(a) Rights, preferences and restrictions attached to shares:
 
 The Company has only one class of equity share having a par value of Rs
 10 per share. Each holder of equity shares is entitled to one vote per
 share held. The dividend proposed by the Board of Directors is subject
 to the approval of the Shareholders in the Annual General Meeting
 except in case of interim dividend. In the event of liquidation, the
 shareholders are eligible to receive the remaining assets of the
 Company after distribution of all preferential amounts, in proportion
 to their shareholding.
 
 a) Secured Loans availed from State Bank of India is secured by
 Equitable Mortgage of immovable property of the Company''s Project at
 Juhu, Mumbai and by exclusive First Charge by way of hypothecation of
 the current assets of Company and of Godrej Real Estate Pvt. Ltd.
 (wholly owned subsidiary) and carries interest at Base Rate   4.75%
 p.a. in case of Cash Credit and @11.25% to 11.30% for Working Capital
 Demand Loan.
 
 b) Unsecured Cash Credit facility availed from IDBI Bank Ltd. carries
 interest at Base Rate   4.75% p.a.
 
 c) Other loans include: i) Rs 2,500,000,000/- availed from Central Bank
 of India carries interest at Base Rate   0.50% p.a.  Repayable in 364
 days from the date of each drawdown.
 
 ii) Rs 2,000,000,000/- availed from Canara Bank Ltd. carries interest at
 Base Rate   1.25% p.a. Repayable in 12 months from the date of each
 drawdown.
 
 iii) Rs 1,500,000,000/- availed from Punjab & Sind Bank carries interest
 at Base Rate   0.50% p.a. Repayable in 12 months from the date of
 drawdown.
 
 Note 1
 
 a) Contingent Liabilities:
 
 Matters                         Current year    Previous Year 
                                      Rs.             Rs.
 
 I) Claims against Company 
 not Acknowledged as debts;
 
 i) Claims against the Company 
 not acknowledged as debts 
 represent cases                   30,144,189/-      30,144,189/- 
 filed by parties in the 
 Consumer forum, Civil
 Court and High Court and
 
 disputed by the Company as 
 advised by our advocates. 
 In the opinion of
 
 the management the claims 
 are not sustainable.
 
 ii) Claims against the Company 
 under the Labour Laws 
 for disputed
 cases                              1,989,240/-       1,989,240/-
 
 iii) Claims against the Company 
 under Bombay Stamp Act,
 1958                              14,850,000/-      14,850,000/-
 
 iv) Other Claims against the 
 Company not acknowledged as
 debts                              3,925,000/-       3,925,000/-
 
 v) Claims against the Company 
 under Income Tax Act, Appeal 
 preferred to                       14,825,232/-        558,587/- 
 Commissioner of Income 
  Tax (Appeals)
 
 vi) Claims against the Company 
 under Sales Tax Act, Appeal 
 preferred to
 The                                12,130,007/-            - 
 Joint 
 Commissioner of Commercial 
 Taxes (Appeals)
 
 II) Guarantees;
 
 i) Guarantees given by Bank, 
 counter guaranteed by the 
 Company                           260,237,003/-    122,734,000/-
 
 III) Other Money for which 
 Company is contingently liable
 
 i) Letter of credit opened by 
 Bank on behalf of the Company      49,330,213/-           -
 
 b) Commitments
 
 
 
 Particulars                        Current year     Previous Year 
                                          Rs.             Rs.
 
 I) Capital Commitment                 115,197/-      7,157,288/-
 
 II) Uncalled amount of Rs 80/- 
 & Rs 30/- on 70 & 75 partly 
 paid shares                             7,850/-          7,850/- 
 respectively 
 of Tahir Properties Limited
 
 III) Major Contracts 
 Commitment 
 Outstanding for Civil, 
 Elevator,
 External                        4,965,971,805/-  4,227,866,086/- 
 Development, MEP work etc
 
 As on March 31, 2012, unutilized funds have been temporarily invested
 in mutual funds schemes and fixed deposit with banks as mentioned in
 the prospectus of the Company.
 
 *Revised amount proposed to utilized as approved by Shareholders in AGM
 held on July 22, 2011.
 
 Note 2
 
 Dues to Micro, Small And Medium Industries
 
 Disclosure of Trade Payable and other liabilities is based on the
 information available with the Company regarding the status of the
 suppliers as defined under the Micro, Small and Medium Enterprises
 Development Act 2006. There is no amount overdue as on 31st March,
 2012 to Micro, Small and Medium Enterprises on account of principal
 amount together with interest and also during the previous year.
 
 Note 3
 
 Employee Stock Option Plan:
 
 a) During the financial year ended March 31, 2008, the Company
 instituted an Employee Stock Option Plan (GPL ESOP) approved by the
 Board of Directors, Shareholders and the Remuneration Committee, which
 provided allotment of 442,700 options convertible into 442,700 Equity
 Shares of Rs 10/- each to eligible employees of Godrej Properties
 Limited and its Subsidiary Companies (the Participating Companies) with
 effect from December 28, 2007.
 
 The Scheme is administered by an Independent ESOP Trust which has
 purchased shares from Godrej Industries Limited (The Holding Company),
 equivalent to the number of options granted to the eligible employees
 of the Participating Companies.
 
 The Option granted shall vest after five years from the date of grant
 of option, provided the employee continues to be in employment and the
 options are exercisable within three years after vesting. Out of the
 total 317,700 options outstanding as on March 31, 2012, 60,000 have
 vested.
 
