Supreme Court Halts Coercive Actions Against NCR Homebuyers

The Supreme Court has provided relief to NCR homebuyers by ordering a stay on coercive actions by banks, financial institutions, and builders regarding EMI payments and cheque bounce cases. The court is set to examine an appeal against a Delhi High Court order dismissing petitions that sought a halt to these charges until possession of flats is delivered.

The Supreme Court has granted a major relief to homebuyers who have not received possession of their flats across the National Capital Region (NCR). It directed that no coercive action shall be taken against them by banks, financial institutions, or builders concerning EMI payments, and no cheque bounce cases will be entertained.

The apex court was addressing multiple pleas against a Delhi High Court order that dismissed petitions from several homebuyers seeking a halt to Equated Monthly Installment (EMI) charges until the real estate developers delivered their flats.

Aggrieved homebuyers, led by associations like Supertech Urban Home Buyers Association (SUHA), escalated the matter to the Supreme Court. A bench of Justices Surya Kant and Ujjal Bhuyan issued notices to relevant parties and implemented an interim stay on coercive actions related to EMI payments and cheque bounces. The court will next hear the case on September 27.

(With inputs from agencies.)