If a project is cancelled and the funds remaining in the Escrow Account are not enough to refund all purchasers, the developer remains personally liable. The developer is legally required to refund the outstanding amounts to the purchasers no later…
If a project is cancelled and the funds remaining in the Escrow Account are not enough to refund all purchasers, the developer remains personally liable. The developer is legally required to refund the outstanding amounts to the purchasers no later than sixty (60) days from the date of the project cancellation decision. RERA has the discretion to extend this period if valid reasons are provided. If the developer still fails to pay, RERA must refer the matter to competent judicial authorities.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
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