In a distressing situation, nearly 2,000 buyers of houses and plots at 'Ozone Urbana' in Devanahalli are facing financial blockades and uncertainty about the delivery of their homes. Despite multiple orders from the Karnataka Real Estate Regulatory Authority (K-RERA), the promoter has failed to fulfill the compensation to the buyers, exacerbating the six-year-long struggle.
The ambitious project, spanning 185 acres at Kannamangala village, promised a sophisticated residential plaza with individual complexes and towering structures. However, only 30% of the construction is complete, and some handed-over houses lack Occupancy Certificates (OC). President of Ozone Urbana Buyers’ Welfare Association, Errol Norohna, expressed concerns about unfulfilled promises, alleging that many RERA orders have been disregarded.
Buyers, lured by promises such as the builder covering pre-EMI amounts until possession, now feel trapped. An army officer, terming the project a potential Ponzi Scheme, lamented the loss of savings. Another buyer, Manohar CR, shared his struggle despite K-RERA ordering a refund in 2022.
Raju Sadhwani, who invested in two houses, expressed dissatisfaction with the lack of compensation despite RERA orders. Ozone Group MD Vasudevan Satyamurthy remained unresponsive to inquiries. The situation reflects the challenges faced by homebuyers in the Ozone Urbana project, with legal orders yet to bring relief.
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