the Competition Commission of India (CCI) on Tuesday imposed a hefty penalty of Rs.630 crore on real estate giant DLF for abusing its dominant position and issued a ‘cease and desist' order against imposing unfair conditions on the buyers of its flats.
The penalty was imposed on DLF following an enquiry by the CCI on a complaint filed by a Belaire Owners' Association in Gurgaon.
“The Commission considers it appropriate to impose penalty at the rate of 7 per cent (totalling Rs.630.43 crore) of the average of the turnover for the last three preceding financial years on OP-1 (DLF),” the CCI said in its order.
“We are reading the CCI order. We are consulting legal experts for options available, and we believe we have a strong case,” DLF Group Executive Director Rajeev Talwar said while commenting on the CCI order.
