HDA 1966 Episode 3: Calculating Liquidated Ascertained Damages (LAD) for Late Delivery of Vacant Possession (VP)
When it comes to housing development projects, the time of delivery of vacant possession (VP) is crucial as the purchasers anticipate to obtain their house keys in time. It is the developer’s duty to complete the housing development project within the stipulated timeframe. As stated previously, the period of delivery of VP for HDA property is fix in the statutory Sale and Purchase Agreement (SPA). However, delays can occur due to various reasons and more often than not, it leads to dissatisfaction on the purchasers’ part. As a homebuyer or even a potential homebuyer, we believe that it is important for...
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