Situation : Hello sir,
I have purchased a flat in an unconstructed redevelopment project in 2014.
I have already invested approx Rs.55 lakh
The builder constructed 5 slabs out of 13 slabs and have stopped construction in 2015.
The society have filed appeal in Mumbai High court and court had suggested for arbitration settlement.
Recently the arbitrator have passed an award for termination of the developer.
My question to you is what would happen to all the buyers who have purchased the property from the developer.The society claims that along with the developer,all the third party rights created by the developer stands terminated since there is no Triparty agreement between society,developer and buyer.
If we plea in high court against the builder for our refund,it looks impossible as the builder is in bankrupt condition.The only solution looks to be that we get our property.Please guide us in this direction.
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