In a significant development, the Supreme Court has mandated a preliminary inquiry by the Central Bureau of Investigation (CBI) into the operations of real estate giant Supertech Limited in the National Capital Region (NCR), following allegations of an “unholy nexus” between developers and banks that has adversely impacted thousands of homebuyers.
On Tuesday, the bench, comprising Justices Surya Kant and N Kotiswar Singh, responded to an alarming affidavit submitted by the CBI, detailing potential collusion that may have violated the rights and financial security of numerous citizens. The Justices have instructed the Director-Generals of Police (DGPs) in Uttar Pradesh and Haryana to provide a list of Deputy Superintendents of Police (DSPs), inspectors, and constables to form a specialized investigation team (SIT).
Further directives were issued to the CEOs and administrators of the Greater Noida Authority and Noida Authority, as well as to the secretary of the Ministry of Housing and Urban Affairs, the Institute of Chartered Accountants of India (ICAI), and the Reserve Bank of India (RBI). These instructions call for the appointment of a nodal officer from among their senior-most officials within a week to ensure full cooperation with the SIT’s investigative efforts.
The move comes after the Supreme Court’s sharp criticism of the subvention scheme, where banks disbursed 60 to 70 percent of home loan amounts directly to builders, despite projects not being completed on time. This scheme has left a large number of homebuyers without their homes and financially strained from paying EMIs for properties they do not possess.
The court’s decision stems from a series of petitions filed by distressed homebuyers who have been compelled by banks to continue making payments without having received possession of their flats in various housing projects throughout Noida, Greater Noida, and Gurugram.
