I have invested in a flat which was in the starting stage of construction for 78,50,000.This construction was a collaboration between the builder and the land owner in which builder was suppose to construct the building and in exchange will get the sale rights for selling the second floor of the building.
Now after one month of investing we got to know that the builder is not financially capable of constructing this site.Mutually we decided that ok now we will spend money for this construction as we had to make payment for the flat.Now when we have spend more than 52 lakhs in the building and still it will require more than 26 lakhs to complete the project, that builder has run away.He is not in contact for more than 7 days now.
We have all the agreements signed by the builder and also we also have receiving for each and every penny we have spend on this site from the builder and the labour.
Now when we contacted the land owner he is pressuring us to complete the site.We dont have any signed documents from the land owner.
I just want to ask that how sound legally we are if land owner kicks us out of this construction.Kindly suggest.