SSAP & Associates LLP Chartered Accountants Office No 404, 4th Floor, RK One, Tel : 020-26139701 / 02 / 03 S.No. 480/2, BesideShantai Hotel Rasta Peth, Pune - 411011 Email : sanjayshah@ssapconsultancy.com To, M/s. Memon Avenue For Project- UNITY CORNER WING - B CTS NO. 1076, Nana Peth Near A.D.Camp Chowk, PUNE - 411002 Subject, Certificate of Financial Progress of Work of UNITY CORNER WING-B having MahaRERA Registration Number P52100021230 Sir, This certificate is being issued for RERA compliance for UNITY CORNER WING-B having MahaRERA Registration P52100021230 Number ( Only Applicable after project Registration)being developed by MEMON AVENUE Number P52100021230 ( Only Applicable after project Registration)being developed by MEMON AVENUE management of the Company. FORM-3 (See Regulation 3) CHARTERED ACCOUNTANT'S CERTIFICATE ( FOR REGISTRATION OF A PROJECT AND SUBSEQUENT WITHDRAWAL OF MONEY AS ON 05.01.2024) Table A Estimated Cost of the Project (at the time of Registration of Project) Sr.No. Particulars Amount Rs. 1 i. Land Cost Estimated Value of the land as ascertained from theAnnual a. Statcment ol Rates (ASR). 4,93,95,266 b. Estimated Amount of Premium payable to obtain 94,08,976 development rights,FSI,additional FSI, fungible area, and any other incentive/concession under DCR from Local Authority or State Government/UT Administartion or any Statutory Authority c. Estimated Acquisition cost of TDR (if any) - d. Estiamted Amounts payable to State Government/UT Administration or - Competent Authority or any other statutory authority of the State or Central Government, towards stamp duty, transfer charges, Registration fees etc; and e. 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 buidling including site development and infrastructure for the same as certified by Engineer (ii) Estimated Cost towrads clearance of land of all or any encumbrances including cost of removal of legal/illegal occupants, cost for providing temporary Transit Accomadation, overhead cost, amount payable to slum dwellers, tenants , apartment owners or appropriate authority or government or concessionaire which are not refundable and so on (iii) Estimated Cost of ASR linked premium, fees, charges and security deposits, or amount whatsoever 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 5,88,04,242 ii. Development Cost/ Cost of Construction: 5,07,51,420 a. Estimated Cost of Construction as certified by Engineer b. Cost incurred on additional items not included in 3,82,366 estimated cost (As per engineer certificate) C. Estinrated Expenditure for development for entire project excluding cost of construction as (i) above, i.e., salaries,consultant fees, site overheads, development cost of services ( including water, electricity, sewage, darinage, layout roads etc.,) absorbed cost (attributables to this project) of machineries and equipment including its hire and maintenance costs, consumables etc. d. Estimated taxes ,cess, fees, charges, premiums, 1,83,276 interest etc. Payable to any Statutory Authority e Interest payable to financial institutions, scheduled banks, non-banking financial institution (NBFC) or money lenders on construction funding or money borrowedfor construction Sub-Total of Development Cost 5,13,17,062 Total Cost of the Project (Estimated) 11,01,21,304 Table B - Actual Cosl Incurred on the Project (as on Date of Certificate) Amount (Rs.) S.no Particulars Incurred 1 Land Cost Value of the land as ascertained from theAnnual a Statcment ol Rates (ASR). 4,93,95,266 b Incurred Expenditure of Premium payable to obtain 94,08,976 development rights,FSI,additional FSI, fungible area, and any other incentive/concession under DCR from Local Authority or State Government/UT Administartion or any Statutory Authority c Incurred Expenditure for Acquisition of TDR (if any) - Amounts paid to State Government/UT Administration or - d Competent Authority or any 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 for construction of rehabilitation of building. Minimum (a or (b) to be considered a (a) cost incuured for construction of rehab building including site development and infrastructure for the same as certified by Engineer b (b) Incurred Expenditure for construction of rehab building as per books of accounts as verified by the CA. ii (ii) Incurred Expenditure towrads clearance