SC seeks CBI roadmap to unravel builder-banks nexus duping homebuyers

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SC seeks CBI roadmap to unravel builder-banks nexus duping homebuyers - Business Standard

Quick Summary:

A bench of Justices Surya Kant and N Kotiswar Singh said thousands of homebuyers were affected by the subvention scheme, where banks paid 60 to 70 per cent of the home loan amount to the builders without projects being completed within the stipulated time.

Under the subvention scheme, banks disburse the sanctioned amount directly to the accounts of builders, who are then required to pay EMIs on the sanctioned loan amount until flats are handed over to homebuyers.

The Supreme Court on Tuesday ordered the CBI to submit a roadmap on how it plans to unravel the "builder-banks nexus" which has duped thousands of homebuyers in the NCR as it proposed to go into the root of the matter.