This document provides an overview of the quarterly reporting compliance requirements for real estate projects registered under RERA in Karnataka. It discusses the provisions in the Central RERA Act regarding promoter obligations to update project details on the authority website on a quarterly basis. It also outlines the penalties for non-compliance, as well as the relevant provisions under the Karnataka RERA Rules. The document concludes by discussing the roles of various teams in collecting compliance data and the certificates linked to the quarterly updates.

1. Contents
Summary
Content
Page 1
Quarterly RERA reporting compliance for registered projects
in Karnataka
Knowledge Series By: Sandeep Jhunjhunwala, FCA, LLB
July 2018

2. Contents
Summary
Content
Page 2
Presentation Overview
Summary
Provisions of the Central Act
Penalties for non-compliance
Provisions under Karnataka RERA Rules
Compliance Mechanism
Roles of various teams in terms of data collation
Certificates linked to quarterly updates
Author’s Profile
Annexures
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

3. Contents
Summary
Content
Page 3
Provisions of the
Central Act
Content
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

4. Contents
Summary
Content
Page 4
Provisions of the Central Act
Content
The promoter shall, upon receiving his
Login Id and password under clause (a)
of sub-section (1) or under sub-section
(2) of Section 5, as the case may be,
create his webpage on the website of the
Authority and enter all details of the
proposed project as provided under sub-
section (2) of Section 4, in all the fields
as provided, for public viewing, including-
(a) details of the registration granted by
the Authority;
(b) quarterly up-to-date the list of
number and types of apartments or
plots, as the case may be, booked;
(c) quarterly up-to-date the list of
number of garages booked;
(d) quarterly up-to-date the list of
approvals taken and the approvals
which are pending subsequent to
commencement certificate;
(e) quarterly up-to-date status of the
project; and
(f) such other information and documents
as may be specified by the regulations
made by the Authority.
Section 11
(1) of RERA
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018
The promoter shall prepare and maintain
all such other details as may be
specified, from time to time, by
regulations made by the Authority.
Section 11
(6) of RERA

5. Contents
Summary
Content
Page 5
Penalty for non-compliance
Content
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018
he shall be liable to a
penalty which may extend
up to five percent of the
estimated cost of the real
estate project as
determined by the Authority
If any promoter
contravenes any other
provisions of this Act,
other than that provided
under Section 3 or
Section 4, or the rules or
regulations made
thereunder
Section 61 of RERA
Additionally, there is a risk that the registration already granted may be revoked for not complying with the provisions of the Act. This
could indirectly entail freezing of bank accounts, getting listed as a defaulter and other related repercussions.

6. Contents
Summary
Content
Page 6
Content
Provisions under Karnataka
RERA Rules
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

7. Contents
Summary
Content
Page 7
Provisions under Karnataka RERA Rules
Content
(iv) Status of approvals:
(a) Approval received;
(b) Approvals applied and expected date of receipt;
(c) Approvals to be applied and date planned for application; and
(d) Modifications, amendment or revisions, if any, issued by the competent authority with regard to any license,
permit or approval for the project.
(iii) Status of the project:
(a) Status of construction of each building with photographs;
(b) Status of construction of each floor with photographs; and
(c) Status of construction of internal infrastructure and common areas
with photographs.
(D) The promoter shall upload the
following updates on the webpage
for the project, within fifteen days
from the expiry of each quarter:
(i) list of number and types of
apartments or plots, booked
Rule 15(D) of Karnataka
RERA Rules
(ii) list of number of garages
booked
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

8. Contents
Summary
Content
Page 8
Compliance Mechanism
Content
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

9. Contents
Summary
Content
Page 9
Content
Quarterly updates and Annual Audit
ContentContent
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018
Quarterly Updates
• As of now, RERA portal in Karnataka does not provide for online updation – Intimation with respect to updates could
be filed in hard copy to avoid any penalty at a later stage (Please refer Annexure for a template)
• Physical letter could be filed with the Authorities (or an email) providing all such details, to avoid penal implications at
a later stage (and to avoid haste in case of short notice) – Recommendatory and not Mandatory
• Guidance available under Circular No 8/ 2017 dated July 17, 2017 and Circular No 14/ 2017 dated November 1, 2017
by the regulators in Maharashtra (could have a persuasive value only in Karnataka)
Annual Audit
• Audit under RERA - Is this another compliance or does this get subsumed under StatutoryAudit (under CompaniesAct
2013) or Tax Audit (under Income TaxAct 1961)?
• Would RERA audit be subject to certain turnover threshold (such as in Tax Audit) or would it be applicable to all
Developers/ Promoters, irrespective of any monetary thresholds?
• Likely that it is another audit as it is mandated byRERA: Audit - Project registration wise
• First RERA audit to be completed by September 30, 2018 (6 months from the end of FY 2017-18 ie the first year of
RERA implementation)

