Builder is asking to Withdraw the Booking

Q: I booked a 2BHK in 2011 with renovated builder. I was behind the builder every month to make an agreement but he was saying that some approval issues and it will get resolved in a short time and then we will go for agreement. Time to time I asked whats an issue and he was saying minor issue which will get resolved shortly.
Now builder is saying that there are some issues between business partners and they dont want to go beyond 5th floor for that 10 floor building. 4 floors construction have been completed but as they need to pay much money for above approvals, they dont want to go for it. He wants me to withdraw the booking and he is saying I can not do anything just by booking with 1 lac amount. If I will withdraw, according to current market rates, I will be in 15-16 lacs loss. Please advice in this matter.