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UP RERA cracks down on 76 defaulting developers
28 Jun
Summary
- 76 projects in Uttar Pradesh are flagged for not submitting audit reports.
- Promoters face Rs 25,000 late fee for delayed annual audit filings.
- Non-compliance may incur penalties up to five percent of project cost.
The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has identified 76 projects whose promoters have not submitted their annual audit reports for the 2024-25 financial year. These promoters have been issued show-cause notices and directed to upload the pending reports within 15 days, accompanied by a prescribed late fee. The standard late fee for failing to file is Rs 25,000.
Promoters are legally obligated to have project accounts audited annually and submit the report within six months of the financial year's close. This process ensures transparency and provides homebuyers with accurate project information. Violations of the Real Estate (Regulation and Development) Act could lead to penalties reaching up to five percent of the project's estimated cost. UP RERA Chairman Sanjay Bhoosreddy stressed that timely submission is a fundamental responsibility, enhancing homebuyers' confidence and the sector's trustworthiness.
