Builder delaying the handover and no construction activity
The issue is with our builder delaying the project which was started in 2011-2012, in Joint venture with the land owner.
There are 4 towers(A,B,C and E) in the project each having 14 floors.Totally there were 381 units.
The builder has sold 260 units by selling to 260 customers like me.Most of the customers took housing loan.The handover date for the project is on October 2013 as per construction agreement.
Now in 2015 the status is :
Tower A is structurally complete, Tiling work up to 4th floor and doors fixing up to 2nd floor completed.
Tower E structure has reached 10 floors. Tower B -only basement done and Tower C no activity.
Internally the Directors had issues and two of the 3 directors resigned but have got certain apartments in this project assigned to them in lieu of payment and settlement. Director who stepped in the middle 2013, has taken over and in 2014 the project came to a stand still.
Land Owner has received certain amounts and is making further demands.
Builder says he has no money now. Has assigned flats to exiting Directors and roped in new director to comply with Company law of min 2 Directors.
Flats have been assigned to other project Landowner as well ..
Now Land lord has put a stay order through court on any further UDS registrations by customers, The Director who stepped in middle of 2013 went to USA and running the show in USA now, 2 Directors who exited run multi crore business of their own in INDIA.
What is the remedy for the 260 Customers who does not know what to do and how to get their dream homes as most of the customers paid 80 % of cost of construction for their flats, About 100 with UDS registration and about 150 without UDS registration. So the customers money is stuck and we are paying EMI as well as rent making the life more burdened.
Can we customer take over the project without the liabilities created by the Directors?
Can the Landlord enforce any further claims other than his initially agreement. ( Initial agreement was for 540 units but Govt approved only 381, based on the land available or whatever reason. 3.81 acres)
Can he claim payment for 540 units while only 381 are cleared by Govt??
Can an association be formed within customers and construction continued ??
how can we get completion certificate in such case ?