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The Central Bureau of Investigation (CBI) has initiated an inquiry into land allotments by the Yamuna Expressway Industrial Development Authority (YEIDA) concerning four residential projects in Noida. This action follows a Supreme Court directive to investigate potential irregularities involving builders and banks in subvention schemes. YEIDA has provided the CBI with documents related to Supertech's UP Country, Oasis Realtech's Grandstand, and Jaypee Group's Kove and Kassia projects. The investigation aims to uncover any misuse of funds and project delays that have adversely affected numerous homebuyers in the region.
The Central Bureau of Investigation (CBI) has commenced a probe into land allotments made by the Yamuna Expressway Industrial Development Authority (YEIDA) for four residential projects in Noida. This investigation stems from a Supreme Court order dated April 29, 2025, which called for an examination of alleged misconduct involving builders and banks in subvention schemes that have led to significant project delays and financial strain on homebuyers. Advertisement
YEIDA has submitted comprehensive documentation to the CBI, including land allotment files, lease deeds, approved building plans, payment records, and official correspondence related to Supertech's UP Country in Sector 17A, Oasis Realtech's Grandstand in Sector 22D, Jaypee Group's Kove. These documents are crucial for the CBI's Special Investigation Team (SIT) to assess the extent of any irregularities.
The subvention scheme in question allowed banks to disburse loans directly to builders, who were then responsible for paying the Equated Monthly Installments (EMIs) until the possession of flats was handed over to buyers. However, defaults by builders in paying EMIs have resulted in banks seeking repayments from homebuyers, many of whom have not yet received their properties. Supertech, for instance, owes YEIDA ?466 crore and has not registered any of the flats delivered so far.
The Supreme Court has mandated that the CBI's investigation also involve support from the Reserve Bank of India (RBI), Real Estate Regulatory Authorities (RERA) of Uttar Pradesh and Haryana, and local development authorities. These bodies are to appoint nodal officers to assist in the probe. The investigation will scrutinize tripartite subvention agreements, loan disbursement practices, and compliance with RBI and National Housing Bank.
This inquiry is part of a broader effort to address systemic issues in the real estate sector, particularly those affecting homebuyers who have been left vulnerable due to delayed projects and financial mismanagement. The outcome of this investigation could lead to significant reforms aimed at enhancing transparency and accountability in real estate transactions.
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