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The Supreme Court of India has asked for a response from the Indian government, the Reserve Bank of India, Supertech, Indiabulls Housing Finance Ltd, and others, in response to a couple of appeals made by Supertech homebuyers. These appeals seek to restrain lenders from charging equated monthly instalments (EMIs) until the homebuyers receive possession of their flats.
The homebuyers are challenging the Delhi High Court's March 14 judgment, which refused to direct the banks and financial institutions not to charge such EMIs until possession. The homebuyers argued that the High Court had digressed from the core issue of wrongful disbursement of the loan amount.
The Supreme Court Bench, led by Justice V Ramasubramanian, has issued a notice to parties and asked banks and financial institutions not to take any coercive steps against the buyers for non-payment on such loan accounts until the next date of hearing. This decision has given hope to Supertech homebuyers who have been grappling with the burden of EMIs for years without receiving possession of their flats.
The issue of linking property documents with Aadhaar to curb corruption, black money, and benami transactions has also come to the forefront in India. The Delhi High Court has sought responses from the government on a Public Interest Litigation (PIL) seeking to link property documents with Aadhaar. The PIL has been filed by advocate Ashwini Kumar Upadhyay, who argues that linking property documents with Aadhaar will help curb corruption, black money, and benami transactions. The division bench has issued notices to the ministries of finance and housing and urban affairs ministry, rural development ministry, and the law and justice ministry on this matter.
Linking property documents with Aadhaar has been a topic of debate in India for a while now. Aadhaar is a unique identification number issued by the Indian government to every Indian resident. Aadhaar has been linked to bank accounts, mobile numbers, and other government services to eliminate fake or duplicate identities and curb corruption. However, linking property documents with Aadhaar has been a contentious issue. Critics argue that linking property documents with Aadhaar could lead to privacy concerns, as it would give the government access to citizens' property-related information.
Proponents of linking property documents with Aadhaar argue that it would help curb corruption, black money, and benami transactions. Benami transactions are those where a property is purchased in someone else's name to avoid paying taxes or concealing black money. By linking property documents with Aadhaar, the government can ensure that property transactions are legitimate and that the owners of the property are not using benami transactions to evade taxes.
In conclusion, the Supreme Court's decision to seek a response from the government and financial institutions on appeals by Supertech homebuyers seeking to restrain lenders from charging EMIs until they receive possession of their flats is a positive development for homebuyers in India. Similarly, the PIL seeking to link property documents with Aadhaar to curb corruption, black money, and benami transactions is an important issue that needs to be debated in India. While linking property documents with Aadhaar has its benefits, the government must also address concerns around privacy and ensure that citizens' rights are protected.
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