# Ozone Polestar — Ozone Group, Hebbal / Thanisandra / Nagawara, Bengaluru

Source: https://property-lens.ai/p/ozone-polestar-000386 (PropertyLens). Analysis generated 2026-10-18 from Karnataka RERA filings, quarterly promoter updates, public ratings and dated locality evidence. Figures marked "assumed" are model estimates that visitors can edit on the page; "observed" figures come from a named source.

## Summary
- Investment score: 59/100 (50 = the average analysed Bengaluru project, 12 points = one standard deviation). Evidence confidence 56%.
- Projected price growth: 11.0% per year over 5 years (likely range 7.6%–14.5%); 9.7% per year over 10 years.
- Net-wealth CAGR: 7.6% per year over an 8-year hold with a 75% loan at 8.5%, interiors fitted. Cash-flow IRR: 9.5% (all-cash 9.1%). Gross rental yield: 3.9%.
- Status: under construction, RERA handover 2021-12-31. Type: apartment, premium segment. Developer: Ozone Group (#51 in Bengaluru by RERA registrations).
- Address: Sy no 78/5, Nagavara Village, Kasaba Hobli, Bangalore north taluk, Bangalore. Homes: 100. Land: 1.39 acres. Launched: 2017.
- RERA registrations: PRM/KA/RERA/1251/309/PR/171015/000386.

## Homes on offer

| Home | Carpet (sq ft) | Super built-up (sq ft) | Price per sq ft | Price | Rent per month |
|---|---|---|---|---|---|
| Home | 310 | 440 | ₹11,750 (assumed) | ₹51.7 L | ₹17,500 (assumed) |

## Score factors (this home vs the Bengaluru average)
- Price vs comparables: 5.9/10 (city average 6.2, −0.2 points), confidence 35%. ₹11,750 psf vs premium comps ₹12,500 (-6%; under-construction should price ~8% below ready). Price is a model estimate, so this factor carries a third of its normal weight until a listed price is observed.
- Rental demand & yield: 8.0/10 (city average 6.0, +4.2 points), confidence 38%. Gross yield 4.1% (₹40 psf/month); locality rental demand 9/10.
- Resale liquidity: 7.7/10 (city average 7.6, +0.1 points), confidence 50%. Locality resale depth 8/10; ticket ₹0.52 Cr narrows the buyer pool; UC resale needs builder NOC; 100-home project.
- Employment access: 9.2/10 (city average 5.2, +8.1 points), confidence 85%. Drive times now (Google Maps, 2026-09-16): Manyata Tech Park 6 min, Hebbal (Kirloskar) 10 min, MG Road (CBD) 22 min, Koramangala (Forum) 34 min; 3 of 7 major hubs within 30 min; 12 msf office pipeline (3 yr).
- Metro, bus, rail & airport: 4.2/10 (city average 4.8, −1.1 points), confidence 60%. none operational; Blue/Pink lines under construction; Hebbal / Nagawara (Blue & Pink Line interchange) ~2027; airport ~57 min by road now (Google Maps); .
- Schools, hospitals, daily needs: 8.0/10 (city average 7.0, +1.0 points), confidence 50%. Locality social-infrastructure index (interim, expert-set; POI distances pending Maps integration).
- Builder delivery & handover risk: 0.0/10 (city average 3.7, −9.5 points), confidence 60%. Ozone Group: 8+ projects, on-time 44% (derived); handover 2021-12-31 (RERA); 57 months past the RERA completion date, 1 extension, work behind schedule (-76 pts).
- Layout, size, age, amenities, maintenance: 8.3/10 (city average 7.3, +1.2 points), confidence 55%. 72 units/acre; carpet/SBA ~72%; maintenance ~₹4.5 psf/month (assumed); filed construction cost ₹13,252 per sq ft (premium spec).
- Water, flooding, noise, infrastructure: 5.8/10 (city average 5.8, +0.0 points), confidence 50%. Hebbal flyover congestion; Nagawara / Thanisandra lake catchments flood
- Legal, title & approvals: 5.4/10 (city average 7.4, −4.1 points), confidence 55%. RERA registered; litigation: none reported; approvals: RERA registered; title: not verified. Due-diligence report lists 2 red flags (−3.1 pts).
- Expected price growth (5-yr CAGR model): 7.5/10 (city average 6.0, +9.5 points), confidence 56%. Model 5-yr price CAGR 11.0% (range 7.6–14.5%).

