Delayed Real Estate Projects In India: Bengaluru's Ozone Urbana & Mantri Manyata Energia
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- Опубліковано 3 сер 2022
- India's Most Delayed Projects (Bengaluru): For the last four years, work on more than 10 projects in Bengaluru’s Ozone Urbana Township has been stalled. The Ozone Group started construction in 2014 but today at least 100 homebuyers, who paid close to Rs 1 crore each, have been left in the lurch. Whereas, Mantri Manyata Energiawas supposed to be completed by December 2018, but five years down the line, buyers still wait to move into their dream apartment. Watch this video to know how the devastating journey of these buyers who are waiting to shift to their dream homes.
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It is an eye opener for the new home owners. Please include Chennai projects as well. It is unfortunate for the country like India and the real estate projects are in the hands of these seasoned criminals who are hand in glove with the political parties.
I remember radio ads back in 2017 or something about this project. They heavily advertised a luxury lifestyle and people fell for it. It's painful for the people who have paid for the apartments. Hopefully they get their apartments.
That's why I would never buy a flat in a project at a pre-launch stage or at the launch stage howsoever cheap it may be when compared to its price near completion. My idea is to buy when a project is nearing completion or in the process of getting the OC. I know chances of getting a unit of my choice would be limited at this stage but it is what it is. In India , the vagaries of the real estate market can bankrupt a buyer. RERA doesn't help either, it is abused by the builder who works hands in gloves with the concerned Govt authority to make sure he doesn't have to pay penal interest to the buyers.
exactly. it is better to buy a resale apartment. there are many people who want to resale
Indian government has chosen to let this happen to middle class public otherwise there is no way individual builders can manage to take away public money So comfortably and with confidence.
Sovereign Unnathi project in Bangalore Horamau is similar one project which started in 2009 and still more than 1000 families are still waiting for the completion of flats. Even NCLT couldn’t resolve this since last more than 3 years..
This can not be considered anything else but Indian government and legal framework’s failure.
NCR region is well known for such chor builders. But now people lost trust in such real estate investments. I am a NRI booked flat in 2010 and I know so many people who got stuck in such projects and they will never invest even if they get 70% discount. This entire headache is not worth. No one is helping. Legal system itself will take 100 years.
@rupesh v- you too :)
I bought 3 flats for 1.2 crores each thinking I will get profits by selling them. Unfortunately, the monthly rent I get is only 25 thousand ..thats not even enough for emi..buying property in bengaluru is extremely over rated and risky. Instead rent
My apartment is on ground floor on tower V. I bought it in 2015 of which Ozone hasn't even started construction and it is 2022 now.
like most legal forums and tribunals this RERA also toothless and inefficient. In a country where litigation in court will go on forever, and in our case State Bank of India did not implemented the court order for the past 19 years and still going.... so its wise not to fall into this kind of situation, no point in blaming the judiciary later.
Times of India group's subsidy Artha property's project Empressa is delayed for more than 3 years.
They did just 25 -30% what they promised.
Please highlight this and many more such delays
Thank you. I was planning to buy an under construction apartment in Hebbal, Bengaluru. A real eye opener
Delay is ok
See projects in near completion that have stopped after litigation
1. Nitesh Columbus
2. Mid west elita
3.
Poor financial literacy among people especially among the IT crowd in Bangalore is the reason for the situation in which they find themselves. Why would someone sell their ancestral property to buy an apartment which is nothing but a concrete box in the sky built by a dubious builder. Also what about the guy who had 20 lakhs lifetime savings but took a loan of 76 lakhs. Hope they know basic arithmetic. Of course, the crooked builders have to be brought to book but the consumers also need to have some accountability and do their research.
So true
Well said
Financial literacy is very much needed.
People think buying a flat in urban areas is a cool investment thing.
Pls do-not sell ancestral property to buy a flat in cities without proper knowledge.
It is easy to sit on a computer and drop comments on financial literacy. Problem is not with IT crowd. Problem is with inflation in home prices which govts have failed to control or regulate. Before educating people on financial literacy have you seen the rents in Bangalore? It's obvious to try and get a home
@@sachinbaliga5563 People who go for the so called reputed builder are all second time buyers who actually buys apartment for investment purpose only.They will sell or rent out their first apartment move to the new apparments
@@mrvattoli1858 that's right and those folks are responsible for the crazy hike in real estate prices but my response was for the statement about financial literacy of IT. That's not relevant.
Buying property in India is such a risky idea! Imagine the mental stress because of all these unscrupulous builders. I remember looking at Ozone Urbana but now I am glad I did not proceed! I think like many have said, it is better to buy a completed project, even if it costs more than pre-launch.
Why people give money to something which is not complete yet...
Its OK to pay premium for completed project, and not OK to get entire money stuck and no roof to stay..
Sad for flat owners..
That’s why I bought sobha completed project..If I would have bought 2 yr back I would saved 10 lac.but now I think whatever u said is better approach.
Thank you moneycontrol for showing this
Please also make videos for delayed projects in Greater Noida West, I have booked Project : Ajnara Le Garden in 2014 however still in 2022 I have not received handover yet. If possible please cover that stories from other cities. 🙏
I will never invest in Indian real estate. Top to bottom almost all corrupt including politicians. That's why I left India 40 years ago.
Best thing that you have done
RERA should be made more accountable to ppl. I know how my frnd struggled for a house in noida
Good work well done
Pl try to cover prominent cities in our country with similar situations are existing
Thanks
Guys, looking at the bangalore city expansion... It will no longer be a livable city after 5-10 years down the line... The city has got saturated with growth., please plan your dwelling places elsewhere....
How about Mumbai/chennai?it is getting saturated from past several decades but still flat costs are expensive..what's ur thought on that?
100%
@@82ramprasad Lo gandu Mumbai is gone case. After 50 years because of rising sea levels Mumbai's land will be submerged
Please do it for Hyderabad projects also
Bhai loan pe EMIs Dene se accha hai, let the bank takeover the apartment. There is no use throwing good money over a bad one. The credit score will sure take a hit but that is still desirable than getting stuck in such a hopeless situation.
That's exactly what I was thinking. If the banks are threatening to take over the apartments for non-payment of EMIs, then let them. Banks don't keep apartments - its not their business. So they'll auction the apartments cheaply.
Lol this is easier said than done. Bank will first sue you. Make your life hell.
Somehow these builders and developer's property should be under litigation till they ensure that buyer's house key is given.
Conduct this survey for Pune also. Phadnis Eastern Ranges is one such property which is stuck since 2010, possession was committed in 2012-13. At least 200 flat holders are stuck. Paying EMIs, banks are enjoying the interest. Builders are enjoying the principle. And common citizens are jacked on both sides. Pathetic state of affairs. Government body should be established just to review all stuck projects. Don’t send builders to jail, it does not resolve the problem, in fact increases the legalities. Simply attach builders assets and their relatives assets to the project. Sell off builders assets and complete the project. Compensate the flat holders.
My father was Plant and Machinery Manager at Phadnis Eastern Ranges, the company didn't pay 2 years' salary, didn't credit PF deductions for 2 years into the accounts and told everyone to not come to work one fine day. They filled the case in labour court the court directed the company to pay the PF dues at the earliest or face jail time, and the board opted for jail time went to jail were released on bail soon.
@@Theprabhune yes sending to jail is one option but a very risky one because it does not help to recover money neither helps to build flats …the balanced option is work it out with builder to ensure work happens, and salaries to staff and flats to buyers are delivered
Don't pay EMI if you do not have another property. It is cheaper to go into bankruptcy in such cases.
@@SolomonSunder that’s confusing. Are suggesting to stop paying EMIs?
@@anandkanhere5193 If your loan does not have another person as guarantor, then why not? You are allowed to have the amount needed to survive anyways.
do update about other projects in bangalore. A good piece of information
Mantri webcity too is one of their delayed project.
Welcome to India.
It is scam by banks who funded builder indirectly in violation of RBI NHB NDMA guidelines
00:24 correct it ...it should be builder not buyer
Sad to hear these stories. People are pouring in their hard earned money. There must be some end to this real estate mafia
Good news to show the Dark side of Real Estate black ⚫️ side
Boxes in sky
Even the completed projects of the last builder are not having clear titles and buyers are snubbed into silence in a hope that they will be able to get back the paid amount or be able to sell the property to someone later.
oh man, this is so scary. I was planning to book an under construction flat now and this makes me think twice.
