I booked a flat with a builder and signed the papers. Now I want to cancel the booking, but they’re asking for 15% of the flat price. Is this legal? Can I still back out?

Yes, the builder can legally charge you a cancellation fee, but it’s likely capped at 15% as per the Real Estate (Regulation and Development) Act, 2016 (RERA). However, you can negotiate with the builder to reduce this fee or explore other options like transferring the booking to another buyer.