## Why prices should grow about 11.0% a year
- + 6.0%: Start with 6.0% a year: the normal long-run growth of Bengaluru home prices.
- + 0.9%: Add 0.9%: prices here rose 12.2% a year recently (2023-06 to 2026-06). Some of that pace continues, but it fades each year.
- − 0.0%: Prices are still affordable enough that this does not slow growth.
- + 2.2%: Add 2.2%: 12 million sq ft of new offices nearby means more people wanting homes here.
- + 0.0%: Supply and demand are balanced here (14 months of unsold stock).
- + 0.2%: Add 0.2% for new roads, metro and water lines, weighted by how likely they are to actually finish: Blue Line KR Puram–Hebbal–Airport (construction, 2027); Pink Line Kalena Agrahara–Nagawara (construction, 2027).
- + 2.4%: Add 2.4% for this project itself: unfinished homes are worth more once they are complete.
- = 11.0%: Result: about 11.0% a year, so a home worth ₹53.5 L today would be worth about ₹90.3 L in 5 years. We are 56% confident in the evidence behind this.

## Returns over 8 years
- Cash put in: ₹43.5 L. Exit value in year 8: ₹1.15 Cr. Net sale after loan and costs: ₹80.5 L. Net rent after running costs: ₹12.2 L. Loan: ₹42.1 L (EMI ₹0.4 L per month). All-in cost: ₹65.0 L (other charges ₹1.8 L, GST ₹2.7 L, stamp duty and registration ₹3.5 L, interiors ₹5.3 L).

## Exit plans compared
- Sell at handover, no interiors (1 years): IRR 2.0%, net-wealth CAGR 2.0%, cash in ₹17.8 L, net rent ₹0.6 L, net sale ₹21.9 L.
- Hold bare, rent unfurnished (8 years): IRR 11.4%, net-wealth CAGR 8.7%, cash in ₹39.8 L, net rent ₹10.3 L, net sale ₹80.1 L. Best IRR.
- Hold, do interiors, rent & sell fitted (8 years): IRR 9.5%, net-wealth CAGR 7.6%, cash in ₹43.5 L, net rent ₹12.2 L, net sale ₹80.5 L.

## Financial and legal due diligence (public record)
Automated from the Karnataka RERA file PRM/KA/RERA/1251/309/PR/171015/000386. Prices and rents are locality estimates, not verified listings.

### At a glance
- [RED FLAG] Registration extended 1× — from 2021-03-31 to 2021-12-31 (already passed)
- 24% built per the latest filing
- [RED FLAG] 28 RERA complaints on this project (0 open); 28 on the promoter overall
- [POSITIVE] No litigation declared in RERA filings

### Risk meters (rule-based)
- Delivery timeline: 5/10. 1 extension on the registration (−2); a registration completion date has already passed (−2)
- Legal & complaints: 6/10. 28 RERA complaints on the project (−3)
- Money to finish: 8/10. finance cost is 0% of the registered budget
- Developer strength: 5/10. no public credit rating for the promoter

### Red flags to resolve in writing
1. RERA completion date 2021-12-31 has passed without a completion application.
2. 28 K-RERA complaints on this registration.

### Complaints and disputes
- 28 complaints on this project at K-RERA (0 open); 28 on the promoter entity across projects. Subjects raised: Refund of Rs.93,80,772/- by the respondent No.10 to 3 to the complainant; Complaint due to delayed and incomplete project; Refund of Rs. 45,58,140/- from the respondent No.1 to 3 to the complainant.; Direct the Respondent No.1 to 3 to refund Rs.41,05,872 along with interest to the Complain; Ozone Group not refunding the booking amount after cancellation of property; Refund of Rs.35,12,255 paid by Complainants to Respondent.

### Credit ratings
- Ozone Realtors Private Limited: no public rating located

### Questions to put to the developer
1. Share the latest CA Form 4 and architect Form 5 with the escrow deposit ratio.
2. Confirm the price list, floor-rise and other charges for the exact unit.
3. Which date is contractual — 2021-12-31 — and what is the per-month delay compensation?
4. Confirm there is no litigation on the land or approvals beyond the RERA declaration.
5. Is the land freehold with the developer, and is any part mortgaged?

### Filed record
**RERA file · Registration**
- Registration: PRM/KA/RERA/1251/309/PR/171015/000386 · promoter Ozone Realtors Private Limited (Company) · Proposed Project End Date at the time of registration :
- Dates: Start 2017-05-15 · original completion 2021-03-31 · 1 extension: Covid Extension → 2021-12-31 · current date has passed [red]
- Progress: 24% complete per registration-time status
- Registered cost: Total ₹73.08 cr · land ₹17.58 cr · construction ₹55.50 cr
- RERA bank account: HDFC, Ulsoor Road (70% construction account)
- Money at registration: collected ₹0.42 cr · used ₹17.58 cr · balance ₹0.00 cr · delay declared: No
- Land & towers: 1.39 acres (5,622 sq m) · Tower 1 50 homes, 12 floors; Tower 2 50 homes, 12 floors
- Litigation declared: None declared in filings [green]
- K-RERA complaints: 28 on this registration (0 open) · 28 on the promoter entity across all its projects [red]
- Completion applied: 19/12/2020

