is quite confusing and there is no emerging trend to show a direction. However, a closer look at the property market movement on ground in the state shows some method in the madness. It is not that the rental index of Gujarat property market across the state is directionless it is rather reflecting the growth pattern of the overall economy and societal mindset with the acquisition of property in the state. Since the economy itself is affecting various segments in different ways, hence this mismatch in the growth pattern of rental market across various verticals. After all, Gujarat has historically never been known as the market for rental housing.

As a matter of fact, while most of the urban business centres across the country were getting hotter on the rental value of the housing due to increasing economic activity during the peak cycle of economy, the same trend was never noticed in any of the property markets across the state at any given point of time. The Hon’ble Supreme Court in the Hindustan Shipyard’s case held, affirming the decision of the High Court, that the contracts in question involved sale of the respective vessels within the meaning of section 2n of the Andhra Pradesh General Sales Tax Act, 1 957, and were not merely works contracts as defined in section 2t, and the transactions were eligible to sales tax as such. The property in the goods passed from seller to the buyer only on the vessels having been built fully were delivered to the buyer the vessel at the time of delivery has to be completely built up and seaworthy whereupon only the owner would accept delivery. All the machinery, materials, equipment, appurtenance, spare parts and outfit required for the construction of the vessel were to be purchased by the builder out of its own funds.

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