1.  Basis of preparation
 
 a) The financial statements have been prepared in accordance with the
 Generally Accepted Accounting Principles in India (GAAP) under the
 historical cost convention on an accrual basis and comply in all
 material aspects with the mandatory Accounting Standards prescribed in
 the Companies (Accounting Standards) Rules, 2006 issued by the Central
 Government in consultation with the National Advisory Committee on
 Accounting Standards. The accounting policies have been consistently
 applied by the Company and are consistent with those used in the
 previous period.
 
 b) Accounting policies not specifically referred to otherwise are
 consistent with the generally accepted accounting principles followed
 by the Company.
 
 c) Use of estimates
 
 The preparation of financial statements requires management to make
 estimates and assumptions that affect the reported amounts of assets
 and liabilities, the disclosure of contingent liabilities as on the
 date of the financial statements and the reported amounts of revenues
 and expenses during the period reported. Actual results could differ
 from those estimates. Any revision to accounting estimates is
 recognised in accordance with the requirements of the respective
 accounting standard.
 
 2.  Fixed assets and depreciation
 
 a) Tangible assets
 
 Fixed assets are capitalised at cost inclusive of expenses incidental
 thereto. Depreciation on fixed assets has been provided on
 straight-line method at the rates and in the manner as specified in
 Schedule XIV to the Companies Act, 1956.
 
 b) Intangible assets and amortisation
 
 Intangible assets are recognised when it is probable that the future
 economic benefits that are attributable to the asset will flow to the
 enterprise and the cost of the asset can be measured reliably.
 Intangible assets are amortised as follows:
 
 Computer sofitwares: Over a period of three years.
 
 3.  Investments
 
 Investments that are readily realisable and intended to be held for not
 more than a year are classified as current investments and are carried
 at lower of cost and fair value determined on an individual investment
 basis whereas all other investments are classified as long-term
 investments and are carried at cost. Provision for diminution in value
 of long term investment is made to recognise a decline other than
 temporary as specified in Accounting Standard (AS 13) on Accounting
 for Investments.
 
 4.  Inventories
 
 Inventories are valued as follows:
 
 Inventory comprises of completed property for sale, transferable
 development rights and projects in progress.
 
 (i) Completed property for sale and transferable development rights are
 valued at lower of cost or net realizable value. Cost includes cost of
 land, land development rights, acquisition of tenancy rights,
 materials, services, borrowing costs and other related overheads as the
 case may be.
 
 Net realisable value is the estimated selling price in the ordinary
 course of business, less estimated costs of completion and estimated
 costs necessary to make the sale.
 
 (ii) Projects in progress are valued at cost. Cost includes cost of
 land, land development rights, materials, services, borrowing costs,
 acquisition of tenancy rights and other related overheads. Cost
 incurred/items purchased specifically for projects are taken as
 consumed as and when incurred/received.
 
 (iii) In the case of acquisition of land for development and
 construction, the rights are acquired from the owners of the land and
 the conveyance and registration thereof will be executed between the
 original owners and the ultimate purchasers as per trade practice.
 
 5.  Revenue recognition
 
 The Company follows completed project method of accounting (Project
 Completion Method of Accounting). Allocable expenses incurred during
 the year are debited to work-in-progress account. The income is
 accounted for as and when the projects get completed or substantially
 completed. The revenue is recognised to the extent it is probable and
 the economic benefits will flow to the Company and the revenue can be
 reliably measured.
 
 a) Sale:
 
 i) Unit in real estate:
 
 Revenue is recognised when the significant risks and rewards of
 ownership of the units in real estate have passed to the buyer.
 
 ii) Sale/trading of goods and materials:
 
 Sales are recognised when goods are supplied and are recorded net of
 returns, trade discounts, rebates and sales taxes.
 
 b) Rent:
 
 Revenue is recognised on accrual basis.
 
 c) Interest:
 
 i) Revenue is recognised on a time proportion basis taking into account
 the amount outstanding and the rate applicable.
 
 ii) Interest due on delayed payments by customers is accounted for on
 receipts basis due to uncertainty of recovery of the same.
 
 d) Dividends:
 
 Revenue is recognised when the shareholders right to receive payment
 is established by the balance sheet date.
 
 e) Share of profit from joint ventures:
 
 Share of profit/(loss) from partnership firms is accounted for in
 respect of the financial year ending on or before the balance sheet
 date.
 
 f) Share in revenue of entertainment vertical: Revenue is recognised on
 accrual basis.
 
 g) Profit on sale of investment:
 
 It is recognised on its liquidation/redemption.
 
