Optical and schottky diode characteristics of unintentionally doped GaN films grown by MOCVD were reported. GaN epilayers were grown with different V/III ratio by varying the source ammonia (NH3) flowrate. It exhibit changes in the density of threading dislocations (TDs) and reduced carbon and oxygen impurity incorporation. The density of dislocations determined from hot-wet chemical etching and atomic force microscopy show that on decreasing the ammonia flowrate, threading dislocations decreases. Low energy positron beam was employed to study the Ga vacancies in the epilayers. S-parameter vs. positron beam energy curves clearly shows increase in SL on increasing the V/III ratio indicating that the point defects trapping positron increases. Corroborative HRXRD, Photoluminescence and Hall measurements confirm the reduction in trapping defects and threading edge dislocations with reducing V/III molar ratio. The effects of such variation of compensating centres and radiative centres as a function of MOCVD growth conditions on optical properties and schottky device characteristics like radiative decay lifetime, barrier height and reverse leakage current respectively were discussed.