Dear Shareholder,
 
 The Directors of your Company have pleasure in presenting their 27th
 Annual Report together with the Audited Statement of Accounts of the
 Company for the Financial Year ended 31st March, 2011.
 
 Financial Performance
 
 Your Company''s performance on standalone basis during the year as
 compared with that during the previous year is summarised:
 
                                                (Figures in Rs. Lacs) 
 
                                          2010-11             2009-10
 
 1. Sales & Other Income                30,485.86           20,924.92
 
 2. Gross Profit (Before Interest        8,350.51            5,590.82
 and Depreciation) etc.  
 
 Less :
 
 - Interest & Finance    3,764.86                  2,736.39
 Charges
 
 - Depreciation            264.39        4,029.25    223.65  2,960.04
 
 3. Net Profit before Tax                4,321.26            2,630.78 
 
 Less :
 
 - Provision for Tax                       981.15              671.98
 
 4. Net Profit After Tax but             3,340.11            1,958.80 
  before prior period items 
 
 Less:
 
 - Tax Provisions for earlier year          22.96            (279.37)
 
 - Prior Period Expenses                    80.03               16.98
 
 5. Net Profit after tax and             3,237.12            2,221.17
 prior period items 
 
 Add :
 
 Surplus Profit Brought forward         12,017.41           10,469.10
 for Previous Year 
 
 Balance available for                  15,254.53           12,690.27
 appropriation 
 
 6. Appropriations:
 
 Proposed Dividend @ 8%    154.97                    147.76
 
 (Previous Year @ 8%)
 
 Dividend Tax thereon       30.89                     25.11
 
 Transfer to General       600.00          785.86    500.00    672.87
 Reserve
 
 7. Surplus Profit Carried              14,468.67           12,017.40
 over to Balance Sheet 
 
 General Reserve
 
 The Company proposes to transfer a sum of Rs. 600 Lacs (Previous Year
 Rs. 500 Lacs) to the General Reserve out of the amount available for
 appropriation. An amount of Rs. 14468.67 lacs is proposed to be
 retained in Profit and Loss Account.
 
 Dividend
 
 Your Directors are pleased to recommend a dividend of Rs. 0.80 per
 Equity Share (8%) on the paid up equity share capital of the Company
 for the financial year ended 31st March 2011. The total payout of the
 proposed dividend is Rs.185.86 Lacs, which includes Corporate Dividend
 Tax of Rs. 30.89 Lacs. A motion for confirmation of the dividend for
 the year is being placed before the shareholders at the Annual General
 Meeting.
 
 Performance Review
 
 India''s GDP registered an increase of 8.5 percent in the year
 2010-2011. The slight dip in expected growth rate of 8.6 percent can be
 attributed to weaker performance in sectors such as mining and
 quarrying, manufacturing, trade, hotels, transport and communication
 and real estate and business services than anticipated earlier.
 
 After two years of consolidation, Real Estate in India is poised at the
 right threshold to take a giant leap in years to come. The experience
 gained by the real estate sector during slow-down is invaluable and
 will serve real estate strategists for years to come.
 
 Caution and diligence would be the keywords for the industry in the
 medium term. Emerging opportunities should be targeted with an
 unmatched fervour of potential and pragmatism. Winners would be those
 who balance caution with diligence evaluating all potential
 opportunities with pragmatism. The Company has consistently been
 following business approach keeping in view the above strategies.
 
 The Company has achieved an all time high turnover of Rs. 30485.86 Lacs
 for the Financial Year 2010-2011 as against Rs. 20924.92 Lacs in the
 previous year and net profit (post tax) for the year 2010- 2011 stood
 at Rs. 3340.11 Lacs as against Rs. 1958.79 Lacs in the year 2009-2010.
 The Earning per Share (EPS) has gone up from Rs. 12.63 to Rs. 17.21
 registering a y-o-y rise of 36.26%.
 
