What are the developers obligations to complete and handover property on time?
These obligations are dealt with contractually under the sale and purchase agreement (or, as applicable, the lease agreement). If the property is not yet constructed, the agreement will typically provide an estimated handover date and usually the agreement will allow the developer a fair bit of latitude in terms of extending the date. Although there are some contracts in the market where the developer commits to paying interest if possession is delayed, and perhaps even the right to terminate in the case of substantial delay, these remedies are not always available. As in many other jurisdictions, purchasers must be prepared to anticipate possible delays when awaiting possession of a property under construction.
These obligations are dealt with contractually under the sale and purchase agreement (or, as applicable, the lease agreement). If the property is not yet constructed, the agreement will typically provide an estimated handover date and usually the agreement will allow the developer a fair bit of latitude in terms of extending the date.
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