Form-3 (See Regulation-3) CHARTERED ACCOUNTANT CERIFICATE (To be submitted at the time of registration of Project and for withdrawal of money from Designated Account) To, 27-01-2025 Mr. Mangesh Harne Partner Shreeman Developers New Survey No. 3, Old S.No. 230, Navagaon Village, Dombivli West Thane - 421202 Subject: - Certificate of Financial progress of work of BLUE BALI COOPERATIVE HOUSING SOCIETY ltd having MahaRERA Reg. No. P51700055160 being developer by SHREEMAN DEVELOPERS till 30/06/2024 Sir, This Certificate is being issued for RERA compliance for BLUE BALI COOPERATIVE HOUSING SOCIETY having MahaRERA Reg NO. P51700055160 being developed by SHREEMAN DEVELOPERS and is based on the records and documents produced before me and explanations provided to me by the management of the Firm Table A - Estimated Cost of the Project (at the time of Registration of Project) Amount Rs. Sr No. Particulars Estimated 1. i) Land Cost: a) Value of the land as ascertained from the Annual Statement of Rates (ASR). - b) Estimated amount of Premium payable to obtain development rights, FSI, additional FSI, fungible area, and any other incentive/concession in deficieny under DCR from Local Authority or State Government or any Statutory Authority. 65,00,000 c) Estimated Acquisition cost of TDR (if any) - d) Estimated amounts payable to State Government or competent authority or any other statutory authority of the State or Central Government, towards stamp duty, transfer charges, resgistration fees etc; and 67,50,000 e) Estimated Land Premium payable as per annual statement of rates (ASR) for development 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 4,09,42,000 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 accomodation or rent in lien of Transit accomodation, overhead cost, amounts payable to slum dwellers, tenants, apartment owners, or appropriate authority of the Government or concessionare which are not refundable and so on - iii) Estimated Cost of ASR linked premium, fees, charges and security deposits or maintenance deposit, or any amount whtsoever payable to any authorities towards and in project of rehabilitation. - iv) Any other cost including interest estimated on the borrowing done specifically for construction of rehabilitation Component - Sub Total of LAND COST Rs 5,41,92,000 2) i) Development Cost / Cost of Construction: a Estimated Cost of Construction as certified by Engineer 14,51,58,000 b Cost incurred on additional items not included in estimated cost (As per Engineers Certificate) ii) 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 scrvices (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. - iii) Estimated Taxes, cess, fees, charges. premiums, interest etc. payable to any Statutory Authority. - iv) Interest payable to financial instifiitions, scheduled banks, non-banking financial institution (NBFC) or money lenders on construction funding or money borrowed for construction. - Sub Total of Development Cost 14,51,58,000 Total Cost of the Project 19,93,50,000 Table B - Actual Cost incurred on the Project (As on Date of Certificate) Amount Rs. Sr No. Particulars Estimated 1 i) Land Cost: a) Value of the land as ascertained from the Annual Statement of Rates (ASR). - b) Incurred Expenditure on Premiums to obtain development rights, FSI, additional FSI, fungible area, and any other incentive/ concession in deficieny under DCR from Local Authority or State Government or any Statutory Authority. 33,73,747 c) Incurred Expenditure for Acquisition of TDR (if any) 25,00,000 d) Amounts paid to State Government or competent authority or any other statutory authority of the State or Central Government, towards stamp duty, transfer charges, resgistration fees etc; and 34,59,500 e) Estimated Land Premium payable as per annual statement of rates (ASR) for development of land owned by public authorities NIL f) Under Rehabilitation scheme: Incurred Expenditure for Construction of rehabilaitation 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 the Engineer - (b) Incurred Expenditure for construction of rehab building as per the books of accounts as verified by the CA - ii) Incurred expenditure towards clearance of land of all or any encumbrances including cost of removal