QUOTE(kochin @ Nov 28 2016, 04:05 PM)
another 2% for common areas?
Got this from the house buyers association,
Late delivery claims
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In the event of any delay, the house buyers are entitled to compensation (liquidated ascertained damages or ‘LAD’) of 10% per annum of the purchase price over the period of delay and for Schedule H-type agreements, the house buyers, in addition to the above are entitled to 10% of the last 20% of the purchase price for the delay in completion of the common facilities.
Calculation for LAD
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For delay in handing over the building:
Total number of delayed days x cost of house x 10% divided by 365 days
For delay in handing over the common property:
Total number of delayed days x 20% x last purchase price x 10% divided by 365 days.
Based on my understanding, the above works out to another 2% of the S&P price. So I believe you are right.