Dear Shareholders,
 
 The Directors have pleasure in presenting the Twenty Seventh Annual
 Report together with Audited Statement of Accounts of the Company for
 the Financial Year ended 31st March, 2011.
 
 FINANCIAL RESULTS
 
 The working Results of the Company are briefly given below:
 
                                      Current Year      Previous Year
                                      (Rs. In Lacs)     (Rs. In Lacs)
 
 Sales & Other Income                    13,224.22          12,670.60
 
 Profit before Interest & 
 Depreciation etc.                        2,581.63           2,326.24
 
 LESS:
 
 — Interest                     875.22               720.62
 
 — Depreciation                  98.98      974.20    98.77    819.39
 
                                          1,607.43           1,506.85
 
 ADD:
 
 — Surplus Profit Brought Forward
 from Previous Year                         181.16             105.62
 
                                          1,788.59           1,612.47
 
 APPROPRIATIONS
 
 — Provision for Taxation       606.32               476.92
 
 — Provision for Deferred Tax 
 Liability                   (-) 31.16            (-) 25.18
 
 — Transfer to General 
 Reserve                        825.00               850.00
 
 — Proposed dividend            110.76               110.76
 
 — Dividend distribution tax     18.39    1,529.31    18.82  1,431.32
 
 — Surplus Profit Carried to 
 Balance Sheet                              259.28             181.15
 
 DIVIDEND
 
 Your Directors are pleased to recommend, for your approval, payment of
 Dividend at the rate of 15% on equity shares for the year ended on the
 31st March, 2011 (Previous Year 15%), which, if approved by the
 shareholders in the ensuing Annual General Meeting will absorb Rs.
 129.15 Lacs approx. including payment of tax, surcharge and cess
 thereon.
 
 REVIEW OF OPERATIONS
 
 The year under review has recorded increase in turnover and
 profitability. The sales and other income have touched Rs. 132.24
 crores showing an increase of 4.37% as compared to the previous years
 Rs.  126.71 crores. Profit before tax at Rs. 16.07 crores is higher by
 6.67% as compared to Rs. 15.07 crores of last year. Out of the
 disposable surplus of Rs. 1213.43 lacs, a sum of Rs. 129.15 Lacs has
 been kept for dividend and dividend tax and a sum of Rs. 825 lacs has
 been transferred to General Reserves which stood at Rs. 5014.30 Lacs at
 the end of the year.  The operational performance of the Company has
 been comprehensively discussed in the Management Discussion and
 Analysis Report and the same forms part of this Directors'' Report.
 
 STATUTORY STATEMENTS
 
 (A) Conservation of Energy and Technology Absorption and Foreign
 Exchange Earnings and Outgo :
 
 The particulars as required under section 217(1) (e) of the Companies
 Act, 1956, read with Companies (Disclosure of Particulars in the report
 of Board of Directors) Rules, 1988, are set out in the Annexure-A
 included in this report.
 
 (B) Particulars of Employees :
 
 The Statement showing particulars of employees pursuant to the
 provision of Section 217 (2A) of the Companies Act, 1956, read with
 Companies (Particulars of Employees) Rules, 1975 is annexed hereto as
 Annexure-B and forms part of this Report.
 
 (C) Foreign Exchange Earnings and Outgo :
 
 Activities relating to export initiatives to increase exports
 Developments of New export markets for products and Services and Export
 plan:
 
 During the year under review, the Company has not made any export of
 its goods and services, whereas, the company has continued to maintain
 focus on and avail of export opportunities based on economic
 consideration.
 
 The particulars relating to Foreign Exchange Earning & Outgo incurred
 during the period are:
 
 Foreign Exchange Earning : Rs. 11,10,496/-
 
 Foreign exchange Outgo : Rs. 15,27,216/-
 
 ISO 9001:2000 CERTIFICATION
 
 We have immense pleasure to inform all of you that your Company has
 been awarded ISO 9001:2000 Certification on 13th August, 2004.
 
 ISO is a powerful set of statistical and management tool that can
 create dramatic increase in systematic productivity, customers
 satisfaction and shareholders'' value. Your Company continues to adhere
 to its true spirit, along with the systems and procedures laid down in
 its QUALITY MANUAL.
 
 CORPORATE GOVERNANCE
 
 Your Company''s Corporate Governance philosophy stems from the belief
 that corporate governance is a key element in improving efficiency,
 transparency, accountability and growth as well as enhancing investor
 confidence.
 
