Annexure D FORM-3 (See Regulation 3) CHARTERED ACCOUNTANT'S CERTIFICATE (To be submitted at the time of Registration of Project and for withdrawal of Money from Designated Account) 22-07-2024 Date: 27-09 To, KAMALKUMAR SATYANARAYAN AGRAWAL Nagpur, MAHARASHTRA, 440008 Subject : Certificate of Financial Progress of Work of THE VELVET having MahaRERA Registration Number being developed by KAMALKUMAR SATYANARAYAN AGRAWAL Sir, This certificate is being issued for RERA compliance for the THE VELVET having MahaRERA Registration Number being developed by KAMALKUMAR SATYANARAYAN AGRAWAL and is based on the records and documents produced before me and explanations provided to me by the management of the Company. Table A - Estimated Cost of the Project (at the time of Registration of Project) Sr. No. Particulars Estimated Cost (At the time of Registration of Project) (1) (2) (3) 1 55972907.00 (i) Land Cost (a) Value of the land as ascertained from the Annual Statement of Rates (b) Estimated Amount of Premium payable to obtain development 19718212.00 rights.FSI,additional FSI,fungible area,and any other incentive/concession in deficiency under DCR from Local Authority or State GovernmentAdministration or any Statutory Authority. (c) Estimated Acquisition cost of TDR (if any). 15654449.00 (d) Estimated Amounts payable to State Govenrment/UT Administration or 3230500.00 competent authority of any other statutory authority of the State or Central Government, towards stamp duty, transfer charges,registration fees and (e) Estimated Land Premium payable as per annual statement of rates (ASR) for redevelopment of land owned by public authorities. (f) Under Rehabilitation scheme : i. Estimated construction cost of rehab building including site development and infrastructure for the same as certified by Engineer. ii. Estimated Cost towards Clearance of land of all or any encumbrances, including cost of removal of legal/illegal occupants, cost for providing temporary transit Accommodation or rent in lieu of Transit Accommodation, overhead cost ,amounts payable to slum dwellers. tenants apartments owners or appropriate authority or government or concessionaire, which are not refundable, and so on. Page 1 of 7 Sr. No. Particulars Estimated Cost (At the time of Registration of Project) iii. Estimated Cost of ASR linked premium, fees, charges and security deposits of maintenance deposit, or any amount whatsoever payable to any authorities towards and in project of rehabilitation. iv. Any other cost including interest estimated the borrowing done specifically for construction of rehabilitation component Sub - Total of Land Cost 94576068.00 2 Development Cost/Cost of Construction of Building 152199000.00 (i). Estimated Expenditure for construction. Minimum of (a) and (b) to be considered (a) Construction cost of construction incurred including site development and infrastructure for the same as certified by the engineer (b) Actual cost of construction incurred as per the books of accounts as verified by the CA (ii) Cost incurred on additional items not included in estimated cost (As per engineer certificate) (iii) Estimated Expenditure for development of entire project excluding cost of construction as per (i) above,i.e. salaries, consultants fees, site overheads, development works, cost of services (including water, electricity.sewerage, drainage. layout roads etc.),absorbed cost (attributable to this project) of machineries and equipment including its hire and maintenance costs, consumables etc. (iv) Estimated Taxes, cess, fees, charges. premiums, interest etc. payable to any Statutory Authority. (v) Interest payable to financial institutions,scheduled banks, non-banking financial institution (NBFC) or money lenders on construction funding or money borrowed for construction. Sub-total of Development Cost: 152199000.00 Total Cost of Project (Estimated) 246775068.00 *Pass through charges or indirect taxes not included in estimated cost of project ** Estimated cost shall be revised through correction application. Page 2 of 7 Table B - Actual Cost Incurred