of legal / illegal occupants, cost for providing temporary transit accomodation or rent in lien of Transit accomodation, overhead cost, amounts paid to slum dwellers, tenants, apartment owners, or appropriate authority of the Government or concessionare which are not refundable and so on 6,64,000 iii) Incurred expenditure of ASR linked premium, fees, charges and security deposits or maintenance deposit, or any amount whtsoever paid to any authorities towards and in project of rehabilitation. NA iv) Any other cost including interest paid on the borrowing done specifically for construction of rehabilitation Component Sub Total of LAND COST Rs 99,97,247 2 Development Cost / Cost of Construction: i) Expenditure for construction Minimum of (a) or (b) to be considered (a) Construction cost 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 10,000 ii) Cost incurred on additional items not included in estimated cost (As per Engineers Certificate) - (iii) 1,03,000 (iv) Incurred Expenditure towards Taxes, cess, fees, charges. premiums, interest etc. payable to any Statutory Authority. (v) Incurred expenditure towards Interest to financial instifiitions, scheduled banks, non- banking financial institution (NBFC) or money lenders on construction funding or money borrowed for construction. - Sub Total of Development Cost 1,03,000 3 Total Cost of the project (Actual incurred as on date of Certificate) 1,01,00,247 4 Proportion of the Cost incurred on Land Cost and Construction Cost to the Total Estimated Cost (Table A) 5.07 5 Amount which can be withdrawn from the Designated Account 1,01,00,247 6 Less: Amount withdrawn till date of this certificate from the Designated Account - 7 Net Amount which can be withdrawn from the Designated Bank account under this certificate 1,01,00,247 This certificate is being issued for RERA compliance of Firm SHREEMAN DEVELOPERS for their Project Name BLUE BALI CO- OPERATIVE HOUSING SOCIETY LTD situated at New S. No. 3, Old S. No. 230, Navagaon, Dombivli West District Thane - 421202 and is based on the records and documents produced before us and explanations provided to me by the Partners of the Firm. I am not certifying any of the estimates and they are considered only for the purpose of arrival of the figure at point no. 5, 6 & 7. Yours Faithfully FOR RAJESH MURUGAN & ASSOCIATES CHARTERED ACCOUNTANT RAJESH MURUGAN (PROPRIETOR) M.NO. 137776 FRN:. 157889W UDIN: - 25137776BMIOXQ1125 PLACE: DOMBIVLI DATE : 27/01/2025 Table C Statement for calculation of Receivables from the sales of the Real Estate Project Sold Inventory Sr No Flat No / Free Carpet Sold Carpet Area Unit Consideration Received Amount Balance Shop no. Area (in Sq. mts) as per Agreement / Receivable (in Sq. mts) Letter of Allotment 1 Shop 6 0 17.96 ₹ 25,00,000.00 ₹ 1,50,000.00 ₹ 23,50,000.00 2 Shop 2 0 17.02 ₹ 25,00,000.00 ₹ 2,00,000.00 ₹ 23,00,000.00 3 203 36.99 5.49 ₹ 5,95,156.00 ₹ 60,000.00 ₹ 5,35,156.00 4 204 35.42 4.23 ₹ 4,50,761.00 ₹ 90,152.00 ₹ 3,60,609.00 5 303 35.41 7.07 ₹ 7,77,707.00 ₹ 1,20,000.00 ₹ 6,57,707.00 6 403 35.41 7.07 ₹ 7,77,707.00 ₹ 1,55,541.00 ₹ 6,22,166.00 Total 143.23 58.84 ₹ 76,01,331.00 ₹ 7,75,693.00 ₹ 68,25,638.00 Unsold Inventory Valuation Ready Recknor Rate as on the date of Certificate of the Residential / commercial premises Carpet Area Unit Consideration (in Sq. mts) Free Area to as per Ready Shop No Society Sold Area to Reckoner Rate Sr No Flat No Members Society Members (ASR) 1 Shop 01 128.45 0.00 0.00 ₹ 2,11,09,473.00 2 Shop 03 18.60 0.00 0.00 ₹ 30,56,724.00 3 Shop 04 16.96 0.00 0.00 ₹ 27,87,206.00 4 Shop 05 17.95 0.00 0.00 ₹ 29,49,903.00 5 Shop 07 17.06 0.00 0.00 ₹ 28,03,640.00 6 101 41.68 0.00 0.00 ₹ 51,99,163.00 7 102 38.00 0.00 0.00 ₹ 47,40,120.00 8 103 42.48 0.00 0.00 ₹ 52,98,955.00 9 104 39.65 0.00 0.00 ₹ 49,45,941.00 10 105 37.27 0.00 0.00 ₹ 46,49,060.00 11 201 40.73 0.00 0.00 ₹ 50,80,660.00 12 202 38.00 0.00 0.00 ₹ 47,40,120.00 13 205 37.27 37.27 0.00 ₹ 0.00 14 301 40.73 0.00 0.00 ₹ 50,80,660.00 15 302 38.00 38.00 0.00 ₹ 0.00 16 304 39.65 39.65 0.00 ₹ 0.00 17 305 37.27 0 0.00 ₹ 46,49,060.00 18 401 40.73 0 0.00 ₹ 50,80,660.00 19 402 38.00 38.00 0.00 ₹ 0.00 20 404 39.65 0 0.00 ₹ 49,45,941.00 21 405 37.27 0 0.00 ₹ 46,49,060.00 22 501 40.73 0 0.00 ₹ 52,21,790.00 23 502 38.00 38.00 0.00 ₹ 0.00 24 503 42.48 42.48 0.00 ₹ 0.00 25 504 39.65 0 0.00 ₹ 50,83,328.00 26 505 37.27 37.27 0.00 ₹ 0.00 Total 1023.53 270.67 0.00 ₹ 10,20,71,464.00 Note: - The ASR is as provided by the client FOR RAJESH MURUGAN & ASSOCIATES CHARTERED ACCOUNTANT RAJESH MURUGAN (PROPRIETOR) M.NO. 137776 FRN:. 