In Chennai a builder started a project for construction of 22 flats in the year 2011. I am one of the buyer and entered in to a sale agreement and construction agreement on Rs. 20 stamp papers. The sale agreement was not registered. Subsequently I got registered the sale deed for the un divided share of land .Similar is the case for another 18 buyers. The remaining 3 buyers also executed the sale agreement like me. But the builder cunningly executed sale agreement of these 3 flats with a financier and registered them to take huge amount of loan. As the builder has not registered the flats to the original 3 buyers considerable amount of money due form them is un paid to the builder. Now about 15 buyers including me have taken possession of the flats and we have formed a registered association. The builder is not completing the major external works like installation of lifts, Generator etc. and promises that all will be done after realising the dues from the 3 buyers after registering their flats. He is telling this excuse for the last 9 months. How to deal with him? What is the significance of registration of sale agreement and sale deed. Based on sale agreement can the financier lay claims on the 3 flats if the builder fails to re pay his loans?
