What could be termed a big action, the Competition Commission of Pakistan (CCP) on Wednesday slapped Rs150 million fine on the Kingdom Valley for placing fake advertisements in newspapers about ‘Nya Pakistan Housing Scheme’, reported 24NewsHD TV channel.
According to the CCP, the site of the housing society, which was in Rawalpindi, was shown to be in Islamabad.
Similarly, it (the Kingdom Valley) provided unclear details about the acceptance of a no-objection certificate, said the CCP, adding it also had not submitted financial statements to the SECP for the last several years.
The CCP has further said that transparency and giving accurate information are necessary in the real estate sector.
The commission has appealed to the people to inform it about any such cartel making false claims.
Reporter: Waqas Azeem