Questions & Answers
Can you hold the payments to developer because of delay in the completion?
I am being asked by a developer to pay the remaining 50% of the investment for an apartment by the 15th of Sept., even though the property is still not a full-on construction site (92% according to the developer).
The earliest the building completion certificate will be issued is 1st October. When is the absolute latest I can pay the handover money without being penalized for it and how do I communicate this with the developer.
How much money am I allowed to withhold for the snagging, de-snagging + in case of any handover delays... etc?
My finances are currently very tight and I cannot afford to pay the handover while I am still having to pay rent elsewhere.
Dear Questioner,
With regards to your query, the court is the only one who can determine how much compensation you can take.
Of course, this is as per the contract and as a measure of the court because the court has the ability to give you compensation more than the contract.
Thank you
As per your query please note that you have to make a payment plan since the construction is almost completed and it is due for handover.
Also, for the other terms like delay and snagging, you have to check for the agreement clauses as per the SPA.
Please call or e-mail us.
Disclaimer- The above-referred view is not a legal opinion, these opinions cannot be challenged or presented before any court of Law.
