New Delhi, May 1, 2025: The Supreme Court (SC) has directed the Central Bureau of Investigation (CBI) to start a preliminary probe into Supertech Limited projects across Delhi-NCR.
Hearing a batch of petitions from homebuyers who had booked flats in the Delhi-NCR region and alleged that banks were coercing them to pay EMIs though they hadn’t received possession of their homes, the SC observed that an “unholy” nexus exists between banks and real estate developers, who had “taken poor homebuyers to ransom”.
A Bench comprising Justices Surya Kant and N Kotiswar Singh also considered an affidavit submitted by the CBI and instructed the director generals of police of Uttar Pradesh and Haryana to provide a list of deputy superintendents of police, inspectors, and constables to form a special investigation team (SIT) under the agency’s supervision.
The apex court also directed the CEOs of the Greater Noida Authority, Noida Authority and the secretary of the Ministry of Housing and Urban Affairs to each nominate a senior-most official to serve as a nodal officer for the SIT.
The Institute of Chartered Accountants of India and the Reserve Bank of India were also instructed to name designated officers within a week to facilitate the SIT’s probe.
Last July, the SC had directed banks and builders not to take coercive action against home buyers regarding payment of EMIs and said that no complaint shall be entertained if cheques bounce.
Terming the SC directive “a positive step that will benefit homebuyers”, NAREDCO national president G Hari Babu said, “Such decisive action reinforces the commitment to accountability and strengthens the foundation of a fair and buyer-friendly industry.”
He added, “Upholding ethical practices and protecting consumer interests is the way forward for a more credible and robust real estate ecosystem.”
Babu said the issue also highlights the need for stronger checks and balances within financial institutions and real estate practices. “The confidence of homebuyers is the backbone of this sector, and safeguarding their rights must remain the top priority.”
Continued regulatory vigilance combined with industry-wide responsibility will “ensure that real estate evolves into a more transparent, trustworthy and consumer-centric space,” he said.