Builder buy back on demolition of building

Ji am one of the owners of a property in a multi storied residential apartment which has been declared not 'liveable' by a Court ordered IIT report. The building is slated for demolishion and we as inmates want to evacuate after knowing the tax implication of builders new proposal. Now through our association we are negotiating with the builder if they can give us our investment back as we are not confident of the builder redeveloping. Assuming builder confirms return of my money /investment/ buy back, what is the best course of action from income tax perspective 1. Is it advisable to channelise all the money back from the builder through association account and association in turn return the funds to invidual owners like me. This option is suggested by individual owners as they feel association will have better bargain with the builder. question is will association be liable to tax for this 'pass through receipt'? 2. If 1 is not advisable and builder shall directly remit the money back to individual flat owners like me, does that receipt is subjected to tax? apperciate your response best regards J.Siva