a) Basis of Preparation of Financial Statements
 
 The Financial Statements are prepared on the historical cost convention
 in accordance with Indian Generally Accepted Accounting Principles
 (GAAP) comprising the Accounting Standards issued by The Institute of
 Chartered Accountants of India and as notified under the Companies
 (Accounting Standards) Rules, 2006 and the provisions of the Companies
 Act, 1956 as adopted consistently by the Company.
 
 b) Use of Estimates
 
 The preparation of Financial Statements in conformity with generally
 accepted accounting principles requires the Management to make
 estimates and assumptions that affect the reported balances of assets
 and liabilities as on the date of the Financial Statements and reported
 amounts of income and expenses during the period. The Management
 believes that the estimates used in the preparation of Financial
 Statements are prudent and reasonable. Actual results could differ from
 the estimates.
 
 c) Fixed Assets
 
 The Gross Block of Fixed Assets are stated in the Accounts at the
 purchase price of acquisition of such assets including any attributable
 cost of bringing the assets to its working condition for its intended
 use. Office premises located at Jalgaon have been taken on lease for a
 period of 50 years and the same is reflected in Gross Block at Rs. 1.0
 lakh. The leasehold premises have been amortised @ 2% per annum on the
 basis of period of lease.
 
 d) Depreciation/Amortization
 
 Depreciation is provided as per the Straight Line Method according to
 the rates prescribed in Schedule XIV of the Companies Act, 1956. The
 Cost of Leasehold rights is being amortized at the rate of 2% per annum
 considering the period of lease.
 
 e) Revenue Recognition
 
 i) Sale of Flats and Shops
 
 The Company has followed the Percentage Completion Method of accounting
 as per the Guidance Note on Revenue Recognition by the Real Estate
 Developers issued by The Institute of Chartered Accountants of India.
 Total Sale Consideration as per the agreements of sale of constructed
 properties is recognized as revenue based on the percentage of actual
 project cost incurred thereon, including the cost of land, estimated
 construction and development cost of the such properties, subject to
 actual construction cost incurred being 20% or more of the total cost
 of the construction of the project.
 
 The amount received from customers which does not qualify for revenue
 recognition under the Percentage Completion Method is accounted as
 Current Liabilities under the head Advance from Customers. The amount
 receivable against the percentage of revenue recognized is accounted
 for as Current Assets under the head Debtors and the excess amount
 received from customer is accounted as Current Liabilities under the
 head Advances from Customers.
 
 ii) Sale of Land
 
 Sale of land is recognized when the agreement is executed for land
 transfer between the parties.
 
 iii) Lease Rent Income
 
 Lease Rent Income is recognized on accrual basis.
 
 iv) Share of Profit in Partnership Firm / Joint Venture
 
 The share of net profit after tax from the firms, in which the Company
 is partner or the joint venturer, is accounted for as per the Financial
 Statement of accounts of the Firms / Joint Ventures.
 
 v) Income from Investment
 
 Interest on fixed deposits, debentures and dividend on mutual fund is
 accounted on accrual basis, whereas dividend from shares is accounted
 for on receipt basis.
 
 vi) Project Management Fees
 
 Revenue from Project Management fees is recognized as per the terms of
 contract agreed between the parties.
 
 f) Inventories:
 
 Inventory comprises of finished property and properties under
 construction (Work-in-Progress). Work- in-Progress comprises cost of
 land, development rights, TDR, construction and development cost, cost
 of material, services and other overheads related to projects under
 construction. Inventory is valued at cost or net realizable value
 whichever is lower.
 
 g) Investments
 
 Long-term investments are stated at cost after providing for any
 diminution in value, if such diminution is of permanent nature. Current
 investments are carried at lower of cost or market value. The
 determination of carrying amount of such investments is done on the
 basis of specific identification.  Investments in integrated joint
 ventures are carried at cost net off adjustments for Companys share in
 profits or losses as recognized.
 
 h) Retirement Benefits
 
 Liability is provided for retirement benefits of Provident Fund and
 Gratuity in respect of eligible employees contributions under the
 defined contribution scheme are charged to revenue. The liability in
 respect of defined benefit scheme like Gratuity, Leave Encashment, etc.
 are provided in the accounts on the basis of actuarial valuation as on
 31st March 2011.
 
