CCI has initiated probe against a major real estate firm which is alleged of conducting anti-competitive practices. Five other major real estate firms are included in the list.
The Competition Commission of India (CCI) has received many complaints against some major real estate dealers being anti-competitive. Nearly five real estate firms are alleged of anti-competitive practices. All of them have to face CCI- probe now.
The five alleged real estate firms are DLF, Omaxe, Tulip Infratech, JP Associates and Larsen & Toubro. They are alleged of conducting anti-competitive practices.
Sachin Pilot, the Corporate Affairs Minister, informed in the RS- Rajya Sabha that these real estate builders are facing the CCI- probe. He disclosed their names and stated that the CCI has already started its probe against these alleged.
Nearly 15 anti-competitive cases are filed against DLF, Mr. Pilot informed in the RS. The same real estate builder is ordered to pay a fine of Rs.630 Cr. Besides the fine, CCI has also passed a “Cease & Desist” order against DLF.
Competition Appellate Tribunal- COMPAT heard the plea of DLF Ltd on last Sunday. The case against DLF has been unsolved for a longer time. CCI had passed the “Cease and Desist” order on August 12 -2011.
The fine of Rs.630 Cr was imposed on DLF Ltd. only after finding them guilty of conducting anti-competitive practices. The real estate builder was found guilty of violating the codes of abuse of the dominant position in the market. CCI gave the order only when it conducted proper probe in to the matters. The probe convinced the CCI that the DLF Ltd. is guilty.
CCI initiated the probe basing on some complaints filed by two DLF flat buyers’ associations. These flat buyers’ associations complained against the real estate firm which had delayed the project unreasonably.
The real estate firm was alleged of constructing more number of floors than the prior plan. These flat buyers of Gurgaon had been shown an entirely different plan of the projects. CCI has received another petition from the flat buyers of one DLF’s Chennai Project. DLF is accused of abusing “dominant position” in DLF Tower Jasola, their commercial project at Jasola in the NCR too.