But problem is by the time buildings near completion, everything is sold out. Heck, within few months of launch flats are getting sold out. If I wait for resale flats, the prices would have shot up atleast 40-50%, might be more.
So eff-in confusing 🙄
Developers don't put much money. They collect installments from buyers and use the amount for buy further lands or use it for earlier projects. It is big gamble to invest on projects which are not even got permissions.
Let these buyers, meet regularly and be careful about blacksheeps who are on the builders' side.
Similar to the pyramid scheme of builders in China. Just that in India, it is not a large problem since there are smaller builders as well.
@@SolomonSunder what is your opinion of century real estate?
If it were me, I would hVe gathered all buyers and would have gone directly to their office and subsequent projects asking them to stop shit.. if things don't resolve in a week, go block their managers or CEO house.. in a nutshell, follow the Sri Lankan way..
You will be buried with FIRs and will be taken to court. They don't do scam without top lawyers in their pocket.
Even Sowparnika project worst they don't deliver on time
Can you make viedo on Gurgaon project
Please share this info to max people so that govt can also take strict action rather than building another vijay malia
What is the status of this project now?
What for RERA?
The Bureaucrats, The approval authorities all are "hand in glow" with the Builders/Developers - that is how all the problems to the home buyers. when RERA has been formed to root out problems/corruption, their hands are tied. They are not allowed to take stringent action on the Builders/Developers. This way the Builders/Developers are having jolly good time with public money. it's time both Central and State Government put their heads together and pause all construction work by these unscrupulous Builders/Developers before things go out of hand. Buying home is once in Life time, nobody has right to rob others money. Please stop unfair, unethical practices immediately.
In the democracy I belive only politicians are living without any worry of wealth/money that's why everyone wants to become a politician.
Exactly. India is a country for Politicians and Ministers
The should not be allowed to launch new projects if old projects are delayed by more than a year
You didn't include Skylark mansions projects
Because of lax laws and criminal cartel 'developers' in the country, it's not a great idea to book property at the pre launch stage! Many are falling for the high voltage marketing gimmicks of the builders! Hope these guys get to occupy their properties soon!
Most delayed must be Jaypee in Noida
The exact same thing is happening in China too.
RERA must act now !!!
When such mafias bcome ministers or sponser political parties then what you can expect for common people. 😢
This is from Hyderabad, Try to include PacificaHill Crest RERA P02400003949, booked on 2019 and promised as per rera will handover on 2025, now they are saying they got new Rera number extended to 2017... they almost taking decade for single project.
It’s clearly buyers mistake, they take risk of buying the apartment in under construction phase at lesser price, they blame builder if things go wrong..
Learn the lesson: buy finished apartment which has OC (occupancy certificate from Bbmp) u will never go wrong.
That's where you are wrong. Builders like Prestige, Brigade, Embassy never have this problem. Have a flat each in projects by these companies and I booked all during the launch stage. Got really good return on my investment as well.
@@aashishjain3506
Hi Sir,
I bought brigade northridge apartment 2bhk for 80 lakhs in 2014 n interest paid to bank so far is 10 lakhs (I have all the proofs of amount paid to builder n emis paid to bank)..
I am ready to sell the same apartment for 85 lakhs with loss of 5lakhs..
Request to find me a buyer for BRIGADE apartment, I am ready to exit with 5 lakhs of loss..
Lesson learnt: Apartments are similar to cars once car is out from the showroom the depreciation starts. Same way once apartment get transferred to your name from builder depreciation will start
@@aashishjain3506 what is your opinion of century real estate
@@nishantkhanna8222 again backed by strong promoters. Deep pockets and well connected in political corridors. They have some really good projects near hebbal and after that.
@@aashishjain3506 ok good to know they are a safer bet
Life is just to Love and to be Loved 💕 Love alone can Conquer the WORLD.
Media should capture all these developers ...
Instead they nly want to do political stories
Your ozone depleted... Home buyers😅😅
Seriously these real estate developers are exploiting the financial illiteracy of people, how can someone put his whole life savings on some apartment man that makes no financial sense, with that much money one can leave peacefully in a decent tier 2 town owning everything
Buy a farm land.. enjoy ur time.. there is no life in city.. no resale.. must be brain dead to buy