India’s antitrust regulator, the Competition Commission of India (“CCI”) is proactively exercising its powers to gain its due and relevant place in the affairs of the world’s largest democracy. The CCI has recently taken a step forward towards protecting the interests of the property buyers by modifying the terms of the agreement executed between one of India’s largest real estate player and the apartment buyers for two different real estate projects. The provisions of the Apartment Buyers Agreement have apparently been modified to make the agreements more equitable and fair to the property buyers.
The CCI has reportedly modified approximately 16 (sixteen) sub-clauses which were deemed abusive and unreasonable to the buyer, as also required modifications in view of the laws applicable to the development of group housing projects in the state of Haryana. CCI has, inter alia, also commented that: