Emaar MGF to pass on Rs 13 crore to homebuyers of Gurugram project

The respondent shall reduce prices to be realised from buyers of the flats, the NAA said

Real estate major Emaar MGF has been directed by the anti-profiteering watchdog to pass on the profiteered amount of Rs 13 crore, with interest, to over 1,200 flat buyers of its Gurugram project.
 

The National Anti-Profiteering Authority (NAA) has held that Emaar MGF did not pass on the benefit of input tax credit to buyers, in a Thursday order.
 

“The respondent has denied benefit of input tax credit (ITC) to buyers of the flats being constructed by him in contravention of the provisions, and thus resorted to profiteering,” the authority said in its March 15 order. The matter involves a complaint from a buyer of the ‘Emerald Floors Premier’ scheme at Gurugram.
 

“The respondent shall reduce prices to be realised from buyers of the flats, commensurate with the benefit of ITC received by him… the respondent is directed to pass on Rs 13.35 crore to flat buyers, along with 18 per cent interest per annum, within a period of three months,” the NAA said in the order.