I have booked for my son an apartment with the Raheja group in Pebble bay in Koramangala in 2016 which was to be handed over in 2019.
However, Raheja did not complete the project and without the consent of its customers sold the project to Ozone Group in May 2019. Ozone has lifted their hands and said they have no resources to do the apartment project and trying to complete the commercial project attached to it. lt clearly shows their intentions towards residential projects. Despite this fact, they are inconsiderate to the customers and when all of us customers joined together and confronted them, they offered 6% interest for the period of Raheja and 8% for the Ozone period. And that too they said they will refund by the 2021 year-end as their financial position is miserable. They have been saying that they are in a very poor financial state and can’t pay a refund before year-end. This shows their actual financial position, which means they will not be able to take up any of their projects and initiate and complete let alone Ozone Green View Project Koramangala.
Meanwhile, they will be projecting good about themselves and the innocent investors invest and their money gets stuck. This is because, this project which they rechristened as Ozone Green View Koramaangala, they have not done anything to even lay a single additional brick and the project remains where it was when they took over in 2019 and our money, for some investors a few crores each is stuck and the management seeking time and negations are on with regards to paying back at MCLR + 2% interest as per RERA Act and the management is offering the minimum of MCLR applicable from the date we paid till date, whereas actually as per act it is the highest applicable MCLR+2% for the period the installments were made.
Once these negotiations finalize, then god only knows when they will actually make the refund, and in any case not before the Year-end, and considering their financial condition, we should consider ourselves lucky if we get it by 2021 Dec end. The unfortunate thing is they never responded and given clarity to customers. We have invested our hard-earned money. For almost 4 years no progress.k don't know how RERA keeps on giving extensions to them without verifying the progress.
Anyone who sees the progress of the project can say it is impossible to complete the project with the extensions provided.
I have approached Rera Court and consumer court for a refund. Nothing happened. The court just goes on postponing dates. No courts will be useful for a common man.
I think God only help our group for a refund of our investment.
- Thank You! We appreciate your effort.
