NEW DELHI: The Competition Commission of India has modified clauses in agreements between real estatefirm DLFBSE -1.24 % and apartment buyers in two of the company's projects in Gurgaon, in a move that could alter buyer-seller agreements across the Indian real estate industry.

The commission on Thursday said it modified the agreement after a direction from the Competition Appellate Tribunal in March last year to pass an order specifying the extent and manner in which the terms and conditions of the apartment buyer's agreement needed to be modified.

DLF had earlier filed a complaint against a Competition Commission of India (CCI) order imposing Rs 630-crore penalty on the company for abuse of its dominant position in Gurgaon market. The order came after complaints filed by flat buyers' association of two DLF projects - DLF Park Palace and The Belaire.

In its latest order, CCI said it has also considered the relevant provisions of the laws applicable to the development of group housing projects in Haryana, particularly the mandatory requirements that must be followed by every developer/builder, but were not followed by DLF in this instance. The commission said it has modified the terms of the agreement in a manner, that it considers fair and reasonable and takes into account the interest of both parties.

 

Source: http://economictimes.indiatimes.com/markets/real-estate/news/cci-modifies-dlf-buyer-agreements/articleshow/17879672.cms