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Around 70 real estate developers under CCI scanner

Comments(2) Sub Category:Delhi-NCR,Realty News Posted On: Sep 13, 2012

The Competition Commission of India (CCI), is putting around 70 real estate developers in the country under scanner.

The developers include big players like Unitech, Parsvnath Developers and Omaxe and several big builders in Mumbai.

All these developers’ action for entering into one-sided agreements with buyers and for allegedly colluding with each other have been under scanner of CCI.

In what has been dubbed as the biggest scrutiny of the industry, the competition watchdog has sent out notices to these builders and has asked them to furnish details about their operations and their agreements with buyers.

The CCI has resolved to look into practices that real estate developers follow, such as announcing projects before getting all approvals from authorities and not revealing all applicable costs to buyers at the time of purchase.

To read more real estate news:

FICCI asks for change in the Land Acquisition Bill

2 Responses to “Around 70 real estate developers under CCI scanner”

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  2. [...] Around 70 real estate developers under CCI scanner [...]

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