NEW DELHI: The Supreme Court on Tuesday asked a special CBI court to take cognizance of three charges filed by the federal agency within two weeks over the “unholy nexus” between banks and developers to dupe homebuyers in the NCR and proceed with the trial.A bench of Chief Justice Surya Kant and Justices Joymalya Bagchi and Vipul M Pancholi was informed by Additional Solicitor General Aishwarya Bhati, who appeared before the CBI in the case, that the federal agency will make substantial progress in investigations in all 25 homebuyer cases by March.
In July last year, the court had allowed the Central Bureau of Investigation (CBI) to register 22 cases on the ‘unholy nexus’ between banks and developers to dupe homebuyers in the National Capital Region (NCR) by availing the subsidy scheme.
Under the scheme, banks will disburse the sanctioned loan amount directly into the accounts of builders, who will then have to pay monthly installments on the amount until the flats are handed over to homebuyers.After builders failed to pay the installments, banks demanded the money from homebuyers, in accordance with the tripartite agreement.
On Tuesday, the court, which heard the pleas of over 1,200 harassed homebuyers, passed a new set of guidelines after taking note of the submissions of Bhati and amicus curiae (friend of the court) Rajiv Jain.
Bhati said the CBI has filed three chargesheets in Delhi’s Rouse Avenue court but none have been taken cognizance of them yet.
The court asked the court to take cognizance of the charges within two weeks and dispose of the cases expeditiously.
It asked the CBI to share the copies of the chargesheets with the amicus curiae, who will in turn apprise the court of the status and fairness of the investigation conducted so far.
The court noted that the CBI has appointed police officers from Uttar Pradesh and Haryana to assist it in the ongoing investigation in the cases.
The bench asked the central agency to consider filing more FIRs if further complaints warrant it.
It also asked 23 banks and financial institutions, involved as bankers in the cases, to deposit Rs 10 lakh each in a special account of the Union Bank of India towards reimbursement of the expenses incurred by the amicus curiae and his office in assisting the bank.
Earlier, the bank had allowed the CBI to convert the six preliminary investigations it had conducted against various builders and banks into 22 regular cases, equivalent to FIRs for cognizable offences, for further investigation. Later the number of cases increased.
Those under the scanner include builders from the NCR and development authorities in Uttar Pradesh and Haryana.
The bench appreciated the efforts of the CBI to take up the case after realizing the seriousness and magnitude of the issue, examining over 1,000 people and visiting 58 project sites, and asked the CBI to complete the investigation expeditiously and take the matter to its logical conclusion.
The court had noted that the investigation in the seventh preliminary inquiry registered by the CBI into projects of several builders other than Supertech Limited falling outside the NCR – in Mumbai, Bengaluru, Calcutta, Mohali and Allahabad – was still ongoing.
It was hearing a batch of petitions filed by the over 1,200 home buyers, who had booked flats under the subsidy schemes in various housing projects in the NCR, especially in Noida, Greater Noida and Gurugram, alleging that they were being forced by the banks to pay installments despite not owning any flats.
On March 29 last year, the court allowed the CBI to register five preliminary investigations into the cases of builders and projects in the NCR, including in Noida, Greater Noida, Gurugram, Ghaziabad and on the Yamuna Expressway.
It had enabled one preliminary inquiry to be initiated against reality major Supertech Limited. A total of 799 homebuyers have moved the Supreme Court against Supertech Limited through 84 appeals involving projects in eight different cities.
The court had directed the CBI to share parts of the report under sealed cover with the amicus curiae if “it was deemed necessary”.
It had asked the CBI to look into the amicus report and termed it an ‘eye-opener’ that also highlighted the need for transparency in the dealings of development authorities, including RERA, and measures to protect the interests of homebuyers from unscrupulous builders.
Referring to the amicus report, the bench said that some home buyers, very few in number, were offered possession of their flats but they refused to take it and instead opted for litigation.
On April 29, 2025, the apex court directed the CBI to file seven preliminary investigations against builders in NCR, including Supertech Limited.
Scowling at the conspiracy of officials, banks and builders of development authorities to dupe home buyers, the court said it has found a prima facie nexus between reputed banks and builders in Noida, Gurugram, Yamuna Expressway, Greater Noida, Mohali, Mumbai, Kolkata and Allahabad.
Jain had termed Supertech Limited as the “main culprit” in defrauding homebuyers, while Corporation Bank had advanced over Rs 2,700 crore to builders through subsidy schemes.
The amicus report has revealed that Supertech Limited has secured a total loan amount of Rs 5,157.86 crore since 1998 alone.
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