On 29th Oct, 2016, I signed an "Agreement of Sale", on Rs 100 Non Judicial Stamp Paper in Hyderabad, with a builder for sale of flat for a price of Rs 20.00 lac as per market value and paid 8 Lacs as advance amount and balance payable at the time of registration of sale deed and a workorder was created for another 15 lacs. I have applied for Bank Loan for rest of the amount and waiting for approval from bank.
Now with demonetization real estate prices are expected to come down, so am planning to cancel my agreement of sale with builder and we didn't had any cancellation clauses specified in AoS.
1)Can i proceed cancelling my Agreement of sale and get my full advance amount back from builder?
2)Is there any possibility that Builder will not payback my advance amount & proceed with legal suite.
Kindly give suitable advise.
Thanks
