CCI probing 11 complaints against realtors

[RajaRC]

CCI probing 11 complaints against realtors

Press Trust Of India / New Delhi November 30, 2010, 0:28 IST

Close on heels of CBI bursting a major housing finance racket
involving bank officials and reatly companies, the Competition
Commission of India (CCI) today said it was also examining 11
complaints against a few real estate companies pertaining to anti-
competitive practices.

“I can only say that of the 137 cases that we are handling, 11 pertain
to the real estate sector,” CCI Chairman Dhanendra Kumar told
reporters on the sidelines of an Assocham event here, without
disclosing the names of the companies.

According to sources, of the 11 such cases, at least five complaints
are against one realty major for its various housing projects.

CCI looks into violation of anti-competitive practices and abuse of
dominance by companies.

Kumar said complaints had been received under Sections 3 and 4 of the
Competition Act, 2002, which dealt with anti-competitive agreements
and abuse of dominant position, respectively.

He said this while responding to the query if CCI planned to look into
the companies involved in the housing finance scam, which led to the
arrest of LIC Housing Finance Chairman Ramachandran R Nair and seven
senior bank officials.

Last week, the Central Bureau of Investigation had booked the
officials for allegedly colluding with loan arranger Money Matters and
overlooking regulatory guidelines for granting approvals, for their
individual monetary gains.