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What if the housing developer is not able to complete the housing development within the 5-year period?
It is required to submit an online application for variation of condition for an extension of time to complete the housing development. A non-refundable application fee is payable.
The extension charge payable for an extension of time is - 8% of the purchase price of the land for the first year extension, 16% for the second year of extension and 24% for the third and subsequent years.
Related questions
Can a foreign company purchase restricted residential property?
Can I change my manner of holding of the property after approval has been granted?
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What if the Personal Representative is unable to dispose of the foreign beneficiaries interest in the property within 5 years?
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What if the housing developer is not able to sell all the units in the development within the 2-year period?
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