Real Estate Regulatory Authority (RERA) has asked the mega housing projects in Punjab to submit their audit reports of the last financial year by March 31 this year. The RERA has warned that a failure to do so may lead to licence cancellation.
According to the officials, every registered promoter with the authority is bound to submit the audit reports of their projects six months after completion of every financial year under Section 4(2)(I)(D) of the Real Estate (Regulation and Development) Act.
“The reports must be prepared by a practicing chartered accountant. Our basic idea of report submission is to know how much money the builder had spent as per the ratio of the completion of the project. The audit is also helpful in finding out which bank accounts were operated by the builder and the amount of money the developer had collected for the project,” the official said.
The official further said that as per the condition of the RERA, the builders had to submit their audit reports till September 2018 since last financial year ended on March 31, 2018, following which they had to verify the reports and compile a final one by October.
“There are around 400 builders in Punjab who have not submitted their audit reports. It is a big number, which is around 65 per cent of the total registered developers,” said another official.
As on December 7, 2018, RERA has a total of 608 registered builders across the state. Mohali leads the state with the maximum 385 registered builders with the authority, followed by Ludhiana (74), Patiala (34) and Amritsar (19).
The official also said that there are around 100 builders from Mohali who did not submit their audit reports.
When asked that whether any builder’s license was canceled for not submitting the audit report, the official said that they have not done so, so far, but can do it.