Indian expatriates’ dreams shattered as Ozone Urbana project near Bengaluru airport turns into a decade-long real estate nightmare.
Hundreds of Indian expatriates in the UAE are facing severe financial strain after investing in Ozone Urbana, a large residential project near Bengaluru’s Kempegowda International Airport. Launched in 2012 by the Bengaluru-based Ozone Group, the 185-acre township promised over 1,800 units with completion targeted for 2018. However, more than a decade later, large sections of the project remain incomplete, leaving buyers burdened with escalating home loans and legal challenges.
Buyers allege the developer misled them with glossy promotions and failed to deliver promised progress. Many had taken substantial loans, some under subvention schemes where developers were supposed to pay EMIs until handover. Complaints range from halted construction and unfulfilled handovers to double-selling of units and lack of construction deeds. The Ozone Urbana Buyer Welfare Association claims over ₹33 billion was involved in alleged financial misconduct.
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India’s Enforcement Directorate has launched a probe under the Prevention of Money Laundering Act, conducting raids on multiple locations linked to the Ozone Group. Investigations focus on fund diversion, cheating, and sale of the same property to multiple buyers.
Currently, around 200 families are living in partially built towers without occupancy certificates or basic utilities. The Karnataka Real Estate Regulatory Authority (KRERA) has also flagged the Ozone Group as a top defaulter, listing over 200 complaints and dues exceeding ₹1.78 billion.
Investor concerns now extend beyond Bengaluru, as similar issues have surfaced in Ozone’s projects across Chennai, Mumbai, and Goa, highlighting persistent regulatory lapses in India’s real estate sector.
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