a.  Terms/rights attached to Equity Shares
 
 The Company has only one class of Equity Shares having a par value of
 Rs.5/- each. Each holder of Equity Shares is entitled to one vote per
 share. The dividend proposed by the Board of Directors is subject to
 the approval of the shareholders in the ensuing Annual General meeting.
 In the event of liquidation of the company, the holders of Equity
 Shares will be entitled to receive remaining assets of the company ,
 after distribution of all preferential amounts. The distribution will
 be in proportion to the number of Equity Shares held by the
 Shareholders.
 
 b.  Aggregate number of bonus shares issued, during the period of five
 years immediately preceeding the reporting period i.e. March 31,2012
 1,50,07,125 Lacs Equity Shares of Rs.10/- each and 5,67,50,550 Lacs
 Equity Shares of Rs.5/-each have been issued as Bonus Shares by
 capitalization of Share Premium/General Reserves during the financial
 year 2005-06 and 2007-08 respectively.
 
 Nature of Security and Terms of Repayment for Secured Borrowings
 
 a.  Debentures
 
 (i) 2,073,770 Debentures of face value of Rs.100 with the issue price
 of Rs.305 per debenture aggregating to Rs.6,325 lacs carrying a coupon
 rate of 16.50% p.a, issued to HDFC Venture Trustee Company Limited on
 August 26,2008, were due for redemption on February 27,2010. The
 redemption was subsequently extended upto October 31,2010 and upto May
 31,2012. Out oftotal value of Debentures amounting to Rs.6,325 lacs,
 the Company has repaid Rs.4893 Lacs. Out of balance outstanding
 Debentures of Rs.1,432.30 Lacs (Previous year Rs. 1825 Lacs),
 Rs.819.66lacs (Previous year Rs.  819.66 lacs) have been classified as
 secured against the security of flats belonging to the Company.
 
 (ii) 10,000,000 debentures of Rs.100 each aggregating to Rs.100 crores
 carrying coupon rate of 11.50% were issued to LIC Mutual Fund on
 February 14,2008. These were restructured to be redeemed in 18 monthly
 instalments as per redemption schedule therein starting from February
 25,2009 with revised coupon rate of 13% p.a. and further in 8 monthly
 installments as per redemption schedule therein starting from August
 18,2011 with revised coupon rate of 17% p.a. The Debentures are secured
 by legal mortgage of property in Gujarat and equitable mortgage by
 deposit of title deeds of land at Lucknow owned by the Company. The
 outstanding balance due for payment as on March 31,2012 was Rs.819.23
 lacs (Previous year Rs. 8,400 lacs) which has been paid subsequently.
 
 b.  Term Loans
 
 (i) The outstanding balance of Rs.222.88 lacs as on March 31,2012
 (Previous year Rs. 374.25 lacs), from banks/corporate bodies against
 Vehicle I Equipment loans are secured by hypothecation of vehicles and
 equipments. The outstanding balance as on March 31,2012 is repayable in
 31 monthly installments ranging from Rs. 0.29 lacs to Rs. 2.18 lacs.
 
 (ii) The outstanding balance of Rs.715.22 lacs as on March 31,2012
 (Previous year Rs. 5,096.22 lacs), out of sanctioned loan ofRs.6,600
 lacs is secured byway of first mortgage I charge on the immovable
 property located at Jaipur, Jodhpur and Ajmer. In addition, secured by
 exclusive charge on Project assets and receivables and by Personal
 Guarantee of two Promoter Directors.
 
 (iii) The outstanding balance of Rs. 1,200 lacs as on March 31,2012
 (Previous year Rs. 10,000 lacs), out of sanctioned loan of Rs. 12,500
 lacs is secured by way of first mortgage I charge on the immovable
 property located at Panipat, Sonepat, Bijwasan and Jaipur. In addition,
 secured by exclusive charge on Project assets and receivables and by
 Personal Guarantees of two Promoter Directors.
 
