Cancellation of alloted Flat under Affordable Housing Gurgaon

3 years ago

I had booked a flat with Supertech in their "The Valley" project under the Affordable Housing Scheme, its been over a year now and there is almost nil construction and none of the banks are financing the project. Only IIFL (providing 80% funding) and L&T (providing 90% funding) are providing home loans at about 1.5% higher than the market rate, further, L&T is not providing loan to those who reside outside NCR, hence builder is unable to fulfill the promise of providing 90% home loan at the time of booking. Now they are asking to Indemnify them on their conditions if I want to cancel the allotment and also telling that they will deduct 25K as per BBA and 1% of cost of property as per Affordable Housing Policy 2019 dated 05-07-2019 which came into force after I booked the apartment. Please advise how can I proceed with the cancellation. Builder is denying to amend the indemnity letter wordings and the wordings are completely unfair.