Gopinath Chandra 0

Ozone Urbana - 2nd installment payment delay request

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Dear Mr Sudarshan, This is wrt to the letter received from Ozone towards 2nd installment. We are a group of buyers in your project and cumulatively account for nearly 30 sites of various dimensions. Of late the Urbana project has been in the news for all the wrong reasons. There had been newspaper reports of Ozone being involved in some land scams. Also we have come to know through our sources that parcels of land within the project (commercial) are disputed with department of horticulture staking claim for the same. Also there are issues wrt to awarding back of land to Ozone by KIADB. We suppose all this adverse news flow coupled with the legal hurdles has caused the launch itself to be delayed by nearly an year now. At the same time the clarifications for all the above issues have not been very forthcoming from Ozone group's management team. All this has caused a lot of confusion and lack of clarity about the future of the project itself. We have also heard that the 'residential' part of the project is clean, but at the same time you should understand that as 'buyers' we have invested into a township and not just the residential plots. The land pricing had a premium keeping in mind all the commercial development that is supposed to transpire. Our confidence at this point in time in the project is very low but at the same time we do understand that projects of this large a magnitude are very likely to hit legal hurdles wrt land aquisitions and all. Infact as a group we had been advising other buyers into the project not to cancel their bookings as we are hopeful that Ozone group will be able to resolve the issues at hand. Most of us are early buyers into the project and its been a painful wait just to see the project getting formally launched. All in all we will appreciate if Ozone group can do the following for us : 1. Give us a clear picture on the ongoing land disputes in the project and the various outcomes that may come as a result of resolution of the same (for instance losing land can make the project smaller). 2. We have been facing a lot of issues in getting financing from banks. SBI/LIC have not approved the project while there had been issues wrt NOC from Axis bank. We will like your legal department to attend to these issues on priority since a lot of us will depend on loans to finance our buys. 3. Clarity on the launch date of the project. For the last 8-9 months we had been hearing about the project getting launched in the 'next month'. 4. Since quite a few of us are residing overseas, we will like Ozone to update the progress of the project though pictures posted on its website specially when payment milestones are met. 4. Last but definitely not the least, we will request you to defer the 2nd payment of the land till the official launch of the project as a goodwill gesture. We have been standing by Ozone's side all throughout this turbulent phase and will really appreciate if Ozone reciprocates through this gesture. It will indeed be a great confidence booster if the payments are delayed till the official launch. We hope that Ozone will address our above mentioned concerns and oblige. Thanks and regards,

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