 (iv) The outstanding balance of Rs. 30,403.07 lacs as on March 31, 2012
 (Previous year Rs. 30,018.93 lacs), out of sanctioned loan ofRs.
 56,451.60 lacs is secured byway of first mortgage / charge on the
 immovable property located at Lucknow, Ansal Plaza (Khel Gaon New
 Delhi, Gurgaon and Greater Noida), Greater Noida, Sonepat, Palam Vihar,
 Sushant Lok, Badshahpur (Gurgaon). In addition, secured by exclusive
 charge on Project assets and receivables and by Personal Guarantee of
 two Promoter Directors. The outstanding balance as on March 31, 2012 is
 repayable in 108 monthly/quarterly installments ranging from Rs. 2.86
 lacs to Rs.1,917 lacs.
 
 (v) The outstanding balance of Rs. 9,278.39 lacs as on March 31, 2012
 (Previous year Rs. 13,000 lacs), out of sanctioned loan of Rs. 13,000
 lacs is secured by way of first mortgage / charge on the immovable
 property located at Panipat, Lucknow and Dadri (Uttar Pradesh) and
 units of Ansal Bhawan located at New Delhi. In addition, secured by
 exclusive charge on Project assets, receivables, Pledge of shares of
 the Company owned by Promoters and by Personal Guarantees of two
 Promoter Directors. The outstanding balance as on March 31, 2012 is
 repayable in 24 monthly installments ranging from Rs. 125 lacs to Rs.
 466 lacs.
 
 (vi) The outstanding balance of Rs. 6,925 lacs as on March 31,2012
 (Previous year Rs. 1,000 lacs), out of sanctioned loan of Rs.7,500 lacs
 is secured by way of first mortgage / charge on the immovable property
 located at Lucknow. In addition, secured by exclusive charge on three
 Group Housing Projects assets and receivables and by Personal
 Guarantees of two Promoter Directors. The outstanding balance as on
 March 31, 2012 is repayable in 10 quarterly installments ofRs.  750
 lacs each.
 
 (vii) The outstanding balance of Rs. 3,400 lacs as on March 31,2012
 (Previous year Rs. 3,775 lacs), out of sanctioned loan of Rs. 5,000
 lacs is secured by way of exclusive charge on the machineries of Wind
 power Project located at Gujarat. In addition, secured by exclusive
 charge on project receivables and documents and by Personal Guarantees
 of two Promoter Directors. The outstanding balance as on March 31,2012
 is repayable in 16 quarterly installments ranging from Rs. 150 lacs to
 Rs. 250 lacs.
 
 (viii) The outstanding balance ofRs. 4,924.15 lacs as on March 31, 2012
 (Previous year NIL), out of sanctioned loan ofRs.  5,000 lacs is
 secured byway of first mortgage / charge on the immovable property
 located at Kurukshetra and Mohali. In addition, secured by exclusive
 charge on Project assets and receivables and by Personal Guarantees of
 two Promoter Directors. The outstanding balance as on March 31,2012 is
 repayable in 11 quarterly installments ranging from Rs. 225 lacs to Rs.
 850 lacs.
 
 (ix) The outstanding balance of Rs. 2,500 lacs as on March 31,2012
 (Previous year NIL), out of sanctioned loan of Rs. 2,500 lacs is
 secured by way of first mortgage / charge on the immovable property
 located at Yamuna Nagar and Mohali. In addition, secured by exclusive
 charge on Project assets and receivables and by Personal Guarantees of
 two Promoter Directors. The outstanding balance as on March 31,2012 is
 repayable in 11 quarterly installments ranging from Rs. 125 lacs to Rs.
 300 lacs.
 
 (x) The outstanding balance of Rs. 12,097.43 lacs as on March 31, 2012
 (Previous year Rs. 16,310.87 lacs), out of sanctioned loan of Rs.17,500
 lacs is secured byway of first mortgage / charge on the immovable
 property located at Agra, Sonepat and Mohali. In addition, secured by
 exclusive charge on Project assets and receivables and by Personal
 Guarantees of Promoter Director. The outstanding balance as on March
 31,2012 is repayable in 21 monthly installments ranging from Rs. 550
 lacs to Rs. 750 lacs.
 
 (xi) The outstanding balance ofRs. 4,218.75 lacs as on March 31,2012
 (Previous year Rs. 6,539.62 lacs), out of sanctioned loan of Rs.7,500
 lacs is secured by way of first mortgage / charge on the immovable
 property located at Lucknow. In addition, secured by exclusive charge
 on Jaipur Phase-ll Project receivables and by Personal Guarantees of
 two Promoter Directors. The outstanding balance as on March 31, 2012 is
 repayable in 10 quarterly installments of Rs.  383.52 lacs each.
 
