CBI Requests Land Allotment Files, Maps, and Lease Deeds for Four Housing Societies from YEIDA

NOIDA: The Yamuna Expressway Industrial Development Authority (YEIDA) has submitted a set of key documents to the Central Bureau of Investigation (CBI) as part of an ongoing probe into a suspected builder-bank nexus linked to the misuse of subvention schemes in housing projects.

The materials handed over include land allotment files, lease deeds, approved building plans, payment records, and correspondence between YEIDA and the developers of four residential projects that offered flats under the controversial subvention model.

The move follows a Supreme Court directive issued on April 29, ordering the CBI to constitute a Special Investigation Team (SIT) to investigate potential large-scale financial misappropriation tied to the subvention scheme.

The apex court emphasized that the SIT should uncover the depth of irregularities in loan disbursements and examine the widespread delays in project completion that have severely impacted thousands of homebuyers.

The court’s direction came while hearing a cluster of petitions filed by aggrieved homebuyers from across the National Capital Region (NCR).

The petitioners, who had booked flats under subvention-based housing schemes, alleged that despite not receiving possession of their homes due to prolonged delays by developers, they were being compelled by banks to continue paying Equated Monthly Instalments (EMIs).

Under the subvention model, banks release the loan amount directly to builders, who in turn are supposed to service the EMIs until the flats are delivered. However, many builders defaulted on these payments, prompting banks to shift the liability onto homebuyers, triggering legal and financial distress for thousands.

YEIDA CEO Arun Vir Singh confirmed to The Times of India that the CBI’s Economic Offences–I (EO–I) unit had formally requested documentation related to land allotment and project development for four specific projects: Supertech’s UP Country in Sector 17A, Oasis Realtech’s Grandstand in Sector 22D, and Jaypee Group’s Kove and Kassia projects in Sector 25. He added that the requested documents had been handed over to the CBI earlier this week.

Supertech, in collaboration with IVR Prime Developers (AVADI) Private Limited and Information Bureau (India) Ltd, is responsible for developing over 3,500 units—comprising flats, villas, and plots—on 100 acres in the UP Country project.

The company reportedly owes YEIDA ₹466 crore. While some residential units have been delivered to buyers, none have been officially registered. Oasis Realtech’s Grandstand project has completed all 1,235 flats, but Jaypee’s Kove and Kassia developments remain unfinished.

The Supreme Court’s order also directed the CBI to register seven preliminary enquiries (PEs), one of which is to focus exclusively on Supertech Ltd, a key figure in several petitions.

Five of the remaining enquiries will cover projects located across Noida, Greater Noida, Yamuna Expressway, Gurugram, and Ghaziabad.

The seventh PE will examine housing developments beyond the NCR, including in Mumbai, Bengaluru, Kolkata, Mohali, and Allahabad, excluding Supertech-related ventures.

Further reinforcing the scope of the probe, the court instructed the governments of Uttar Pradesh and Haryana to assign police personnel to assist the CBI.

In addition, regulatory and development bodies are required to appoint nodal officers—of at least deputy secretary rank—from agencies including the Reserve Bank of India (RBI), the Real Estate Regulatory Authorities (RERA) of UP and Haryana, the development authorities of Noida, Greater Noida, YEIDA, Gurugram, and the Union Ministry of Housing and Urban Affairs. These officers are expected to ensure timely information sharing and full cooperation with the investigating team.

The SIT has been mandated to thoroughly examine tripartite subvention agreements signed by builders, banks or housing finance companies (HFCs), and homebuyers.

A major focus of the investigation will be on possible breaches of guidelines laid out by the RBI and the National Housing Bank (NHB), particularly those related to the premature disbursal of loans without appropriate checks on construction progress.

As part of the comprehensive probe, the CBI will also evaluate joint development agreements (JDAs) to determine the chain of liability and establish financial accountability. The agency has been instructed to file periodic status reports with the Supreme Court as the investigation unfolds.