NEW DELHI: Taking strong exception to real estate firms and banks making “homebuyers cry” by not completing projects on time and forcing them to pay EMIs, SC on Tuesday said a CBI probe was needed to unearth the nexus between them and sought a proposal from the agency on how it intends to conduct the investigation, which could bring many realtors under the scanner. Submit builder-bank nexus probe blueprint in 2 weeks: SC to CBI A bench of Justices Surya Kant and N Kotiswar Singh said the builderbank nexus had created havoc, leaving lakhs of homebuyers suffering and it was ultimately Supreme Court which was coming to their rescue. It said SC was dealing with multiple cases of homebuyers of different projects on a daily basis, and it was not the court’s job.
“We will definitely have a 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 a time-bound manner,” the bench said. It asked CBI to come up with a proposal in two weeks on how to conduct the probe — whether project-wise or area-wise.
Considering that the proposed probe against builders and banks would be a huge exercise, bringing virtually the entire real estate sector under the lens, the bench sought the assistance of former Intelligence Bureau chief Rajiv Jain. Court appointed the 1980-batch IPS officer, who is now practising law, as amicus curiae and asked him to file a note on how to proceed in the .