NEW DELHI: Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued show-cause notices to promoters of 76 projects for not uploading annual audit reports for FY2024-25 on its web portal.
The authority has directed the defaulting promoters to upload the annual audit reports within 15 days along with the prescribed late fee. Failure to comply may attract penalty of up to 5% of the estimated cost of the project, UP RERA said in a statement.
Under RERA provisions, promoters are required to get project accounts audited at the end of each financial year and upload the annual audit report on the authority’s website within six months from the end of the financial year.
Non-filing of the annual audit report attracts a late fee of ₹25,000 for the corresponding year. Violation of Section 4 and related rules and regulations can attract higher penalty, the authority said.
As per UP RERA regulations, the audit of project accounts has to be carried out by an external auditor appointed by the promoter. The auditor should be independent and should not belong to the promoter’s group or associated entities.
Among promoters with multiple defaulting projects, Swekreti Residency LLP has three projects – Vedansha Greens-1, Vedansha Greens-2 and Vedansha Greens-3. IT Infrastructure Park has two projects – The Flagship Phase 3 and The Flagship Phase 4.
Other promoters with more than one defaulting project include Aradhyam Builders, Gorakhpur Industrial Development Authority, Maharaja Realtors, Gorakhpur Development Authority and Mathura-Vrindavan Development Authority.
The largest defaulting projects by estimated cost 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.
Other projects listed by the authority include 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 said annual audit reports are required to ensure transparency, independent verification and accuracy of financial disclosures submitted by promoters.
The authority said timely reporting helps make authentic project information available to the public and enables allottees to track project progress and promoter compliance.
“Timely submission of annual audit reports is a fundamental responsibility of every promoter under RERA. Independent audit and accurate reporting strengthen transparency and build confidence among homebuyers,” said Sanjay Bhoosreddy, chairman, UP RERA.
He said the authority will continue to ensure compliance so that the interests of allottees are protected and the sector develops with greater accountability.
