We are a minority group of persons who have booked flats from a renowned construction house in Pune. However, when about 45% of the work is completed, the builder has gone broke and there are lot of encumbrances of the project. Only 50 of the flats i.e. 450 flats are sold out. Since the project has gone in suspension and there is no sign of any way the builder can complete the project.
We have asked for refund of the funds from RERA. But the main issue is the Housing Financing agency is demanding the repayment of the amounts from us when the project is not complete.
The issue now is that some 200 members are pushing for the formation of the housing society. But the minority group does not want to commit ourselves to the project when there is no settlement of the dispute in near future.
Our request is that we should form an Association of the Allottees which can make efforts to take over the project and complete it through some other builder. But those who want to withdraw from the project are struck up till the issue of payment of the loan by the builder to the financier is sorted out. Till that time we do not want to lose our right to the flat. If majority which is not even fifty per cent of the booked flats is insisting on the formation of the housing society when the work is only 45% complete.
What is the way out for us? Housing Society can lay conditions on us which will not be acceptable for us. But we can’t leave our claim on the flat till the dispute between the financier and the builder is behind bars is settled. Can a group of members compel us to be the members of the society? Can the society be formed when there is no possibility of the conveyance being done in near future? Can the majority group compel RERA to disregard our interests and for a housing society instead of AoA? What are the conditions for forming a society housing?
I C Naik
Look for redress under RERA if the Project has been registered. If not registered the possibilities of a decent exit seems impossible. UNFORTUNATE