CHAPTER II - REAL ESTATE PROJECT

No: DOH 109KHB2017 Karnataka Government Secretariat VikasaSoudha, Bangalore, Dated: 10-07-2017

NOTIFICATION - Whereas the draft of the Karnataka Real Estate (Regulation and Development) Rules, 2016 was published vide Government Order No. DOH 128 KHB 2016, dated: 24th October, 2016, in part I of the Karnataka Gazette ( Extra Ordinary Number 1193), dated 24th October, 2016 inviting suggestions from all persons likely to be affected thereby within fifteen days from the date of its publication in the Official Gazette And whereas, the said Gazette was made available to public on 24th October, 2016And whereas, suggestions have been received and considered by the State Government And whereas, the Government of India vide S.O No.3347, dated 28thOctober 2016 had made the order for removing certain difficulties in implementing the provisions of the Act

Rule 5 - Withdrawal of sums deposited in separate bank account

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(1) For the purpose of sub-clause (D) of clause (l) of sub section (2) of section 4 of the Act, the land cost means,-

(a) the costs incurred by the promoter for acquisition of ownership and title of the land parcels for the real estate project as an outright purchase lease etc., or the Guidance Value in accordance with section 45-B of the Karnataka Stamp Act 1957 relevant on the date of registration of the real estate project whichever ishigher

(b) amount paid for acquisition/ purchase of TDRetc

(c) amount paid to the competent Authority for project approval, No objection certificates, stamps duty, transfer charges, registration charges, conversion charges, change, taxes, statuary payments to state and central government

(2) For the purpose of sub-clause(D) of Clause(l) of sub-section (2) of Section 4 of the Act, the “Cost of Construction” means,-

The cost of construction shall include all such costs, incurred by the promoter towards on-site and off-site expenditure for the development of the real estate project including payment of Taxes, Fees, charges, premiums, interests etc., to any competent Authority, or statutory Authority of the Central or State Government, including interest, paid or payable to any Financial Institutions including scheduled banks or non – banking financial companies etc

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