Construction delay
I booked a flat with the construction company in Feb 2014 and registered in their Phase II project. During that time the construction was proceeding well and as per their own agreement, the project should have been handed over to me by September 2016 (24 months plus six months grace period).
Whereas they have stopped the construction activities since June 2014 and there is no sign of completion and no commitment from them. Even after several emails, registered post and personal meetings they are not giving any commitment. Further in the first phase they have promised for the piped gas pipelines, 2 club houses and swimming pool which they have not done so far and they are insisting to pay the charges for the same as well. I have taken a loan of 30 L and the bank has already refused to pay the second installment of 10 L citing nil progress. Besides, I am currently staying at their 1st Phase on rent. I have paid the progress payment as of May 2014 and only in July 2016 they had little progress and claiming the payment inclusive of piped gas, construction of club house and swimming pool which are still not yet started.
As per the agreement if I have failed to pay the progressive payment I should pay the balance along with 17% interest whereas if they failed to handover the property then they will pay Rs.2/- per sqft which is very meager.
As I am not quite sure whether they will handover the project even by this year, myself and there are some more owners wants to proceed with legal terms. Kindly advise how we could resolve this and who is the right person to approach in case of legality.