a) Method of accounting
 
 The accompanying financial statements are prepared under the historical
 cost convention, on accrual basis, in conformity in all material
 aspects with the Accounting Standards notified by Companies (Accounting
 Standards) Rules, 2006, (as amended) and the relevant provisions of the
 Companies Act, 1956. The accounting policies have been consistently
 applied by the Company and are consistent with those used in the
 previous year.
 
 b) Use of estimates
 
 The preparation of the financial statements in conformity with
 generally accepted accounting principles requires the management to
 make estimates and assumptions that affect the balances of assets and
 liabilities and disclosures relating to contingent liabilities at the
 date of the financial statements and results of operations during the
 reporting period. Examples of such estimates include computation of
 percentage of completion for projects in progress, project cost
 estimates, road traffic estimates, discount rates, income taxes,
 provision for bad and doubtful debts and advances. Although these
 estimates are based upon management''s best knowledge of current events
 and actions, actual results could differ from these estimates.
 
 c) Inventories
 
 i) Residential properties include cost incurred towards development of
 such properties.
 
 i Freehold land purchased for the purpose of real estate development is
 considered as inventory
 
 ii) Work-in-progress represents cost incurred in respect of unsold area
 of the real estate development projects or cost incurred on projects
 where the revenue is yet to be recognised.
 
 iii) Development rights for land represents development rights of land
 acquired from group companies and others as per the development
 agreements entered with them.
 
 Inventories are valued at lower of cost and net realizable value. Net
 realizable 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.
 
 Direct expenditure relating to construction activity is inventorised.
 Indirect expenditure (including borrowing costs) during construction
 period is inventorised to the extent the expenditure is related to
 construction or is incidental thereto. Other indirect expenditure
 (including borrowing costs) incurred during the construction period
 which is neither related to the construction activity nor is incidental
 thereto is charged to the profit and loss account. Cost incurred/items
 purchased specifically for projects are taken as consumed as and when
 incurred/ received.
 
 d) Fixed Assets
 
 Fixed Assets are stated at cost, less accumulated depreciation,
 amortisation and impairment losses (if any). Cost comprises the
 purchase price and any attributable cost of bringing the asset to its
 working condition for its intended use 
 
 e) Depreciation
 
 Depreciation on fixed assets is provided on the straight-line method
 based on useful life of the assets as estimated by the management which
 coincides with the rates prescribed under Schedule XIV to the Companies
 Act, 1956 except for leasehold improvements, which are amortized over 
 the primary period of lease of 4 years. Individual assets costing 
 Rs. 5,000 or less are fully depreciated in the year of purchase.
 
 f) Revenue Recognition
 
 i) Recognition of revenue from real estate projects
 
 Revenue from real estate projects is recognised when it is reasonably
 certain that the ultimate collection will be made and that there is
 buyers'' commitment to make the complete payment.
 
 Sale of land and development rights
 
 Revenue from sale of land and development rights is recognised upon
 transfer of all significant risks and rewards of ownership of such land
 and development rights, as per the terms of the contracts entered into
 with buyers, which generally coincides with the firming of the sales
 contracts/ agreements. Revenue recognized is net of adjustment on
 account of cancellations.
 
 Sale of flats, villas, plots
 
 Revenue from sale of flats, villas and plots is recognised upon
 transfer of significant risks and rewards of ownership of such real
 estate/property, as per the terms of the contracts entered into with
 buyers, which generally coincides with the firming of the sales
 contracts/agreements. Sale consideration is determined through
 agreement of sale or registration of sale deed. Revenue recognised is
 net of adjustment on account of cancellations.
 
 However, in case where the seller is obligated to perform any
 substantial acts after the transfer of all significant risks and
 rewards of ownership, revenue is recognised on -proportionate basis as
 the acts are progressively performed, by applying the percentage of
 completion method.
 
 ii) Construction Revenue
 
 Revenue from long term construction contracts is recognised on the
 percentage of completion method as mentioned in Accounting Standard
 (AS) 7 Construction Contracts notified by the Companies Accounting
 Standards Rules, 2006 (as amended). Percentage of completion is
 determined on the basis of survey of work performed. Where the total
 cost of a contract, based on technical and other estimates is expected
 to exceed the corresponding contract value, such expected loss is
 provided for.
 
 iii) Project Management Consultancy Services
 
 Revenues from Project Management Consultancy Services are recognised
 pro-rata over the period of the contract as and when services are
 rendered as per the terms of agreement.
 
 iv) Interest Income
 
 Interest income is recognised on a time proportion basis taking into
 account the amount outstanding and the rate applicable.
 
 g) Unbilled Revenue
 
 Unbilled revenue disclosed under Schedule 10 - Other Current Assets
 represents revenue recognized based on Percentage of completion
 method'' over and above the amount due as per the payment plans agreed
 with the customers.
 
 h) Investments
 
 Investments that are readily realisable and intended to be held for not
 more than a year are classified as current investments. All other
 investments are classified as long-term investments. Current
 investments are carried at lower of cost and fair value determined on
 an individual basis. Long term investments are carried at cost less
 provision for diminution, other than temporary, if any, in the value of
 such investments.
 
 i) Employee benefits
 
 Liability for employee benefits, both short and long term, for present
 and past services which are due as per the terms of employment are
 recorded in accordance with Accounting Standard (AS) 15 Employee
 Benefits- notified by the Companies (Accounting Standards) Rules, 2006.
 
