PUTRAJAYA: The Federal Court this morning ruled that the controller of housing does not have the power to grant extension of time (EOT) to housing developers.
This means that any housing developer that fails to complete their project on time will require to compensate house buyers in liquidated ascertained damages (LAD).
The decision was delivered by Chief Justice Tan Sri Tengku Maimun Tuan Mat pertaining to the appeals by aggrieved house buyers.
The LAD is 10% per annum of the purchase price and is a form of compensation agreed by both the contracting parties (purchasers and developer).
source https://www.thesundaily.my/business/federal-court-rules-controller-of-housing-has-no-power-to-grant-eot-AD1656200
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