UP RERA mandates project audits and online reporting for developers
Real Estate

UP RERA mandates project audits and online reporting for developers

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has mandated developers to conduct an audit of project accounts and publish the audited balance sheet on the authority's website within six months of the fiscal year's conclusion. In cases of significant discrepancies or grievances, the authority reserves the right to appoint an auditor from its panel to scrutinise the project accounts.

Sanjay Bhoosreddy, Chairman of UP RERA, emphasised the authority's awareness that modifications to accounts may be necessary at times, and in certain situations, a forensic audit may be essential. The authority has established procedures for such activities.

Under extraordinary circumstances, the authority may allow promoters to alter project accounts, provided they submit a satisfactory online application through the authority's portal. Such changes may be considered if the developer did not disclose the project's bank account during registration, if the declared bank account on the authority's website is shared among multiple projects of the promoter, or if it is a general collection account rather than a specific project account, as clarified in these directives. Additionally, changes may be permitted if the declared bank account is located outside the district where the project is situated.

For closing the project account, promoters must submit an online application after project completion, accompanied by a completion certificate, an architect's certificate, and an affidavit confirming payment of all expenses as per section 11 (4) (g) of RERA. The authority may grant permission to close the project's separate account and withdraw the remaining balance after scrutinising the application and ensuring satisfaction.

The Uttar Pradesh Real Estate Regulatory Authority (UP RERA) has mandated developers to conduct an audit of project accounts and publish the audited balance sheet on the authority's website within six months of the fiscal year's conclusion. In cases of significant discrepancies or grievances, the authority reserves the right to appoint an auditor from its panel to scrutinise the project accounts. Sanjay Bhoosreddy, Chairman of UP RERA, emphasised the authority's awareness that modifications to accounts may be necessary at times, and in certain situations, a forensic audit may be essential. The authority has established procedures for such activities. Under extraordinary circumstances, the authority may allow promoters to alter project accounts, provided they submit a satisfactory online application through the authority's portal. Such changes may be considered if the developer did not disclose the project's bank account during registration, if the declared bank account on the authority's website is shared among multiple projects of the promoter, or if it is a general collection account rather than a specific project account, as clarified in these directives. Additionally, changes may be permitted if the declared bank account is located outside the district where the project is situated. For closing the project account, promoters must submit an online application after project completion, accompanied by a completion certificate, an architect's certificate, and an affidavit confirming payment of all expenses as per section 11 (4) (g) of RERA. The authority may grant permission to close the project's separate account and withdraw the remaining balance after scrutinising the application and ensuring satisfaction.

Next Story
Real Estate

Dharavi Rising!

Dharavi, Asia’s largest informal settlement, stands on the cusp of a historic transformation. With an ambitious urban renewal project finally taking shape, millions of residents are looking ahead with hope. But delivering a project of this scale brings immense challenges – from land acquisition to rehabilitate ineligible residents outside Dharavi and rehabilitation to infrastructure development. It also requires balancing commercial goals with deep-rooted social impact. At the helm is SVR Srinivas, IAS, CEO & Officer on Special Duty, Dharavi Redevelopment Project (DRP), Government..

Next Story
Infrastructure Urban

Patel Engineering Secures Two Projects Worth Rs 20.37 Billion

Patel Engineering Ltd has secured two important infrastructure projects valued at Rs 20.37 billion. The company received an order from the City and Industrial Development Corporation of Maharashtra Ltd (CIDCO) for dam construction and associated works in Maharashtra. The project will be executed over a period of 42 months. Another project, awarded by the North Eastern Electric Power Corporation Ltd (NEEPCO), involves the development of a 240 MW hydropower project in Arunachal Pradesh. The project scope includes civil construction, testing, commissioning, and installation of hydro-mechanical e..

Next Story
Infrastructure Urban

M B Patil Seeks Centre’s Support For Karnataka’s Industrial Growth

Karnataka’s Minister for Large and Medium Industries M B Patil has urged the central government to support the state in strengthening freight corridors and logistic infrastructure. He was speaking at a round table on ‘Focussing on the Steel Sector in the State of Karnataka’ during the 6th edition of India Steel-25, an International Conference-cum-Exhibition organised by the Ministry of Steel. Patil highlighted Karnataka’s contribution of 15 per cent to India’s steel production and the efforts by the state government to promote cluster-based development, integrated industrial corrido..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?