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 48 - Budget accounts and audit

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(1) At the end of the financial year of every year, the Authority shall prepare a budget, maintain proper accounts and other relevant records and prepare an annual statement of accounts in Form–‘S’

(2) The Authority shall preserve the accounts and other relevant records prepared under sub-rule (1) for a minimum period of fiveyears

(3) The accounts and other relevant records under sub-rule (1) shall be signed by the Chairperson, Members, Secretary and the officer in-charge of Finance and Accounts

(4) The accounts of the Authority and the audit report shall, as soon as possible, be submitted to the appropriate Government for laying before theParliament

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