In my opinion you can choose to proceed with both Civil as well as Criminal actions u/s. 138 of the NI Act, a summary suit based on any communication/instruments where the builder admits his liability. Per recent notification, you can also choose to move an FIR against the builder for his defaults.
You can choose to approach the consumer court for relief. In addition, depending on when the cheques were issued, a cause of action under the Negotiable Instruments Act can be issued. The best course of action is to send the developers a legal notice, which will help you understand the other party's intention and will help you frame your legal case.
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