Deemed university status is offered to the educational institutes that are deemed for the status of autonomous university. They are allowed to offer degree and course certificates. Though many business and educational institutes don't find deemed universities credible. However the performance of such universities often have found to be at part with regular universities. It's just that they hold the autonomy. They are not in any way being funded or controlled by ministry of education directly.
Though they are not equivalent to that of regular universities. However the degrees earned by these institutes do often give you post graduate or graduate admission in regular universities. If the deemed university status is not in good standing it may not be equivalent to regular universities.
Being autonomous and only following certain rules of NAAC, AICETE and few other grading along with ministry of educations rules. These are the most common similarities of the courses from both the universities.