CCI expects model agreement in DLF case to serve as benchmark
The framework is being prepared by the Competition Commission of India (CCI) in connection with a high-profile market dominance case against realty giant DLF Group, which has challenged a Rs 630 crore penalty imposed on it by CCI.
Upon hearing DLF's appeal against the CCI order, the Competition Appellate Tribunal (COMPAT) asked the fair trade regulator to present a modified buyer-seller agreement between DLF and the flat buyers of its two housing projects in Gurgaon in the national capital region.
"Whether a real estate company is dominant or not, DLF was found to be dominant because it was big, most of them follow the same format pattern that flows from big players in the market," CCI Chairman Ashok Chawla told PTI in an interview here.
Asked whether he expects the modified pact being prepared by CCI to serve as a benchmark for the entire real estate industry, Chawla said that it should certainly "serve as a general model of framework".
"I think once that happens, that (the modified pact) meets judicial test, that I believe should take care of the most of the commercial aspects between the buyer and the seller," Chawla said.
COMPAT has asked the fair trade regulator to decide on what constitutes a good, balanced and fair agreement between the buyer and the seller.
CCI is expected to shortly finalise the key
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