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Time of India
23-05-2025
- Business
- Time of India
CBI seeks information on 24 projects in SC-ordered subvention probe
NOIDA : CBI has launched a probe into 24 real estate projects across Noida, Greater Noida , and off the Yamuna Expressway , investigating alleged financial irregularities in a subvention scheme that may have defrauded thousands of homebuyers. The central investigating agency has now sought details of these real estate projects — following a Supreme Court directive of April 29 — as part of a probe that involves not just gathering records from the three development authorities but also scrutinising an alleged nexus between banks and developers. Officials confirmed that the CBI had requested Noida Authority for details on nine projects — including those promoted by Supertech , Logix City Developers , IVR Prime Developers, and Jaypee Infratech. A similar request was made to Greater Noida Authority for information on 11 projects, several of which overlapped with Noida's list, including developments by Supertech and Shubhkamna. Yamuna Expressway Authority was asked to submit documents related to four projects under its jurisdiction. The investigation follows allegations that banks, under the subvention scheme, had disbursed home loans to developers who were supposed to pay the interest as pre-EMI on behalf of homebuyers until they were offered possession. Some developers, however, defaulted on these payments, forcing banks to pester buyers to cough up EMIs for undelivered properties. Among other things, the CBI's investigation would also try to find out if these disbursals violated Reserve Bank of India (RBI) and National Housing Bank (NHB) guidelines, and whether funds were diverted away from construction. While hearing the case, the SC asked the development authorities to cooperate with the investigation and appoint nodal officers. The CBI sought layout plans, sanction letters, dues statements, registry details, and information on developers for the identified projects. In Noida, these included Supertech's Cape Town in Sector 74, Logix's Blossom Zest in Sector 143, Mahagun Mezzaria in Sector 78, Ajnara Ambrosia in Sector 118, Jaypee Greens Orchard in Sector 131, Shubhkamna Tech Homes in Sector 137, and three projects in Sector 150 by Implex Infrastructure, Sequel Buildcon, and Logix Heights. Greater Noida's list featured Supertech's Ecovillage 2 and 3, and Czar, along with projects by AVJ Heights, Earthcon Universal, Rudra, Geotech, Morpheus Developers, Future World, and Bulland Group. In Yamuna Expressway region, the probe covered Supertech's UP Country in Sector 17A, Oasis Realtech's Grandstand in Sector 22D, and Jaypee Group's Kove and Kassia in Sector 25. Some of these projects had delayed possession or unregistered units, even though certain units were said to be ready. The apex court asked CBI to file seven preliminary inquiries — one dedicated exclusively to Supertech projects, with others spanning multiple locations such as Noida, Greater Noida, Yamuna Expressway, Gurgaon, Ghaziabad, and key metropolitan areas like Mumbai, Bengaluru, Kolkata, Mohali, and Allahabad. It also directed UP and Haryana govts to appoint police officers to assist the investigation, and designated deputy secretary-rank nodal officers from RBI, RERA (UP and Haryana), and the housing and the urban affairs ministry to support coordination. Investigators examined how banks released huge amounts to developers without properly verifying the progress of construction, often relying on subvention agreements that placed homebuyers at risk. They also reviewed joint development agreements, which created complex financial liabilities in several stalled projects. In a separate case, the Allahabad high court asked the CBI and Enforcement Directorate (ED) to carry out investigations in the Sports City projects in Noida Sector 78, Sector 79, and Sector 150 for potential financial and legal violations. Noida Authority, officials said, already provided details of these projects to the CBI.
