Reinstalling OSX hangs up midway

I am trying to erase and reinstall OS X Mavericks on my MacBook Pro 13".

The installation began with a message which said "About 1 hour and 50 minutes remaining". After quite some time(close to an hour), it gave the message which said something like installation failed with a try again button. When I clicked on that button the message has been stuck at 1 hour and 45 minutes remaining and nothing happens. There is a cancel button below the loading scroll. However I am skeptical as to whether I should cancel it and start over again. Should I just wait for an hour or so more?