on the Project (as on Date of Certificate) S.No Particulars Amount(Rs.) (1) (2) (3) 1 55972907.00 Land Cost (a) Value of the land as ascertained from the Annual Statement of Rates (b) Incurred Expenditure on Premiums to obtain development rights,FSI,additional FSI, 19718212.00 fungible area, and any other incentive/concession in deficiency under DCR from Local Authority or State Government Administration or any Statutory Authority 15654449.00 (c) Incurred Expenditure for Acquisition cost of TDR (if any). (d)Amounts paid to State Government/UT Administration or competent authority of any 3230500.00 other statutory authority of the State or Central Government,towards stamp duty, transfer charges,registration fees etc; and (e) Land Premium paid for redevelopment of land owned by public authorities. (f) Under Rehabilitation scheme : i. Incurred Expenditure construction cost for construction of rehabilitation building. Minimum of (a) or (b) to be considered (a) Cost Incurred for construction of rehab building including site development and infrastructure for the same as certified by Engineer. (b) Incurred Expenditure lor constnrction of rehab building as per the books of accounts as verified by the CA. ii. Incurred Expenditure Cost towards clearance of land of all or any encumbrances, including cost of removal of legal/illegal occupants, cost for providing temporary transit accommodation or rent in lieu of Transit Accommodation, overhead cost, amounts payable to slum dwellers,tenants apartment owners or appropriate authority or government or concessionaire, which are not refundable, and so on. iii. Incurred Expenditure Cost of ASR linked premium, fees, charges and security deposits or maintenance deposits, or any amount whatsoever paid to any authorities towards and in project of rehabilitation. iv. Any other cost including interest incurred Expenditure on the borrowing done specifically for construction of rehabilitation component Sub - Total of Land Cost: 94576068.00 2 (i) Expenditure for construction. Minimum of(a) and (b) to be considered (a) Construction cost incurred including site development and infrastructure for the same as certified by Engineer (b) Actual Cost of construction incurred as pe r the books of accounts as verified by the CA. (ii) Cost incurred on additional items not included in estimated cost (As per engineer certificate) iii) Incurred Expenditure for development of entire project excluding cost of construction as per (i) above, i.e. salaries, consultants fees, site overheads, development works, cost of,services (iucluding water, electricity. sewerage, drainage. layout roads etc.), absorbed cost (attributable to this project) of machineries and equipment including its hire and maintenance costs, consumables etc. All costs incurred to complete the construction of the entire phase of the project registered. (iv) Incurred Expenditure towards taxes, cess, fees, charges, premiums, interest etc. payable to any Statutory Authority. (v) Incurred Expenditure towards Interest to Financial institutions,scheduled banks, non- banking financial institution (NBFC) or money lenders on construction funding or money borrowed for construction. Sub-total of Development Cost: 3 Total Cost of the Project (Actual incurred as on date on certificate) 94576068.00 4 Proportion of the Cost incurred on Land Cost and Construction Cost to the total Estimated 38.32 Cost(Table A). 5 Amount which can be withdrawn from the Designated Account 6 Less: Amount withdrawn till date of this certificate from the Designated Account 7 Net Amount which can be withdrawn front the Designated Bank Account under this certificate *Pass through charges or indirect taxes not included in incurred cost of the project Page 3 of 7 Table C - Statement for calculation of Receivables from the Sales of the Real Estate Project *Unit Consideration as per agreement/letter of allotment and amount received does not include pass through charges and indirect taxes Unsold Inventory Building Name/ Wing Name: THE VELVET/NA S. No. Flat No Carpet Area (Sq. mts) Unit Consideration