NEW DELHI: After the verdict of CCI imposing Rs.630crore on the biggest real estate company DLF, several home buyers approaching to CCI with their grievances that, builders are cheating them.
The Competition Commission of India (CCI) has received several complaints against the real estate companies for practicing unfair trade, senior officials said. We have received approx 10 complaints in the last month against the real estate companies, sources said. Pertaining to these complaints CCI will soon conduct a meeting to consider if the complaints are to be dealt with individually or collectively as a sector on the whole.
As per the competition Act 2002, home buyers can file complaints against builders with the CCI under section 3 and 4, pertaining to abuse of dominant market position and anti-competitive agreements, respectively.
However, CCI has charged fine at the rate of 7percent of the average of the turnover for the last three years on real estate giant DLF Ltd. The amount of Rs.630 crore has been imposed for the irregularities in business, bias business deeds and inequitable conditions made before the home buyers in Gurgaon.
Posted: 29 Sep 2011 05:46 AM PDT
By AT Delhi Bureau