Competition Appellate Tribunal upholds CCI’s Rs 630-cr fine on DLF

Real estate company DLF on Monday announced that it will move Supreme Court against the Competition Appellate Tribunal (Compat) ruling which has upheld the Competition Commission of India (CCI) order imposing Rs 630 crore penalty on the firm for unfair business practices.

Compat has given the realty company 60 days for the same, DLF said in a statement.

In 2011, the CCI had found DLF violating fair trade norms and imposed a penalty of Rs 630-crore on a complaint filed by the owners’ association of a DLF project, the Belaire Owners’ Association, in Gurgaon.

“The Compat has pronounced the order today upholding certain findings of the earlier orders of CCI. The company is yet to examine the detailed order, therefore, the company at this stage will not be in a position to make any further comments,” DLF said.

The company said that it has successfully delivered Park Place, Belaire and Magnolia projects which were the subject matter of the above appeals.

“The company has respected in true letter and spirit the customer commitments made by it. In testament thereof, out of over 2,600 total number of apartments, over 2,200 have been handed over, and over 1,800 number of families are already residing therein,” the statement added.

The shares ended 7.54 per cent higher at Rs 182.45 at the BSE on Monday.

PTI adds: Reacting to the Compat order, Belaire Owners Association President Sanjay Bhasin said: “This is a huge victory for all the buyers of real estate in our country who has so far felt completely helpless against dominant real estate companies“.

This judgment would restore the balance between the real estate developers and property buyers, Bhasin added.