Law of Selling and Leasing Off Plan Real Estate Projects

1. The developer shall complete the real estate project by the specified completion date. In case of a delay in delivering the land or the real estate unit without a reason beyond the developer’s control, the purchaser shall be entitled to a predetermined financial compensation in case of a developed plot of land, or to the rent payable for a similar property in case of a residential unit. 2. In the event of an emergency that results in non-completion of a licensed real estate project, the competent authority may, in consultation with the project’s certified public accountant and consulting firm, take the measures necessary to ensure completion of the project or otherwise to liquidate the project and return the paid amounts, as specified in the Regulations. 3. In case of any violation of the provisions of this Law or the Regulations, the competent authority may take any measures necessary, including suspension of the licensed real estate project until the violation is rectified.