Some of us book apartments thru developers. Typically, it is a pay as you go scheme. What happens if the developer goes bust? The land and buildings are his assets and presumably hawked to the banks. How do we recover our money? If the property is almost near completion but still not alloted or ownership passed, does it then become part of bankrupt assets?
There is a lot of speculation in India on Unitech and DLF going bust. Friends of mine have paid up 100% advance against a discount of 12%. Is'nt that loaning money to the developer against an asset which is not even theirs?
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