CCI probes five realty bigwigs
New Delhi : The Competition Commission of India (CCI) initiated an investigation against five prime real estate developers for alleged competitive practice.
Around 23 cases were filed against DLF, Larsen & Toubro, Tulip Infratech, Omaxe and JP Association, as reported to Rajya Sabha by corporate affairs minister, Sachin Pilot.
DLF is filed with 15 more cases and a penalty of Rs 630 crore will be imposed on the company for abusing its dominant position and also “Cease & Desist” order was passed regarding anti-competitive practices adopted by the real estate giant.
This case was pending since last year, when complaints were lodged by flat buyer associations of two separate DLF projects in Gurgaon, stating the delay in projects and increase in number of floors than planned. The next hearing is in January 2013 as CCI has taken the matter very seriously.
Government has also introduced a bill to Parliament, that speaks about the Competition Act, that will be regulated by CCI to vet all M&A deals. It will also have the authority to carry out search and seizure activities.
DLF to launch three new projects in Gurgaon by March 2013
FDI to boost commercial realty
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