Cancellation of flat booking and my rights for refund

I have booked a flat and received welcome letter from Builder. The flat price was around 32 lacs. I have paid just 10 % of BSP. I didn't receive any agreement from builder. We have just signed the application form. At the moment we have paid 2 lac 60 thousand and have original receipts. Now I want to cancel due to some financial crises. When I called builder to cancel the flat then they told me that they will deduct 15% of BSP and other charges. Please advise what are my rights for the refund. T&C mentioned on application form: Cancellation of Booking: "In case of applicant at any time desire for cancellation of the intending allotment, it may be agreed but not in such case entire amount of earnest money shall be forfeited balance amount if any shall be refunded without any interest thereon. The applicant shall be left with no right, no title, of whatsoever nature on the said allotment. However in exceptional cases company may it its sole discretion to refund the booking amount after deduct the money of marketing & admin charges including the amount of commission paid by the company to its agent." Earnest Money: The applicant agrees that out of the amount paid/payable towards the sale price, the company shall treat 15% of the sale price as earnest money to ensure fulfillment, by the applicant of the terms and conditions as contained in this application and agreement to sub lease. The applicant hereby authorise the company to forfeit this earnest money alongwith interest paid, due or payable alongwith other amount refundable nature. In case of non fulfillment of the T&C herein contained and the apartment buyer agreement within 21 days from the dispatch by the company.