Many clients who have suffered a delayed handover demand a refund from the developer, in accordance with the clear terms of their contract. If the developer fails to pay, they are forced to take legal action, either arbitration or litigation, to obtain an award or judgement obliging the developer to pay the refund.
Whichever way the purchaser approaches it and however far they take it, the answer from the developer is often the same — we simply have no money.
Developers will often seek to turn the table by referring to the fact that there is usually widespread payment default which has resulted in the effective insolvency of the developer. In other words, it’s not our fault, it’s the collective fault of the purchasers.
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