The Supreme Court mandated a CBI investigation into Mumbai's builder-bank nexus, uncovering subvention schemes that diverted funds and delayed housing projects. Over 1,200 homes across six cities are implicated, with Supertech at the epicenter.
India's finance minister relaxes borrowing norms for real estate firms and extends loan subsidy for affordable housing, but industry leaders deem it insufficient.
Banks urge RBI to relax debt restructuring norms for real estate companies to avoid classifying advances as bad loans, seeking uniformity with other sectors.