UPRERA Issues Notices to 76 Projects for Missing Annual Audit Reports
UPRERA has issued notices to 76 real estate projects across Uttar Pradesh for failing to submit mandatory annual audit reports, reinforcing financial transparency and homebuyer protection.
- 76 projects failed to upload FY 2024-25 annual audit reports.
- Promoters have been given 15 days to comply with UPRERA’s notice.
- Continued non-compliance could attract penalties of up to 5% of project cost.
Lucknow: Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has issued show cause notices to promoters of 76 real estate projects for failing to upload their mandatory annual audit reports for the financial year 2024-25 within the prescribed deadline.
The promoters have been directed to submit the pending reports within 15 days along with the applicable late fee. The action is aimed at improving financial transparency and ensuring that homebuyers receive accurate information about ongoing projects.
According to UPRERA, the annual audit report is a statutory requirement under the Real Estate (Regulation and Development) Act (RERA). Every promoter must get project accounts audited by an independent external auditor at the end of each financial year and upload the report on the UPRERA portal within six months. These audits help the Authority monitor project finances, ensure that buyers’ funds are used appropriately, and strengthen confidence in the real estate sector.
UPRERA Chairman Sanjay Bhoosreddy said that independent audits are a legal responsibility of every promoter and play a vital role in maintaining transparency, accountability, and trust among homebuyers. He added that timely submission of audit reports enables the Authority to verify financial compliance and monitor the progress of registered projects.
Also Read: CM Yogi Adityanath to Inaugurate New Noida Authority Office in Sector 96 on June 27
The list of projects that have received notices includes several prominent developments by both private developers and government development authorities. Some of the major projects include VVIP Addresses Greater Noida West, CRC Maesta, Central Ikon, Signature Park, Ace Estate, Metro Suites Bellavie, Avenue IV, Migsun Lucknow Central, The Flagship Phase 4, and Oasis Grandstand Phase 2.
Promoters who fail to submit the reports are liable to pay a late fee of Rs 25,000 for the relevant financial year. Continued non-compliance may result in penalties of up to 5% of the estimated project cost, as provided under the RERA Act.
UPRERA has advised all defaulting promoters to comply with the notices within the stipulated period to avoid further regulatory action. The Authority said it will continue monitoring project compliance to improve transparency, strengthen financial discipline, and safeguard the interests of homebuyers across Uttar Pradesh.
