The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has issued show-cause notices to the promoters of 76 registered real estate projects for failing to upload their mandatory annual audit reports for the financial year 2024-25. The move is part of the authority’s ongoing efforts to strengthen regulatory compliance, financial transparency, and accountability within the state’s real estate sector.
Under the provisions of the Real Estate (Regulation and Development) Act (RERA), every promoter is required to have project accounts audited by an independent external auditor at the end of each financial year. The audited report must be uploaded on the UP RERA portal within six months after the close of the financial year. The audit helps verify that funds collected from homebuyers are being utilized for the intended project and in accordance with regulatory requirements.
According to UP RERA, promoters who have failed to comply have been directed to submit the pending audit reports within 15 days along with the prescribed late fee of ₹25,000. The authority has also warned that continued non-compliance could invite stricter action, including penalties of up to 5% of the estimated cost of the respective project under relevant provisions of the Act.
Among the developers with multiple defaulting projects are Swekreti Residency LLP, whose projects Vedansha Greens-1, Vedansha Greens-2, and Vedansha Greens-3 have received notices, and IT Infrastructure Park, which has been served notices for The Flagship Phase 3 and The Flagship Phase 4. Other entities with more than one defaulting project include Aradhyam Builders, Gorakhpur Industrial Development Authority, Maharaja Realtors, Gorakhpur Development Authority, and Mathura-Vrindavan Development Authority.
Some of the larger projects named in the list include VVIP Addresses Greater Noida (West), CRC Maesta, Central Ikon, Signature Park, Ace Estate, Metro Suites Bellavie, Migsun Lucknow Central, and Oasis Grandstand Phase-2.
UP RERA Chairman Sanjay Bhoosreddy emphasized that timely submission of annual audit reports is a fundamental responsibility of every promoter under the law. He noted that independent audits improve financial transparency, enable homebuyers to monitor project compliance, and strengthen confidence in the real estate market.
The regulator reiterated that it will continue to enforce compliance measures to protect the interests of homebuyers while promoting greater discipline and transparency across the real estate sector. The latest action serves as a reminder that regulatory reporting obligations remain a critical component of responsible project management and consumer protection under RERA.
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