 Your Company has infused the philosophy of Corporate Governance in all
 its activities so as to conduct its affairs to ensure fairness to all
 stakeholders. It is the firm belief that the Corporate Governance
 furthers attainment of transparency, accountability, sincerity and law
 abiding status in all facets of the operations of the Company and its
 interactions with members, employees, lending institutions and the
 government authorities. Therefore, it is also a process of building
 positive relationship and making a wider impact with greater commitment
 and trust, on all with whom the Company has relationship.
 
 Your Company continuously endeavor to improve upon integrity,
 professionalism and accountability and adopt innovative approaches for
 the leveraging resources, converting opportunities into achievements
 through proper empowerment and motivation, fostering a healthy growth
 and development of human resource to take the Company forward and as
 required:-
 
 a) A report on Corporate Governance together with a certificate
 received from M/s Sekhri & Associates, Chartered Accountants, Statutory
 Auditors of the Company confirming the compliance with the provisions
 of Corporate Governance as stipulated in Clause 49 of the Listing
 Agreement is given separately which forms part of this Report;
 
 b) Management Discussion and Analysis Report is also given separately
 and also form part of this Report.
 
 CORPORATE SOCIAL RESPONSIBILITY (CSR)
 
 Your Company acknowledges and offers full support to Governments''
 schemes for economically weaker sections. It endeavors to make a
 constructive contribution to the underprivileged communities by
 supporting socio-economic initiatives. The Company had allotted a
 number of plots under EWS Category and the families of allottees are
 happily living in various colonies developed by the Company.  The plots
 were allotted through open lottery system at highly subsidized rates.
 In addition, environmental issues remain very important and your
 Company is well aware of its role as an influencer towards the same. In
 order to create awareness amongst employees towards environment, your
 Company organizes various Tree Plantation Camps/activities and also
 circulating green slogans on regular basis. The Company had organized a
 Marathon Run under the slogan Save the Earth, Run for greener
 Tomorrow followed by Plantation Drive and Drawing Competition. The
 projects of your Company are aimed at environment protection, up
 gradation, conservation, water harvesting, etc. and plantation of trees
 etc.  It is the strong conviction that benefit comes as much from its
 strong organizational pledge to Corporate Governance, as from its
 pursuit and fulfillment of Corporate Social Responsibility.
 
 Gyan Bharati Trust is currently running school in Saket, New Delhi.
 Your Company is supporting various CSR initiatives through Gyan Bharati
 Trust.
 
 SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS
 
 The Company has 100% shareholding of its five Subsidiary Companies i.e.
 M/s Ansal Real Estate Developers Pvt. Ltd., M/s Lancers Resorts & Tours
 Pvt. Ltd., M/s Potent Housing and Construction Pvt. Ltd., M/s Sabina
 Park Resorts and Marketing Pvt. Ltd., M/s Triveni Apartments Pvt. Ltd
 in order to have better effective control over the affairs of said
 companies.
 
 The Audit Committee and Board of Directors of the Company in their
 Meetings generally review the Minutes/Accounts/Financial statements of
 the Subsidiary Companies.
 
 Pursuant to General Circular No. 2/2011 dated 8th February, 2011 issued
 by Ministry of Corporate Affairs, Government of India for directions
 under Section 212(8) of the Companies Act, 1956, the Board of Directors
 in their meeting held on 10th August, 2011 had given their consent for
 not attaching the Balance Sheet of Subsidiary Companies by complying
 the necessary requirement. Shareholders who may be keen of getting
 Annual Accounts of the Company''s Subsidiaries may obtain hard copy of
 the same upon request. The annual report and accounts of these
 companies will be kept open for inspection at your Company''s registered
 office. The financials of the subsidiaries of the Company have been
 provided in a statement pursuant to Section 212 of the Companies Act,
 1956, which forms part of this Annual Report. Further, the consolidated
 financial statements duly audited, which include consolidation of the
 financial statements of joint venture and subsidiary companies
 alongwith the Company, have been prepared pursuant to the provisions of
 Accounting Standard (AS)-21issued by the Institute of Chartered
 Accountants of India and Listing Agreements as prescribed by the
 Security and Exchange Board of India also forms part of the Annual
 Report.
 
 The Statement pursuant to Section 212 of the Companies Act, 1956,
 containing the details of subsidiary companies as on 31st March, 2011
 is enclosed as Annexure-C.
 
