[Resolved]  Snr Square — refund after penalty

Address:

Bangalore, Karnataka

After making agreement money, due to personal circumstances, decided to terminate the contract and requested builder accordingly - request to refund the balance after deducting penalty. The builder is not ready to any money - point blank saying that they don't want to cancel the agreement.
Not sure, what can i do here. I can understand, i should have not decided to buy at first place, if i would have known about snr reputation.
The builder is finding so easy not return any money and not honoring the agreement!!???
I communicated many times with the builder, but, no response. I don't see it makes no sense to communicate with the builder anymore.

First payment demand, i received from the builder as on 20th march, 2018. Unfortunately, my current situation forcing me to terminate the agreement and requested accordingly.

Here is the clause about penalty:

2. If the second party commits any default in the payment of any amount as aforesaid within 15 days from the date of issue of the notice for payment by the first party to the second party and/or in observing and performing any terms and conditions of this agreement, the first party shall have a right to terminate this agreement and forfeit 5% of the entire contract amount agreed to be paid by the second party irrespective of the advances paid by the second party and the first party shall refund the balance amount, if any to the second party and the first party thereafter shall have a right to allot and/or construct the schedule ii property to any other person or persons without any further reference to the second party.
2 (A).in the alternative and at the sole discretion of the first party, the first party may instead of the aforesaid forfeiture clause, charge interest at the rate of 2% per month for the delayed payments.