 Business
 
 During the period under review there was very good improvement in the
 business enabling the company in achieving a healthy growth of 46% in
 net revenues and around 70% in net profits. During the period new
 Residential projects at Gurgaon, Meerut, Agra, Indore and Yamunanagar
 were launched. The Company also launched new Commercial Projects at
 Meerut and Indore. Presently various projects of the Company are under
 different stages of Construction / execution at Agra, Alwar, Indore,
 Jhansi, Jammu, Karnal, Lucknow, Meerut, Muzaffarnagar, NH-24 Ghaziabad,
 Rewari, Shahpur, Yamunanagar and Zirakpur. The Company has made a
 comeback in NCR market by launching two residential and one commercial
 project in the lucrative market of Gurgaon. The activities like fast
 Developmental work on roads and Metro rail in and around Gurgaon and
 proposed linking of Meerut with Delhi by Hi-speed train are expected to
 further improve the real estate business in Gurgaon and Meerut enabling
 your company to achieve substantial growth in revenues and profits in
 subsequent periods.
 
 
 Conservation of energy, technology absorption, foreign exchange
 earnings and outgo.
 
 Conservation of Energy, Technology Absorption
 
 Your Company is not engaged in any manufacturing activity; as such
 particulars relating to Conservation of Energy and Technology
 Absorption as per section 217(1)(e) are not applicable. However in
 hospitality division, your company has appointed energy auditor and has
 implemented the suggestions given by energy auditor to save energy
 bills. The regular energy audit is carried out to identify the areas
 where energy can be utilised in an optimal manner.
 
 Foreign Exchange Earnings and Outgo
 
 a) Activities Relating   As the company operates into
 to exports
 
 b) Initiatives taken to  Real Estate & Restaurants
    increase exports        
 
 c) Development of        segment, the Company
    new export markets    is not involved in any 
    for products and      activity relating
    Services              to export
 
 d) Export plans          to export.
 
 Particulars of Foreign Exchange Earnings and Outgo -
 
 a) Foreign Exchange 
    Earnings - through 
    Credit Cards as per
    bank certificates/advices Rs. 37.25 Lacs
 
 b) Foreign Exchange Outgo
 
 - Value of Import calculated 
   on CIF basis in respect of
   Project Material.     Rs. 42.65 Lacs
 - Travel Expenses       Rs. 56.45 Lacs
 - Property Exhibition   Rs. 15.40 Lacs
 
 Subsidiary Companies
 
 As on date your Company has fourteen wholly owned Subsidiary Companies.
 In terms of the General Circular No. 2/2011 dated 8th February, 2011
 read together with General Circular No. 3/2011 dated 21st February,
 2011 issued by the Government of India - Ministry of Corporate Affairs
 under Section 212(8) of the Companies Act, 1956 granting general
 exemption to companies from attaching financial statements of
 subsidiaries, subject to fulfilment of conditions stated in the
 circular, copies of the Balance Sheet, Profit and Loss Account, Report
 of the Board of Directors and Auditors Report of the subsidiary
 companies for the year ended 31st March, 2011 are not attached to the
 Balance Sheet of the Company as the Company has/shall fulfil the
 following conditions:
 
 (i) The Board of Directors of the Company has vide resolution dated
 26th April, 2011 consented for not attaching the balance sheet(s) of
 the concerned subsidiary(ies);
 
 (i) The Board of Directors of the Company has vide resolution dated
 26th April, 2011 consented for not attaching the balance sheet(s) of
 the concerned subsidiary(ies);
 
 (ii) The Company has presented in its Annual Report, the consolidated
 financial statements of holding Company and all of its subsidiaries
 duly audited by its statutory auditors;
 
 (iii) The Consolidated financial statement has been prepared in strict
 compliance with applicable Accounting Standards and where applicable,
 Listing Agreement as prescribed by the Securities and Exchange Board of
 India;
 
