65 ‘Ozone Urbana’ flats double sold, owners helpless
BENGALURU: With Real Estate Regulatory Authority (RERA) highlighting on its website that Bengaluru-based Ozone Group and its sister concerns were the biggest defaulters, with 201 cases filed against them by home buyers and nearly Rs 178.83 crore compensation yet to be paid, flat owners of its project ‘Ozone Urbana’ in Devanahalli share their agony over 65 flats allegedly being ‘double sold’ by the builder. The 1,800-flat project was to be handed over to buyers in 2018, but is only partially complete seven years post the deadline.
Bipul Bhattacharya, a buyer, told TNIE, “I bought a 2BHK flat in ‘Avenue’ block for Rs 87 lakh in 2017, of which Rs 68 lakh was a bank loan. Just 55% of the work is completed, and was stopped in 2018. Ozone Group had inadvertently sent home buyers a mail, in which the fact that 65 units had been re-sold was mentioned. Many are still paying EMIs for their home loans.”
Another house owner, on condition of anonymity, said, “I bought three 3BHK flats at Ozone Urbana in 2014 for Rs 70 lakh, Rs 80 lakh and Rs 1.3 crore. I have already paid in full for two of them and Rs 60 lakh for the Rs 1.3 crore flat. In 2024, I learnt that the flats I had paid for in full have been sold for over Rs 1.2 crore each – one to a senior citizen couple and another to one of their vendors to whom they owe dues. I confronted them and they acknowledged it, and suggested I take a new flat in exchange for them.”
Nearly 200 owners have occupied their flats here, though there is no Occupancy Certificate, permanent electricity or water connection, he added.
Rohit Patel, another owner, said, “The builder did not honour the tripartite agreement to pay the pre-EMI until handover. I took a home loan of Rs 67 lakh and am still paying it. RERA has not given the project an extension either. I am feeling cheated and will not invest in real estate in Bengaluru hereafter.”
A representative of Ozone Urbana Buyers’ Welfare Association said, “Despite the tahsildar issuing an order on December 7, 2024, that a recovery amount of Rs 109.98 crore be deposited with the District Revenue Officer within seven days, the builder has not done it. The property of Ozone Infra would be auctioned, though no action has been taken yet.”
In an official response, Ozone Group said, “We understand the concerns of home buyers and are taking proactive steps to address them. We have identified potential investors and new customers who have expressed interest in purchasing the remaining units, providing an opportunity for existing investors to exit if they wish. Additionally, the company has applied for a RERA extension and is awaiting approval, which will enable us to approach banks and financial institutions for home loans and secure project financing to expedite the completion of the project...”