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.

Related Stories

Gold Stories

Next Story
Resources

Schindler named among Forbes’ World’s Best Employers 2026

Schindler has been named among Forbes’ World’s Best Employers 2026, a global ranking recognising companies for their workplace environments.Compiled by Forbes in partnership with Statista, the ranking is based on independent employee feedback, including whether employees would recommend their organisation to friends and family.The company said the recognition reflected its focus on creating a workplace where employees can develop their expertise and build careers. ..

Next Story
Infrastructure Urban

India needs an export-execution mindset: Vishesh Jain

Interview with Vishesh Jain, Founder & CEO, EximpleWhat gaps in India’s global trade ecosystem led you to build Eximple, and what problem did you see businesses struggling with most?Eximple came out of a problem that all three founders had seen from different choke points in the trade ecosystem. India has millions of MSMEs and manufacturers, and many of them can make products that are genuinely competitive on quality. Yet only a small fraction is able to build meaningful international businesses. In our experience, the gap is usually not manufacturing capability; it is the ability to exe..

Next Story
Building Material

Nuvoco reports 13.5% revenue growth in Q2 FY27

Nuvoco Vistas Corp. Ltd. reported consolidated revenue of Rs 27.9 billion for Q2 FY27, up 13.5% year on year. Cement sales volume rose 9% to 4.7 million tonnes (MMT), while EBITDA increased 11% to Rs 4.11 billion.The company said it began its cement operations in 2014 with a 2.3 MMT per annum (MMTPA) operation at Nimbol. It now aims to reach 35 MMTPA of cement capacity by FY28, nearly 15 times its initial capacity. Its portfolio spans cement, ready-mix concrete and modern building materials.On sustainability and cost efficiency, Nuvoco partnered with CleanMax for a 46.4 MW wind-solar hybrid re..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code