 DEPOSITORY SYSTEM
 
 Pursuant to the directions of the Securities and Exchange Board of
 India (SEBI) effective from 26th March, 2001 trading in the Company''s
 shares in dematerialization form has been made compulsory for all
 investors. Dematerialised form of trading would facilitate quick
 transfers and save stamp duty on transfer of shares. However, members
 are free to keep the shares in physical form or to hold the shares with
 a DEPOSITORY PARTICIPANT in demat form. For this purpose the Company
 has appointed M/s Link Intime India Pvt. Ltd. as Registrar and Share
 Transfer Agent (RTA) of the Company. The specific ISIN No. allotted to
 the Company by NSDL and CDSL is INE030C01015.
 
 FIXED DEPOSITS
 
 Fixed Deposits from the public, shareholders and employees as on 31st
 March, 2011 stood at Rs. 77.34 lacs. 20 Deposits amounting to Rs. 49.85
 lacs remained unclaimed as on that date and out of above 2 deposits
 amounting to Rs. 33.27 Lacs were claimed as refund/renewal in current
 year. Therefore, 18 deposits amounting to Rs. 16.58 lacs still remain
 unclaimed.
 
 TRANSFER OF UNCLAIMED DEPOSIT/DIVIDEND TO IEPF
 
 As per the provision of Section 205C of the Companies Act, 1956,
 deposit/dividend remaining unclaimed for a period of seven years from
 the date they become due for payment have to be transferred to
 Investors Education and Protection Fund (IEPF) established by the
 Central Government. Accordingly, the Company has transferred unclaimed
 Deposit/Dividend which are due for transfer to the said IEPF, in time.
 
 DIRECTORS
 
 Shri V. P. Verma is appointed as Director of the Company in its Board
 Meeting held on 20th August, 2010. He is an Independent Director of the
 Company.
 
 Shri Subhash Verma, Director and Shri K.S. Bakshi, Director of the
 Company retire by rotation and being eligible, offer themselves for
 reappointment.
 
 Shri R.L. Gupta and Shri Gaurav Mohan Puri, were re-appointed as Whole
 Time Directors w.e.f. 1st November, 2010.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 As stipulated in Section 217(2AA) of the Companies Act, 1956, your
 Directors subscribe to the Directors'' Responsibility Statement and
 confirm as under:
 
 (i) That in the preparation of the Annual Accounts, the applicable
 Accounting Standards had been followed and no material departures have
 been made from the same.
 
 (ii) That the Directors had selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at the end of the financial year and of the
 profit of the Company for that period;
 
 (iii) That the Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956, for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities;
 
 (iv) That the Directors had prepared the annual accounts on a going
 concern basis.
 
 LISTING
 
 The Equity shares of the Company are listed at Bombay Stock Exchange
 Limited (BSE). The Company has paid Listing Fee to the said exchange
 upto the year 2011-2012.
 
 AUDITORS
 
 M/s Sekhri & Associates, Chartered Accountants, who retire at the
 conclusion of this Annual General Meeting and being eligible for
 re-appointment, have expressed their willingness to be re-appointed as
 Statutory Auditors of the Company. They have given certificate that the
 appointment, if made, would be within the limit prescribed under
 Section 224(1) of the Companies Act, 1956. Your Directors recommend
 their reappointment for another year.
 
 ACCOUNTS AND AUDITORS'' REPORT
 
 The observations of the Auditors are self-explanatory and/or suitably
 explained in Notes to the Accounts.
 
 ACKNOWLEDGEMENTS
 
 The Directors wish to place on record their thanks and gratitude to:
 
 i) The Central and State Governments, as well as their respective
 Departments and Development Authorities connected with the business of
 the Company for their co-operation and continued support;
 
 ii) The bankers and Housing Finance Companies as well as other
 Institutions for the financial facilities and support;
 
 iii) The Members, Depositors, Suppliers/Contractors for the trust and
 confidence reposed and to the customers for their valued patronage.
 
 The Board also takes this opportunity to express their sincere
 appreciation of the efforts put in by the employees at all levels for
 achieving the results and hopes that they would continue their sincere
 and dedicated endeavors towards achieving better working results during
 the current year.
 
 Registered Office:                       For & on behalf of the Board
 
 118, Upper First Floor, 
 
 Prakashdeep Building
 
 7, Tolstoy Marg, New Delhi-110 001                        GOPAL ANSAL
 
                                        Chairman cum Managing Director
 Dated: 10th August, 2011