Competition Comm rejects complaint against Ireo Grace Realtech

The Competition Commission has rejected a complaint alleging unfair business practices by Ireo Grace Realtech in a matter related to sale of residential apartments.
It was alleged that the company indulged in anti-competitive business practices by increasing the basic sale price for a residential apartment in Gurgaon, Haryana.
After finding that there was no prima-facie evidence of violation of competition norms, the watchdog decided to reject the complaint.
It was also alleged that the company did not repay the booking amount even after the complainant decided to cancel the provisional allotment.
As per the complaint, the company had earlier assured that Basic Sale Price (BSP) of the flat would be Rs 15 lakh but later demanded more than Rs 18 lakh.

The Competition Commission of India (CCI) considered "provision of services for development and sale of residential apartments in Gurgaon" as the relevant market for the case.

According to the regulator, there are many other bigger and established players in the relevant market of residential apartments in Gurgaon including DLF Homes, Emaar MGF and BPTP.
Further, the residential apartments being developed by other major players are substitutable and provide multiple options for the consumers in the relevant market, it added.
Thus, "prima facie, opposite party (Ireo Grace Realtech) does not appear to be in a dominant position in the relevant market," CCI said in an order dated August 25.