What is the “estimated cost of the project”? What implications it will have?

The estimated cost of a real estate project means the total cost involved in developing the project and includes land cost, taxes, cess, construction and development cost. The promoter is under obligation to withdraw amount from the separate account only in proportion to percentage of the completion of the project. The amount he is allowed to withdraw shall vary with “estimated cost of the project”.
RERA has a power to impose penalties on the promoter for various violations of any provision of the act, rules or regulations. This penalty is directly based on the “estimated cost of the project”.