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DLF to modify agreement of apartment buyers

1 Comment Sub Category:Cities,Delhi-NCR,Real estate trends,Realty News Posted On: Jan 15, 2013

Modification of agremmentThe biggest real estate developer, DLF was suggested by Competition Commission of India (CCI) to modify the apartments buyer’s agreement of Belaire project along with its two other projects, Park Plaza and Magnolia.

The whole modification to the apartment buyers agreement takes place by following a direction from the Competition Appellate Tribunal ( COMPAT) which is hearing DLF’s appeal against the fair trade regulator’s Rs. 630 crore penalty and other sanctions against it.

After the turmoil and all the problems regarding the agreements of the buyers, CCI has strictly asked DLF to remove all the unfair rules and regulations and also to suitably modify the agreement.

For the modified agreement there are two notices that are issued and CCI’s Commission has ordered to implement all the rules and regulations equally to the the other projects of DLF i.e. Park Plaza and Magnolia. It is also been added that if the unfair conditions in its agreement with buyers in Gurgaon still exists then DLF might have to face serious action.

Even though the commissioner has left it to DLF to modify all the unfair conditions from the agreement but the company also appealed before COMPAT which stated that CCI needs to pass the order and also to specify the extent and manner in which terms and conditions of the agreement need to be modified.

After the 104 page supplementary order in Belaire case, CCI commented that DLF enjoyed unilateral rights to increase or decrease super area at sole discretion without consulting allottees who were supposed to pay additional amount or accept the reduction in the area.

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