a) Revenue recognition
 
 i) Revenue from real estate development projects and plots under
 development is recognized in the financial year in which the agreement
 to sell or application forms (containing salient terms of agreement to
 sell) is executed, on the percentage of completion method which is
 applied on a cumulative basis in each accounting year to the current
 estimate of contract revenue and related project costs, when the stage
 of completion of each project reaches a significant level which is
 estimated to be at least 25% of the total estimated construction cost
 of the respective projects.
 
 ii) Revenue and related expenditures in respect of short term works
 contracts that are entered into and completed during the year are
 accounted for on accrual basis as they are earned or incurred though
 revenue and related expenditures in respect of Long term works
 contracts are accounted for on the basis of Percentage of Completion
 Method.
 
 iii) Income from project advisory services is recognized on accrual
 basis.
 
 iv) Marketing and lease management income are accounted for when the
 underline contracts are duly executed, on accrual basis.
 
 v) Interest income from deposits is recognized on accrual basis.
 
 vi) Dividend income is recognized when the right to receive the
 dividend is unconditionally established.
 
 vii) Profit/(loss) on sale of investments is recognized on the date of
 the transaction of sale and is computed with reference to the carrying
 amount of investments.
 
 viii) Incomes from sale of goods are recognized on dispatch of goods.
 Gross sale are stated at contractual realizable values and net of sale
 tax and trade discounts.
 
 b) Inventories
 
 Land other than that transferred to real estate projects under
 development is valued at lower of cost or net realizable value.
 
 Cost includes cost of acquisition and internal and external development
 costs, construction costs, and development/ construction materials.
 Inventory work-in-progress represents land under development, cost
 incurred directly in respect of construction activity and indirect
 construction cost to the extent to which the expenditure is related to
 the construction or incidental thereto on unsold real estate projects
 is valued at cost.
 
 Construction materials, stores and spares, tools and consumable are
 valued at lower of cost or net realizable value, on the basis of
 first-in first-out method.
 
 c) Fixed assets
 
 Recognition and measurement
 
 Tangible fixed assets are stated at cost, net of tax or duty credits
 availed, less accumulated depreciation and accumulated impairment
 losses, if any. Cost includes original cost of acquisition, including
 incidental expenses related to such acquisition and installation.
 
 Intangible assets are stated at cost, net of tax or duty credits
 availed, less accumulated amortization and accumulated impairment
 losses, if any. Cost includes original cost of acquisition, including
 incidental expenses related to such acquisition.
 
 Depreciation and Amortization
 
 Depreciation on fixed assets is provided on the straight-line method at
 the rates and in the manner prescribed in Schedule XIV of the Companies
 Act, 1956, on a pro-rata basis from the date the asset is ready to put
 to use till the end of its useful life or till the asset is discarded,
 whichever is earlier. Individual assets costing up to Rs. 5,000 per
 item are fully depreciated in the year of purchase. Temporary
 structures are depreciated over a period of twelve months, on a
 pro-rata basis, from the date it is ready to put to use.
 
 Intangible assets are amortized over the expected useful life from the
 date the assets are available for use, as mentioned below:
 
 
 Description of asset        Estimated useful life
 
 computer software           4 years
 
 Capital work-in-progress
 
 Costs of fixed assets under construction are disclosed under capital
 work-in-progress. Advances paid towards acquisition or construction of
 fixed assets or intangible assets is included as capital advances under
 long term loans and advances.
 
 d) Borrowing costs
 
 Borrowing costs attributable to the acquisition, construction or
 production of qualifying assets are capitalized as part of cost of the
 asset. A qualifying asset is one that necessarily takes substantial
 period of time to get ready for its intended use. All other borrowing
 costs are charged to Statement of Profit and Loss.
 
 e) Investments
 
 Investments are classified as long term or current investments. Long
 term investments are stated at cost. Provision for diminution in value
 of long term investments is made only if such a decline is other than
 temporary in the opinion of the management. Current investments are
 stated at lower of cost or fair value.
 
 f) Impairment of assets
 
 At each reporting date, the Company assesses whether there is any
 indication that an asset may be impaired, based on internal or external
 factors. If any such indication exists, the Company estimates the
 recoverable amount of the asset or the cash generating unit. If such
 recoverable amount of the asset or cash generating unit to which the
 asset belongs is less than its carrying amount, the carrying amount is
 reduced to its recoverable amount. The reduction is treated as an
 impairment loss and is recognized in the Statement of Profit and Loss.
 If, at the reporting date there is an indication that a previously
 assessed impairment loss no longer exists, the recoverable amount is
 reassessed and the asset is reflected at the recoverable amount.
 Impairment losses previously recognized are accordingly reversed.
 
 g) Employee benefits
 
 The Company''s contribution to provident fund and employee state
 insurance schemes is charged to the Statement of Profit and Loss or
 inventorized as a part of real estate project under development, as the
 case may be. The Company has unfunded defined benefit plans namely
 compensated absences and gratuity for its employees, the liability for
 which is determined on the basis of actuarial valuation, conducted
 semi-annually, by an independent actuary, in accordance with Accounting
 Standard 15 (Revised 2005) - ''Employee Benefits'', notified under the
 Companies (Accounting Standards) Rules, 2006, as amended.
 
