ED Gets Court Nod to Return ₹650 Crore Flats to SRS Homebuyers

• Over 2,300 homebuyers to benefit from ₹650 crore flat restoration

• Projects across Faridabad, Palwal, and Gurugram included

• Court ensures buyers’ relief without impacting ongoing trial

In a major breakthrough for troubled homebuyers, a special court has approved the Enforcement Directorate (ED) to return flats worth more than ₹650 crore to buyers affected by the SRS Group real estate fraud case. The move is expected to bring relief to over 2,300 families who had been waiting for years to regain possession of their homes.

The decision comes as part of ongoing proceedings under the Prevention of Money Laundering Act (PMLA), where authorities had earlier attached properties linked to the accused promoters. The court clarified that while asset attachment is necessary to preserve proceeds of crime, genuine homebuyers should not continue to suffer losses due to prolonged legal battles.

In its observation, the court highlighted that restoring flats to rightful buyers would not interfere with the prosecution of the accused. Instead, it would ensure that innocent investors are protected while legal action continues against those involved in the alleged fraud.

This balanced approach allows authorities to pursue the case without delaying justice for affected buyers, many of whom had invested their life savings into these housing projects.

The restoration will cover several stalled projects developed by SRS Group across Haryana, including:

• SRS Affordable Group Housing Project (Sector 6, Palwal)

• SRS Pearl Heights (Sector 5, Palwal)

• SRS Royal Hills (Sector 87, Faridabad)

• SRS Pearl Floor (Sector 87, Faridabad)

• SRS Residency (Sector 88, Faridabad)

These projects had remained incomplete for years, leaving buyers stuck between EMIs and rent, with no clarity on possession.

The case dates back to January 2020, when the ED attached assets worth ₹2,215 crore after allegations surfaced that SRS Group promoters had diverted over ₹2,200 crore collected from homebuyers.

Key accused, including Jitender Kumar Garg, Sunil Jindal, and Praveen Kumar Kapoor, were later declared fugitive economic offenders, leading to further legal action and property confiscation.

This is not the first relief granted in the case. In 2024, the ED had already facilitated the return of flats worth over ₹20 crore to 78 homebuyers in Gurugram.

The court has now directed authorities to carry out the latest restoration in a phased and project-wise manner, ensuring transparency in the process and equal treatment of all eligible buyers.

For thousands of affected families, the ruling brings renewed hope after years of uncertainty. While the criminal case against the promoters will continue, buyers can finally expect progress toward getting possession of their homes.

Legal experts believe this decision could serve as a strong precedent in similar real estate fraud cases, where courts may increasingly focus on safeguarding homebuyers while ensuring strict action against offenders.

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