I just want to know that how can one surrender his booked apartment? As per builder agreement if anyone want to cancel or surrender his unit then in that case a plenty of 10% of total unit cost must be recover from applicant.
Please let me know what to do to avoid such massive penalty.
In my opinion you should sell apartment .Check your agreement conditions in case if you are not able to pay the rest of installment.If it is still there 10 % penalty or not.
Sell on less than the you paid so at least you can save some money instead of paying 10% to the builder.
@Hissham, you cannot restrict the subtraction of penalty amount if they've mentioned it in their terms. However, Shakeel's mind has a good click - you can sell it to someone and make your loss at minimum rate (or may also get profit).
By the way where have you bought the apartment? If it's in Pakistan then you can post a selling ad at zameen.com or get help by some estate agents. You can make use of agents directory of zameen to view the list of agents of almost all the major cities of pakistan. Here is the link to agents directory.