Ansal’s Husing Pot Sheme under MRTPC Sanner

May 8, 2008	(Be the first to rate this story!)  Loading ...
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Ansal Housing & Construction Ltd’s residential plots project in Karnal has come under fair trade practices body MRTPC’s scanner, as advertisements promoting the scheme withhold the true cost of plots while inducing potential buyers to seek loans only from a particular bank.

The Monopolies and Restrictive Trade Practices Commission (MRTPC) has directed its investigative unit DGIR to look into the claims made by Ansal Housing and Construction Ltd for its upcoming modern township in Karnal.

Deepak Ansal-headed Ansal Housing and Construction advertised in newspapers inviting bookings for 166 square meter plots in the township for just Rs 1.25 lakhs. Ansal Housing and Construction has offered to book a 166 sq metre plot in that township by just paying Rs 1.25 lakhs.

Buyers would then have to pay Rs one lakh within 30 days from booking and thereafter Rs 15,000 per month for 15 months and the balance at the time of possession.

According to MRTPC sources, the company did not even bother to mention the actual price of the plot and tried to keep its customers in dark.

“When details about payments are mentioned, the price details should also have been mentioned in advertisement,” a source said. The Commission suspects that the company has not disclosed the rates of plots with a motive of “possible unfair manipulation of prices”, sources said.

Moreover, the Commission has also noticed that the real estate developer has exclusive tie up with HDFC Ltd for financing the scheme.

As per the advertisement, the scheme was available only to those availing loans from HDFC Ltd.

News Published Under:   Real Estate India, Real Estate Developers |

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