CCI to hear the charges against the nine top realtors and CREDAI
Next week the Competition Commission of India (CCI) is expected to hear the charges of alleged cartelisation, lobbying and unfair trade practices against nine of the country’s top builders and their industry body CREDAI (Confederation of Real Estate Developers’ Associations of India).
Following a probe carried out by the investigation arm of CREDAI, The CCI had in July issued notices to Unitech Oberoi Realty, BPTP, Gaursons India, K Raheja, Amrapali Group, Supertech, Tata Housing, Ansal Properties & Infrastructure, and CREDAI.
Allegedly these developers were accused of inserting one-sided clauses against the interest of consumers in buyer agreements for sale of flats, apartments and other residential property. CCI always wants to safeguard the interests of the home buyers and emphasises on fair trade practices. These big builders seem to have misused their market position and took the buyers for granted.
The CCI’s investigation arm had also found that many builders did not disclose crucial information about the built-up area. A CCI official stated that the companies have already submitted their written responses to CCI on this matter. They will start the hearing soon on this matter.
The real estate industry is abuzz with this news and the home buyers are hoping that they will receive better treatment from the realtors post the investigation from CCI. All this while they were always at the receiving end.
Source- The Economic Times
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