A case has been filed against a developer for deceiving buyers under the pretext of selling flats. The Resident Welfare Association (RWA) of Ozone Urbana Township, claiming that they were cheated out of Rs 3,300 crores, lodged a complaint with the Bengaluru Crime Branch Police. According to the complaint, the Ozone Group promoters collected over Rs 1,500 crores through loans taken in the names of buyers from various banks, and an additional Rs 1,800 crores from the buyers themselves.
As per the agreement, the project was supposed to be completed and delivered within five years, but even after 12 years, only half of the work has been completed. The project began in 2012 on a 45-acre plot in Kannamangala, North Bengaluru, with 1,800 flats in various sizes. Ozone Group had promised to complete the project and deliver the flats by 2017, but it failed to do so. As a result, many buyers purchased apartments at prices ranging from Rs 1 crore to Rs 1.5 crore.
The Ozone Group directly collected nearly Rs 1,800 crores from the buyers. In addition, without informing the buyers, the company mortgaged flats in their names to various banks and took loans totaling Rs 1,500 crores. Despite the passing years, construction work has not progressed, and the buyers have demanded either the delivery of their flats or a refund of the money they paid.
Although there have been several orders from Karnataka RERA (Real Estate Regulatory Authority) on this matter, the company failed to refund the amount collected from the buyers. As a result, the Ozone Group has been reported to the police by the buyers.
