Did anyone book a flat in Ozone recently?

Q: Has anyone booked a 2 or 3 BHK apartment in Ozone? I visited last week and the quotation is 2990/Sqft, with a premi payment option by the builder to the bank till possession-
For a 2 BHK - I need to pay the builder approx 7 lacs today. Till the possession which is Dec 2014 as of now, the builder will be paying the interest to the bank. Me paying nothing. The banker explained me that I would save approx 6 lacs of rupees for 2 years by not paying EMI. And I can invest it somewhere else and get returns. Looks lucrative.

Do you all see anything fishy over here?

Also I have been 2 times to the site. I do not find any labours or any work going on. Did anyone else see any development?

Did anyone book a flat at ozone recently? AT what price?

Roshan Roshan,

30th September 2012

Buying property in Ozone Urbana Township, Devanahalli, Bangalore

Follow Discussion

Also see discussions for

Bangalore Devanahalli Ozone Urbana Township Buying property Buying property in Bangalore Buying property in Devanahalli Buying property in Ozone Urbana Township

Replies (13)

Do not buy with this builder. The township is incomplete and I have heard from reliable sources that they are basically bankrupt. You go to the site and see that everything is semi finished and their sales people are trained to lie. I think the senior management is not experienced in construction and are only into this to make a fast buck from the people of India and invest abroad like mallaya and modi. Very soon you will see that their owners are also on the lam.

ozone is fraud,

26th April 2018

Comment

I have, the experience with the builder and the Bank has been somewhat difficult because we are overseas. It is best for you to see the site first, ask the customers (if any on site) and also write down all the questions you can think of and sit with the builder and talk to them. Given a choice, I would have gone for a completed project instead of planned project. because there are some many unknowns.

Christopher, Apartment Resident

25th November 2013

Comment

Hi Christopher
I'm looking at a similar investment with Ozone with buyback option and emi covered till possession. Was wondering if three years from the date of your post you can share any more of the experience you had.

regards
Anjum

anjum, Bangalore

27th July 2016

Hi ,

I want to book the flat in Ozone Urbana , pls any one can confirm how is this builder & really worth for investment.

Regards
Veeresh

Veeresh, Bangalore

25th November 2013

Comment

I was first time buyer, after some search on net found both credible and negative news abt the builder. I have bought a 2bhk at pavilion.

bk, Bangalore

20th February 2014

Hi,

I am going to book a 2 BHK flat in Ozone Urbana but am a bit worried if it would be right investment or not.

Moreover I am not sure how good is this builder and whether they are really going to maintain the pre-emi payment
till possession or not.

Also I am not sure whether the land is dispute free or not?

Please call me on 9902500554 so that I can get your opinion on this builder and can get your valuable feedback.

Please provide your number so that I can give a call to get the details.

Regards,
Subodh

Subodh Kumar , Apartment Resident

22nd November 2013

Comment

Hi, have you bought the flat ? Just to see if we can group together about the info on this project.

bk, Bangalore

20th February 2014

If you calculate taking into account that the complete loan amount will not be disbursed at the time of booking and is disbursed equally in the next 2 Yrs than you will not save any thing.
But I Went with this scheme with assumption that he is going to pay the EMI till possesion and I need not want to bother about the project delay.
But now when it comes to Tri-Party Aggrement the builder is asking me to sign on the Tri-Party Aggrement which mentions that the builder is going to pay the Pre-Emi till 31-March-2015.
If some one already went with this pre-emi scheme with ozone please let me know how what you did with the tri-party aggrement.

Hariprasad NG, Apartment Resident

1st March 2013

Comment

Hi Hariprasad,
I am also almost decided on buying an apartment at Ozone and it appears that the pre-EMI will be paid by builder till possession. However, they have not discussed the agreement terms till now. Will let you when I discuss the same.