**Complaint log (K-RERA) · 28 on this project**
- 2025-03-06 · 00380/2025: Refund of Rs.93,80,772/- by the respondent No.10 to 3 to the complainant — DISPOSED AUTHORITY BENCH5 (AUTHORITY)
- 2025-01-17 · 00128/2025: Complaint due to delayed and incomplete project — DISPOSED AUTHORITY BENCH5 (AUTHORITY)
- 2024-12-31 · 01373/2024: Refund of Rs. 45,58,140/- from the respondent No.1 to 3 to the complainant. — DISPOSED AUTHORITY BENCH5 (AUTHORITY)
- 2024-09-12 · 00878/2024: Direct the Respondent No.1 to 3 to refund Rs.41,05,872 along with interest to the Complainant — DISPOSED AUTHORITY BENCH5 (AUTHORITY)
- 2024-04-02 · 00352/2024: Ozone Group not refunding the booking amount after cancellation of property — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2024-03-30 · 00339/2024: Refund of Rs.35,12,255 paid by Complainants to Respondent — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2024-01-20 · 00098/2024: Refund of Rs.53,44,160 along with interest — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2024-01-20 · 00099/2024: Refund of Rs.54,82,288/- — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2024-01-20 · 00100/2024: Refund of Rs.53,09,271/- along with interest. — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2024-01-19 · 00086/2024: Refund of Rs.36,48,838/- — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2023-11-17 · 01725/2023: Refund of Rs.62,94,744/- — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2023-08-16 · 01247/2023: Refund the entire amount of Rs.43,11,021/- along with interest — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2023-06-28 · 01019/2023: Refund of the entire amount of Rs.33,22,384/- paid by the complainant. — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2023-06-01 · 00870/2023: Refund of the entire amount of Rs.43,87,989/- paid by the complainants — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2023-05-12 · 00732/2023: Refund of the Entire amount of Rs.4117232/- — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2023-03-23 · 00364/2023: Refund of the Entire Amount of Rs.38,84,090/- paid by Complainant — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-12-30 · CMP/221230/0010588: Refund of Amount paid by the complainant to the Respondent along with compensation due to non completion of apartment and non delivery of the same . — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-10-10 · CMP/221010/0010070: Refund of amount paid by the complainant to the respondent along with compensation because of non completion of apartment project and non delivery of the same — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-10-07 · CMP/221007/0010054: Refund of amount paid by the complainant to the respondent along with compensation because of non completion of apartment project and non delivery of the same — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-09-02 · CMP/220902/0009971: Refund with Compensation and Bank Loan EMIs — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-08-24 · CMP/220824/0009933: refund, breach, exit from project,compensation — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-07-15 · CMP/220715/0009755: REFUND OF AMOUNT AND COMPENSATION — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-06-24 · CMP/220624/0009677: Refund with interest and closure of loan with Indiabulls — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-06-07 · CMP/220607/0009600: Refund of Amount paid by the complainant to the Respondent along with compensation due to non completion of apartment and non delivery of the same . — DISPOSED AUTHORITY BENCH6 (AUTHORITY)
- 2022-01-21 · CMP/220121/0008845: compensation for delay and breach of agreement terms and conditions — DISPOSED AUTHORITY BENCH6 (AUTHORITY)

### Sources and caveats
- Karnataka RERA project record PRM/KA/RERA/1251/309/PR/171015/000386 (registration file, quarterly updates, complaint register), fetched 2026-09-15
- PropertyLens locality model (market-level estimates)
- Caveats: Automated analysis: prices, rents and travel times are estimates until listings and Maps data are verified. RERA figures are the promoter’s own filings. Nothing here is legal, tax or investment advice.

## Assumptions used
- Price ₹11,750 per sq ft × 440 sq ft; other charges 3.5%; GST 5%; stamp duty + registration 6.6%; loan 75% at 8.5% for 20 years; rent ₹17,500 per month growing 5.0% a year with 5% vacancy; maintenance ₹4.5 per sq ft per month; hold 8 years; selling costs 1.5%.

Related: index of all analysed projects at https://property-lens.ai/llms.txt; JSON for this project at https://property-lens.ai/data/p/ozone-polestar-000386.json; printable due-diligence report at https://property-lens.ai/dd/ozone-polestar-000386.

PropertyLens scores and projections are model outputs built from dated public evidence and stated assumptions; they are not investment advice.