Lucknow/Gautam Buddha Nagar: The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has adopted a strict stance against real estate promoters who have failed to submit their Annual Audit Reports for the financial year 2024-25. The authority has identified 76 registered projects whose promoters have not yet uploaded the mandatory audit reports on the UP RERA web portal.
Under RERA regulations, every promoter is required to have project accounts audited after the completion of each financial year and upload the Annual Audit Report within six months of the financial year’s end. The requirement enables UP RERA to review and assess project finances while ensuring transparency for homebuyers and the general public.
Promoters who fail to submit the audit report are liable 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 may attract penalties of up to 5 percent of the project’s estimated cost.
According to UP RERA regulations, project accounts must be audited by an independent external auditor appointed by the promoter. The auditor cannot be associated with the promoter’s company, group, or any related entity. This provision is intended to ensure impartial financial scrutiny, transparency, and accurate reporting.
Promoters with the Highest Number of Non-Compliant Projects
Among the major defaulters are:
- Swekreti Residency LLP – Vedansha Greens-1, Vedansha Greens-2, Vedansha Greens-3
- IT Infrastructure Park Private Limited – The Flagship Phase 3, The Flagship Phase 4
- Aradhyam Builders – Aradhyam Spa City Phase 1, Aradhyam Plot C
- Gorakhpur Industrial Development Authority – Sector-11 Commercial Scheme, Sector-11 Residential Scheme
- Maharaja Realtors – Maharaja Mansarovar-1, Maharaja Mansarovar-2
- Gorakhpur Development Authority – Raptinagar Vistar Township and Sports City, Greenwood Residential Scheme
- Mathura-Vrindavan Development Authority – Hanumat Vihar Avasiya Yojna, Govind Vihar Avasiya Yojna
Highest-Cost Projects Yet to File Audit Reports
The list of major high-value projects that have not submitted audit reports includes:
- VVIP Addresses Greater Noida (West) – Vibhor Vaibhav Infrahome Pvt. Ltd., Gautam Buddha Nagar
- CRC Maesta – CRC Homes Private Limited, Gautam Buddha Nagar
- Central Ikon – Business Bay Fin Infra Private Limited, Gautam Buddha Nagar
- Signature Park – R.S. Resource Management Consulting Private Limited, Gautam Buddha Nagar
- ACE Estate – Logix Buildestate Pvt. Ltd., Gautam Buddha Nagar
- Metro Suites Bellavie – Metro Suites Homes LLP, Ghaziabad
- Avenue IV – Aura Buildcom LLP, Gautam Buddha Nagar
- Migsun Lucknow Central – Wilmot Infratech Private Limited, Lucknow
- The Flagship Phase 4 – IT Infrastructure Park Private Limited, Gautam Buddha Nagar
- Oasis Grandstand Phase-2 – Oasis Realtech Pvt. Ltd., Gautam Buddha Nagar
Show-Cause Notices Issued
UP RERA has termed the non-submission of Annual Audit Reports a serious lapse and a violation of statutory provisions designed to ensure transparency and accountability in the real estate sector.
The authority has directed all defaulting promoters to upload the pending audit reports within 15 days along with the prescribed late fee. Failure to comply may result in penalties of up to 5 percent of the estimated project cost. Show-cause notices have already been issued to all concerned promoters.
Why Timely Audit Reports Matter
UP RERA emphasized that filing Annual Audit Reports is not merely a procedural requirement but a critical mechanism for protecting the interests of allottees and maintaining transparency in project execution.
Timely submission allows the regulator to make verified project information available on its website, enabling homebuyers to track project progress and assess whether promoters are fulfilling their obligations.
Chairman’s Statement
UP RERA Chairman Sanjay Bhoosreddy said, “Submitting Annual Audit Reports on time is a fundamental responsibility of every promoter under RERA. Independent audits and accurate reporting enhance transparency and strengthen the confidence of homebuyers. UP RERA will continue to ensure strict compliance with these provisions so that the interests of allottees remain protected and the state’s real estate sector becomes more accountable, transparent, and trustworthy.”
