Actually you may not have a choice unfortunately in these situations. Many homebuyers stop paying EMIs due to prolonged delays in handing possession. Yet, if you check the agreement for sale, developers or sellers are legally within their rights for booking cancellation if the homebuyers do not keep their end of the bargain in terms of making regular payments. Every case is unique I feel and one should take legal advice in these scenarios. In spite of RERA being implemented in most areas of India, it is still in the infancy stages and things are resolved on a case to case basis. The union territories and States have their own regulations also pertaining to RERA. Before stopping EMIs or taking any other action, home buyers should first consult a qualified legal advisor. That is what I can suggest.
I feel that the laws of RERA should be amended and made simpler for safeguarding the rights of real estate developers and buyers alike. RERA should ideally have a review of projects based on completion of specific milestones rather than looking at a single parameter for project lags in terms of the date of possession. This will help homebuyers to find out any serious delays or possible lags from the early stage itself and they can then take legal recourse with RERA for taking the right measures for avoiding these situations. All I can say is that stopping EMI payments will only lead to more complications if date of possession is missed. Rather, take the situation carefully in review and get legal advice for safeguarding your rights as a homebuyer.