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.