Competition Commission of India order soon on case related to unfair ways in realty

Varun,

19th January 2015

Real estate News in Ahmedabad

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supreme court

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According to sources, the fair trade watchdog has completed personal hearings of companies in the realty sector with look on to claimed cartelization and anti-competitive trade practices.

Samrat,

19th January 2015

Comment

Well Samrat,
I would like to tell you that earlier, many real estate companies have come under the CCI scanner and some were found to be violating competition norms. The watchdog had even slapped a fine of Rs 630 crore on DLF and that order, endorsed by the Competition Appellate Tribunal, was later challenged in the Supreme Court.

Rituraj,

19th January 2015

Comment

DG, which is the investigation arm of the Commission, had green signal various matters in the real estate field. Among others, the developers are being screening for placing one-sided clauses in favour of the companies and against the interest of consumers in the buyer agreements for sale of flats, apartments and other residential properties, along with other other anti-competitive practices.

Samrat,

19th January 2015

Comment

Yes Samrat,
The Competition Commission of India had issued notices to about 20 companies, including realty companies, following a detailed examine by its Director General. A written request were seek from these companies and most of them have submitted the same to the Commission. The regulator is expected to take a final decision on the case to be taken soon.

Rituraj,

19th January 2015

Comment

Competition Appellate Tribunal is expected to soon settle its order on claimed unfair business practices in the realty sector, a matter where around 20 companies have come under its scanner. The Commission had already issued notices to various real estate companies with regard to the case, has completed their personal hearings.

Samrat,

19th January 2015

Comment