Oberoi Realty, a Mumbai based developer was warned by The Competition Commission of India, reports PTI. The Commission came hard on Oberoi Relaty and 22 other Builders including Ansals, Omaxe, Parsvnath, Purvankara, SuperTech, Unitech and others. Treating their business process as “Exploitative Conduct” The commission warned these builders of Unfair Practices for which the Commission is watch dog.
The Commission also inserted that Real Estate must have a regulatory authority to safe guard the interest of home buyers. Disposing off case against these 23 builders and their association CREDAI without any penal action, The Commission strongly directed them to take steps to enhance transparency and appropriate measures to address the concerns.
The Commission also urged their trade association which is self-regulated to look into the grievances of the end customer.