New Delhi: The Supreme Court on Tuesday expressed serious concern over the alleged misuse of subsidy schemes by real estate developers and financial institutions, which has left homebuyers paying EMIs for years without receiving their flats. The Central Bureau of Investigation (CBI) has filed 28 cases against builders, of which three charge sheets have already been submitted.
No Relief for Builders Involved in Buyer Exploitation
The bench, comprising Chief Justice Suryakant, Justice Joymalya Bagchi, and Justice Vipul M. Pancholi, observed that a “well-planned and deep-rooted conspiracy” appeared to have been orchestrated by real estate firms and financial institutions, causing prolonged hardship to homebuyers. The court made it clear that no person or entity linked to the builders who has caused “undue harassment” to homebuyers can be granted any relief.
CBI Files 28 Cases; Three Charge Sheets Submitted
Additional Solicitor General Aishwarya Bhati informed the court that following its orders, the CBI has registered 28 regular FIRs against builders. Investigations in three cases have been completed, and charge sheets have been filed. The Supreme Court directed the lower court to take cognizance of these charge sheets within two weeks and proceed with hearings expeditiously.
Interestingly, the three charge sheets—against Rudra Buildwell Pvt. Ltd. (Cabinouz Apartments, Greater Noida), Dream Procon Pvt. Ltd., Logix City Developers Pvt. Ltd. (Victory Ace Project, Noida), JP Infratech, and Jayprakash Associates (Orchards Project, Noida)—name only the directors of real estate companies. No bank officials have been included as accused.
Fast-Track Investigation and Court Monitoring
The bench noted that while the special judge at Delhi’s Rouse Avenue Court has not yet taken cognizance of the three charge sheets, investigations into the remaining 25 cases are ongoing and are expected to make significant progress by the end of March. The court also directed Bhati to forward additional petitions from homebuyers against real estate agents and developers to the CBI for further investigation.
Supreme Court Highlights Extent of Buyer Exploitation
Praising the detailed analytical work done by Justice Rajiv Jain, the bench remarked that the report “reveals shocking details of the unfair treatment meted out to homebuyers and landowners” and will assist the CBI in bringing its investigation to logical conclusions.
The Supreme Court’s stringent direction reinforces its stance against any relief for builders who have caused undue hardship to homebuyers, emphasizing accountability and swift judicial action.
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