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UP RERA has issued notices to promoters of 76 projects for not uploading mandatory annual audit reports of project accounts within six months of the financial year-end. Non-filing triggers a Rs 25,000 late fee and can escalate to penalties of up to 5% of the estimated project cost for RERA violations.
9:00 AMEconomic Times RealtyThe Supreme Court ruled that homebuyers can claim compensation for delayed possession even after taking possession of their flats. It also held that arbitration clauses do not bar buyers from approaching consumer forums and set aside an earlier view that buyers stop being consumers after possession.
12:19 AMEconomic Times RealtySummary
UP RERA has issued notices to promoters of 76 projects for not uploading mandatory annual audit reports of project accounts within six months of the financial year-end. Non-filing triggers a Rs 25,000 late fee and can escalate to penalties of up to 5% of the estimated project cost for RERA violations.
Why it matters
Audit-report enforcement raises the cost of non-compliance and increases transparency on project finances, directly affecting buyer protection and promoter liquidity.
Summary
The Supreme Court ruled that homebuyers can claim compensation for delayed possession even after taking possession of their flats. It also held that arbitration clauses do not bar buyers from approaching consumer forums and set aside an earlier view that buyers stop being consumers after possession.
Why it matters
It raises the cost of construction delays for developers and strengthens homebuyers' bargaining power even after moving in.
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