Impact of cancelling sale agreement for purchase of flat under construction

[vrk...@gmail.com]

Hi Team, 

Can someone guide me with the impact of cancelling a sale agreement? 

I booked a flat last year beginning but due to COVID, I am not able to move forward with the payments. What will be the impact if I cancel the bookings considering that the builder is well reputed and has used the normal T&C in the agreement. 

Regards

Ramakrishnan

Bangalore