Ghaziabad: UP Rera has issued show-cause notices to promoters of 76 real estate projects, several of them in NCR, for failing to upload mandatory annual audit reports for the 2024-25 fiscal year by Sept last year. The real estate regulator has now directed the erring promoters to upload the annual audit report within 15 days with a late fee.The biggest projects among the defaulters are in Noida and Ghaziabad, including VVIP Addresses Greater Noida (West) by Vibhor Vaibhav Infrahome, CRC Maesta by CRC Homes, Central Ikon by Business Bay Fin Infra, Signature Park by RS Resource, ACE Estate by Logix Buildestate, Avenue IV by Aura Buildcom LLP, The Flagship Phase 4 by IT Infrastructure Park, and Oasis Grandstand Phase-2 by Oasis Realtech.The list also includes Metro Suites Bellavie by Metro Suites Homes LLP in Ghaziabad and Migsun Lucknow Central by Wilmot Infratech Private Limited in Lucknow.Promoters are required to submit audited project accounts within six months of each financial year’s end. The Authority said it will levy a late fee of Rs 25,000 on defaulters, and warned that continued non-compliance could attract penalties of up to 5% of a project’s estimated cost, as provided under Section 4 of the UP Rera Act.“It is mandatory for promoters to get their project accounts audited at the end of the financial year and to upload the annual audit report on the UP Rera website within six months from the end of the financial year. The report is reviewed, and the information is made available to allottees and the general public. The exercise ensures transparency, independent verification and accuracy of financial disclosures submitted before the authority,” said a UP Rera official.UP Rera chairperson Sanjay Bhoosreddy said timely submission of annual audit reports was a fundamental responsibility of every promoter under Rera. “Independent audit and accurate reporting strengthen transparency and build confidence among homebuyers. Rera will continue to ensure strict compliance with these provisions so that the interests of allottees remain protected and the real estate sector of the state develops with greater accountability and trust,” he said.