 6.  Borrowing cost
 
 Borrowing costs that are directly attributable to the acquisition or
 construction of a qualifying asset (including real estate projects) are
 considered as part of the cost of the asset. Other borrowing costs are
 treated as period costs and charged to the profit and loss account as
 and when they are incurred.
 
 7.  Employees benefits
 
 a) Short-term employee benefit:
 
 All employee benefits payable wholly within twelve months of rendering
 the service are classified as short-term employee benefits. These
 benefits include compensated absences such as paid annual leave and
 sickness leave. The undiscounted amount of short-term employee benefits
 expected to be paid in exchange for the services rendered by employees
 recognised as an expense during the period.
 
 b) Long-term employee benefit:
 
 (i) Provident Fund
 
 Retirement benefit in the form of Provident Fund is a defined
 contribution scheme and the contributions are charged to the profit and
 loss account of the period when the contributions to the respective
 funds are due.
 
 (ii) Gratuity
 
 Retirement gratuity liability of employees is a defined benefit
 obligation and reflects the actuarial valuation of the future gratuity
 liability.
 
 (iii) Leave encashment Long-term compensated absences are provided on
 the basis of actuarial valuation.  
 
 (iv) Actuarial gains/losses
 
 Actuarial gains/losses, if any, are immediately taken to the profit and
 loss account and are not deferred.
 
 8.  Income taxes
 
 (i) Tax expense comprises of current and deferred tax. Current income
 tax is measured at the amount expected to be paid to the tax
 authorities in accordance with the Indian Income Tax Act. Deferred
 income taxes reflect the impact of current year timing differences
 between taxable income and accounting income for the year and reversal
 of timing differences of earlier years.
 
 (ii) Deferred tax is measured based on the tax rates and the tax laws
 enacted or substantively enacted as at the balance sheet date. Deferred
 tax assets are recognised only to the extent that there is reasonable
 certainty that sufficient future taxable income will be available
 against which such deferred tax assets can be realised. In situations
 where the Company has unabsorbed depreciation or carry forward tax
 losses, all deferred tax assets are recognised only if there is virtual
 certainty supported by convincing evidence that they can be realised
 against future taxable profits.
 
 9.  Segment reporting policies
 
 The main business of the Company is real estate development and
 construction of residential and commercial properties, infrastructure
 facilities and all other related activities revolve around the main
 business and as such there are no separate reportable segments as
 specified in Accounting Standard (AS-17) on Segment Reporting. The
 Company through its subsidiary companies have forayed into
 entertainment and hospitality sectors. Since their revenue/activities
 are not significant these are not reported separately.
 
 10.  Earnings per share
 
 Basic earnings per share are calculated by dividing the net
 profit/(loss) for the year attributable to equity shareholders (afiter
 deducting attributable taxes) by average number of equity shares
 outstanding during the year. The average number of equity shares
 outstanding during the year is adjusted for event of fresh issue of
 shares to the public.
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the year attributable to equity shareholders and the
 average number of equity shares outstanding during the year are
 adjusted for the effects of all dilutive potential equity shares.
 
 11.  Impairment
 
 An asset is treated as impaired when the carrying cost of the asset
 exceeds its recoverable value. An impairment loss is charged to the
 profit and loss account in the current accounting period in which an
 asset is identified as impaired. The impairment loss recognised in
 earlier accounting periods is reversed if there has been a change in
 the estimate of recoverable amount as specified in Accounting Standard
 (AS-28) on impairment of assets.
 
 12.  Foreign currency transaction
 
 a) Transactions denominated in foreign currencies are normally recorded
 at the exchange rate prevailing at the time of transaction.
 
 b) Monetary items denominated in foreign currencies at the year end are
 restated at the year end rates.
 
 c) Non-monetary foreign currency items are carried at cost.
 
 d) Any income or expense on account of exchange difference either on
 settlement or on translation is recognised in the profit and loss
 account.
 
 13.  Provisions
 
 A provision is recognised when an enterprise has a present obligation
 as a result of past event and it is probable that an outflow of
 resources will be required to settle the obligation. Provisions are not
 discounted to its present value and are determined based on best
 estimate required to settle the obligation at the balance sheet date.
 These are reviewed at each balance sheet date and adjusted to reflect
 the current best estimates.
 
 14.  Leases
 
 a) Where the Company is the lessor
 
 Lease income is recognised in the profit and loss account on a
 straight-line basis over the lease term. Recurring costs are recognised
 as an expense in the profit and loss account. Initial direct costs such
 as legal costs, brokerage costs, etc. are recognised in the profit and
 loss account.
 
 b) Where the Company is the lessee
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of ownership during the leased term, are classified as
 operating leases. Operating lease payments are charged to Profit and
 Loss account.