CBI Raids 47 Locations, Registers 22 FIRs Against NCR Builders for Homebuyer Fraud
In a major crackdown aimed at protecting thousands of defrauded homebuyers, the Central Bureau of Investigation (CBI) has registered 22 FIRs against prominent real estate builders and unknown officials of financial institutions operating in the National Capital Region (NCR).
Acting on directions from the Supreme Court, the CBI also conducted raids at 47 locations across Delhi-NCR to investigate the alleged nexus between builders and bankers. The action follows a series of Special Leave Petitions (SLPs) filed by distressed homebuyers who accused builders of cheating and project delays while also facing coercive recovery actions by financial institutions.
Observing an “unholy nexus” between the developers and financial institutions, a Supreme Court bench led by Justices Surya Kant and N Kotiswar Singh had on April 29 permitted the CBI to convert six preliminary enquiries into full-scale investigations. This move was in response to the growing concerns and complaints from homebuyers who have been left in the lurch due to project delays and financial mismanagement.
Among the developers named in the FIRs are industry giants including Supertech Ltd., Jaypee Infratech Ltd., Ajnara India Ltd., Vatika Ltd., and CHD Developers Ltd. The list of builders and projects named in the CBI FIRs over alleged homebuyer fraud in NCR includes:
- Supertech Ltd. - AVJ Developers (India) Pvt. Ltd. – AVJ Heights - Earthcon Universal Infratech Pvt. Ltd. – Casa Royale - Rudra Buildwell Projects Pvt. Ltd. – Rudra Palace Height - Geotech Promoters Pvt. Ltd. – Geotech Blessing - Shubhkamna Buildtech Pvt. Ltd. – Shubhkamna City - Shubhkamna Buildtech Pvt. Ltd. – Shubhkamna-Advert Tech Homes - Bulland Buildtech Pvt. Ltd. – Bulland Elevates - Decent Buildwell Pvt. Ltd. – Shri Radha Aqua Gardens - Rudra Buildwell Construction Pvt. Ltd. – KBNOWS Apartments - Saha Infratech Pvt. Ltd. – Amadeus - Dream Procon Pvt. Ltd. – Victory Ace - Logix City Developers Pvt. Ltd. – Blossom Zest - Jaypee Infratech Ltd. – Orchards - Sequel Buildcon Pvt. Ltd. – The Belvedere - Ajnara India Ltd. – Ajnara Ambrosia - Vatika Ltd. – Vatika Turning Point - CHD Developers Ltd. – 106 Golf Avenue - Ninex Developers Ltd. – Ninex City - Jaypee Sports International Ltd. and Jaiprakash Associates Ltd. – Kove Project, Kassia Project - Idea Builders Pvt. Ltd. – Red Apple Residency - Manju J Homes India Ltd. – Red Apple Homez
This comprehensive action by the CBI is expected to bring much-needed relief to homebuyers who have been suffering due to the unethical practices of these builders. The Supreme Court's decision to allow the CBI to investigate further is a significant step towards ensuring accountability and transparency in the real estate sector.
The CBI's raids and FIRs are a clear message to the real estate industry that the government is committed to protecting the interests of homebuyers and will not tolerate any form of fraud or malpractice. As the investigations progress, it is hoped that the necessary steps will be taken to ensure that affected homebuyers receive justice and that the real estate market in the NCR region becomes more transparent and reliable.
