When a project is cancelled, RERA is mandated to appoint a certified auditor to verify the project�s financial standing. The auditor must determine the total amounts paid to the developer or deposited into the Escrow Account, as well as the total ex…
When a project is cancelled, RERA is mandated to appoint a certified auditor to verify the project�s financial standing. The auditor must determine the total amounts paid to the developer or deposited into the Escrow Account, as well as the total expenditures incurred. The developer is held liable for the expenses of this audit. This independent verification ensures that the final refund amounts for purchasers are accurate and based on the true financial state of the development.
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