Now Reading: ED raids builders over ‘no EMI’ homebuyer schemes in NCR
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ED raids builders over ‘no EMI’ homebuyer schemes in NCR
The Enforcement Directorate has conducted searches across Delhi-NCR against AVJ Developers and Rudra Buildwell Construction in a money laundering probe linked to alleged cheating of homebuyers through 'subvention' schemes, officials said on…
The Story in Brief
The Enforcement Directorate has conducted searches across Delhi-NCR against AVJ Developers and Rudra Buildwell Construction in a money laundering probe linked to alleged cheating of homebuyers through 'subvention' schemes, officials said on Friday. The raids, carried out on Thursday, follow two separate CBI FIRs.
Investigators are tracing loan funds under the Prevention of Money Laundering Act. The CBI found that builders promised a 'No EMI Till Possession' scheme, but homebuyers who availed housing loans did not receive possession of their flats even after several years. The probe also examines allegations of fund diversion.
The Indian Opinion
The 'No EMI Till Possession' lure has trapped thousands of middle-class families who saw it as their only shot at a home in the NCR. The lazy narrative that it was simply buyer greed ignores how builders and banks structured these as official products. The real test will be how many project registrations the real estate regulator RERA cancels, and how many refunds the NCLT actually orders.
Sources (2): ndtvprofit.com, realty.economictimes.indiatimes.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