 (xii) The outstanding balance of Rs.3,451.30 lacs as on March 31,2012
 (Previous year Rs. 5,490 lacs), out of sanctioned loan of Rs. 6,000
 lacs is secured by way of first mortgage / charge on the immovable
 property located at Sonepat. In addition, secured by exclusive charge
 on Project receivables and assets and by Personal Guarantees of two
 Promoter Directors.  The outstanding balance as on March 31,2012 is
 repayable in 6 quarterly installments of Rs. 500 lacs each.
 
 (xiii) The outstanding balance of Rs. 230 lacs as on March 31, 2012
 (Previous year NIL), out of sanctioned loan of Rs.230 lacs is secured
 by lien over Fixed Deposits ofthe Company. The outstanding balance as
 on March 31,2012 is repayable in bullet payment of Rs.230 lacs.
 
 (xiv) The outstanding balance of Rs. NIL (Previous year Rs. 4,500 lacs)
 as on March 31, 2012 , out of sanctioned loan of Rs.5,000lacs is
 secured by way of first mortgage / charge on the immovable property
 located at Kurukshetra and Mohali.  In addition, secured by exclusive
 charge on Project assets and receivables and by Personal Guarantees of
 two Promoter Directors.
 
 (xv) The outstanding balance of Rs. NIL as on March 31, 2012 (Previous
 year Rs. 684.49 lacs), out of sanctioned loan of Rs.2,500 lacs is
 secured by way of first mortgage / charge on the immovable property
 located at Shushant lok, Jodhpur project. In addition, secured by
 exclusive charge on Project assets and receivables and by Personal
 Guarantees of two Promoter Directors.
 
 (xvi) The outstanding balance of Rs. NIL as on March 31,2012 (Previous
 year Rs. 1763.63 lacs), out of sanctioned loan of Rs.2,500 lacs is
 secured byway of first mortgage / charge on the immovable property
 located at Kurukshetra. In addition, secured by exclusive charge on
 Project assets and receivables and by Personal Guarantees of two
 Promoter Directors.  The Interest on above term loans from banks and
 corporate bodies are linked to the respective Banks/ Institutions base
 rates which are floating in nature. Interest rates during the year
 varied from 8.16% to 18.00% per annum.
 
 c.  Deposits
 
 Deposits from Shareholder and Public carry interest rate from 11.50% to
 12.50% and are repayable in one year to three years.
 
 1. Contingent Liabilities:
 
 S.     Particulars                           As at March
                                              31,2012      As at March
                                                           31,2011 
 No.                                          Rs. in lacs  Rs. in lacs
 
 (i)   Claims by customers /ex-employees 
       for interest, damages etc.(to the 
       extent quantified) (See foot note i)     1,849.86     1,919.31
 
 (ii)  Claims by Local Authorities for
       Ground Rent*                                    -       291.00
 
 (iii) Income Tax demand disputed by the 
       Company. (See foot note ii & iii)
 
 a)    On completion of regular assessment        948.12       815.83 
 
 b)    On completion of block assessment        1,884.00     1,884.00
 
 (iv)  Guarantees given by the Company 
       to Banks/Financial                      33,239.82    23,308.74 
       Institutions/ Others for loans taken 
       by other Group Companies.
 
 (v)   Service Tax/Sales Tax Demand disputed
       by the                                     822.61**     575.22 
       Company.
 
 *Order passed in Company''s favour & till date no fresh appeal has
 been filed by concerned authorities.
 
 **Out of this amount, sum of Rs. 15.30 lacs has already been deposited.
 
 NOTES:
 
 i.  The management is of the opinion that in majority of the cases,
 claims will be successfully resisted or settled out of court on payment
 of nominal compensation.
 
 ii.  As regards income tax demands of Rs. 948.12 lacs (Previous year
 Rs. 815.83 lacs) disputed by the Company are concerned, similar demands
 have been set aside by the Appellate Authorities in most of the cases
 in the past.  Further company has deposited advance tax net of
 provision of income tax to the tune of Rs. 1,185.08 lacs against such
 demand.
 
 iii. In respect of block assessment for the year 1st April, 1989 to
 12th February, 2000, wherein cross appeals have been filed by the
 Company and the Tax department, Income Tax Appellate Tribunal (ITAT)
 has given full relief to the Company and rejected the department''s
 grounds of appeal and tax claim of Rs. 4,409 lacs. The tax department
 has gone for further reference to the High Court. The Company, based on
 an arbitration award, had accounted for income of Rs.  4,200 lacs in
 the year 2002-03 and paid/provided income tax accordingly. The
 contingent liability not provided in the accounts in respect of block
 assessments is estimated at Rs. 1,884 lacs. The Company has been
 legally advised that it has a good case to succeed in the High Court.
 