157889W UDIN: - 25137776BMIOXQ1125 PLACE: DOMBIVLI DATE : 27/01/2025 Table D Comparision between Balance Cost and Receivables S No Particulars Amount (Rs) Estimated balance cost to complete the Real Estate Project (Difference of Total 1 estimated cost less Cost incurred) 189249753 Balance amount of receivables from sold apartments as per Table C of this certificate (as certified by Chartered Accountant as verified from the records 2 and books of Accounts) 6825638 (i) Balance Unsold area (to be certified by Management and to be verified by CA 3 from the records and books of accounts) 1023.53 (ii) Estimated amount of sales proceeds in respect of unsold apartments (calculated as per ASR multiplied to unsold area as on the date of certificate, to be calculated and certified by CA) as per Table C to this certificate 102071464 4 Estimated recivables of ongoing project. [Sum of 2 + 3 (ii)] 108897102 (To Be Filled for Ongoing Projects only) Amount to be deposited in Designated Account — 70% or 100% If 4 is greater than 1, then 70% of the balance receivables of the ongoing project will be deposited in designated Account 1f 4 is lesser than 1, then 100% of the balance receivables of the ongoing 5 project will be deposited in designated Account Designated Bank Accout Details Particulars Designated Bank Account Details Actual amount till date (From start of account till date) 1 Opening Balance 0 2 Deposits 150000 3 Withdrawals 0 4 Closing Balance 150000 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 except an amount of Rs. 392985/- as mentioned in Table G. I hereby certify that SHREEMAN DEVELOPERS has utilized the required proportion of money for its project BLUE BALI CO-OPERATIVE HOUSING SOCIETY LTD., as specified in the act, collected from allottees for this project only for land cost and cost of construction of this project. FOR RAJESH MURUGAN & ASSOCIATES CHARTERED ACCOUNTANT RAJESH MURUGAN (PROPRIETOR) M.NO. 137776 FRN:. 157889W UDIN: - 25137776BMIOXQ1125 PLACE: DOMBIVLI DATE : 27/01/2025 Table F Means of Finance Estimated* (At time of Registration) (In Proposed / Estimated* Rs.) (Proposed and (As on the date of Actual (As on the date S.No. Particulars Indicative) Certificate) (In Rs.) of Certificate) (In Rs.) 1 Own Funds 50000000 5000000 1549554 Total Borrowed Funds (Secured) 2 - Drawdown availed till date 0 0 0 Total Borrowed Funds (Unsecured) 3 - Drawdown availed till date 0 8125000 8125000 4 Customer receipts used for project 149350000 186225000 425693 5 Total Funds for Project 199350000 199350000 10100247 6 Total Estimated Cost (As per Table A) 199350000 Table G The developers have collected Rs. 775693/- from the allottees and they should have deposited Rs. 542985/- in the designated bank account but they have deposited only Rs. 150000/- in the designated account. Thus they 1 have short deposited a sum of Rs. 392985/- in the Designated Bank Account. The developers have deposited Rs. 625693/- collected from the allottees in an account which is not rera designated account. This has led to them having short deposited the amount in the designated account as 2 mentioned in point 1. While arriving at the amount withdrawn till date of certificat in Table B point 6 we have considered only the amount which should have been deposited in the RERA designated account (i.e. 70% of collection from allottees) 3 and the closing balance of that account (Total amount to be deposited less closing balance = withdrawal) This project is a redevelopment project and since there is no separate building for existing members we have 4 considered the whole construction cost in Table B Point 2(ii)(b) Yours Faithfully FOR RAJESH MURUGAN & ASSOCIATES CHARTERED ACCOUNTANT Agreed and Accepted by RAJESH MURUGAN (PROPRIETOR) M.NO. 137776 FRN:. 157889W UDIN: - 25137776BMIOXQ1125 PLACE: DOMBIVLI DATE : 27/01/2025 Signature of Promoter Name: - MANGESH BHAURAO HARNE PLACE: DOMBIVLI DATE : 27/01/2025