I had booked a Flat with Shubhkamna buildtech (Noida) under subvention scheme in December 2011 and took loan from DHFL for the same. The said subvention scheme was offered by builder along with DHFL. The developer paid the EMIs till December 2013 and after that the developer sent me notice asking to start paying the EMIs even though the project was not completed. I have been paying the EMIs ever since. The project has now got delayed considerably and the builder has got into financial troubles. There is considerable amount of dues which developer needs to pay the Noida Authority for the cost of land which is to the tune of 78 crores. The Noida authority has also stopped any further work on the site. Besides, the developer has also defaulted on loan taken from DHFL which has resulted in sealing of nearly 157 flats by DHFL. Under the given circumstances, I am feeling panicked and worried about all my savings that I have invested in the flat. I need legal advice whether I should continue paying the EMIs? If the project is overtaken by any other institution, what will be my status? Also, what is the legal course of action that I should take against the builder?
