UP RERA Sends Show-Cause Notices to 76 Projects Over Missing Audit Reports. VVIP, CRC and Logix Projects Get 15 Days to Comply
UP RERA has issued show-cause notices to 76 projects for skipping the FY 2024-25 audit report, Form-7. VVIP, CRC and Logix projects are named. Promoters have 15 days before penalties of up to 5% of project cost and frozen bank accounts. Every name checked against the filed record.
Zeeshan Jamal7 min read
At a glance
- UP RERA has issued show-cause notices to promoters of 76 projects for failing to file Form-7, the mandatory annual audit report, for FY 2024-25.
- Named projects include VVIP Addresses (Greater Noida West), CRC Maesta, ACE Estate (Logix), and The Flagship Phase 3 & 4. RERA Tracker has checked each name against its filed registration below.
- The ultimatum: a ₹25,000 late fee payable now with the pending report, a penalty of up to 5% of estimated project cost if the report is not uploaded within 15 days, and frozen project bank accounts for promoters who keep ignoring the rule.
- Form-7 is the CA-audited proof that 70% of homebuyer money stayed in the project it was collected for. Without it, the regulator cannot see whether funds were diverted.
LUCKNOW, July 14, 2026. The Uttar Pradesh Real Estate Regulatory Authority has issued show-cause notices to the promoters of 76 real estate projects across the state for failing to submit their annual audit report, called Form-7, for financial year 2024-25, per public reporting on the action. Several prominent Noida and Greater Noida names are on the list.
The regulator's message is simple. The annual audit is a legal obligation, skipping it will now cost money, and repeat offenders will lose access to their project bank accounts.
RERA Tracker has taken the names in the reported defaulter list and checked each one against its filed RERA registration. This is what the record shows.
The named projects, checked against the filed record
| Project | District (as filed) | Promoter (as filed) |
|---|---|---|
| VVIP Addresses, Greater Noida West | Gautam Buddha Nagar | Vibhor Vaibhav Infrahome Pvt Ltd (VVIP Group) with Lotus SRS Buildtech |
| CRC Maesta | Gautam Buddha Nagar | CRC Homes Pvt Ltd |
| ACE Estate | Gautam Buddha Nagar | Logix Buildestate Pvt Ltd |
| Vedansha Greens, Greens-2 and Greens-3 | Moradabad | Swekreti Residency LLP |
| The Flagship Phase 3 and Phase 4 | Gautam Buddha Nagar | IT Infrastructure Park Pvt Ltd |
| Central Ikon | Gautam Buddha Nagar | Business Bay Fin Infra Pvt Ltd |
| Signature Park | Gautam Buddha Nagar | R.S. Resource Management Consulting Pvt Ltd |
| Metro Suites Bellavie | Ghaziabad | Metro Suites Homes LLP |
| Oasis Grandstand Phase-2 | Gautam Buddha Nagar | Oasis Realtech Pvt Ltd |
The filed record adds two details to the reporting. Vedansha Greens 1, 2 and 3 are registered in Moradabad, and Metro Suites Bellavie in Ghaziabad. So while the headlines centre on Noida and Greater Noida, the action runs across the state, which fits a portal-wide compliance sweep rather than a district-specific one. The reported Logix attribution for ACE Estate also checks out. The filed promoter is Logix Buildestate Pvt Ltd.
These are the named projects from the reported list. The full 76-project list is with the regulator. We will index it when it is published.
What Form-7 is, and why a missing one matters
Under UP RERA's rules, every promoter must have each project's accounts audited by an independent chartered accountant within six months of the financial year's end, and upload that audit report, Form-7, to the RERA portal.
The report is the enforcement end of RERA's core financial protection: the rule that at least 70% of the money collected from allottees goes into a dedicated project account and is spent on that project's land and construction. Not on another project, another company, or anything else.
"Submitting the audit report on time is not a mere formality. It is the proof that 70% of the funds collected from homebuyers are being spent on that project's construction and not diverted elsewhere. It is essential for transparency and for preserving buyers' trust." UP RERA Chairman Sanjay Bhoosreddy, as quoted in the reporting (translated from Hindi)
A promoter who has not filed Form-7 has not necessarily diverted funds. But without the report, neither the regulator nor the buyer can see that the money stayed where the law requires it to stay. That is why the authority treats a missing audit as a compliance failure in itself.
The escalation ladder: 15 days, then it gets expensive
The notices give all 76 promoters a final window, and the consequences step up:
| Stage | Consequence |
|---|---|
| Now | ₹25,000 late fee, payable along with the pending audit report |
| If not filed within 15 days | Penalty of up to 5% of the estimated project cost, for non-compliance with the promoter's obligations under Section 4 of the RERA Act |
| Persistent default | Project bank accounts frozen, making any financial transaction on the project impossible |
On a mid-sized NCR project, 5% of estimated cost runs into crores. The account freeze is the sharper threat. A promoter who cannot operate the project account cannot pay contractors, and at that point a compliance lapse becomes a construction-schedule problem.
What this means for a buyer
If you own a unit in any project on this list, or are considering one, the show-cause notice is not proof of wrongdoing by itself. It means the promoter has not yet shown the regulator where your money went in FY 2024-25. Before your next payment milestone:
- Check your project's page. Each linked project above carries its RERA registration and status, and we will pin the audit-compliance status as it changes.
- Look for the Form-7 upload on the UP RERA portal over the next 15 days. Compliance within the window closes the issue with a late fee.
- Watch for a penalty order. If the deadline passes, a Section 4 penalty order becomes a material fact about the promoter's finances.
- Ask the promoter for the FY 2024-25 audited statement of the project account. A promoter who has one will share it.
None of this changes the physical status of any project on the ground today. It changes what is verifiable about the money behind them. Verifiability is the entire point of the audit rule.
What RERA Tracker is tracking
- The full 76-project defaulter list, which we will index and link project by project when published
- Form-7 uploads within the 15-day window, and who misses it
- Penalty orders against promoters who miss the deadline, and any account-freeze directions
- Whether other state regulators follow with similar audit-compliance sweeps
We will update this article as the record develops.
About RERA Tracker
RERA Tracker is India's real estate intelligence platform, built on filed data rather than broker hearsay. We track 12,000-plus projects and have verified 5,000-plus builders, pulling actual RERA documents, price history, land records, developer track records and litigation into a single research desk, with deep NCR coverage and a growing footprint across other states.
This story is a working example. A defaulter list circulates as headlines, and within hours every named project on it can be resolved to its filed registration, promoter and district, including the two that turn out not to be in Noida at all. The filing is the fact-check.
This article is based on UP RERA's enforcement action as publicly reported on 14 July 2026. The authority's formal order and full defaulter list were awaited at the time of writing. Project identities, promoters and districts have been independently verified against filed RERA registrations indexed by RERA Tracker. The chairman's quote is translated from Hindi as reported. A show-cause notice is an opportunity to respond, not a finding of guilt. For information only, not legal or investment advice. Buyers should verify current status on up-rera.in and seek independent counsel before transacting.
