DLF’s luxury projects in Gurgaon hit competition panel hurdle - FE
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RajaRC
Sep 22, 2010, 1:46:46 AM9/22/10
to Web News Faridabad
DLF’s luxury projects in Gurgaon hit competition panel hurdle
Ronojoy Banerjee
Posted: Wednesday, Sep 22, 2010 at 2223 hrs IST
Updated: Wednesday, Sep 22, 2010 at 2223 hrs IST
http://www.financialexpress.com/news/DLF-s-luxury-projects-in-Gurgaon-hit-competition-panel-hurdle/685499/
New Delhi: The Competition Commission of India has imposed an ad-
interim stay on the DLF’s proposed luxury projects — Park Plaza and
The Belaire — in Gurgaon. As per the order the real estate major has
been asked not to cancel allotments of apartments and to refrain from
creating third party rights in its place.
As per two separate complaints filed earlier this year by the Belaire
Owners’ Association and Park Plaza Resident Welfare Association, the
country’s largest real estate developer failed to deliver the
residential flats on time by putting “discriminatory and abusive
clauses” in its agreements with the allotees. The complaints also
alleged that DLF was abusing its dominant position.
Following the complaints the CCI had found prima-facie evidence of
anti-competition thereby directing its director general office
(investigation) to conduct a thorough probe.
According to CCI sources the informants had also appealed to the
commission to impose an ad-interim relief order till the investigation
was fully completed. “The members of the commission met and have
ordered the ad-interim order to be imposed,” a CCI official said.
When contacted a DLF spokesperson said, “We have not received any
communication from CCI in this regard.” Section 33 of the Competition
Act, 2002, empowers CCI to pass an order to protect consumers getting
affected due to the long pendency of the litigation.
The two proposed projects are expected to be worth more than Rs 4,000
crore housing more than 2,000 flats with starting prices in excess of
Rs 1.5 crore. The construction of the projects had started in August
2006 and was expected to be completed by end-2009, however the
deadline has now been extended to April 2011.
Ronojoy Banerjee
Posted: Wednesday, Sep 22, 2010 at 2223 hrs IST
Updated: Wednesday, Sep 22, 2010 at 2223 hrs IST
http://www.financialexpress.com/news/DLF-s-luxury-projects-in-Gurgaon-hit-competition-panel-hurdle/685499/
New Delhi: The Competition Commission of India has imposed an ad-
interim stay on the DLF’s proposed luxury projects — Park Plaza and
The Belaire — in Gurgaon. As per the order the real estate major has
been asked not to cancel allotments of apartments and to refrain from
creating third party rights in its place.
As per two separate complaints filed earlier this year by the Belaire
Owners’ Association and Park Plaza Resident Welfare Association, the
country’s largest real estate developer failed to deliver the
residential flats on time by putting “discriminatory and abusive
clauses” in its agreements with the allotees. The complaints also
alleged that DLF was abusing its dominant position.
Following the complaints the CCI had found prima-facie evidence of
anti-competition thereby directing its director general office
(investigation) to conduct a thorough probe.
According to CCI sources the informants had also appealed to the
commission to impose an ad-interim relief order till the investigation
was fully completed. “The members of the commission met and have
ordered the ad-interim order to be imposed,” a CCI official said.
When contacted a DLF spokesperson said, “We have not received any
communication from CCI in this regard.” Section 33 of the Competition
Act, 2002, empowers CCI to pass an order to protect consumers getting
affected due to the long pendency of the litigation.
The two proposed projects are expected to be worth more than Rs 4,000
crore housing more than 2,000 flats with starting prices in excess of
Rs 1.5 crore. The construction of the projects had started in August
2006 and was expected to be completed by end-2009, however the
deadline has now been extended to April 2011.
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