CCI rules out abuse of dominance charge against Media Video
The Competition Commission of India (CCI) has dismissed charges that real estate company Media Video abused its dominant position in the market for residential flats in Bhiwadi,Rajasthan. A complaint filed by a buyer who had booked a flat at Bhiwadi with the company,had alleged that the firm,a dominant entity in the real estate segment,had not sought approvals from authorities for the residential project. He further alleged the company had highly one-sided conditions in the buyer agreement and not delivered possession in time. In an order dated November 7,the CCI has ruled that there was no case for referring to Director General for investigation and it was a fit case for closure under…of the (Competition) Act. The fair trade regulator said that many real estate players were operating in Bhiwadi. …it is apparent that there were many significant players in the relevant market and prima facie it appears that the Opposite Party (Media Video) was not a dominant player in the relevant market, CCI said.
Indiareit raises R800crore fund to invest in real estate projects
Pirmal Group’s real estate private equity firm Indiareit Fund Advisors said it has raised Rs 800 crore capital through a scheme. The company announced that Domestic Scheme V has crossed the basic fund size of Rs 750 crore last week. The scheme currently stands at Rs 800 crore and is well on track to reach the target fund size by the end of the year, Indiareit Fund Advisors said in a statement. With this fund raise,Indiareit is one of the few managers who have raised a substantial amount of capital this year, the statement said.
Raheja Developers launches mixed-use project in Gurgaon
Raheja Developers has launched Raheja Trinity,a mixed-use development in Sector 84,Gurgaon. The project,spread over 2.82 acres is located near the upcoming Dwarka Expressway,and is 300 metres from NH-8. It comprises retail spaces,service apartments and offices. The area of shops varies from 221 sq ft to 565 sq ft and prices range from Rs 24 lakh to Rs 75 lakh. The area of service apartments measure 565 sq ft and would cost Rs 57 lakh.