 (iv) The Company has disclosed in the consolidated balance sheet the
 following information in aggregate for each subsidiary including
 subsidiaries of subsidiaries :- (a) Capital (b) reserves (c) total
 assets (d) total liabilities (e) details of investment (except in case
 of investment in subsidiaries) (f) turnover (g) profit before taxation
 (h) provision for taxation (i) profit after taxation (j) proposed
 dividend, as applicable;
 
 (v) The annual accounts and other related detailed information of the
 following subsidiaries shall be made available to shareholders of the
 holding company and subsidiary companies seeking such information at
 any point of time;
 
 1.  Housing & Construction Lanka Pvt. Ltd.
 2.  Geo Connect Ltd.
 3.  Maestro Promoters Pvt. Ltd.
 4.  Wrangler Builders Pvt. Ltd.
 5.  Anjuman Buildcon Pvt. Ltd.
 6.  Third Eye Media Pvt. Ltd.
 7.  A.R Infrastructure Pvt. Ltd.
 8.  A. R Paradise Pvt. Ltd.
 9.  Fenny Real Estate Pvt. Ltd.
 10. Aevee Iron & Steel Works Pvt. Ltd.
 11. Sunrise Facility Management Pvt.  Ltd.
 12. Enchant Constructions Pvt. Ltd.
 13. Sonu Buildwell Pvt. Ltd.
 14. Rishu Build tech Pvt. Ltd 
 
 (vi) Further, the annual accounts of the subsidiary companies shall
 also be kept for inspection by any shareholder at the head office /
 registered office of the Company and of the subsidiary companies
 concerned and the Company shall furnish a hard copy of the details of
 accounts of subsidiaries to any shareholder on demand; 
 
 (vii) The holding as well as subsidiary companies in question shall
 regularly file such data to the various regulatory and Government
 authorities as may be required by them.  (viii) The Company has given
 Indian rupee equivalent of the figure given in the foreign currency
 appearing in the accounts of the subsidiary companies alongwith the
 exchange rate as on closing day of the financial year;
 
 As a measure of Corporate Governance, a Statement pursuant to Sections
 212(3) and 212(5) of the Companies Act, 1956 containing the details of
 subsidiaries of the Company, forms part of the Annual Accounts of the
 Company.
 
 Fixed Deposits
 
 Fixed Deposits from the Public, Shareholders and Employees as on 31st
 March, 2011 stood at Rs. 8768.98 Lacs as against Rs. 7918.03 lacs in
 the previous year. There were unclaimed Deposits amounting to Rs.
 142.67 Lacs pertaining to 347 depositors as on that date and out of
 above 148 depositors having deposits aggregating to Rs. 55.94 lacs have
 subsequently claimed refund or renewed their deposits. However, the
 balance amount of Rs. 86.73 Lacs still remains unclaimed
 
 Corporate Governance
 
 Your Company attaches considerable
 
 significance to good Corporate Governance as an important step towards
 building strong investors confidence, improving investor protection and
 maximising long-term shareholder value. Pursuant to clause 49 of the
 Listing Agreement with the Stock Exchanges, a Compliance Report on
 Corporate Governance, from the auditors on compliance of mandatory
 requirements have been annexed as part of this Report.
 
 In order to comply with the provisions of newly inserted Clause 47(f)
 in the Listing Agreement with the Stock Exchange(s), the Company has
 designated an e-mail ID - sect@ansals.com which is exclusively for the
 clarifications / queries / grievance redressal of the investors of the
 Company.
 
 Implementation of go green Revolution
 
 The Ministry of Corporate Affairs has taken a “Green Initiative in the
 Corporate Governance” by allowing paperless Compliance by the Companies
 and has issued circulars stating that service of notice/ documents
 including Annual Report can be sent by e-mail to its members. To
 support this green initiative of the Government in full measure,
 members who have not registered their e-mail addresses, so far are
 requested to register their e-mail address in respect of electronic
 holdings with the Depository through their concerned Depository
 Participants.  Our company has also sent online letter on 20th May,
 2011 through Registrar and Transfer Agent M/s Link Intime India Pvt.
 Ltd. to all the shareholders whose e-mail Ids are available with the
 RTA for giving confirmation for registration of online communication
 through email. Members who hold shares in physical form are requested
 to register their email ID with M/s Link Intime India Pvt. Ltd., the
 Registrar and Transfer Agent of the Company at its mail id
 delhi@linkintime.co.in.
 
