CCI rejects complaint against Wave Megacity Centre

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NEW DELHI (INDIA): The Competition Commission of India (CCI) has dismissed allegations that Noida-based Wave Megacity Centre abused its dominant position with regard to sale of flats in its residential project ‘Wave City Centre’ in Noida.

After concluding that there are other major real estate developers in Noida who “pose competitive constraints” on the company, the watchdog ruled that Wave Megacity Centre is not dominant in the relevant market.

Wave Megacity Centre is owned by the Wave Group.

As per the complaint filed by two individuals, the flats were proposed to be delivered by March, 2017 but the project had not even commenced so far.

Besides, the company failed to refund the full amount paid by the informants and also did not pay the interest.

For this case, the Competition Commission of India (CCI) considered “provision of services relating to development and sale of residential apartments/ flats in Noida and Greater Noida,” as the relevant market.

Citing information available in the public domain, the regulator said there are other major players in the market which indicates that buyers have various options while buying residential apartment and that they are not dependent on Wave alone for the same.

“The services offered by these developers thus pose competitive constraints upon the OP (Wave) in the relevant market, CCI said adding that no case is made out against the OP (opposite party) for contravention of the provisions of Section 4 of the Act.

Section 4 of the Competition Act pertains to abuse of dominant position.

 

Source: Press Trust of India