"It is half past two ."
Translation:ढाई बजा है।
Good question. In Punjabi, it's said, /ḍhāī vajje han/ "2.5 have struck" (plural).
We seem to swap back and forwards between बजा and बजे in alternate questions. For what it is worth, Google Translate gives "डेढ़ बजे" and "ढाई बजे" rather than बजा.
"ढाई बजे हैं" is the correct terminology, as pluckygeini757 says it is more than one. One o'clock is "एक बजा है"