 Listing of Equity Shares
 
 The Securities of the Company are listed and traded at Bombay Stock
 Exchange Limited (BSE) and National Stock Exchange of India Ltd. (NSE).
 The Company has paid listing fees to Bombay Stock Exchange Ltd.  as
 well as National Stock Exchange of India Ltd. for the Financial Year
 2011-12.
 
 Directors
 
 In accordance with the relevant provisions of Sections 255 & 256 of the
 Companies Act, 1956 and Article 104 of the Company''s Articles of
 Association, Shri S.L. Kapur and Shri Ashok Khanna are liable to retire
 by rotation at the ensuing Annual General Meeting and, being eligible,
 offer themselves for re-appointment. The brief resume and other details
 relating to directors, who are to be re-appointed as stipulated under
 Clause 49(IV) of the Listing Agreement, are furnished in the Corporate
 Governance Report forming part of the Annual Report.
 
 Directors'' Responsibility Statement
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
 confirm the following in respect of the Audited Annual Accounts for the
 Financial Year ended 31st March, 2011:
 
 i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed with no material departures;
 
 ii) that the directors have selected such accounting policies and
 applied them consistently and made judgements and estimates that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company for the Financial Year ended 31st March, 2011
 and of the profit of the Company for that period;
 
 iii) that the directors had taken proper and sufficient care for
 maintenance of adequate accounting records in accordance with the
 provision of the Act for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities; and
 
 iv) that the accounts for the year ended 31st March, 2011 have been
 prepared on a going concern basis.
 
 Auditor''s Report
 
 With regard to observation of the Auditor for advances of Rs. 751.02
 lacs to certain parties / collaborators for purchase of land parcels in
 the absence of underline contract / agreement, Directors state that the
 Company is in process of finalizing the deals for purchase of land and
 the agreements will be signed shortly.  Management is confident that
 these advances are good and recoverable. The position has also been
 explained in the Note No. 5 of Schedule - 15 of the Financial Statement
 contained in Annual Report for the Financial Year 2010-2011.
 
 Auditors
 
 M/s Khanna & Annadhanam, Chartered Accountants, who retire at the
 conclusion of this 27th Annual General Meeting and being eligible for
 reappointment, have expressed their willingness to be re-appointed as
 Statutory Auditors of the Company. They have given certificate to the
 effect that the appointment, if made, would be within the limit
 prescribed under section 224 (1B) of the Companies Act, 1956. Your
 directors recommend their appointment for another one year.
 
 Appreciation
 
 Directors wish to place on record their deep thanks and gratitude to;
 
 a) The Central and State Government as well as their respective
 Departments and Development Authorities connected with the business of
 the Company, Bankers of the Company, Housing Finance as well as other
 Institutions for their co-operation and continued support.
 
 b) The Shareholders, Depositors, Suppliers and Contractors for the
 trust and confidence reposed and to the Customers for their valued
 patronage.
 
 c) The Board also takes this opportunity to express its sincere
 appreciation for the efforts put in by the officers and employees at
 all levels in achieving the results and hopes that they would continue
 their sincere and dedicated endeavour towards attainment of better
 working results during the current year.
 
                          For and on behalf of the Board of Directors
 
                                                       (Deepak Ansal)
                                       Chairman and Managing Director
 
 Regd. Office :
 
 15 UGF, Indra Prakash 
 21, Barakhamba Road, 
 New Delhi - 110 001
 
 Place : New Delhi 
 Dated : 30th May, 2011