 "CCI probes realty body Credai, builders for alleged collusion")
The Competition Commission of India (CCI) is investigating at least 20 builders and builders body Confederation of Real Estate Developers’ Associations of India (CREDAI) for entering into one-sided agreements with buyers and for allegedly colluding with each other to arm-twist them.
CREDAI had sought buyer agreements from builders and had called to standardize buyer agreement. The competitive body is now probing if this code of conduct is anti-competitive. CCI will start one-on-one hearing with builders next week and the investigation is likely to be pan India.
The CCI first received a complaint against NCR-based builders Tulip but is now investigating top builders like Unitech , Omaxe , Parsvnath , Purvankara, Oberoi Realty , Ansal API, Tata Housing, K Raheja Corp, BPTP and TDI, the CNBC-TV18 report said.
Among other charges, these developers are being probed for inserting one-sided clauses in favour of the companies and against the interest of consumers in buyer agreements for sale of flats, apartments and other residential property.
A senior Competition Commission of India official said certain details have also been sought from these real estate players, while they would also be given an opportunity to present their case before the regulator. However, it could not be ascertained whether any company has already been found prima facie guilty of violating any provisions of the Competition Act.
CCI has pulled up realty players in the past for violating fair trade norms, while a huge penalty of R630 crore was earlier imposed on DLF. The order was later upheld by theSupreme Court.
Information has been sought in the present case from Unitech, Omaxe, Puravankara, Parsvnath, Supertech, BPTP, Oberoi Realty, Amrapali, Ansal Properties & Infra, Prestige Estates, Tata Housing, Gaursons, K Raheja, Avalon, Purohit Construction, Aparna Construction and Amit Enterprises, as also from the Confederation of Real Estate Developers’ Associations of India (Credai).
Notices were issued following a detailed probe report by CCI’s director general that flagged off various issues in the realty sector.
The director general had probed certain alleged common practices by builders and developers who are members of Credai. Some of the companies have already submitted their written responses to CCI on this matter.
With inputs from Agencies
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