If RERA decides to cancel a Real Property project based on a technical report, the developer must refund all payments received from purchasers. The developer must comply with the procedures found in Law No. (8) of 2007, which involves an audit by a…
If RERA decides to cancel a Real Property project based on a technical report, the developer must refund all payments received from purchasers. The developer must comply with the procedures found in Law No. (8) of 2007, which involves an audit by a certified auditor. The Escrow Agent or developer is then requested to refund the amounts to the entitled parties within fourteen (14) days of the cancellation. If escrow funds are insufficient, the developer has sixty days to settle the balance.
This is general information from the website library. Confirm current rules, fees and property details with the relevant authority before acting.
Ali Faizan Syed’s knowledge centre
Ask Ali about this question · Explore published properties · Browse all questions