DLF, a majore player of India’s real estate market has been directed to pay a fine of Rs 630 Crore for taking advantage of its dominant position to the disadvantage of its customers in three projects in Gurgaon.
The apex court ruled while hearing a plea filed by the residential welfare society of DLF’s Belaire project in Gurgaon.
In 2011, the Competition Commission of India (CCI) had pointed out that DLF had used this dominant position for undue practice and imposed a new penalty of Rs 630 Crore. The Supreme Court has now directed the company to pay the fine.
DLF is the only builder listed in top 100 brands promoted KP Singh who was ranked eighth among India’s top 10 billionaires in 2010. His net worth estimates $9.2 billion against.