CCI rejects complaint against LIC Housing Fin and Media Video

The Competition Commission has rejected a complaint that alleged LIC Housing Finance and realty firm Media Video Ltd abused their dominant position for services related to residential flats in Rajasthan.
According to the fair trade regulator there was no material to hold that the two entities were dominant players in the relevant markets.
The complaint was filed by an individual who had bought an apartment at residential project developed by Media Video on Bhiwadi - Alwar Bypass, Rajasthan.
The complainant had stated that he had entered into a tripartite agreement with the housing finance company and real estate developer for availing housing loan of Rs 15 Lakh towards purchase of the residential unit.

It has been alleged that Media Video did not provide the required documents despite tripartite agreement and as a result of which LIC Housing Finance refused to disburse the loan even after its sanction.
Later, the realty firm cancelled the booking of the complainant in the project.

In an order dated November 20, CCI said there was "absence of dominance of the opposite parties in their relevant markets...".
Accordingly, the Commission said: "No prima facie case of contravention of the provisions of...The (Competition) Act is made out against the opposite parties in the instant matter".
CCI observed that the relevant market in the case of LIC Housing Finance was "provision of housing loan services in India", while for Media Video it was "services of development and sale of residential apartments in Bhiwadi and its nearby area".