 i) Retirement benefits in the form of Provident and Superannuation
 funds are defined contribution scheme and the contributions are charged
 to the Profit and Loss Account of the year when the contributions to
 the respective funds are due. There are no other obligations other than
 the contribution payable to the respective funds.
 
 ii) Gratuity liability is a defined benefit obligation and is provided
 for on the basis of an actuarial valuation on projected unit credit
 method made at the end of each financial year.
 
 iii) Long term compensated absences are provided for based on actuarial
 valuation at the year end. The actuarial valuation is done as per
 projected unit credit method.
 
 iv) Actuarial gains/losses are immediately taken to profit and loss
 account and are not deferred.
 
 j) Foreign currency translation
 
 Foreign currency transactions
 
 (i) Initial Recognition
 
 Foreign currency transactions are recorded in the reporting currency,
 by applying to the foreign currency amount the exchange rate between
 the reporting currency and the foreign currency at the date of the
 transaction.
 
 (ii) Conversion
 
 Foreign currency monetary items are reported using the closing rate.
 Non-monetary items which are carried in terms of historical cost
 denominated in a foreign currency are reported using the exchange rate
 at the date of the transaction; and non-monetary items which are
 carried at fair value or other similar valuation denominated in a
 foreign currency are reported using the exchange rates that existed
 when the values were determined.
 
 (iii) Exchange Differences
 
 Exchange differences arising on reporting monetary items of company at
 rates different from those at which they were initially recorded during
 the year, or reported in previous financial statements, are recognized
 as income or as expenses in the year in which they arise.
 
 k) Income taxes
 
 Tax expense consists 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, 1961. Deferred income tax
 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.
 
 Deferred tax is measured based on the tax rates and the tax laws
 enacted or substantively enacted at the balance sheet date. Deferred
 tax assets and deferred tax liabilities are offset, if a legally
 enforceable right exists to set off current tax assets against current
 tax liabilities and the deferred tax assets and deferred tax
 liabilities relate to the taxes on income levied by same governing
 taxation laws. 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.
 
 At each balance sheet date, the Company re-assesses unrecognised
 deferred tax assets. It recognizes unrecognised deferred tax assets to
 the extent that it has become reasonably certain or virtually certain,
 as the case may be, that sufficient future taxable income will be 
 available against which such deferred tax assets can be realized.
 
 The carrying amount of deferred tax assets are reviewed at each balance
 sheet date. The Company writes-down the carrying amount of a deferred
 tax asset to the extent that it is no longer reasonably certain or
 virtually certain, as the case may be, that sufficient future taxable
 income will be available against which deferred tax asset can be
 realized. Any such write-down is reversed to the extent that it becomes
 reasonably certain or virtually certain, as the case may be, that
 sufficient future taxable income will be available.
 
 i) Borrowing Cost
 
 Borrowing costs directly attributable to the acquisition, construction
 or production of an asset that necessarily takes a substantial period
 of time to get ready for its intended use or sale are capitalized as
 part of the cost of the respective asset. All other borrowing costs are
 expensed in the period they occur. Borrowing costs consist of interest
 and other costs that an entity incurs in connection with the borrowing
 of funds.
 
 m) Earnings per Share
 
 Basic earnings per share are calculated by dividing the net profit or
 loss for the period attributable to equity shareholders (after
 deducting attributable taxes) by the weighted average number of equity
 shares outstanding during the period.
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the period attributable to equity shareholders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all dilutive potential equity shares.
 
 m) Segment Reporting Policies
 
 i) Identification of segments
 
 The Company''s operating businesses are organized and managed separately
 according to the nature of services provided, with each segment
 representing a strategic business.
 
 ii) Inter segment Transfers
 
 The Company generally accounts for intersegment sales and transfers as
 if the sales or transfers were to third parties at current market
 prices.
 
 iii) Allocation of common costs
 
 Common allocable costs are allocated to each segment according to the
 relative contribution of each segment to the total common costs.
 
 iv) Unallocated items
 
 Includes general corporate income and expense items which are not
 allocated to any business segment.
 
 o) Impairment of Assets
 
 The carrying amounts of assets are reviewed at each balance sheet date
 if there is any indication of impairment based on internal/external
 factors. An impairment loss is recognised wherever the carrying amount
 of an asset exceeds its recoverable amount. The recoverable amount is
 the greater of the asset''s net selling price and value in use. In
 assessing value in use, the estimated future cash flows are discounted
 to their present value at the weighted average cost of capital.
 
 p) Leases
 
 Operating leases:
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of ownership of the leased item, are classified as
 operating leases. Operating lease payments are recognised as an expense
 in the Profit and Loss account on a straight-line basis over the lease
 term.
 
 q) Provisions
 
 A provision it recognised when an enterprise has a present obligation
 as a result of past event; it is probable that an outflow of resources
 will be required to settle the obligation, in respect of which a
 reliable estimate can be made. 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.
 
 r) Cash and Cash equivalents
 
 Cash and cash equivalents for the purposes of cash flow statement
 comprise cash at bank and in hand and short- term investments with an
 original maturity of three months or less.
 
 s) Land
 
 Advances for purchase of land include deposits paid by the Company to
 the seller towards right for development of land. The deposit will get
 adjusted against seller''s share of constructed area. Further, advance
 for purchases of land also includes, amount paid by the Company to the
 seller/ intermediary towards outright purchase of land, which gets
 adjusted on transfer of legal title to the Company after obtaining
 clear and marketable title, free from all encumbrances, and then
 transferred to Inventory.