Dear Shareholders,
 
 It is rightly said: Success has always been achieved by those who
 dared to believe that something inside them is superior than
 circumstances around them.
 
 At the outset, I take the privilege of shedding some light on the
 Indian economy, state of the real estate sector and your company in the
 financial year 2010-11.
 
 The Indian economy, which faced minimal bruises in the financial crisis
 of 2008, emerged stronger with 8.5 per cent growth in 2010-11. The role
 of the burgeoning middle class, whose consumption and saving, played a
 major role in a resilient Indian economy. However, the role of the
 Government and the Reserve Bank of India also needs to be commended in
 maintaining a balance between growth and inflation. But global
 developments
 
 and some within India saw inflation remaining elevated for a
 considerable period - almost double digit, prompting RBI to hike
 interest rates.
 
 The real estate industry has been reeling under the twin impact of
 interest rate hike and rising input cost, but have been trying to find
 ways to lessen it, through diversification and innovation. Even as
 demand from end- user remains robust, real estate prices in both
 residential and commercial space moved up. Real estate companies have
 made an aggressive move towards tier II and III towns with Omaxe
 already having a significant presence in these towns. However, it needs
 to be seen on how legislations like land acquisition bill and FDI in
 multi-brand retail impacts the sector going forward.
 
 Your Company''s performance in the Financial year 2010-11 gives me
 immense satisfaction. We have completed projects totaling 33.67 mio sq.
 ft. of saleable area with the segments of township, group housing and
 commercial contributing 26.13 mio sq. ft., 6.25 mio sq.  ft. and 1.30
 mio sq. ft. respectively and one infrastructure project having order
 value of Rs.730 mio since inception.  These completions were spread
 across 23 projects. We launched new sub projects in our 1 8 ongoing
 projects during the year. We enriched our land bank with addition of
 about 400 acres during FY 11 mainly at Chandigarh, Allahabad and
 Lucknow. With a clear focus on recoveries throughout FY 11, the Company
 achieved record recovery of about Rs.19,950 mio during the year.
 
 Financial year 201 0-11 proved to be a year of robust growth for the
 Company. Its total revenue grew by 52% to reach Rs. 15,447 mio in FY 1
 1, from Rs.] 0,147 mio the previous year. EBITDA recorded a growth of 1
 3% to reach Rs..2,377 mio from Rs.2,101 mio in the previous year.
 Company''s subsidiary, Omaxe Infrastructure and Construction Limited
 through its 13 projects in 10 cities, contributed about 14 % to the
 total revenue and closed the FY 11 with an order book of Rs. 13,640
 mio.
 
 As we move ahead, we need to build upon our competitive strengths of
 strategic vision, diversified business model, vivid asset classes and
 widespread geographical foot print. With access to over 4,200 acres of
 land, 41 ongoing real estate projects across 30 cities in 9 states,
 combined saleable area of 11 3 mio square feet, we are readying
 ourselves for next phase of growth. We will continue to focus on cities
 like Chandigarh, Lucknow, Allahabad, Indore and limited part of NCR,
 where we have significant presence with a clear aim of achieving
 execution excellence.
 
 We are working diligently to reduce our debt to equity ratio to a
 comfortable level by the end of present fiscal.  Considering the
 significantly improved recovery in the Financial year 2010-11 and
 prevalent monthly sales and recovery trends in early months of FY 1 2,
 we should meet our commitments towards lenders, construction
 commitments and addition of land comfortably. