Himalaya Realestate did not abuse dominant position: CCI

NEW DELHI: Fair trade regulator CCI has dismissed complaints against Himalaya Realestate that it abused its dominant market position in residential apartments in Noida and Greater Noida.

Certain individuals who had booked their flats in the residential project 'Himalaya Pride in Greater Noida West' had alleged that the company abused its dominant position by imposing unfair and arbitrary clauses in the 'application-cum- registration form'.

"Since opposite party (Himalaya Realestate), prima facie, does not appear to be in a dominant position in the relevant market, there seems to be no question of abuse of its dominant position within the meaning of the provisions of the (Competition) Act," the Competition Commission of India (CCI) said in an order dated July 2.

According to the Commission, there are many other real estate developers like Supertech and Amrapali Group and operating in the relevant market.

"Further the size and resources of opposite party does not seem to be much in comparison to these other players in the relevant market.

"Also there seems to be no entry barriers or any dependence of buyers on opposite party for any reason whatsoever," it added.

As per the complainants the interest rates for delay in payments were hiked from 18 per cent to 24 per cent per annum, the floors originally allotted to them were changed, among others, under the agreement.