"Thousands Crying": Supreme Court Talks Of CBI Probe Into Homeowners' Troubles

The Supreme Court has expressed serious concern about the nexus between banks and builders and assured that a probe by the Central Bureau of Investigation will be held into the grievances of homeowners. A group of homeowners have gone to court, claiming that they are being forced by banks to pay EMIs without obtaining possession of flats due to delay by builders and developers.

"We are not going to certify any institution as bad or good," said Justice Surya Kant, who was part of the two-judge bench hearing the matter.

"We will definitely have CBI probe. That is clear. Thousands of people are crying. We can't wipe their tears but we can address their issues. Something very effective has to be done in timebound manner," he added.

In a landmark ruling in July 2024, the Supreme Court had directed that no coercive action, including EMI recovery, should be taken against homebuyers in the National Capital Region (NCR) who haven't received possession of their flats.