Hindustan Times
23-05-2025
- Business
- Hindustan Times
Subvention Scheme: Greater Noida, Yeida give details to CBI for probe
The Noida, Greater Noida, and Yamuna Expressway authorities have begun preparing and handing over documents to the Central Bureau of Investigation (CBI) in connection with a Supreme Court-ordered probe into alleged collusion between real estate developers and banks in so-called subvention schemes. The apex court, on April 29, directed the CBI to undertake a probe to unearth a possible nexus between builders and banks in sanctioning huge amounts under the scheme without following any due diligence. Following the apex court's directive, the authorities have identified 24 housing projects—11 in Greater Noida, nine in Noida, and four in Yamuna City—that are under scrutiny. These schemes were initially promoted by builders, promising to pay EMIs on home loans until possession was handed over. But many builders defaulted, and the projects were either stalled or abandoned, leaving buyers saddled with debt and no homes. The court's intervention came after receiving over 170 petitions from more than 1,200 homebuyers across the country. Subvention schemes involve a tripartite agreement between the buyer, banker, and developer. Under these, buyers typically pay between 5% and 20% up-front, while the bank loans the rest to the developer in instalments. The developer pays the interest on a loan for a certain fixed period, usually two to four years, until the buyer takes possession. The buyer starts paying back the loan in equated monthly instalments after this. Yeida CEO Arun Vir Singh confirmed that documents for the four Yamuna City projects—including Supertech's Upcountry and Oasis Realtech's Grandstand—have been submitted. 'We've handed over all related files to the CBI as per the Supreme Court order,' Singh said. Shailendra Bhatia, officer on special duty, has been named Yeida's nodal officer for the investigation. In Greater Noida, the authority's additional CEO Saumya Srivastava said they have submitted records for 11 projects, including Supertech's Ecovillage 2 and 3, AVJ Heights, Earthcon, and Future World. 'We will continue to support the CBI in the probe,' he said. The Noida authority, meanwhile, is yet to provide its documentation. CEO Lokesh M said they have received a request from the CBI and appointed a nodal officer, but will submit files once formally asked. Projects under the scanner in Noida include Supertech Capetown, Blossom Zest, Mahagun Mezzaria, and Jaypee Green Orchard. The CBI has asked the authorities for comprehensive records—land allotments, lease deeds, approved building plans, payment histories, and official correspondence with developers. The court-mandated probe follows allegations that banks sanctioned full loans without due diligence, violating Reserve Bank of India and National Housing Bank norms. Buyers say banks are now pursuing them for recovery despite incomplete construction. 'The sad part is that the banks are taking action against innocent buyers. The builders misused the funds, and the buyers are suffering,' said Arun Kumar, a buyer from Supertech Capetown. The Supreme Court has also approved seven preliminary enquiries—one specific to Supertech, five regional (covering Noida, Greater Noida, Yamuna City, Gurugram, and Ghaziabad), and one for other metro cities. The court has ordered the appointment of nodal officers from the RBI, state RERAs, and housing ministries, and deputation of police officers from UP and Haryana. Three chartered accountants will assist with forensic audits.
Time of India
22-05-2025
- Business
- Time of India
CBI seeks info on 24 projects in SC-ordered subvention probe
Noida: CBI has launched a probe into 24 real estate projects across Noida, Greater Noida, and off the Yamuna Expressway, investigating alleged financial irregularities in a subvention scheme that may have defrauded thousands of homebuyers. The central investigating agency has now sought details of these real estate projects — following a Supreme Court directive of April 29 — as part of a probe that involves not just gathering records from the three development authorities but also scrutinising an alleged nexus between banks and developers. Officials confirmed that the CBI had requested Noida Authority for details on nine projects — including those promoted by Supertech, Logix City Developers, IVR Prime Developers, and Jaypee Infratech. A similar request was made to Greater Noida Authority for information on 11 projects, several of which overlapped with Noida's list, including developments by Supertech and Shubhkamna. Yamuna Expressway Authority was asked to submit documents related to four projects under its jurisdiction. The investigation follows allegations that banks, under the subvention scheme, had disbursed home loans to developers who were supposed to pay the interest as pre-EMI on behalf of homebuyers until they were offered possession. Some developers, however, defaulted on these payments, forcing banks to pester buyers to cough up EMIs for undelivered properties. Among other things, the CBI's investigation would also try to find out if these disbursals violated Reserve Bank of India (RBI) and National Housing Bank (NHB) guidelines, and whether funds were diverted away from construction. While hearing the case, the SC asked the development authorities to cooperate with the investigation and appoint nodal officers. The CBI sought layout plans, sanction letters, dues statements, registry details, and information on developers for the identified projects. In Noida, these included Supertech's Cape Town in Sector 74, Logix's Blossom Zest in Sector 143, Mahagun Mezzaria in Sector 78, Ajnara Ambrosia in Sector 118, Jaypee Greens Orchard in Sector 131, Shubhkamna Tech Homes in Sector 137, and three projects in Sector 150 by Implex Infrastructure, Sequel Buildcon, and Logix Heights. Greater Noida's list featured Supertech's Ecovillage 2 and 3, and Czar, along with projects by AVJ Heights, Earthcon Universal, Rudra, Geotech, Morpheus Developers, Future World, and Bulland Group. In Yamuna Expressway region, the probe covered Supertech's UP Country in Sector 17A, Oasis Realtech's Grandstand in Sector 22D, and Jaypee Group's Kove and Kassia in Sector 25. Some of these projects had delayed possession or unregistered units, even though certain units were said to be ready. The apex court asked CBI to file seven preliminary inquiries — one dedicated exclusively to Supertech projects, with others spanning multiple locations such as Noida, Greater Noida, Yamuna Expressway, Gurgaon, Ghaziabad, and key metropolitan areas like Mumbai, Bengaluru, Kolkata, Mohali, and Allahabad. It also directed UP and Haryana govts to appoint police officers to assist the investigation, and designated deputy secretary-rank nodal officers from RBI, RERA (UP and Haryana), and the housing and the urban affairs ministry to support coordination. Investigators examined how banks released huge amounts to developers without properly verifying the progress of construction, often relying on subvention agreements that placed homebuyers at risk. They also reviewed joint development agreements, which created complex financial liabilities in several stalled projects. In a separate case, the Allahabad high court asked the CBI and Enforcement Directorate (ED) to carry out investigations in the Sports City projects in Noida Sector 78, Sector 79, and Sector 150 for potential financial and legal violations. Noida Authority, officials said, already provided details of these projects to the CBI.
