It's a good case where you can get refund of money along damages and compensation if you seek your grievances from consumer forum. 

File case against builder before RETA or consumer forum and seek orders to direct builder to pay interest as  per terms of agreement 

Hi, First you have to issue a legal Notice and thereafter you have to file a Complaint in the Consumer Court. If the project is registered under RERA, then you can lodge a complaint in RERA also.

Dear Client,

You have to file a case before RERA or Consumer Court for either getting refund with interest or Compensation for the delayed possession.

A complaint should be filed against the builder in the RERA tribunal immediately for either the recovery of money or the possession of the property.

Hello, 

You can immediately send a legal notice to the builder and if he does not rectify the same then you may go ahead and file a case against him before RERA. 

Regards 

Some major disadvantages of the subvention scheme are as follows: No incentive for timely completion: Once the builders receive their payments, they don't have any incentive to complete the work on time. This is particularly true in case the builder has agreed to pay interest only for a specific period.

 In case, the developer stops making payment to the bank on account of the loan, their record is not affected. The loan shows up on the borrower’s personal account. As such builders do not have to pay these loans or their account, they are not their priority. As a result, they often delay or even default on these loans. The negative effect of their reckless actions is borne by the buyer’s credit rating. The credit rating of the buyer can take a severe fall thanks to the subvention scheme.

It is for this reason that subvention schemes are considered harmful to the financial health of the buyers involved.

You cannot claim the interest the builder failed to pay to the bank, however you may demand interest towards delay in handing over possession of property. 

Sir you should approach RERA as it is the fastest adjudicating authority as on date. You can file complaint in consumer court as well. 

Other options are  criminal complaint and civil suit. 

You need to approach consumer court or rera against the builder immediately for appropriate remedy in the said case for possession and compensation

1. In India it is unwise to invest in under construction properties. Be that as it may, serve a lawyer's notice to the builder to pay the interest or in the alternative send a notice for cancellation of agreement and seek refund of the amount paid to him with interest.

2. If builder does not honour the demand then you will have to go to RERA/Consumer Forum.

- As per the RERA Act, if the builder is delaying in construction & delay in possession, then the builder will have to pay 10% interest on the value of the property for delayed possession of flats.

- Hence, if builder fails to delivers the possession of the flat to you on time, then you can cancel the agreement due to his fault and you are liable to get full refund of paid amount with 10 percent interest. 

- Further, if you get the possession of the said flat lately, then also you can claim 10% compensation from the builder. 

- However, you should send a notice to the builder for cancelling the booking and to return the amount without interest , and if no response , then file a complaint before the Consumer forum . 

First send a legal notice to the builder, claiming the refund of the amounts paid along with interest and/or damages.

After that, if the builder can't refund the amounts with interest then file a written complaint before the appropriate consumer dispute redressal forum depending on the value of the property or the amount of damage you suffered.

• You can also file a regular suit before a court of competent jurisdiction, for damages or specific performance, under the Indian Contract Act, 1872. 
•  If there is fraud involved–for example, if the builder knew from the beginning that he would not be able to deliver possession within the stipulated time and by some misrepresentation, induced the purchaser to book the flat – civil and criminal proceedings can be initiated.

You can refer a case Pradeep Narula v. Granite Gate Properties – Consumer Complaint No. 315 of 2014 Dated 23rd August 2016

It was held in a case that the Builder was under a contractual obligation to complete the construction and hand over possession of the apartments to the Complainant within 39 months from the date of allotment, and the Builder had failed to do so and none of the reasons given by the Builder were justified. The Commission directed the Builder to complete the construction and hand over possession before 31.01.2017, failing which, they were to pay compensation in the form of simple interest @ 10% per annum from the committed date of possession till the date possession is offered to the apartment owner. Accordingly, the Commission ordered the Builder to pay to the Complainant, compensation to the same effect as mentioned in the Apartment Buyers Agreement. The Builder was also required to pay Rs. 10,000/- as cost of litigation to the Complainant.