of land of all or any encumbrances including cost of removal of legal/illegal occupants, cost for providing temporary Transit Accomadation, overhead cost, amount payable to slum dwellers, tenants , apartment owners or appropriate authority or government or concessionaire which are not refundable and so on (iii) Incurred Expenditure ASR linked premium, fees, charges and security deposits, or amount whatsoever payable to any authorities towards and in project of rehabilitation. (iv) Any other cost including interest incurred on the borrowing done specifically for construction of rehabilitation component Sub- Total of Land Cost 5,88,04,242 2 Development Cost / Cost of Construction (i) Expenditure for construction. Minimum (a) and (b) to be considered (a) Construction cost incurred including site 5,07,51,420 development and infrastructure for the same as certified by Engineer (b) Actual Cost of constructionincurred as per 5,07,51,420 the books of accounts as verified by the CA. (ii) Cost incurred on additional items not included 3,82,366 in estimated cost ( As per engineer certificate) (iii) Incurred Expenditure for development for entire project excluding cost of construction as (i) above, i.e., salaries,consultant fees, site overheads, development cost of services ( including water, electricity, sewage, darinage, layout roads etc.,) absorbed cost (attributables to this project) of machineries and equipment including its hire and maintenance costs, consumables etc. Incurred Expenditure towards taxes ,cess, fees, charges, premiums, 1,83,276 interest etc. Payable to any Statutory Authority (v) Incurred Expenditure towrads 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 5,13,17,062 3 Toatl Cost of the Project (Actual incurred as on date of Certificate) 11,01,21,304 4 Proportion of the Cost incurred on Land Cost and Construction 100.00% Cost to the Total Estimated Cost(Table A). 5 Amount which can be withdrwan from the Designated Account 11,01,21,304 6 Less: Amount withdrawn till date of certificate from the Designated Account 3,55,99,961 Net Amount which can be withdrwan from the Designated Bank Account under this 7 certificate 7,45,21,343 This certificate is being issued for RERA compliance for the Memon Avenue and is based on the records and documents produced before me and explanations provided to me by the management of the Company. Yours Faithfully, FOR SSAP & ASSOCIATES LLP CHARTERED ACCOUNTANTS (FRN: W100366) Digitally signed by SANJAYKUMAR SANJAYKUMAR KIRANCHANDR KIRANCHANDRA SHAH Date: 2024.11.11 A SHAH 17:56:30 +05'30' CA SANJAY SHAH Date : 09/11/2024 (PARTNER) Place : Pune (M. NO. 044132) UDIN: 24044132BKCJQV8001 SSAP & Associates LLP Chartered Accountants Office No 404, 4th Floor, RK One, Tel : 020-26139701 / 02 / 03 S.No. 480/2, BesideShantai Hotel Rasta Peth, Pune - 411011 Email : sanjayshah@ssapconsultancy.com Annexure - A Table C Statement of Calculation of Receivables from the Sales of the Onging Real Estate Project SOLD INVENTORY (RERA REG. NO.P52100021230 ) (Amount in Rs.) Unit Consideration as per Carpet Area ( Sr.No. Bldg. Flat no. Agreement/ Letter of Received Amount Balance Amount in sq.mts.) Allotment 1 UPPER GROUND FLOOR(OFFICE) 5 34.85 72,34,768 72,34,768 - 2 UPPER GROUND FLOOR(OFFICE) 12 20.34 44,85,000 44,85,000 - 3 2 206 40.45 43,01,600 38,11,069 4,90,531 4 3 306 40.45 43,01,600 32,00,000 11,01,600 5 2 205 45.45 41,00,000 37,00,000 4,00,000 6 4 406 40.45 36,31,100 36,31,100 - 7 3 301 37.43 32,00,000 35,00,000 -3,00,000 8 UPPER GROUND FLOOR(OFFICE) 1 6.50 10,73,000 10,20,000 53,000 9 UPPER GROUND FLOOR(SHOPS) 2 24.16 77,33,000 76,80,000 53,000 10 5 506 26.27 13,76,285 2,00,000 11,76,285 TOTAL 316.35 4,14,36,353 3,84,61,937 29,74,416 SSAP & Associates LLP Chartered Accountants Office No 404, 4th Floor, RK One, Tel : 020-26139701 / 02 / 03 S.No. 480/2, BesideShantai Hotel Rasta Peth, Pune - 411011 Email : sanjayshah@ssapconsultancy.com Unsold Inventory Valuation Ready Recknor Rate as on the date of Certificate of the Residential/ Commercial premises Rs. Per Sm. Carpet Area ( in Unit Consideration as per Ready Sr.No. Bldg Flat no. sq.mts.) Recknor Rate (ASR) 1 1 20.00 20,00,400 2 2 24.20 24,20,484 3 3 32.84 32,84,657 4 4 21.39 21,39,428 UPPER GROUND 5 6 25.55 25,55,511 FLOOR 6 8 14.02 14,02,280 (SHOPS) 7 9 13.94 13,94,279 8 10 22.97 