Parsvnath, Unitech, Omaxe may face CCI's probe

 India' s major real estate companies Unitech, Omaxe and Parsvnath Developers  are likely to face the Director General (DG) investigation in the next week. The Competition Commission of India (CCI) is likely to order probe on Unitech, Omaxe and Parsvnath Developers based on preliminary investigations which suggest abuse of dominant power by the developers.
Some complaints from residents on late delivery of projects and non compliance of agreement by the developers prompted Competition Commission of India to order the probe.

Mr. Rohtas Goel, CMD Omaxe said, "We have received some complaints from the residents, but these are mainly for delay of the projects and are not the kinds that come under the CCI purview"


Last week, CCI had imposed a penalty of Rs 630 crore on DLF for abusing its dominant market position on a complaint by 'The Belaire' association in Gurgaon.

The Competition Commission of India (CCI) on Tuesday said the Centre as well as state governments should come out with regulatory frameworks for the realty sector to protect consumers from unfair trade practices.

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