New Delhi: The Competition Appellate Tribunal (COMPAT) has upheld a penalty of Rs 630 crore on real estate major DLF for abusing its dominant position in Gurgaon real estate market. The tribunal has dismissed DLF's plea against the fine imposed by Competition Commission of India (CCI) and given it 60 days to pay up or approach the Supreme Court.
This is the first major ruling of CCI in which its order has been upheld by the Compat.
The CCI, on August 12, 2011, had slapped the penalty on DLF, following complaints from flat buyers' associations of two DLF projects in Gurgaon namely DLF Park Palace and The Belaire. The buyers accused DLF for delay in the possession of the apartments due to change in the plan to accommodate more floors.
CCI had asked the company to modify the apartment buyers' agreement on buyers' complaints of delay in the project and increase in the number of floors beyond what was planned.
DLF had then moved COMPAT and managed to get a stay order on the CCI penalty.
The real estate firm said it would challenge the order in the Supreme Court pointing out that it has successfully delivered the Park Place, The Belaire and Magnolia projects, the subject matter of these appeals.
The company said out of over 2,600 number of apartments, over 2200 have been handed over, and over 1,800 families are already residing therein.
Latest Business News