22,97,459 9 11 17.77 17,77,355 10 1 6.50 4,96,340 UPPER GROUND 11 2 20.48 15,63,853 FLOOR 12 3 18.76 14,32,514 (OFFICE) 13 4 18.07 13,79,825 14 101 31.55 16,52,905 15 102 31.69 16,60,239 16 103 31.69 16,60,239 17 1 104 33.00 17,28,870 18 105 45.31 23,73,791 19 106 26.27 13,76,285 20 107 40.49 21,21,271 21 201 33.27 17,43,015 22 202 31.83 16,67,574 23 2 203 31.83 16,67,574 24 204 33.27 17,43,015 25 207 40.63 21,28,606 26 302 31.69 16,60,239 27 303 31.69 16,60,239 28 3 304 33.13 17,35,681 29 305 45.31 23,73,791 30 307 40.49 21,21,271 31 401 33.27 17,43,015 32 402 31.83 16,67,574 33 403 31.83 16,67,574 4 34 404 33.27 17,43,015 35 405 45.45 23,81,126 36 407 40.63 21,28,606 37 501 31.55 16,52,905 38 502 31.69 16,60,239 39 503 31.69 16,60,239 5 40 504 33.13 17,35,681 41 505 45.31 23,73,791 42 507 40.49 21,21,271 43 601 33.27 17,43,015 44 602 31.83 16,67,574 45 603 31.83 16,67,574 46 6 604 33.27 17,43,015 47 605 45.45 23,81,126 48 606 40.45 21,19,176 49 607 40.63 21,28,606 50 Total 1,536.50 9,12,04,109 SSAP & Associates LLP Chartered Accountants Office No 404, 4th Floor, RK One, Tel : 020-26139701 / 02 / 03 S.No. 480/2, BesideShantai Hotel Rasta Peth, Pune - 411011 Email : sanjayshah@ssapconsultancy.com Table D Comparison betrveen Balance Cosl and Reccivables S.NO(1) Particulars Amount Estimated Balance Cost to Complete the Real Estate(2) Project ( Difference of Total Estimated Project cost (3) 1 less Cost incurred) - Balance amount of receivables from sold apartments as per Table C 2 of this certificate (as certified by Chartered Accountant as verified from the records and books of Accounts) 29,74,416 3 (i) Balance Unsold area (to be certified by Management and to be verified by CA from the records and 1,537 (ii) Estimated amount of sales proceeds in respect of unsold apartments (calculated as per ASR 9,12,04,109 multiplied to unsold area as on the date of certificate, to be calculated and certified by CA) as per Table C to this certificate 4 Estimated receivables of ongoing project. [sum of 2 + 3(ii))] 9,41,78,525 5 Amount to be deposited in Designated Account- 70% or 100% 6,59,24,967 IF 4 is greater than 1, then 70% of the balance receivables of ongoing project will be depsoied in i designated Account 70% IF 4 is lesser than 1, then 100% of the balance receivables of ongoing project will be deposited in ii designated Account - SSAP & Associates LLP Chartered Accountants Office No 404, 4th Floor, RK One, Tel : 020-26139701 / 02 / 03 S.No. 480/2, BesideShantai Hotel Rasta Peth, Pune - 411011 Email : sanjayshah@ssapconsultancy.com Table E Designated Bank Account Details Designated Bank Account details S.NO Particulars Actual Amount till date ( From the start of bank account to till date) 1 Opening Balance - 2 Deposits 2,69,23,356 3 Withdrawals 2,24,67,658 4 Closing Balance 44,55,698 I hereby certify that required protion of money , as specified in the act , coleected for allottees of the project unit as indicated in Table C has been deposited in Designated RERA Bank Account. I hereby certify that M/s. Memon Avenue has utilized the required proprtion 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 Propsed/Estimated (As on Estimated (At time of registration) date of the certificate) (In Actual (As on the date of (in RS.) (proposed and indicative) Rs.) certificate in Rs.) 1 Own Funds 5,08,33,125 5,51,76,316 8,50,53,646 Total Borrowed Funds (Secured)- Drawdown 2 availed till date Total Borrowed Funds (Unsecured)- Drawdown availed till date 26,00,000 26,00,000 26,00,000 4 Costumer receipts used for Project 5,66,88,179 5,23,44,988 2,24,67,658 5 Total Funds for Project 11,01,21,304 11,01,21,304 11,01,21,304 6 Total Estimated Cost (As per Table A) 11,01,21,304 11,01,21,304 11,01,21,304 SSAP & Associates LLP Chartered Accountants Office No 404, 4th Floor, RK One, Tel : 020-26139701 / 02 / 03 S.No. 480/2, BesideShantai Hotel Rasta Peth, Pune - 411011 Email : sanjayshah@ssapconsultancy.com TABLE G Any Comments/Observations of CA 1 2 3 4 Agreed and accepted by: Yours Faithfully, FOR SSAP & ASSOCIATES LLP CHARTERED ACCOUNTANTS SANJAYKUMAR Digitally signed by SANJAYKUMAR KIRANCHANDR KIRANCHANDRA SHAH Date: 2024.11.11 Signature of MEMON AVENUE A SHAH 17:56:46 +05'30' CA SANJAY SHAH Name: (PARTNER) Date : 09/11/2024 (M. NO. 044132) Date : 09/11/2024 UDIN: 24044132BKCJQV8001 Place : Pune