UP-RERA Mandates Timely Project Audits for Financial Transparency

14 Dec 2023 CW Team

The Uttar Pradesh Real Estate Regulatory Authority (UP-RERA) has issued a directive mandating builders to conduct audits of their project accounts within six months of the financial year-end. This move aims to enhance transparency and financial accountability in the real estate sector. The regulatory authority's decision underscores its commitment to safeguarding the interests of homebuyers by ensuring that developers adhere to stringent financial practices. The audit requirement serves as a crucial step in monitoring and regulating the financial aspects of real estate projects, providing stakeholders with a clearer understanding of the fund utilization and financial health of developments. Builders are now obligated to undergo a comprehensive audit process promptly after the conclusion of each financial year, aligning with UP-RERA's efforts to foster a robust and trustworthy real estate ecosystem.

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