​On April 29, 2025, the Supreme Court of India directed the Central Bureau of Investigation (CBI) to register seven preliminary enquiries (PEs) into an alleged “unholy nexus” between real estate developers and financial institutions. This decision stems from over 170 petitions filed by homebuyers who reported being compelled to pay EMIs for homes that were never delivered, particularly under subvention schemes in regions like Noida, Greater Noida, Gurugram, and Ghaziabad .​

The court emphasized that this collusion between builders and banks has caused significant hardship to homebuyers, describing the situation as one where “builders and banks have taken poor homebuyers to ransom” . Supertech Limited, a prominent real estate developer, has been identified as a primary subject of the investigation. The CBI’s probe will also extend to other builders operating in cities including Mumbai, Chandigarh, Mohali, Kolkata, and Allahabad .​

To facilitate the investigation, the Supreme Court has ordered the formation of a Special Investigation Team (SIT) comprising CBI officials and officers from the Uttar Pradesh and Haryana police departments. Additionally, regulatory bodies such as the Reserve Bank of India (RBI), the Institute of Chartered Accountants of India (ICAI), and various development authorities have been instructed to appoint senior officers to assist the SIT. The court will monitor the progress of the investigation on a monthly basis .

This move by the Supreme Court aims to address the grievances of thousands of homebuyers affected by delayed or non-existent housing projects and to hold accountable those responsible for the alleged financial misconduct.

Sources