CCI Dismisses Charges Against Real estate Developer in Noida :
Giving a sign of relief to the real estate developer in Noida, India’s fair trade watchdog, the Competition Commission of India has dismissed complaints against real estate organization, Himalaya Real Estate, dismissing the complaint that it abused its dominant market position in residential apartments in Greater Noida and Noida areas.
It becomes important to note that, some time back, there were a set of customers who expressed their dismay in the way they had to follow certain arbitrary clauses, while they booked their flats in the residential project – ‘Himalaya Pride in Greater Noida West’. The customers had alleged that the company abused its dominant position in the market by commanding unfair and arbitrary clauses in the ‘application-cum- registration form’.
Interestingly, the CCI concluded that Himalaya Realestate does not appear to be in a dominant position and hence, CCI has given relief to the company.
Experts close to the industry also believe that, with other bigger developers such as Supertech and Amrpali Group also operating in the relevant market scenario, it is highly unlikely that a company like Himalaya Real estate can be called in to dictate terms and conditions to its customers.
Providing deeper light in such matters of close customer interest, CCI has been looked as a torchbearer to resolve such issues where customer find a particular organization monopolizing on price points or creating unfair market scenario for the overall ecosystem. Even though, India’s real estate market is to a large extent unorganized, however large scale development of metro locations is shifting the sector to adopt global best practices.