10. Contents
Summary
Content
Page 10
Compliance Mechanism
Content Below mentioned data/ information may need to be collated in case of apartment projects:
- Prospectus/ Brochure
- Copy of Advertisements (Digital/ Newspaper etc)
- Tower wise details such as name of the tower, No of floors, floor wise number of units, No of
Basements, Garages, Open and Closed parking etc – Percentage of completion, tower/ floor wise
- Floor wise unit numbers and inventory details (carpet area, built-up area etc)
- Status of completion of applicable civil work for the project (with related photographs) and estimated
time of completion for each applicable civil work (categories including sub-structure, super-structure,
masonry work and interior/ finishing work) – Reference could be made to registration application
- Status of completion of applicable external and internal infrastructure available in the project and
related photographs (say, water supply, sewage and drainage system, solid waste management etc) –
Reference could be made to registration application
- Financial details such as amounts collected during the quarter, amount withdrawn from RERA
designated project account during the quarter etc – These details would form part of certificate to be
issued by a Chartered Accountant in 'Form-4' for which details of construction and approval related
expenses etc may also be required to determine Percentage of Completion (PoC) of the project
- Details of TDR purchased, if any (TDR sanction area, sanctioning authority, purchase cost, TDR
purchase deed etc)
- Details of litigation on the project (type of case, forum, copy of order, present status etc)
- Details of modification to the project plan, if any (Approving Authority, approval document including
approval of 2/3rd allottees, modified plan etc)
- Details of the Association of allottees (applicable if majority of booking is done – Proviso to Section
11(4)(e) of the Act
- Status of each approvals/ NOCs required for the project
- Copies of certificates signed by Architect, CA and Structural Engineer for withdrawal purposes
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018 * Indicative, based on the user manual temporarily issued by Karnataka RERA Authorities

11. Contents
Summary
Content
Page 11
Compliance Mechanism
Content Below mentioned data/ information may need to be collated in case of plotted development projects:
- Prospectus/ Brochure
- Copy of Advertisements (Digital/ Newspaper etc)
- Plot details ie total number of plots category wise
- Status of completion of applicable civil work for the project (with related photographs) and the
estimated time of completion for each applicable civil work (formation of footpath, power supply work
etc) – Reference could be made to registration application
- Details of common areas that is to be relinquished to Local Authority/ Planning Authority
- Financial details such as amounts collected during the quarter, amount withdrawn from RERA
designated project account during the quarter etc – These details would form part of certificate to be
issued by a Chartered Accountant in 'Form-4' for which details of construction and approval related
expenses etc may also be required to determine Percentage of Completion (PoC) of the project
- Status of each approvals/ NOCs required for the project
- Details of litigation on the project (type of case, forum, copy of order, present status etc)
- Details of modification to the project plan, if any (Approving Authority, approval document including
approval of 2/3rd allottees, modified plan etc)
- Details of the Association of allottees (applicable if majority of booking is done – Proviso to Section
11(4)(e) of the Act
- Copies of certificates signed by Architect, CA and Structural Engineer for withdrawal purposes
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018
* Indicative, based on the user manual temporarily issued by Karnataka RERA Authorities

12. Contents
Summary
Content
Page 12
Roles of various teams in
terms of data collation
Content
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

13. Contents
Summary
Content
Page 13
Roles of various teams in terms of data collation
Content
Finance
•Financial details
such as amounts
collected during the
quarter, amount
withdrawn from
RERA designated
project account
during the quarter
etc – These details
would form part of
certificate to be
issued by a
Chartered
Accountant in
'Form-4' for which
details of
construction and
approval related
expenses etc may
also be required to
determine
Percentage of
Completion (PoC)
of the project
•Managing all other
information/ data
required for
certification
Legal
•Details of litigation
on the project (type
of case, forum,
copy of order,
present status etc)
•Details of the
Association of
allottees (applicable
if majority of
booking is done –
Proviso to Section
11(4)(e) of the Act
•Status of each
approvals/ NOCs
required for the
project
•Details of TDR
purchased, if any
(TDR sanction
area, sanctioning
authority, purchase
cost, TDR purchase
deed etc)
Design
•Details of
modification to the
project plan, if any
(Approving
Authority, approval
document including
approval of 2/3rd
allottees, modified
plan etc)
Operations
•Status of
completion of
applicable civil work
for the project (with
related
photographs) and
estimated time of
completion for each
applicable civil work
•Status of
completion of
applicable external
and internal
infrastructure
available in the
project and related
photographs (say,
water supply,
sewage and
drainage system,
solid waste
management etc)
Marketing/Sales/CRM
•Prospectus/
Brochure
•Copy of
Advertisements
(Digital/ Newspaper
etc)
•Tower wise details
such as name of
the tower, No of
floors, floor wise
number of units, No
of Basements,
Garages, Open and
Closed parking etc
•Floor wise unit
numbers and
inventory details
(carpet area, built-
up area etc)
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