as per Ready Reckoner Rate (1) (2) (3) (4) 1 101 111.93 6130296.56 2 102 77.27 4232023.13 3 103 78.16 4280658.89 4 104 75.92 4158193.17 5 105 78.25 4285807.27 6 106 113.39 6210644.15 7 201 111.93 6130296.56 8 202 77.27 4232023.13 9 203 78.16 4280658.89 10 204 75.92 4158193.17 11 205 78.25 4285807.27 12 206 113.39 6210644.15 13 301 111.93 6130296.56 14 302 77.27 4232023.13 15 303 78.16 4280658.89 16 304 75.92 4158193.17 17 305 78.25 4285807.27 18 306 113.39 6210644.15 19 401 111.93 6130296.56 20 402 77.27 4232023.13 21 403 78.16 4280658.89 22 404 75.92 4158193.17 23 405 78.25 4285807.27 24 406 113.39 6210644.15 25 501 111.93 6130296.56 26 502 77.27 4232023.13 27 503 78.16 4280658.89 28 504 75.92 4158193.17 29 505 78.25 4285807.27 30 506 113.39 6210644.15 31 601 111.93 6130296.56 32 602 77.27 4232023.13 33 603 78.16 4280658.89 34 604 75.92 4158193.17 35 605 78.25 4285807.27 36 606 113.39 6210644.15 37 701 111.93 6130296.56 38 702 77.27 4232023.13 39 703 78.16 4280658.89 40 704 75.92 4158193.17 41 705 78.25 4285807.27 42 706 113.39 6210644.15 Total 3744.44 205083362.19 Page 4 of 7 Table D - Comparison between Balance Cost and Receivables Sr. No. Particulars Amount (1) (2) (3) 1 Estimated Balance Cost to Complete the Real Estate Project (Difference of 152199000.00 Total Estimated Project cost less Cost incurred) 2 Balance amount of receivables from sold apartments as per Table C of this 0.00 certificate (as certified by Chartered Accountant as verified from the records and books of Accounts) 3 (i) Balance Unsold area (to be certified by Management and to be verified 3744.45 by CA from the records and books of accounts) 4 (ii) Estimated amount of sales proceeds in respect of unsold apartments 205083362.00 (calculated as per ASR multiptied to unsold area as on the date of certificate, to be calculated and certified by CA) as per Table C to this certificate 5 Estimated receivables of ongoing project. [Sum of 2 + 3(ii))] 205083362.00 6 (To Be Filled for Ongoing Projects only) Amount to be deposited in 0.00 Designated Account - 70% or 100% IF 4 is greater than 1, then 70% of the balance receivables of ongoing project will be deposited in designated Account IF 4 is lesser than 1, then 100 %; of the balance receivables of ongoing project will be deposited h designated Account. Page 5 of 7 Table E - Designated Bank Account Details S.No Particulars Designated Bank Account Details Account No: 10187798851 Bank & Branch Name: IDFC First Bank Ltd & NAGPUR- BYRAMJI TOWN BRANCH IFSC: IDFB0042504 Actual Amount till Date (From start of bank account to till date) 1. Opening Balance 0.00 2. Deposits 0.00 3. Withdrawals 0.00 4. Closing balance 0.00 I hereby certify that required proportion of money, as specified in the act, collected from allottees of the project unit as indicated in Table C has been deposited in Designated RERA Bank Account KAMALKUMAR SATYANARAYAN AGRAWAL has utilized the required proportion of money, as specified in the act, collected from allottees for this project only for land and construction of this project. Table F - Means of Finance S.No Particulars Estimated Proposed/Estimated Actual (At time of (As on the date (As on the date Registration)(In Rs.) of the cerlificate) of certificate) (Proposed and (In Rs.) (In Rs.) indicative) 1 Own Funds 125015868.00 125015868.00 94576068.00 2. Total Borrowed funds 0.00 0.00 0.00 (Secured) - Drawdown availed till date 3. Total Borrowed Funds 0.00 0.00 0.00 (Unsecured) - Drawdown availed till date 4. Customer Receipts used for 121759200.00 121759200.00 0.00 project 5. Total Funds for project 246775068.00 246775068.00 94576068.00 6. Total Estimated Cost(As per 246775068.00 246775068.00 246775068.00 Table A) Page 6 of 7 Table G - Any Comments/Observations of CA 1 Certificate at the time of Project Registration. Yours Faithfully Signature of Chartered Accountant 24186994BKBEGV1634 and Membership Number: 186994) 24186994BKBEHK3109 (UDIN:___________________ Name : ASHISH AGARWAL Agreed and accepted by: Signature of Promoter: Name: KAMALKUMAR SATYANARAYAN AGRAWAL 22-07-2024 Date: 27-09 Page 7 of 7