UAE-based Indian expats caught in ₹3,300 crore real estate crisis in Bengaluru
Bengaluru/Dubai: Hundreds of Indian expatriates based in the UAE have found themselves in mounting financial and legal distress after investing in a major residential township in Bengaluru that remains largely incomplete more than a decade after its launch.
In 2018, JE, a Dubai-based mother of two, invested ₹6 million (Dh251, 000) in a flat at Ozone Urbana, an integrated township project near Bengaluru’s international airport. Today, she is still repaying a loan that has crossed ₹13 million (Dh544,000), despite the flat not being delivered according to a report published by Khaleej Times. “There’s no house. Nothing has moved at the site in years, but I still have to pay the bank for something that doesn’t even exist,” she told Khaleej Times.
JE is one of several Indian expatriates in the UAE who claim they were misled into investing in the Ozone Urbana project by Bengaluru-based Ozone Group. Promoted in 2012 as a landmark 185-acre development comprising over 1,800 residential units, the project was initially slated for completion by 2018. However, buyers say construction has either stalled or progressed marginally in most areas.
The project is currently under investigation by India’s Enforcement Directorate (ED), which on August 1 conducted raids across 10 locations associated with Ozone Urbana Infra Developers Pvt Ltd and its senior executives, including managing director Satyamoorthi Vasudevan. The agency has invoked provisions under India’s Prevention of Money Laundering Act (PMLA) following allegations of fund diversion, cheating, and double-selling of residential units.
Buyers allege that funds collected for construction were siphoned off to unrelated group entities and individuals. According to the Ozone Urbana Buyer Welfare Association, which represents affected homeowners, at least 65 flats were reportedly sold to more than one buyer. The association estimates the total fraud at ₹33 billion (Dh1.38 billion), with ₹15 billion (Dh628 million) raised via loans issued in buyers’ names and ₹18 billion (Dh754 million) collected directly.
Errol John Noronha, president of the welfare association and a former Dubai resident, said the group has recorded hundreds of cases of financial loss, stalled EMIs and mounting legal issues. “People have lost their savings, taken loans they can’t repay, and are now stuck with nothing to show for it,” he told the publication, during a visit to Dubai. “The builder failed us. But where were the banks and regulators?”
Vasudevan, in a written response, denied the allegations. He claimed that 80% of the project is complete and insisted that all funds have been allocated to construction. He said the company is cooperating fully with investigators and attributed delays to regulatory bottlenecks and banking procedures. Regarding the double-selling of flats, he said the confusion stems from a previously offered buyback scheme that has been “misinterpreted.”
Despite these statements, many investors report prolonged inaction. Sharjah-based private pilot Sunil Sequeira said he purchased a ₹10 million (Dh420, 000) apartment in 2018 under a subvention scheme, where the developer was to cover EMIs until handover. “They came to my house in Dubai with floor plans and glossy brochures. After initial payments, the developer stopped paying, and I was issued an arrest warrant for defaulting on a loan for a house that doesn’t exist.”
Investor Moiz Abdulhussain from Mumbai said he was promised double returns under a buyback scheme. Despite paying ₹750,000 (Dh31,500) upfront and taking a ₹5.7 million (Dh239,000) loan, the construction has not progressed. “The bank has already released ₹3.6 million (Dh151,000) to the builder. The site is still just mud,” he said. Although he secured a RERA ruling mandating repayment, enforcement remains pending.
“The banks didn’t wait for construction milestones. They just released the money and now we are liable,” Noronha said. Some buyers allege they were never issued construction deeds at all.
According to the welfare association, nearly 200 families are currently living in partially built towers lacking occupancy certificates and basic services such as electricity and water. Meanwhile, the official website of the developer still promotes the project as a “holistic journey of life.”
Earlier this year, the Karnataka Real Estate Regulatory Authority (KRERA) named the Ozone Group and its affiliates as the state's largest defaulters, with over 200 complaints and unpaid dues exceeding ₹1.78 billion (Dh74.8 million). Several NRI buyers claim they remained unaware of the extent of delays and defaults due to restricted access to the KRERA website from outside India
The Ozone Group's troubles are not limited to Bengaluru as similar buyer complaints have been reported in the company’s Chennai, Mumbai and Goa projects, raising wider concerns about regulatory oversight and buyer protections in India’s real estate sector.
