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Akshay Private Ltd — indefinite delay & uncertainty in delivering the booked apartment

Dear sir
I had booked an apartment in the project today, where i have paid up more than 88% of the payment. The apartment was to be handed over as per schedule in september 2016.
They requested for an extension till june 2017. We got yet another request for extension to sept 2018. It is really frustrating that since september 2016 no work is taking place at the site.
We have formed a association and approached the developer, who says they do not have funds, as the project contains around 2000 apartments and they have around 300 apartments yet to be booked. They want us all to help them book the 300 and we are requested to pay the balance of 12% and they could then have the work started and completed in 18 month starting from april 2018.
I will seek your kind advice on how we could get back the apartment completed or get back our hard earned money
How are such cheats going scott free in this country
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