The tragic death of 34-year-old advocate Davinderpal Singh Natt in Bathinda has once again exposed the dark underbelly of Punjab’s real estate sector — a space where dreams of secure homes and profitable investments are increasingly turning into financial nightmares. Allegedly driven to suicide after nearly Rs 10 crore invested by him and his associates was not returned, Natt left behind a video and note naming Chandigarh-based builder Binder Pal Mittal and his sons Prateek Mittal and Bharat Mittal. Natt’s death is not an isolated incident, but a symptom of a much larger, systemic crisis.A pattern of broken promisesGovernment sources confirm that over three dozen builders across Punjab are currently under scrutiny for allegedly duping investors and homebuyers. The pattern is alarmingly consistent: Developers raise massive funds by promising high returns or timely delivery of housing projects, only to default on both. Thousands of middle and upper-middle-class families have seen their savings locked in stalled or abandoned projects.Investigations into several high-profile cases reveal the scale of the problem. In one instance, probe into a state-based group led to the attachment of assets worth over Rs 22,000 crore. Elsewhere, multiple FIRs have been registered against developers involved in large residential and commercial projects, many of which remain incomplete years after their promised deadlines. Buyers of projects like the World Trade Centre (WTC) Chandigarh-Mohali and others continue to allege fraud and misrepresentation.Stalled projects, shattered trustBeyond big-ticket developments, more than 30 smaller builders are also under investigation in cities such as Ludhiana, Dera Bassi, Kharar, Patiala and Zirakpur. Complaints range from substandard construction and lack of basic infrastructure (sewerage etc.) to projects that never progressed beyond initial groundwork.Even projects that claim regulatory approvals have failed to deliver. Buyers recount paying crores for properties that remain inaccessible years later. “Despite assurances and clearances, possession has not been given for over two years,” said an affected investor, echoing the frustration of hundreds who have approached courts seeking justice.Experts point to a troubling business model driving the crisis. Builders often launch projects with aggressive marketing, political backing and attractive promises. Once initial funds are secured, many shift focus to new ventures, leaving earlier projects underfunded and incomplete. The cycle continues, sustained by fresh investments, until financial strain or legal scrutiny halts operations—by which time investors are left shattered.A senior police official acknowledged the scale of the issue, noting that hundreds of complaints are pending across districts like Mohali alone. Losses reported range from Rs 20 lakh to as high as Rs 10 crore per investor, underscoring the widespread financial damage.Regulatory response and gapsIn a recent move, the Punjab Pollution Control Board (PPCB) issued directions aimed at protecting homebuyers from penalties arising out of environmental violations committed by developers. Emphasising accountability, the board stated that innocent citizens should not bear the consequences of builders’ misconduct. However, concerns remain over the effectiveness of regulatory oversight. Attempts to seek clarity from the state’s real estate regulatory authority did not yield results.The road aheadAs Punjab continues to promote new investments in real estate, the unresolved backlog of stalled projects raises critical questions about governance and accountability. For thousands of affected families, the issue is no longer about delayed possession, it is about lost life-long savings, eroded trust and a system that appears slow to respond. Until transparent practices are ensured, the state’s real estate sector risks remaining a landscape where ambition is routinely overshadowed by exploitation.