Following the Supreme Court’s directive, the CBI has initiated a detailed investigation into widespread allegations of real estate fraud in the YEIDA region. At the heart of the probe are four controversial builder projects:
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Supertech’s Upcountry project in Sector 17A
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Kova and Cassia projects by Jaypee Group in Sector 25, Jaypee Sports City
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Oasis Realtech’s Grand Stand Phase 1 project in Sector 22D
These projects, plagued by delays and allegations of financial irregularities, have drawn the ire of buyers and prompted judicial intervention. The CBI has now taken official project files into custody and is scrutinizing land allotments, lease agreements, approved layout plans, sales records, and fund transfers made to YEIDA.
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Nexus Between Builders and Banks Under Scanner
According to officials, builders allegedly colluded with banks to misappropriate funds collected from homebuyers. In many cases, developers received full loan amounts disbursed directly from banks, without completing construction or handing over possession. Meanwhile, thousands of buyers remain saddled with EMIs for incomplete or non-existent flats.
The CBI is focusing on the systemic failure that enabled this large-scale fraud. Separate officers have been appointed to independently investigate each of the four projects. The agency is probing how approvals were granted despite non-compliance and whether YEIDA officials were complicit in overlooking key regulatory norms.
YEIDA has appointed OSD Shailendra Bhatia as the nodal officer to coordinate with the CBI. This move is intended to facilitate faster information exchange and ensure full cooperation with investigators.
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Buyers Caught Between Delayed Projects and Loan Pressure
For thousands of affected homebuyers, the ongoing investigation is a glimmer of hope in a prolonged battle for justice. Many had invested their life savings into projects promised to be delivered years ago. Instead, they have been forced to continue paying EMIs on housing loans for flats they cannot occupy.
Several buyers have expressed frustration over the lack of accountability from both the developers and the financial institutions involved. “We are paying for a home we don’t have. Banks continue to deduct EMIs, but the builders have disappeared,” said one aggrieved buyer.
The CBI’s probe could uncover the extent of the financial damage and identify those responsible for the misappropriation of funds. If criminal liability is established, officials from both builder firms and lending institutions may face legal action.