 2.  With regard to accounting for borrowing costs likely to be
 incurred in future, the Company is following the same accounting policy
 as consistently followed in the past, since having regard to the
 uncertainty of means of financing the project and the relevant cash
 flow in future, it is not possible to arrive at a precise estimate
 of the borrowing costs likely to be incurred in future in relation to
 each specific project.
 
 3.  Policies have been consistently followed in the past in the
 preparation of accounts duly audited and accepted in respect of (a)
 project specific advertisement costs, (b) administration and payroll
 expenses incurred for marketing staff, (c) brokerage paid to dealers,
 (d) interest paid to customers on refund of customer advances on
 delayed project. The Company has switched over to new accounting
 policies in respect of each of these items by charging off to Statement
 of Profit & Loss, as against hitherto, policy of considering them as
 part of project cost. The new accounting policies have been adopted
 w.e.f. April 01, 2009. Such amount incurred upto March 31, 2009 and
 included as part of project inventory cannot be ascertained due to
 practical Difficulties.
 
 4.  The Company has claimed exemption of Rs. 3447.91 lacs upto March
 31,2011 under section 80 lA of the Income Tax Act, 1961 being tax profits
 arising out of sale of Industrial Park units, pending the notification
 of the same by Central Board of Direct Taxes (CBDT) based on the
 opinion from a senior counsel that its application satisfies all the
 conditions specified in the said Scheme of Industrial Park. However, no
 exemption is claimed during the current year as there are no sales of
 industrial park units during the year.
 
 5.  In the earlier year, the company has raised an aggregate amount
 Rs. 30,195 lacs by way of issue & allotment of 85,50,000 Nos. of Equity
 shares of Rs. 51- each, fully paid up, to the five identified Resident
 investors on preferential issue basis for Rs. 7,054 lacs, And,
 2,57,26,291 Nos. of Equity shares of Rs. 51- each, fully paid up to the
 QIB''s under Qualified Institutions Placement for Rs. 23,141 lacs in
 terms of SEBI (Issue of Capital and Disclosure Requirements)
 Regulations, 2009. The said amount of Rs. 30,195 lacs received from
 them has been fully utilized for the Company''s ongoing projects,
 repayment of Loan & Debentures investment, corporate expenses/ purchase
 of land, sanctioning cost and QIP expenses.
 
 6.  a. The Company has given advances to land owning
 companies/collaborators/others for purchase/aggregation of land for
 others to the tune of Rs. 13,706.88 lacs (previous year Rs.16,603.64
 lacs). This includes Rs. 10,000 lacs (previous year Rs. 10,000 lacs) as
 security deposits, the recoverability / adjustment of which is
 dependent upon the future events such as launch of project(s) for which
 steps have been or are being taken by the Company. As regards the
 balance amount of Rs. 3,706.88 lacs (previous year Rs. 6,603.64 lacs),
 pending details of land purchased and financial position of these
 parties, these advances are given in respect of ongoing transactions
 with collaborators / other parties and are regarded as being in the
 normal course of business.
 
 b.  The Company is carrying project inventory of Rs. 16,833.04 lacs
 (Previous year Rs. 16,719.00 lacs) for Group Housing Project in Greater
 Noida. Due to downward trend in the market, the Greater Noida
 Industrial Development Authority (GNIDA) announced a Scheme whereby the
 developers have option to accept project on a smaller piece of land
 equivalent to the amount paid and surrender balance project land
 subject to some deductions. The company had applied to the Authority
 for developing the project on the basis of revised Scheme announced by
 the Authority for which approval has been received envisaging
 developing the project on a smaller piece of land equivalent to the
 amount paid and surrender balance project land subject to certain
 conditions. Pending final decision of the Authority in the matter, the
 management is of the view that there is no impairment in the value of
 land/ project.
 