Back in Dubai, JE continues to repay her mounting home loan with no clarity on delivery. “I followed every rule. I believed in the system,” she said. “Now, I don’t know if my children will inherit a home or just the debt that came with it.”
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'Homebound' makes it to Oscar shortlist for best international feature
Mumbai (PTI): Neeraj Ghaywan's much acclaimed "Homebound" is among the 15 films shortlisted in the best international feature category at the Oscars, moving a step close to the final five nominations and maybe a win.
The movie, inspired by a true story that became the basis of a news article during the pandemic, has been creating a global buzz since its debut in the Un Certain Regard category at the Cannes Film Festival this May.
Hollywood legend Martin Scorsese is a fan and has come onboard as an executive producer ahead of the award season.
Produced by Karan Johar and Adar Poonawalla, and starring Ishaan Khatter, Vishal Jethwa and Janhvi Kapoor, "Homebound" is Ghaywan's second movie after "Masaan".
"Homebound" will compete for an Oscar nomination alongside Argentina's “Belén”, Brazil's “The Secret Agent”, French drama "It Was Just an Accident”, Germany's "Sound of Falling” and Iraq's "The President's Cake".
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The other movies in the shortlist include Japan's “Kokuho”, Jordan's “All That’s Left of You”, Norway's “Sentimental Value”, Palestine's “Palestine 36”, South Korean hit “No Other Choice”, Spain's “Sirat”, "Late Shift" from Switzerland, “Left-Handed Girl”from Taiwan and Tunisian drama “The Voice of Hind Rajab”, the Academy of Motion Picture Arts and Sciences announced in a release on Tuesday.
The award for best foreign film, now re-categorised as best international feature, has so far eluded India.
Only three Indian films have received nominations in the category -- Mehmood Khan’s “Mother India”, Mira Nair’s “Salaam Bombay” and Ashutosh Gowarikar’s “Lagaan”. Deepa Mehta’s “Water”, starring John Abraham and Lisa Ray, also received a nomination but it was submitted from Canada.
Gujarati film "Chhello Show" in 2023 was the last film to get shortlisted.
Costume designer Bhanu Athaiya was the first Indian to get an Oscar, bagging the coveted prize in 1983 for the film "Gandhi". Other than her, A R Rahman, Resul Pukootty and M M Keeravani have also won individual Oscars.
Team "Homebound" celebrated the shortlist news with posts on social media.
"We made the shortlist... Way to go team Homebound'!" Johar shared in Instagram Stories.
In a post, the producer said it was difficult for him to articulate how "proud and elated" he was with the news.
"All of us @dharmamovies are privileged to have this proud and important film in our filmography... thank you @neeraj.ghaywan for making so many dreams of ours come true... from Cannes to being on the Oscar shortlist this has been such an overwhelming journey! Love to the entire cast and crew and teams of this special special film! Upwards and onwards...."
Ghaywan also shared the news on X.
"#Homebound has been shortlisted for Best International Feature Film at the 98th Academy Awards! We are deeply grateful for the extraordinary love and support we've received from around the world," he wrote on X with a special poster of the film.
Jethwa, who plays one of the two friends in the story opposite Ishaan Khatter, said the moment feels "surreal and incredibly humbling".
"To see 'Homebound' being shortlisted and progressing towards the Oscars is something I could have only dreamed of. I am deeply grateful for the love and support the film has received from audiences around the world," he said as he acknowledged Johar, Ghaywan and co-star Khatter and the rest of the team.
Khatter also shared the news on his Instagram stories and wrote, "Oscar ab dur nahi".
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"Homebound" is inspired by journalist Basharat Peer's The New York Times article “Taking Amrit Home”, also titled "A Friendship, a Pandemic and a Death Beside the Highway".
The film portrays the childhood friendship between a Muslim and Dalit who chase a police job that promises them the dignity they have long been denied due to their surnames.
The Academy on Tuesday also announced shortlists in 11 other categories, including the newly added casting Oscars, animated shorts, cinematography, documentary feature, documentary short, original score and song, sound and visual effects categories.
Nominations for the 98th Academy Awards will be announced on Thursday, January 22, 2026.
Twenty-four categories will be awarded at the 98th Oscars. Each category has five nominees, except for best picture, which has 10.
The 98th Oscars will be held on Sunday, March 15, 2026, at the Dolby Theatre in Los Angeles.