 However in the event that during the 5th year of the vesting period
 that is in the year 2012, the average of the closing market prices of
 the shares of the Company on the Bombay Stock Exchange Limited and The
 National Stock Exchange of India Limited on each day exceeds the
 exercise price by not less than Rs50 for a consecutive period of 30
 days, the option shall be deemed to have vested on the day immediately
 following the 30th day, as determined by the Remuneration Committee.
 
 The employee share based payment plans have been accounted based on the
 intrinsic value method and no compensation expense has been recognized
 since the price of the underlying equity shares on the grant date is
 same /less than exercise price of the option, the intrinsic value of
 option, therefore being determined as Nil.
 
 The Company has provided loan of Rs 443,911,462/- (Previous Year Rs
 405,711,234/-) to GPL ESOP, which is administered by an independent
 ESOP Trust which has purchased shares of GPL from Godrej Industries
 Limited equivalent to the number of stock options granted from time to
 time to eligible employees. The Market Value as on March 31, 2012, of
 the shares held by the ESOP trust is lower than the holding cost of
 these shares by Rs 82,347,882/- (Net of Provision of Rs 58,923,028/- on
 account of options lapsed), Previous year Rs 81,549,135/- (Net of
 Provision Rs Nil). The repayment of the loans granted by the Company to
 ESOP Trust is dependent on the exercise of the options by the employees
 and the market price of the underlying shares of the unexercised
 options at the end of the exercise period. The fall in value of the
 underlying equity shares is on account of market volatility and the
 loss, if any, can be determined only at the end of the exercise period.
 
 b) The Company has provided loan of Rs 89,803,589/- (Previous Year Rs
 82,884,089/-) to Godrej Industries Limited Employee Stock Option Scheme
 (GIL ESOP), which is administered by an independent ESOP Trust which
 purchases shares of GIL from the market equivalent to the number of
 stock options granted from time to time to eligible employees. The
 repayment of the loans granted by the Company to ESOP trust is
 dependent on the exercise of the options by the employees and the
 market price of the underlying shares of the unexercised options at the
 end of the exercise period. The fall in value of the underlying equity
 shares is on account of market volatility and the loss, if any, can be
 determined only at the end of the exercise period. In view of the
 aforesaid, provision for diminution of Rs 4,635,820/- is provided in the
 financial statements.
 
 Note 4
 
 Employee Stock Grant Scheme
 
 a) During the period April 1, 2011 to March 31, 2012, the Company
 instituted an Employee Stock Grant Scheme (GPL ESGS) approved by the
 Board of Directors, shareholders and the Remuneration Committee, which
 provided allotment of 43,081 options convertible into 43,081 Equity
 Shares of Rs 10/- each to eligible employees of Godrej Properties
 Limited, its Holding and its Subsidiary Companies (the Participating
 Companies) 41,203 options with effect from May 7, 2011 and 1,878
 options with effect from October 1, 2011. Out of the total 41,203 stock
 grants of first tranche, 13,438 stock grants have lapsed on account of
 employees leaving the service of the company before the vesting date
 and hence 27,765 stock grants of first tranche and 1,878 stock grants
 of second tranche are outstanding as at March 31, 2012.
 
 Out of 27,765 stock grants of first tranche, 10,449 stock grants shall
 vest on May 6, 2012, 8,658 stock grants shall vest on May 6, 2013 and
 8,658 stock grants shall vest on May 6, 2014 and out of 1,878 stock
 grants of second tranche 1/3rd of outstanding stock grants shall vest
 each year on September 30, 2012, September 30, 2013 and September 30,
 2014.  Upon such vesting, as per the schedule, equivalent number of
 equity shares of nominal value of Rs 10 each in the company shall be
 issued to the eligible employees.
 
 Diluted Earnings per Share (EPS) pursuant to issue of shares on
 exercise of option is Rs 11.63 per share as on March 31, 2012.
 
 b) Employee compensation cost using the intrinsic value method
 recognized by the company in the Statement of Profit and Loss as on
 March 31, 2012 is Rs 10,455,958/-
 
 Note 5
 
 The amount of exchange difference included in the Statement of Profit
 and Loss, under the head Borrowing Cost is Rs 640,397/- (Previous Year Rs
 (337,174/-)).
 
 (b) Defined Benefit Plans:
 
 Contribution to Gratuity Fund
 
 Gratuity is payable to all eligible employees on death or on
 separation/termination in terms of the provisions of the Payment of
 Gratuity Act or as per the Company''s policy whichever is beneficial
 to the employees.
 
 Note 6
 
 Segment Information: As the Company has only one business segment,
 disclosure under Accounting Standard 17 on Segment Reporting
 issued by the Institute of Chartered Accountants of India is not
 applicable.
 
 Note 7 Leases
 
 a) The Company''s significant leasing arrangements are in respect of
 operating leases for Residential premises. Lease income from operating
 leases is recognized on a straight-line basis over the period of lease.
 The particulars of the premises given under operating leases are as
 under:
 
 b) The Company''s significant leasing arrangements are in respect of
 operating leases for Commercial/Residential premises.  Lease
 expenditure for operating leases is recognized on a straight-line basis
 over the period of lease. These Leasing arrangements are cancellable,
 and are renewable on a periodic basis by mutual consent on mutually
 accepted terms. The particulars of the premises taken on operating
 leases are as under:
 
 Note 8
 
 The financial statements for the year ended March 31, 2011 had been
 prepared as per the then applicable, pre-revised Schedule VI to the
 Companies Act, 1956. Consequent to the notification of revised Schedule
 VI under the Companies Act, 1956, the financial statements for the year
 ended March 31, 2012 are prepared as per the revised Schedule VI.
 Accordingly figures of the previous years have been reclassified
 wherever necessary to confirm to the current year''s classification.