 c.  During the year under review, the Company has transferred Trunk
 Infrastructure Assets in one of the Integrated Hi-Tech Town-ship
 projects in Uttar Pradesh, to a wholly owned Infra Subsidiary Company
 on the basis of fair valuation by a certified valuer. The obligation of
 further development of Trunk Infrastructure, maintenance and charging
 for the same now lies with the subsidiary company. Resultant surplus of
 Rs.  7,005.71 lacs on transfer of such Infrastructure Assets, being the
 difference between the book value and transfer value has been
 recognised during the year. Further, pursuant to AS-21 which deals with
 consoli dated Financial Statements, such surplus has been eliminated in
 the consolidated financial results on account of this intra group
 transaction.
 
 d.  Generally the Company is regular in repayments of dues to banks and
 financial institutions. However, there were a few delays in payments of
 principal, interest & redemption premium to banks & financial
 institutions which have been paid during the year under review, as per
 details given as under:
 
 7.  Leases
 
 The Company has taken heavy vehicles/ earth moving equipment on
 non-cancelable operating lease. The future minimum lease payments in
 respect of the same are as under:
 
 8. Gratuity and Leave Encashment
 
 Gratuity (being partly administered by a Trust) is computed as 15 days
 salary, for every completed year of service or part there of and is
 payable on retirement/termination/resignation. The Gratuity plan for
 the Company is a defined benefit scheme where ann-ual contributions as
 per actuarial valuation are charged to the Statement of Profit & Loss.
 
 The Provident Fund is a defined contribution scheme whereby the Company
 deposits an amount determined as a fixed percen-tage of basic pay with
 the Regional Provident Fund Commissioner.
 
 The Company also has a leave encashment scheme with defined benefits
 for its employees. The Company makes provision for such liability in
 the books of accounts on the basis of year end actuarial valuation. No
 fund has been created for this scheme. For summarizing the components
 of net benefit expense recognized in the Statement of Profit & Loss and
 the funded status and amounts recognized in the Balance Sheet for the
 respective plans, the details are given here under:
 
 Statement of Profit and Loss Net employee benefit expense
 
 # The amount of Rs. 42.56 lacs (Previous Year Rs. 62.97 lacs) was paid
 outside the trust fund which is included in the above benefit paid.
 
 $ The amount of Rs. 62.97 lacs (Previous Year Rs. 4.58 lacs) was paid
 outside the trust fund which is included in the above benefit paid.
 
 $$ The amount of Rs. 4.58 lacs was paid outside the trust fund which is
 included in the above benefit paid.
 
 of financial statements of earlier years for these items.
 
 b.  Cost of construction includes sales cancelled/surrenders of Rs.
 2,500.38 lacs (Previous year Rs. 3,377.57 lacs) related to sale made in
 the earlier years. The cost of sales amounting to Rs. 1,148.12 lacs
 (Previous year Rs.  1,372.20 lacs) has been included in the closing
 stock. The net impact is a loss of Rs. 1,352.26 lacs (Previous year of
 Rs. 2,005.37 lacs) charged to the Statement of Profit & Loss.
 
 9. Segment Reporting
 
 a.  Having regard to integrated nature of real estate development
 business of the Company, the disclosure requirement of Segment
 Reporting pursuant to Accounting Standard (AS-17) is not applicable.
 
 b.  The Company''s windmill power project, in terms of revenue and
 assets employed, is not a reportable segment as per the Accounting
 Standard (AS-17) on Segment Reporting.
 
 Figures in brackets indicate previous year figures *Joint Venture upto
 August 30, 2011 Note:
 
 Advances given to Subsidiary and Joint Venture Companies for purchase
 of land and other purposes are not considered advances in the nature of
 loans and have not been considered for the disclosure.
 
 10. The Financial Statements for the year ended March 31, 2011 had been
 prepared as per then applicable, pre revised Schedule VI to the
 Companies Act, 1956. Consequent to the notification of Revised Schdule
 VI under the Companies Act, 1956, the financial statement for the year
 ended March 31,2012 are prepared as per Revised Schedule VI.
 Accordingly, the previous year figures have also been reclassified to
 conform to this year''s classification. There is no change in the
 recognition & measurement, however, there are changes in the
 presentation & disclosures.