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Property Related Laws Karnataka Department of Housing and Urban Development Real Estate (Regulation and Development) Act, 2016

KRERA directs promoter to use new format of Form 7 for submission of annual audit report for the financial year ending 31st March, 2022 and for subsequent years

13-Oct-2022 | No: RERA/Accounts/129/2021-22

The Karnataka Real Estate Regulatory Authority (KRERA) has issued a circular regarding mandatory use of new format for Form-7 by the promoters for the financial year 2021-22 and for subsequent years for each project. Section 4(2)(I)(D) of Real Estate (Regulation and Development) Act, 2016 which deals with the application for registration of real estate projects, makes it mandatory for the promoter to get the accounts audited within 6months after the end of every financial year by a chartered accountant in practice. Now vide this circular, KRERA has directed the promoters to use new format of Form 7 for the same. The form shall be submitted in a separate online module. The promoters have been directed to submit on or before 15th November, 2022 annual audited books of accounts (profit and loss account, balance sheet along with schedules, cash flow statement, income tax returns and auditor report) along with Form 7 for the financial year ending 31st March, 2022. For more details, please refer the attached document.

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