The Supreme Court on Tuesday ordered a probe by the Central Bureau of Investigation (CBI) into the ‘nexus’ between the banks and builders or real estate developers in the projects of Delhi and the National Capital Region (NCR).
ANI reported that the apex court directed the probe agency to register and conduct multiple preliminary inquiries into an alleged “builder-bank nexus”.
This direction by the top court was based on a plea filed by several homebuyers who have claimed that they were forced to pay Equated Monthly Instalments (EMIs) and did not receive possession of the properties because of delays on the part of developers.
A bench of Justices Surya Kant and N. Kotiswar Singh ordered the CBI probe related to the projects launched by Supertech in the Delhi-NCR region and to conduct the same over projects by other builders outside the region.
The homebuyers also raised the issue regarding the ‘subvention scheme’, under which banks sanction loans to them, but the EMIs against those loans are to be paid by the builders as per a tripartite agreement.
The homebuyers have alleged that when the builders defaulted on these payments, banks initiated recovery proceedings against the homebuyers.
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