I booked a flat with Parsavnath Developers in "Preston" Sonepat in the year 2008. The developer was supposed to give possession in April 2011. Since, the developer was giving good discount on upfront payment, I availed the same by availing loan facility from ING Vysya Bank and paid the entire money upfront.

It is already March 2011, the developer has not even started work on the site. When contacted, the officials simply said that they do not have any money - "Neither to construct nor to return". It has been almost 3 months that we are chasing them for return of the money but no response.

To my understanding, if a builder does not have any money to even start work on a site till the date of possession, the project is as good as 'Abandoned'.

Also, there should be a check on builders, because on one side this builder does not have any money to develop existing projects for which he has accepted money and on the other side, I am told that the same developer is launching another major project in Delhi.