1) has sale deed been registered by the builder in your favour?
2) you would need the bank consent if you want to resell the flat .
3) dont rely upon builder promises . in many cases builders fail to refund money and poor buyers have to move consumer forum to obtain refund
4) only if builder mentions a time period of say 3 months wherein he will refund Rs 10 lakhs should you cancel the agreement .
5) if you cancel agreement builder can recover cancellation charges as specified in the agreement only . if agreement is silent builder cannot seek to recover any amount from flat purchaser
6) before you cancel the agreement insist that builder give in writing period when refund would be given and not when builder finds new purchaser . there are hardly any sales in reality market and all builders are stuck with inventory of un sold flats . further if builder fails to refund money within 3 months builder should pay interest at 18%pa for period of delay
6) builder wont pay you the share of profits if prices of flats have increased