UPRERA issues show-cause to 76 realty promoters for failing to upload reports

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has identified 76 projects whose promoters have not yet uploaded their annual audit reports for the financial year 2024-25 on the authority’s web portal and have issued show-cause notices to all defaulting promoters.

UP RERA has directed all defaulting promoters to upload the pending audit reports within 15 days along with the prescribed late fee for the relevant financial year, failing which they could face a penalty of up to five per cent of the estimated project cost. 

According to an official statement, it is mandatory for real estate promoters to get project accounts audited after the end of every financial year and upload the annual audit report on the UP RERA website within six months of the close of the financial year. 

The reports enable the authority to review and assess projects while ensuring that homebuyers and the public have access to accurate information, the statement said.

Promoters who fail to file the annual audit report will have to pay a late fee of `25,000 for the relevant financial year. In addition, violations of Section 4 of the Real Estate (Regulation and Development) Act and related rules and regulations could attract a penalty of up to five per cent of the project’s estimated cost.