Sobha Developers - Not Giving Refund of booking amount

Fellow folk in woe!

I booked an apartment with Sobha Developers in Aug 08 paying Rs 3 lacs as the booking advance. Since I was having problems getting a bank loan and my financial situation was not permitting me to go ahead with the purchase I canceled the booking in Sept’08 and was promised the refund in a fortnight. After repeated calls/emails and a personal visit to meet the management in their Wilson Garden office, I have been informed in a mail last week that they will refund the amount only when they sell the apartment to another customer. This reportedly is their policy which is not mentioned in any document that I have in my possession.

I need some advise from any of you on how to get my money back and also to alert fellow buyers on this scam perpetrated by Sobha wherein they get interest free sums and sit on it leaving their customers in a lurch. This is from a company that unhesitatingly levies 24% interest for every day’s delay in payment of their dues.

SS