Competition commission probing 5 real estate companies
Competition commission probing one sided agreements of real estate firms.
5 real estate companies-DLF,JP associates,Larsen and Toubro,Tulip infratech and Omaxe are the subject of an investigation by the Competition Commission of India for alleged anti-competitive practices.
Over 23 cases have been registered against these companies.
15 cases against DLF have already been concluded and the company has been fined over Rs.650 crores.
Flat purchasers can approach the CCI if they have been forced to sign one sided agreements favoring the builder,as is the case in most real estate deals these days.
The Competition Act has also been amended to give the CCI to whet all M&A (merger and acquisition) deals and search and seizure raids henceforth.
- Role of the Competition Commission of India (satyahari.wordpress.com)