The Karnataka Real Estate Regulatory Authority (KRERA) on February 07, 2026, issued a circular regarding imposing a penalty for Non-Submission and Delay in Submission of the Annual Audit Report for the Financial Year 2022-23.
The following has been stated: -
•The Real Estate (Regulation and Development) Act, 2016 requires promoters to submit an Annual Audit Report (Form-7) for each registered project.
•Karnataka Real Estate Regulatory Authority has decided to impose penalties for non-submission or delayed submission of the FY 2022-23 audit report.
•Penalty ranges from ₹20,000 to ₹1,00,000 per financial year, depending on the total estimated project cost.
•Promoters have a final chance to submit the report without penalty until March 31, 2026, failing which recovery action will begin from April 01, 2026.
[Circular No.: RERA/Accounts/CR/129/2023-24]