Panther Leo,

24th March 2013

anymore update on this topics - Will they pay emi till possession or only till 2015 (not sure if they will complete before 2015 with a slow pace of construction activities

Christopher, Apartment Resident

6th September 2013

I booked a 2bhk flat in Dec 2012 and signed on the Tri-party agreement in Jan. Unfortunately I dint pay attention to pre-emi till 31-March_2015 :( I saw the photos of the construction status on their website and it looks on track. So hope they ll finish it on time

Srinivas, Bangalore

13th November 2013

Subodh Kumar , Apartment Resident

22nd November 2013

I have bought the 2BHK in pavilion. So far I have paid 10% of booking amount. They will make the agreement in Jan.

bk, Bangalore

9th December 2013

I did mentioned in the booking application form that in the agreement it should be mentioned that builder is going to pay the interest till possession.

bk, Bangalore

9th December 2013

Hi Guys,
The project if completed looks best.But right now this are only in paper and in their websites and not in reality. also Carerating as mentioned is not sure after 2011. and Crisil ratings are all seen in bad ratings . But as of now they are claiming as May 15 the possession of the flat. How true is this can be said when we see through 2015 may.
As of now Banks are approved and So can we think the projects are clear of all approvals and issues. Can we just take granted when they say Banks are approving..what if, we cannot sell it , Has anyone checked with Legal expert for this. appreciate anyone answers to my query as i am exited about this project.

Suresh Kumar , Apartment Resident

13th February 2013

Comment

Subodh Kumar , Apartment Resident

22nd November 2013

Have anybody got some idea about the dispute of land, what is the issue and what should the customer do right now if willing to book in urbana

Ashish, Apartment Resident

18th January 2013

Comment

I know it is a flat Roshan.. but what I meant is some builders construct projects on land which is illegal or struck in some issues.. That's why it is better to check whether there is any land dispute..

Rubiya,

3rd October 2012

Comment

meetbangy501@gmail.com

bangy, Bangalore

30th November 2012

I can't believe that anybody is giving 6 lakhs profit to you.. So I don't think you have to consider this.. but ultimately decision is yours..

Dwarkesh,

3rd October 2012

Comment

Hi all.. seems that the builder needs liquidity .. that's why this scheme.. the offer looks good to me.. but only if the rest are all clear..

Dwarkesh,

1st October 2012

Comment

Dwarkesh. Even I feel the same and the project is tempting. But I find raings given by CRICIL and CARE bad. Not sure if that needs to be considered. How good are these agencies? Also I find teh feedback from Existing customers(OZone green- Different project) very bad. That makes me rethink.
http://www.careratings.com/Portals/0/Rating%20Statistics%20Regulatory/6.2.2(c)October2011-March2012.pdf

http://crisil.com/Ratings/RatingList/RatingDocs/ozone-urbana-infra-developers_19may11.htm (2011 rating)

Roshan Roshan,

1st October 2012

Subodh Kumar , Apartment Resident

22nd November 2013

I feel it is better to take advice from a legal expert.. It is very important to verify all the documents as Rubiya has told.. First get them verified and once proven proper only then think of investment scheme..

Rajkumar, Bangalore

1st October 2012

Comment

Subodh Kumar , Apartment Resident

22nd November 2013

Have you checked whether if you pay that cash now then immediately will you get sales deed and all documents.. BY the way, did you verify all the documents related to land, CC etc.?

Rubiya,

1st October 2012

Comment

It is an appartment. Good point. I think should egt my sales deed. ONly then bank will approve my loan and I can avail this scheme. But will check. Googling around I found, CRISIL and CARE provided bad ratings to this builder. That worries me.

Roshan Roshan,

1st October 2012

Subodh Kumar , Apartment Resident

22nd November 2013

Hi Roshan, what is the total cost you will have to pay.. and what will be the payment plan exactly?? I mean if you pay 7 lakhs now, then what remains and when it has to be paid?

Sagar Prasad, Bangalore

1st October 2012

Comment

Total cost 35 lacs. 7 lacs now. rest of the 28 lacs as part of Home loan from HDFC. My loan will be approved today but my EMI will start only after possession of the flat. It will just be a regular homeloan of whatever tenure I choose.

Roshan Roshan,

1st October 2012

Yes I have booked a 2BHK apartment. There were offering 10gms gold coin at that time for bookings before december. I have paid almost 12 lacs in a span of 2 months and still they have not given any gold coin.. and also the construction does not seem to be as per standards. they were offering 200/sq. ft if without loan. so i went for this scheme. but now i feel it was a wrong decision that i made. ozone is not that worth investing

Shaik Riyaz, Apartment Resident

18th January 2013