Bengaluru Ozone Urban Developers face allegations rs 3300 crore fund

The Central Crime Branch (CCB) of Bengaluru police has registered a case against Ozone Urbana Infra Developers Private Limited, alongside several banks and financial institutions, for allegedly defrauding homebuyers of a staggering Rs 3,300 crore. According to the industry sources, the scale of the alleged fraud is unprecedented in Bengaluru’s real estate history. ”The investigative agencies are working on tracing the misappropriated funds and identifying the full extent of the conspiracy. The complaint was filed by Errol John Noronha, president of the Ozone Urbana Buyers Welfare Association, who accused the developers of  securing loans in buyers’ names, misusing funds, and failing to deliver housing projects as promised. According to the FIR, the developers obtained Rs 1,500 crore in mortgage loans and diverted an additional Rs 1,800 crore from homebuyer payments and related transactions. These funds were meant for the one of the largest township project— Ozone Urbana township project in Devanahalli, launched in 2012. Over a decade later, the project is only 49% complete, far from its promised 2017 deadline. The FIR names several leading financial institutions, including HDFC, Indiabulls Housing Finance, Bank of Baroda, and Piramal Capital and Housing Finance, accusing them of complicity in the alleged fraud. The developers and their associates are suspected of siphoning off the money to other entities, leaving buyers and financiers in the lurch. The agency is expanding the probe to uncover all parties involved,” said one of the earlier source. The case has sent shockwaves through Bengaluru’s real estate sector, with buyers demanding stricter oversight and immediate  justice for the financial and emotional toll they have endured.

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Chennai Valasaravakkam plot to transform into lake and eco park

A once-slushy, garbage-ridden four-acre plot in Valasaravakkam is now a sprawling lake and will soon be transformed into an eco-park offering a leisure experience to people. Valasaravakkam and Porur neighbourhoods, with more than 5 lakh residents, faced constant flooding, with knee-deep water near metro rail work sites. This caused snarls on the busy Porur-Vadapalani stretch regularly. Greater Chennai Corporation (GCC) found a fix for the civic issue by transforming an abandoned private land into a three-acre pond last month. It is now brimming with 1.5 million cubic feet of water. Located just 200 metres away Arcot Road on First Main Road in Valasaravakkam, the pond will soon be converted into an eco-park at a cost of 5 crore. The Subramania Venkateshara Swamy pond has multiple tree islands for birds and an elevated bund to keep encroachers away. Residents demanded the construction of boundary walls at the western end of the pond. "The pond does not have boundary walls. People throw garbage from the balconies of houses, and in abandoned corners, and deploy a watchman," said K Sivasankaran, a resident of Sairram Nagar.
 

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RWAs demand freehold property rights and separate authority for new Noida

Members of the Confedrations of NCR Resident Welfare Association (CONRWA) demanded converting residential land property of Noida Authority from leasehold to freehold, no increase in FAR post-freehold, and establishment of a separate authority for upcoming New Noida, during a meeting with Noida MLA Pankaj Singh over the weekend. Currently, all plots and flats in Noida are sold on a 99-year lease. Residents have been long demanding freehold rights of their properties under the UP Industrial Act 1976. In 2018, the Noida Authority in its 195th (CEO), Alok Tandon, gave in-principle approval for converting Noida properties from leasehold to freehold. A committee was formed under the chairmanship of then ACEO on Oct 10, 2018, based on which, Tandon sent the recommendation to the state govt on Nov 26, 2018. The committee recommended setting up a short-term corpus fund on converting the assets of the residential plot from leasehold to freehold, which will be invested or can be a source of recurring income by receiving interest on it. New Noida, the NCR body maintained that a separate authority should be formed for this area. "The current area of Noida is about 200 square kilometres and the population is about 15 lakhs with a total of 163 sectors. At present, there is a huge shortage of staff within the Authority to manage this area. A new CEO, an ACEO, and an OSD should be appointed for New Noida," said Lokesh Kashyap, another member of the delegation. 
 

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Sale of Apartments seen at 3.05 lakh units worth rs 5.01 crore in 2024

India's seven major primary housing markets are estimated to see sales of 3.05 lakh apartments worth Rs 5.10 lakh crore during the current calendar year, according to JLL India. These seven cities are Delhi-NCR, Mumbai, Kolkata, Chennai, Bengaluru, Pune and Hyderabad. At the end of 2024, over 300,000 homes worth Rs 510,000 crore of homes across 485 million sq ft are expected to be sold," real estate consultant JLL India said in a statement on Wednesday. Housing sales have remained healthy and hit a new nine-month (January-September) peak in 2024 with close to 230,000 homes sold across the top seven cities worth Rs 380,000 crore sold during this period. With the festive season coinciding with the fourth quarter and housing demand expected to remain strong, JLL India said it expects sales for the Oct-Dec 2024 quarter to potentially match or exceed the trailing three-quarter average of over 75,000 units, taking the full-year sales to about 305,000 units. With this, the sales realization value is expected to touch around Rs 510,000 crore for 485 million sq ft of area likely to be sold for full year 2024.
 

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Noida YEIDA launches 20 plots in new housing scheme across three sectors 

To boost residential development, the Yamuna Expressway Industrial Development Authority (YEIDA) has launched a new group housing scheme, offering 20 plots across Sectors 17, 18, and 22D. The scheme features six plots in Sector 17, five in Sector 18, and nine in Sector 22D, with sizes ranging from 11,513.72 sqm to 89,034 sqm. In Sector 17, plots range between 11,513.72 sqm and 24,282 sqm, with a base price of Rs 32,375 per sqm. Sector 18 includes uniformly sized plots of 16,188 sqm, while Sector 22D offers the widest range, with plot sizes starting from 20,235 sqm and going up to the largest plot in the scheme, which spans 89,034 sqm. Meanwhile, developers are required to pay a registration fee or an earnest money deposit (EMD) ranging from Rs 3.73 crore to Rs 30.27 crore to participate in the scheme. The application process began Thursday and will remain open until Dec 18. An e-auction to allocate the plots is scheduled for Jan 20, and incremental bid values are set at 1% of the base price. 
 

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