What if the developers fail to turnover the condo on the time promised?

If the developers fail to deliver the units on the said time and changed the specifications, you are entitled to a refund plus interest on your unit payments.

Sec. 23. Non-Forfeiture of Payments. – No installment payment made by a buyer in a subdivision or condominium project for the lot or unit he contracted to buy shall be forfeited in favor of the owner or developer when the buyer, after due notice to the owner or developer, desists from further payment due to the failure of the owner or developer to develop the subdivision or condominium project according to the approved plans and within the time limit for complying with the same. Such buyer may, at his option, be reimbursed the total amount paid including amortization interests but excluding delinquency interests, with interest thereon at the legal rate.

A friend of mine was able to refund the amortization payments they made on the property they bought after the developer failed to push thru with the projects.  They even gave interest on the payments made.  It is because they demanded for it.  They didn’t use an attorney, they simply know the law.  That’s where they based their complaint.  Looking for a reputable developer may help you to avoid this.

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