Time of India
14-05-2025
- Business
- Time of India
CBI seeks land allotment files, maps, lease deeds for four societies from YEIDA
NOIDA : Yamuna Expressway Industrial Development Authority ( YEIDA ) has handed over to the CBI land allotment files, lease deeds, approved building plans, payment records and details of the official correspondence between the Authority and developers of four residential projects where flats were offered under a subvention scheme. On April 29, the Supreme Court directed CBI to set up a special investigation team (SIT) to investigate an alleged builder-bank nexus that is suspected to have misused the subvention scheme to facilitate large-scale misappropriation of funds at the expense of homebuyers. The apex court tasked the SIT with uncovering the extent of wrongdoings in loan disbursements and project delays that impacted thousands of homebuyers. The court's directive came as it heard a bunch of petitions filed by thousands of homebuyers who had booked flats under subvention plans in various housing projects in NCR and alleged, they were being forced by banks to pay EMIs despite not getting possession of their flats because of inordinate delay by developers. Under the subvention scheme, banks disburse the sanctioned amount directly to the accounts of builders, who pay EMIs on the amount till flats are handed over to homebuyers. As builders started defaulting in paying EMIs as per the tripartite agreement, banks had initiated action against homebuyers to recover the payments. YEIDA CEO Arun Vir Singh told TOI that in a formal communication last week, the CBI's EO–I team had sought documents related to land allotment and project development for Supertech's UP Country in Sector 17A, Oasis Realtech's Grandstand in Sector 22D, and the Jaypee Group's Kove and Kassia projects in Sector 25. Supertech, which is to construct over 3,500 flats, villas and plots in its UP County project on 100 acres with IVR Prime Developers (AVADI) Private Limited and Information Bureau (India) Ltd owes the Authority Rs 466 crore. Some of the units in the project have been handed over to buyers, but none of the flats are registered. At Grandstand, all 1,235 flats are ready. Jaypee's Kassia and Kove are still incomplete. On Tuesday, Singh said the documents were recently submitted to the CBI. In its order, the Supreme Court had asked CBI to register seven preliminary enquiries (PEs), one of them specifically to investigate all projects of Supertech Ltd, which was named prominently in the petitions. Five other PEs are to cover projects in Noida, Greater Noida, Yamuna Expressway, Gurgaon and Ghaziabad. A seventh PE will focus on projects outside the NCR, including Mumbai, Bengaluru, Kolkata, Mohali, and Allahabad, that do not involve Supertech. The court had ordered the govts of UP and Haryana to depute police personnel to support the CBI's investigation, which could bring many realtors under the scanner. It also mandated the appointment of nodal officers from various regulatory and development authorities. These officers, holding at least the rank of deputy secretary, are to be drawn from RBI, Real Estate Regulatory Authority (UP and Haryana), development authorities of Noida, Greater Noida, YEIDA, and Gurugram, as well as the Union Ministry of Housing and Urban Affairs. Their role is to provide timely information and cooperation to the investigation court specified that the scope of the investigation must include a thorough review of tripartite subvention agreements signed between homebuyers, builders, and banks or housing finance companies (HFCs). It also directed the agency to probe violations of RBI and National Housing Bank (NHB) guidelines, particularly concerning the upfront disbursal of home loans without verifying construction progress. During the investigation, CBI will also scrutinise joint development agreements (JDAs) to determine liability and trace financial accountability. CBI has been also directed to submit regular status reports to the court.
Economic Times
13-05-2025
- Business
- Economic Times
As dream homes turn into debt traps, SC steps in to nix builder-bank nexus
Sachin Chauhan was 30 when he booked his dream home in Supertech's Azalia project located in Sector 68, Gurugram in November 2015. Priced at INR80 lakh, the flat came with an irresistible offer — no EMIs until possession — thanks to the subvention scheme where the builder promised to pay the EMIs until the flat was handed over in December 2019. For the first two years, things looked promising. The builder paid EMIs on time, and progress at the
