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CCI slaps Rs600 cr penalty on DLF

CCI slaps Rs600 cr penalty on DLF
PTI
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First Published: Tue, Aug 16 2011. 03 11 PM IST
Updated: Tue, Aug 16 2011. 03 11 PM IST
New Delhi: Competition watchdog CCI (Competition Commission of India) on Tuesday imposed a penalty of around Rs600 crore on realty major DLF Ltd for abusing its dominant market position.
The penalty, which amounts to 7% of the company’s average annual turnover of last three years, was imposed as DLF has been proven guilty of violating section 4(2) of the Competition Act, 2002, sources told PTI.
A company violates Section 4(2)(a) of the Competition Act when it directly or indirectly imposes unfair or discriminatory conditions or prices with respect to the purchase or sale of goods or services.
In May last year, on the basis of complaints by some people who booked flats in DLF projects, the CCI had referred the matter for a probe by the director general (investigations).
According to one such complaint, DLF had promised to complete its residential project in Gurgaon, called Belaire, in 2009, but buyers are yet to get possession.
In addition, DLF has increased the number of floors in the apartment complex from the original figure given to buyers. This led to the number of apartments in Belaire increasing to 564 from 384.
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First Published: Tue, Aug 16 2011. 03 11 PM IST
More Topics: DLF | CCI | Real Estate | Flats | Housing |