LUCKNOW: The Uttar Pradesh Real Estate Regulatory Authority (UPRERA) has identified 76 real estate projects whose promoters failed to upload mandatory annual audit reports for the financial year 2024 to 25 within the prescribed timeline.The Authority has issued show cause notices, directing the promoters to submit the reports within 15 days along with the applicable late fee.Under the Real Estate (Regulation and Development) Act, promoters are required to have project accounts audited by an independent external auditor at the end of every financial year and upload the audit report on the UPRERA portal within six months.Failure to comply attracts a late fee of Rs 25,000 for the relevant year, while continued non compliance may invite penalties of up to five percent of the estimated project cost.According to UPRERA, the audit must be conducted by an auditor independent of the promoter and its associated entities to ensure transparency and accuracy in financial disclosures.The list of defaulting projects includes developments by private builders as well as development authorities. Among the largest projects identified are 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.UPRERA said timely submission of annual audit reports enables the Authority to monitor project finances and provides homebuyers with authenticated information about project progress and compliance.Chairman Sanjay Bhoosreddy said independent audits are a statutory responsibility of promoters and are essential for strengthening transparency, accountability, and confidence among homebuyers.
