Ready to default loan

I am a US citizen, Back in 2014 my father purchased 4 flats on my behalf under one builder in the same property under the subvention scheme. The builder was suppose to pay the monthly EMI till possession. For the next 3 years the builder paid the EMI amounts every month on time. He also gave post dated cheques in advance for this year. However since last one month his cheques have bounced. I have heard the builder is facing financial problems and project is getting delayed. My father passed away and I have since lost my job in US and moved back to India. I am facing financial problems and not in position to pay the EMI. I do not care about the property either. The bank can chose to repossess the flats. There is a tripartie agreement and also a MOU signed between builder and buyer(me) The Mou seems to be in my favor. What are my options? Like i said i do not care about the flats. The bank has already received close to 30% of the original principal amount in interest in the last 3 years. The flat will supposedly be ready by end of the year.