CA Certificate

As stated by maharera, CA certificate is a mandatory document required to ensure that the amount of money withdrawn from RERA bank account have been used for the project purpose only and its not being misused by promoters. It represent comparison between the actual cost incurred and estimated cost. It also gives detailed information about the the following aspects of the project , Land cost which includes (cost of Acquisition of land, Development rights of land, Legal cost, premium payable, amount payable to govt. authority.) , Construction cost which includes (estimated and actual cost of construction, payment of taxes whatever name called, interest payable to financial institution and total of all above costs).

Apart from expenses, CA is supposed to certify how many flats/shops have been booked and how much booking amount or subsequent installments of money have been received by the promoter. CA is required to give complete details about booking status of every flat/shops in a particular excel sheet format and upload the same while filing quarterly returns.

CA certificate becomes a very important document as it gives a complete insight about how the money invested in the project is used on timely basis and keeps transparency between the allotes and the developer.

Chartered accountant is given the responsibility to verify and certify the utilization of money. This helps the government authority to keep check on how money is being utilized. Any deviation noticed by CA must be reported in this certificate so that timely action can be taken against promoters.

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