Annual audit
of a real-estate project's accounts under RERA
RERA Audit
Quick Reference for Your Business
Annual Project Accounts Audit – everything you need to know about RERA Audit.
01
What It Is
Issued in Form 5
by the project's CA / statutory auditor
Confirms the 70% rule
funds kept in the designated account
Verifies withdrawals
matched the percentage of completion
02
Key Facts & Due Date
| Item | Detail |
|---|---|
| Legal basis | Section 4(2)(l)(D) of RERA, 2016 |
| Form 5 due | Within 6 months of FY-end (by 30 September) |
| 70% rule | 70% of collections kept in a separate project account |
| Form 3 vs Form 5 CA | Must be different CAs |
03
Penalty / Risk
Non-compliance / false certificate
RERA penal action against the promoter; reference of the CA to ICAI for a false certificate.
Note: RERA audit is the annual check that buyers' money was used for the project. Form 5 confirms the 70% deposit rule and that withdrawals tracked construction progress. The CA who issues the annual Form 5 must be different from the CA issuing Form 3 withdrawal certificates.
04
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