Jairakash Associates Fined Rs 14 Cr by CCI
New Delhi: The Competition Commission of India (CCI) has slapped a penalty of Rs 13.82 crore on Jaiprakash Associates Limited (JAL) for abusing its dominant position in the market of independent residential units by imposing unfair/ discriminatory conditions on the buyers.
The fine has been levied based on complaint is buyers of properties in Wish Town, Jaypee Greens project, in Noida and Greater Noida.
“Customers have suffered due to lower common areas than what was envisaged; they were made to pay much more than what was originally agreed to; timely completion of the project was not achieved resulting in substantial consumer harm,” said CCI in its order.
The anti-monopoly watchdog also said the company had imposed “one sided and abusive contract terms” on its customers.
The CCI calculated the fine on the basis of five percent of the average turnover of the company of Rs 276.3 crore in the relevant market during the period of the violation. It also asked the realty players to cease and desist from indulging in such conduct in future.