SC orders CBI probe into Delhi-NCR realty-banking nexus; slams builders, banks for exploiting homebuyers

Jaipur: The Supreme Court on Tuesday directed the Central Bureau of Investigation (CBI) to conduct seven preliminary inquiries into alleged collusion between real estate developers and banks in the Delhi-NCR region. The order was passed while hearing a batch of petitions filed by homebuyers, who claimed they were being compelled to pay EMIs for homes that were never handed over.

A bench comprising Justices Surya Kant and N Kotiswar Singh sharply criticised the alleged alliance between builders and financial institutions. “This appears to be a clear case of complicity, where both banks and developers have acted in concert, leaving unsuspecting homebuyers to suffer,” the bench remarked.

The court also took a stern view of banks using coercive measures against buyers, despite the issue being under judicial consideration. Providing interim relief, the bench warned of consequences for any misuse of its orders: “Any bank official found acting in contempt of this court’s directions will be held accountable.”