 i) Borrowing Cost
 
 Borrowing costs are recognized as expenses in the period in which they
 are incurred and debited to Profit and Loss Account.
 
 j) Taxation
 
 Income Tax expenses for the year include, Current Tax and Taxation in
 Firm. Provision for current income tax is made on the current tax rate
 based on assessable income for the year worked out as per the provision
 of the Income tax Act, 1961, as applicable for Assessment Year
 2011-2012.The deferred tax assets and liabilities are recognized for
 the future tax consequences of timing differences, subject to the
 consideration of prudence. Deferred tax assets and liabilities are
 measured using the tax rates enacted or substantively enacted by the
 Balance Sheet date.
 
 k) Provisions, Contingent Liabilities and Contingent Assets
 
 As per Accounting Standard 29, Provisions, Contingent Liabilities and
 Contingent Assets, issued by the Institute of Chartered Accountants of
 India, the Company recognizes provisions only when it has a present
 obligation as a result of a past event, it is probable that an outflow
 of resources embodying economic benefits will be required to settle the
 obligation as and when a reliable estimate of the amount of the
 obligation can be made.
 
 No provision is recognized for –
 
 (a) Any possible obligation that arises from past events and the
 existence of which will be confirmed only by the occurrence or
 non-occurrence of one or more uncertain future events not wholly within
 the control of the Company; or
 
 (b) Any present obligation that arises from past events but is not
 recognized because- (i) It is not probable that an outflow of resources
 embodying economic benefits will be required to settle the obligation;
 or
 
 (ii) A reliable estimate of the amount of obligation cannot be made.
 Such obligations are recorded as Contingent Liabilities. These are
 assessed continually and only that part of the obligation for which an
 outflow of resources embodying economic benefits is probable, is
 provided for, except in the extremely rare circumstances where no
 reliable estimate can 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.
 
 l) Miscellaneous Expenses
 
 Miscellaneous Expenses are amortised over a period of five years.
 
 m) Impairment of Asset
 
 At each Balance Sheet date, the Company reviews the carrying amounts of
 its fixed assets to determine whether there is any indication that
 those assets suffered impairment loss, if any such indication exists,
 the recoverable amount of the asset is estimated in order to determine
 the extent of impairment loss.  Recoverable amount is the higher of an
 assets net selling price and value in use. In assessing value in use,
 the estimated future cash flows expected from the continuing use of the
 asset and from its disposal are discounted to their present value using
 a pre-discount rate that reflect the current market assessment of time
 value of money and the risks specific to the asset. The impairment loss
 as determined above is expensed off. An impairment loss recognized in
 prior accounting period is reversed if there has been change in the
 estimate of the recoverable amount.
 
 n) IPO Expenses
 
 Expenses incurred for the public issue of equity shares of the Company
 are considered as deferred revenue expenditure to be amortized in 60
 months.
 
 o) Earnings Per Share
 
 The Company reports Basic and Diluted Earnings Per Share in accordance
 with Accounting Standard – 20 ‘Earnings Per Share issued by the
 Institute of Chartered Accountants of India. Basic earnings per share
 is computed by dividing the net profit or loss for the period by the
 weighted average number of Equity shares outstanding during the period.
 Diluted earnings per share is computed by dividing the net profit or
 loss for the period by the weighted average number of equity shares
 outstanding during the period as adjusted for the effects of all
 diluted potential equity shares except where the results are
 anti-dilutive.
 
 p) Cash Flow Statement
 
 The Cash Flow Statement is prepared by indirect method as set out in
 Accounting Standard 3 on Cash Flow Statement and presents cash flows by
 Operating, Investing and Financing activities of the Company.
 
 q) Foreign Currency Transactions
 
 Transactions in foreign currency and non-monetary assets are accounted
 on the date of the transactions.  All monetary items denominated in
 foreign currency are converted at the year end exchange rate.
 Expenditure of the liaison office is translated at the yearly average
 rate of exchange. The exchange differences arising on such conversion
 and on settlement of the transactions are shown as Foreign Currency
 Translation Reserve under the head of Reserve and Surplus.