UP RERA mandates project audits and online reporting for developers

15 Dec 2023 CW Team

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.

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..