Navi Mumbai Real Estate News

Competition commission probing 5 real estate companies

English: Logo of DLF.
DLF logo

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.

By Mayur Panghaal

Mayur is a real estate professional with more than 20 years of experience at all levels of the trade in Navi Mumbai. He is the proprietor of Sky Properties Real Estate Services in Navi Mumbai. You can get in touch on 9987452642.

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