For the purposes of applying termination and retention rules, the completion percentage of a project must be officially confirmed. This confirmation is provided through a technical report issued by a consultant who has been approved by RERA. The rep…
For the purposes of applying termination and retention rules, the completion percentage of a project must be officially confirmed. This confirmation is provided through a technical report issued by a consultant who has been approved by RERA. The report must contain a statement of all completed works based on a physical, on-site inspection of the project. This prevents developers from exaggerating progress to justify higher fund retention percentages when a purchaser defaults on their contract.
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