The Central Bureau of Investigation (CBI) has launched a wide-ranging probe into 24 real estate projects spread across Noida, Greater Noida, and the Yamuna Expressway region, acting on a Supreme Court directive issued on April 29, 2024. The central agency is investigating alleged financial irregularities linked to the housing loan subvention scheme, which may have defrauded thousands of homebuyers.
Under the subvention model, homebuyers took out loans from banks, with developers agreeing to pay the pre-EMIs (interest) until the property was handed over. However, in numerous cases, developers defaulted on these interest payments, leaving buyers liable to pay EMIs for homes they never received. The court-mandated investigation seeks to determine whether these practices violated Reserve Bank of India (RBI) and National Housing Bank (NHB) guidelines, and whether there was diversion of funds meant for construction.
The CBI has requested comprehensive data from the Noida Authority (9 projects), Greater Noida Authority (11 projects), and Yamuna Expressway Industrial Development Authority (YEIDA, 4 projects). These documents include layout plans, sanction letters, dues statements, registry records, and details of the developers and joint development agreements.
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High-Profile Developers and Projects Named in Multi-City Investigation
Prominent developers and well-known real estate projects are now under the lens. In Noida, the list includes:
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Supertech Cape Town (Sector 74)
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Logix Blossom Zest (Sector 143)
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Mahagun Mezzaria (Sector 78)
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Ajnara Ambrosia (Sector 118)
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Jaypee Greens Orchard (Sector 131)
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Shubhkamna Tech Homes (Sector 137)
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Projects in Sector 150 by Implex Infrastructure, Sequel Buildcon, and Logix Heights
In Greater Noida, the probe covers:
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Supertech Ecovillage 2, 3, and Czar
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AVJ Heights, Earthcon Universal, Rudra Buildwell, Geotech, Morpheus Group, Future World, and Bulland Group
In the Yamuna Expressway region, focus is on:
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Supertech UP Country (Sector 17A)
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Oasis Grandstand (Sector 22D)
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Jaypee Kove and Kassia (Sector 25)
While many of these projects are delayed or partially completed, in some cases, unregistered units were reportedly sold without delivering possession.
Additionally, the Allahabad High Court has directed the CBI and Enforcement Directorate (ED) to initiate investigations into the Sports City projects in Noida Sectors 78, 79, and 150, citing potential financial misappropriations and regulatory violations.
SC Orders Coordination, Accountability; Financial Nexus Under Lens
To ensure transparency and coordination, the Supreme Court has directed the appointment of nodal officers at the deputy secretary level from relevant regulatory bodies, including RBI, RERA (UP and Haryana), and the Union Ministry of Housing and Urban Affairs. The Uttar Pradesh and Haryana governments have also been asked to depute senior police officials to assist the CBI’s efforts.
The CBI has filed seven preliminary inquiries (PEs)—one focused entirely on Supertech, and six others covering key cities like Noida, Greater Noida, Yamuna Expressway, Ghaziabad, Gurgaon, Mumbai, Kolkata, Mohali, Bengaluru, and Allahabad. Investigators are examining whether banks disbursed massive loans without verifying construction progress, relying solely on developer-issued subvention agreements.
These subvention-linked deals, often dressed as consumer-friendly loan options, may have been a façade for a broader financial nexus involving developers, financial institutions, and intermediaries, with homebuyers bearing the ultimate loss.
With documents now being shared by the respective authorities, the investigation is set to intensify. Authorities hope the probe will bring long-overdue accountability in a sector plagued by project delays, buyer distress, and regulatory grey areas.
