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Dear Professional Colleagues,

From the below mentioned para a Role of Chartered Accountant may be determine under Real Estate Act, 2016 published in official gazette on 26-03-2016.

"(D) that seventy per cent. of the amounts realised for the real estate project the allottees, from time to time, shall be deposited in a separate account to be maintained in a scheduled bank to cover the cost of construction and the land cost and shall be used only for that purpose:

Provided that the promoter shall withdraw the amounts from the separate account, to cover the cost of the project, in proportion to the percentage of completion of the project:

Provided further that the amounts from the separate account shall be withdrawn by the promoter after it is certified by an engineer, an architect and a chartered accountant in practice that the withdrawal is in proportion to the percentage of completion of the project:

Provided also that the promoter shall get his accounts audited within six months after the end of every financial year by a chartered accountant in practice, and shall produce a statement of accounts duly certified and signed by such​ chartered accountant and it shall be verified during the audit that the amounts collected for a particular project have been utilised for the project and the withdrawal has been in compliance with the proportion to the percentage of completion of the project.

Copy of Act, is enclosed for your further study and information.

Being an important enactment effecting real estate business, new opportunity is there for practicing chartered accountant in this area.

Shared by CA.Umesh Sharma

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