Need quick refund of my flat booking amount

Hello all, I booked 1 BHK flat in Pune in Oct-2014, paid 1 lakh in Oct 2014 and 5 lakh in Dec 2015. Builder verbally promised to complete agreement registration within 2-3 months and possession in 2016 end. In between he verbally asked me to get home loan sanctioned to avoid delays after registration Till date, builder did not register agreement (he said he still don't have environmental clearance certificate), and verbally told me that possession can now delay till 2017. So i cancelled booking and asked refund asap. - My home loan sanction is expired, so i lost approx 5000/- there - I want quick refund, want to book another flat for my family. But builder says he will need 90 days for refund - Builder says, if I cannot wait 90 days and want quick refund, then i will need to pay 100/- per sq. ft. penalty (i signed initial quoation form on which this rule was mentioned). Should I wait 90 days to get refund, or should i file consumer court complain for quick refund + interest on my money used for a year? What's wise decision?