This project is cancelled. According to law once a project has been identified as cancelled by RERA, the developer has seven (7) working days to appeal the decision. If the developer does appeal, RERA is then given seven (7) days to again decide the status of the project in question. If the developer wins its appeal and the cancellation status is removed, RERA is authorised to set the terms and conditions for the developer to continue on the project. Developers cannot appeal a cancellation determination if their original appeal is rejected; RERA cancellations are not subject to appeal to another body.
Following the cancellation report, RERA must appoint an independent auditor, paid for by the developer, to confirm the status of the escrow account and make a third-party determination of monies paid by investors towards the cancelled project. Upon completion of the audit, any funds available in escrow must be refunded within fourteen days to the purchaser. However, where sufficient funds are not available to pay back purchasers, the developer is granted an extension of sixty (60) days from the date of cancellation. Notably, this extension may be extended at the discretion of RERA without limit. Please note that it does take time for the auditor to prepare and submit his report.
