Nitesh British Columbia - Booking cancellation

It's regarding Nitesh British Columbia project in South Bangalore. Had booked an apartment in 2014 and till now some of the foundation work has been done but not complete. Now got an email from Nitesh Estate, stating that this project will be redesigned. So I can imagine another 4 - 5 yrs taking into account redesigning, and all required approvals. They are asking either wait for the redesign or send us the cancellation email. Would like to know as what options do i have now? I have lost all the interest money I could have earned on the booking amount for last three years. Have lost the appreciation in value of the property. Now If I go for refund of booking amount they will surely deduct cancellation charges which is highly unfair for the buyer. And got to know none of the buyer have received any refund amount yet, even after one year of cancellation. Need to know what are the legal options, shall i just send an email for cancellation, shall I cancel it through a legal counsellor? Builder is saying they will refund in 120 days but not ready to mention in the cancellation confirmation.