14. Contents
Summary
Content
Page 14
Certificates linked to
Quarterly updates
Content
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

15. Contents
Summary
Content
Page 15
Quarterly Report on Statement of Accounts
Content
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

16. Contents
Summary
Content
Page 16
Annual Report on Statement of Accounts
Content
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

17. Contents
Summary
Content
Page 17
Key points in relation to certificates
Content
Form-4 [Quarterly Report on
Statement of Accounts]
• To be issued by the Statutory
Auditor of the Promoter entity
(Company/ Firm, as the case
may be)
• 'Project-wise' and not an 'Entity-
wise‘ certificate
• Para 1 of the certificate gives
reference to Real Estate
(Regulation and
Development)(Registration of
Real Estate Projects,
Registration of Real Estate
Agents, Rates of Interest and
Disclosures on Website) Rules,
2017 Karnataka – No such rules
exist!
Form-5 [Annual Report on
Statement of Accounts]
• To be issued by the Statutory
Auditor of the Promoter entity
(Company/ Firm, as the case
may be)
• 'Project-wise' and not an 'Entity-
wise‘ certificate
• Para 1 of the certificate gives
reference to Real Estate
(Regulation and
Development)(Registration of
Real Estate Projects,
Registration of Real Estate
Agents, Rates of Interest and
Disclosures on Website) Rules,
2017 Karnataka – No such rules
exist!
Other certificates enabling
withdrawal from RERA
designated bank account
• Form-1 (Architect’s certificate for
withdrawal of money from
designated account)
• Form-2 (Engineer’s certificate
for withdrawal of Money from
Designated Account- Project
wise)
• Form-3 (Chartered Accountant's
certificate for subsequent
withdrawal of money)
• All these forms could be issued
by professionals having license
no/ membership from their
respective governing instituteKnowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

18. Contents
Summary
Content
Page 18
THANK YOU
Sandeep Jhunjhunwala, FCA, ACS, LLB, B.Com (H)
E: Mailboxofsandeepj@gmail.com
M: +91 97401 55469
The views in this presentation are personal views of the Author. The information contained is of a general nature and is not intended to address the circumstances of
any particular individual or entity or constitute an advice. Although, the overall endeavor is to provide accurate and timely information, there can be no guarantee that
such information is accurate as of the date it is received or that it will continue to be accurate in the future. This presentation is meant for general guidance only and no
responsibility for loss arising to any person/ entity acting or refraining from acting as a result of any material contained in this presentation would be accepted. It is
recommended that professional advice be sought based on the specific facts and circumstances. This presentation does not substitute the need to refer to original
pronouncements.

19. AUTHOR'S PROFILE - SANDEEP JHUNJHUNWALA
Sandeep is a Fellow member of the Institute of the Chartered Accountants of India and an Associate Member of
the Institute of Company Secretaries of India. He also holds Bachelor's degrees in Law and Commerce. Sandeep
has more than 12 years of experience in consulting in varied fields of tax and regulatory matters.
He specialises in advising clients with tax optimised business and operational structures. He has worked on a
number of leading multi-national companies in information technology, communication, real estate, entertainment,
pharmaceuticals, e-commerce and automotive sectors and has been extensively involved in tax and regulatory
advisory, compliance support, planning opportunities and litigation support on direct tax and regulatory matters.
He has been a speaker/ panelist on tax and regulatory matters at various forums such as NASSCOM,
ASSOCHAM, CII, BCIC, NAREDCO, CREDAI etc, industrial/ trade bodies such as TiE, Indo-American Chamber of
Commerce, Indo-Italian Chamber of Commerce, Royal Institution of Chartered Surveyors (RICS), various
Government recognised start-up incubators, Bangalore chapters of the ICAI, ICSI & ICMAI and leading Business
Schools & Engineering/ Commerce colleges in Bangalore. He is also a visiting faculty for taxation at the Bangalore
Chapters of the ICAI and ICSI.
Recently, he has been awarded honorary membership by the National Real Estate Development Council
(NAREDCO) and nominated for non-standing committees of the ICAI including its Career Counselling Committee.
Sandeep is also a mentor for the Startup India programme of the Government of India.

20. Contents
Summary
Content
Page 20
Annexures
Annexures
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

21. Contents
Summary
Content
Page 21
Intimation to RERA Authorities on quarterly updates
Annexures
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

22. Contents
Summary
Content
Page 22
Past Series
Annexures
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018

23. Contents
Summary
Content
Page 23
Past Series
Annexures
Knowledge Series on RERA
By Sandeep Jhunjhunwala
FCA, ACS, LLB, B.Com (H)
July 2018