Supreme Court asks DLF to deposit Rs 630 crore in court in 3 months
Apartment owners in the Belaire project in Gurgaon had alleged in their May 2010 complaint to CCI that each of the towers in the project were originally planned to have 19 floors but the builder constructed 29 floors in all the buildings
Aug 27, 2014
Source : The Economic Times


NEW DELHI: Boosting the hopes of aggrieved homebuyers across the country, the Supreme Court today rejected DLF's plea to stay the Competition Appellate Tribunal's order upholding the penalty imposed on the builder by the Competition Commission of India and asked it to deposit the penalty amount of Rs 630 crore within three months.

The apex court also directed DLF to deposit Rs 50 crore within three weeks, refusing to grant a stay on the Compat order. DLF will also have to give an undertaking that it will pay the additional amount based on 9% interest on the penalty if it fails in its appeal to the Supreme Court.

CCI had slapped a fine on DLF in August 2011 for violating fair trade practices after complaints by flat buyer associations of DLF Park Palace and The Belaire projects in Gurgaon that the builder had delayed possession of apartments, changed its original plan to accommodate more floors and that the apartment buyer's agreement was one-sided.

DLF had moved Supreme Court against the Compat order that was announced in May upholding the Rs 630 crore fine imposed by the CCI.

Apartment owners in the Belaire project in Gurgaon had alleged in their May 2010 complaint to CCI that each of the towers in the project were originally planned to have 19 floors but the builder constructed 29 floors in all the buildings, which also meant that areas and facilities got compressed.

Latest Realty News

'Government Not Sitting Idle on Land Scam'
Aug 27, 2014
Cooperation and Excise Minister Damodar Rout said the State Government is not sitting idle as far as the land allotment scam is concerned
Home demand subdued in Pune: Report
Aug 27, 2014
Unsold residential units may have piled up in the city but favourable policy measures announced in the Union Budget last month will guide the pick up in sales towards the end of the year, the latest report from Knight Frank said
CBI lens on Saradha Realty director
Aug 27, 2014
The CBI may very soon interrogate Debika Das Gupta, one of the directors of Saradha Realty Pvt Ltd. Das Gupta, who started as a trainee but became one of the directors of the company within four years, was allegedly responsible for managing Sudipta Sen's land in Odisha and West Midnapore
Over 2 lakh flats remain unsold due to demand-supply gap
Aug 27, 2014
The unabated demand-supply gap in the residential property market has created a pile-up of 2,13,742 unsold units, according to a Knight Frank India report
Revenue department to retrieve 70-acre 'doubtful' govt land
Aug 27, 2014
The state government on Tuesday conceded ?doubtful' use of at least 70 acre government land at Ghangapatna, on the outskirts of the city, even as BJP staged a dharna in front of the governor's house here demanding CBI probe into the alleged land scam
Will oppose move to change land Act, Medha says
Aug 27, 2014
Social campaigner Medha Patkar here on Tuesday said any move to change the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, by the Narendra Modi government will be strongly opposed
Residential market in city expected to grow 3%
Aug 27, 2014
Knight Frank, a real estate advisory firm, said on Tuesday that Bangalore will witness a 3 per cent growth in demand in residential segment during 2014 and is expected to rise to 59,300 units in 2014.
SBI, HDFC lower home loan rates
Aug 27, 2014
Lenders are going all-out to woo retail borrowers ahead of the festival season as corporate loan growth continues to remain sluggish and liquidity improves. The State Bank of India and HDFC have brought down home loan rates while others like Punjab National Bank have cut retail lending rates and waived processing charges
Snapdeal to sell Tata Value Homes as it targets $2 billion in GMV
Aug 27, 2014
Snapdeal, India's largest online marketplace, has entered into a strategic partnership with affordable housing company Tata Value Homes, as it looks to increase the spread of its offerings in a high stakes, winner-takes-all environment
Home sales expected to rise 26 per cent in second half of 2014: Knight Frank
Aug 27, 2014
After a lacklustre first half, home sales across the top six cities in the country are expected to rise 26 per cent in the second half of 2014 compared to a year ago, according to a research report by property advisory firm Knight Frank

Latest Realty News Of State

Realty Talk's