Legislation_en

developer must satisfy in order to overturn the decision to cancel the project.
5. The developer must undertake in writing to satisfy the conditions and requirements of RERA.
6. If RERA rejects the appeal, its decision in this regard will be final, in which case
RERA must proceed with the project cancellation procedures.
Article (25)
In any case in which RERA cancels a project, it must:
1. prepare a technical report justifying such cancellation;
2. notify the developer in writing, by registered mail or electronic mail, of the
cancellation decision;
3. appoint a certified auditor at the cost of the developer to review the financial position
of the project and verify the amounts paid to the developer or deposited in the
escrow account of the development project, as well as the expenditures; and
4. request the escrow agent of the project or the developer, if payments are made
otherwise than through the escrow account, to refund the amounts deposited in the
escrow account or paid to the developer to the relevant parties no later than fourteen
(14) days from the date of such cancellation.
Article (26)
If the funds in the escrow account of the project are insufficient to refund the purchasers
the amounts paid by them, the developer must refund the amounts payable to those
purchasers no later than sixty (60) days from the date of the decision cancelling the
project, unless RERA determines to extend such period for valid reasons.
Article (27)
If the developer fails to refund the amounts payable to the purchasers within the time
period set forth in Article (26) of this Resolution, RERA must take all necessary actions
to secure the rights of purchasers, including referring the matter to the competent
judicial authorities.
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