The Competition Commission of India (CCI) has made a significant decision to address and take action against ongoing malpractices within the real estate sector. In this context, it will not only handle specific complaints that are brought to its attention but also consider misleading information presented to buyers as a serious form of malpractice.
Several sources have indicated that, in addition to the general grievances regarding conditions outlined in sale agreements, unexpected changes to terms, delays in property possession, and various challenges that consumers face when attempting to withdraw from contracts, the issue of misleading advertisements will also be factored into their review process.
Furthermore, it has been revealed that the CCI has been inundated with numerous complaints against several prominent real estate developers. To tackle this, there is an existing Act of Parliament that empowers the Commission, which began its operations last July, to impose bans on any malpractice or penalize those found guilty.
In the CCI's view, regardless of any particular builder, consumer satisfaction, particularly concerning satisfactory service, appears to be universally affected among buyers. Hence, it is entirely reasonable for the Commission to investigate both specific instances of complaint alongside more generalized issues that plague the real estate market.