NEW DELHI: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued show-cause notices to the promoters of 76 projects for failing to upload the annual audit reports for FY2024-25 on its web portal.
The authority has instructed these promoters to submit the required audit reports within 15 days, along with the applicable late fee. Non-compliance could result in penalties of up to 5% of the project’s estimated cost, according to UP RERA’s statement.
As mandated by RERA provisions, promoters must have their project accounts audited annually and upload the reports to the authority’s website within six months of the fiscal year’s end.
Failure to submit the annual audit report incurs a late fee of ₹25,000 for that year. Violations of Section 4 and related regulations may impose even greater penalties, the authority warned.
UP RERA regulations stipulate that the audit must be conducted by an external auditor, who must be independent and not affiliated with the promoter’s group or associated entities.
Among those with multiple defaulting projects, Swekreti Residency LLP has three: Vedansha Greens-1, Vedansha Greens-2, and Vedansha Greens-3, while IT Infrastructure Park has two: The Flagship Phase 3 and The Flagship Phase 4.
Other promoters with multiple defaults include Aradhyam Builders, Gorakhpur Industrial Development Authority, Maharaja Realtors, Gorakhpur Development Authority, and Mathura-Vrindavan Development Authority.
The projects with the largest estimated costs that are in default include VVIP Addresses Greater Noida (West) by Vibhor Vaibhav Infrahome, CRC Maesta by CRC Homes, Central Ikon by Business Bay Fin Infra, Signature Park by R.S. Resource Management Consulting, and Ace Estate by Logix Buildestate.
Further listed projects by the authority are Metro Suites Bellavie by Metro Suites Homes, Avenue IV by Aura Buildcom, Migsun Lucknow Central by Wilmot Infratech, The Flagship Phase 4 by IT Infrastructure Park, and Oasis Grandstand Phase-2 by Oasis Realtech.
UP RERA emphasized the importance of annual audit reports for ensuring transparency, allowing for independent verification and accuracy in the financial disclosures made by promoters.
Timely reporting ensures that authentic information about projects is available to the public and allows allottees to track the progress of projects and promoter compliance.
“Submitting annual audit reports on time is a fundamental responsibility of every promoter under RERA. Independent audits and accurate reporting foster transparency and build trust among homebuyers,” stated Sanjay Bhoosreddy, chairman of UP RERA.
He assured that the authority will continue to enforce compliance to protect the interests of allottees and promote accountability within the sector.
