Dear Shareholders,
 
 We believe that with the decisions and strategic moves made by Anant
 Raj in 2010-11, we are all set to enter into the next orbit in Indian
 real estate. In many ways 2010-11 was a tipping point.
 
 For those who have been our shareholders for some time and know, Anant
 Raj, since inception resisted the temptation of going pan-India. We
 decided to remain core to our strength and focused on NCR. A discipline
 that we never broke and a discipline that ensured we did not stretch in
 the downtrend.  Infact this discipline, coupled with a few more,
 ensured we emerged stronger than before.
 
 Another discipline we remained committed to was not to buy land
 expensive. During the peak on 2006 and 2007, it appeared that we were
 not aggressive as we sold land parcels when others were accumulating.
 We rather have stronger balance sheet was our ideal. The result :
 through the downtrend and upto 2009-10 we had no debt on our books and
 were generating surplus cash.
 
 We used the downtrend to execute and build commercial real estate that
 we believe will keep delivering strong cash flow.  In the current year
 itself, our lease income was Rs. 76 crores. We expect this to double by
 2012-13 due to additional shopping mall at Kirti Nagar, New Delhi and
 Hotel Tricolor at NH - 8. But that''s not all.
 
 Currently, of the completed IT Park at Manesar, only 50% is occupied.
 We are seeing a recovery in commercial real estate.  Our commercial
 assets are in prime NCR locations like Jhandewalan, Kirti Nagar, Hotels
 at NH-8, and near Mehrauli in Delhi as well as at Manesar and Rai in
 Haryana. As our occupancy goes up, the entire effect is on the
 bottomline since we have already spent the capital to build this real
 estate. We are confident that we will surprise investors on the upside.
 
 2010-11 also saw the renewed focus by Anant Raj on the NCR residential
 segment. If you would recall, over the last few years we executed
 mostly commercial, including, hospitality, retail and office space.
 This year, the focus on land acquisition was residential. This is why:
 
 One, we see strong demand for good locations and good projects priced
 attractively within NCR.
 
 Two, the land prices have corrected significantly to make residential
 investment ROI attractive.
 
 Three, there is far less competition to acquire land bank as most have
 their balance sheets stretched.
 
 Four, land banks are available at prime locations which ensure faster
 pre-sales and cash recovery cycle.
 
 Considering the above, Anant Raj re-entered residential and the
 aggression and confidence can be gauged from the fact that Anant Raj
 used leverage of Rs. 10 billion and invested in this land bank. We
 invested Rs. 837 cr in building a prime land bank that will deliver
 between Rs. 60 and Rs. 70 billion in revenues in the next five years.
 
 More importantly, there is inherent de-risking within the land bank. We
 are building luxury high premium residences at Hauz Khas in South Delhi
 and Bhagwan Das Road near Connaught Place. We are also building
 mid-income residences at Kapashere in Delhi and at Gurgaon and
 affordable residences in Sonepat, Haryana and Neemrana, Rajasthan .
 With this, we are present across the value chain of residential and yet
 committed to our focus on NCR.
 
 We are feeling confident that we used the downtrend to acquire prime
 residential land bank. We feel that with this land bank and it’s
 execution, Anant Raj has entered the next orbit of growth. Our business
 has a started the virtuous cycle. Cash from commercial and cash from
 residential will generate enough surplus for us to multiply our growth
 as we move ahead.
 
 2010-11, on the one hand was a year when we leveraged to acquire and
 grow, and on the other hand, the quality of land bank and residential
 foray has built the foundation for the next phase of growth through
 higher predictable cash.
 
 Its time.
 
 Thank you very much for being with us in tough times and believing in
 the Anant Raj way of building a strong, stable and powerful real estate
 business through cash flows generated within and moderate leverage.
 Thank you.
 
 Yours sincerely,
 
 Ashok Sarin, Chairman         Anil Sarin, Managing Director