Yet, Every time I create a lot, it creates a project record.
How exactly did you do this? What are the precise steps that you used to create that new lot? Simply using new record/request on a layout based on the Lot table or entering data into a portal based on the Lot table--the two most commonly used methods to create a related record, will not automatically create a new project record.
PS. it is best not to link your tables by project name. It is better to set up a project ID field in Projects and then link your other tables such as lot to it by the ID field rather than the name. You don't need the name in both fields and it can create complications should you ever need to change the project name--such as discovering that project name was entered incorrectly and now needs to be changed.