Geotech Blessings Sector 1 Greater Noida, Greater Noida

The National Consumer Disputes Redressal Commission (NCDRC) directed Panchsheel Buildtech to compensate a homebuyer for a three-year delay (2017 to 2020) with 6 per cent annual interest on their deposit for a flat booked in 2012 in Panchsheel Greens, Greater Noida. The buyer complained of an incomplete house with missing entry gate, raw interiors, seepage, and misaligned walls, deeming the offer of possession a farce.

The CBI registered 22 FIRs against builders in NCR, including M/s Geotech Promoters Pvt. Ltd / “Geotech Blessings”, and officials of financial institutions for allegedly cheating thousands of homebuyers. This action followed a Supreme Court directive to investigate the misuse of the 'subvention scheme,' where buyers were promised no EMI until possession, leading to defaults and incomplete projects. The CBI conducted searches at 47 locations, seizing incriminating documents and digital evidence.

The Supreme Court upheld the initiation of corporate insolvency resolution proceedings against real estate firms Bhasin Infotech and Infrastructure Private Limited and Grand Venezia Commercial Towers Private Limited, reinforcing the rights of homebuyers and commercial allottees. The bench held that the developers failed to deliver functional units and misled the court on the project's completion. The case originated from a 2021 petition filed by 141 allottees of the Grand Venezia Commercial Tower in Greater Noida, alleging that possession was promised by May 2013, but the units were unfit for occupation and lacked a completion certificate.