CCI order soon on case related to unfair ways in realty sector

New Delhi: Competition Commission is expected to soon finalise its order on alleged unfair business practices in the realty sector, a matter where around 20 entities have come under its scanner.

The Commission, which had issued notices to various real estate entities with regard to the caseaa, has completed their personal hearings.

According to sources, the fair trade watchdog has completed personal hearings of entities in the realty sector with regard to alleged cartelisation and anti-competitive trade practices.

Written submissions were sought from these entities 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, sources said.

The Competition Commission of India (CCI) had issued notices to about 20 entities, including realty companies, following a detailed probe by its Director General (DG).

DG, which is the investigation arm of the Commission, had flagged off various issues in the real estate space.

Among others, the developers are being probed for inserting 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.

In the past also, many real estate players 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, upheld by the Competition Appellate Tribunal, was later challenged in the Supreme Court.

Source:http://zeenews.india.com/business/realestate/latest-news/cci-order-soon-on-case-related-to-unfair-ways-in-realty-sector_116680.html