 Actuarial gains and losses are recognized in the Statement of Profit
 and Loss or inventoried as a part of real estate project under
 development, as the case may be.
 
 h) Stock based compensation expense
 
 Stock based compensation expense are recognized in accordance with the
 guidance note on ''Accounting for employee share based payments'' issued
 by the Institute of Chartered Accountants of India, which establishes
 financial accounting and reporting principles for employee share based
 payment plans. Employee stock compensation costs are measured based on
 the estimated intrinsic value of the stock options on the grant date.
 The compensation expense is amortized over the vesting period of the
 options.
 
 i) Leases
 
 In case of assets taken on operating lease, the lease rentals are
 charged to the Statement of Profit and Loss in accordance with
 Accounting Standard 19 (AS 19) -''Leases'', as notified under the
 Companies (Accounting Standards) Rules, 2006, as amended.
 
 j) Foreign currency transactions Initial Recognition
 
 Foreign currency transactions are recorded in the reporting currency,
 by applying the exchange rate between the reporting currency and the
 foreign currency at the date of the transaction to the foreign currency
 amount.
 
 Conversion
 
 Foreign currency monetary items are converted to reporting currency
 using the closing rate. Non monetary items denominated in a foreign
 currency which are carried at historical cost are reported using the
 exchange rate at the date of the transaction; and non-monetary items
 which are carried at fair value or any other similar valuation
 denominated in a foreign currency are reported using the exchange rates
 that existed when the values were determined.
 
 Exchange Differences
 
 Exchange differences arising on monetary items on settlement, or
 restatement as at reporting date, at rates different from those at
 which they were initially recorded, are recognized in the Statement of
 Profit and Loss in the year in which they arise except those arising
 from investments in non-integral operations.
 
 Exchange differences arising on monetary items that in substance forms
 part of the Company''s net investment in a non-integral foreign
 operation are accumulated in a foreign currency translation reserve in
 the financial statements until the disposal of the net investment, at
 which time they are recognized in the Statement of Profit and Loss.
 
 k) Taxes on income
 
 Current tax
 
 Current tax is determined as the tax payable in respect of taxable
 income for the year and is computed in accordance with relevant tax
 regulations.
 
 Deferred tax
 
 Deferred tax resulting from timing differences between taxable income
 and accounting income is accounted for at the current rate of tax or
 substantively enacted tax rates as at reporting date, to the extent
 that the timing differences are expected to crystallize.
 
 Deferred tax assets are recognized where realization is reasonably
 certain whereas in case of carried forward losses or unabsorbed
 depreciation, deferred tax assets are recognized only if there is a
 virtual certainty supported by convincing evidence that such deferred
 tax assets will be realized. Deferred tax assets are reviewed for the
 appropriateness of their respective carrying values at each reporting
 date.
 
 I) Provisions, contingent liabilities and contingent assets
 
 Provisions are recognized only when there is a present obligation, as a
 result of past events, and when a reliable estimate of the amount of
 obligation can be made. Contingent liability is disclosed for:
 
 (i) Possible obligations which will be confirmed only by future events
 not wholly within the control of the Company or,
 
 (ii) Present obligations arising from past events where it is not
 probable that an outflow of resources will be required to settle the
 obligation or a reliable estimate of the amount of the obligation
 cannot be made.
 
 Contingent assets are not recognized in the financial statements since
 this may result in the recognition of income that may never be
 realized.
 
 m) Earnings per equity share
 
 Basic earnings per share is computed using the weighted average number
 of equity shares outstanding during the year. Diluted earnings per
 share is computed using the weighted average number of equity and
 dilutive potential equity shares outstanding during the year.
 
 n) Share issue expenses
 
 Share issue expenses are adjusted against securities premium account to
 the extent of balance available and thereafter, the balance portion is
 charged off to Statement of Profit and Loss, as incurred.
 
 o) Preliminary expenses
 
 Preliminary expenses are adjusted against securities premium account
 (net of tax) to the extent of balance available and thereafter, the
 balance portion is charged off to the Statement of Profit and Loss, as
 incurred.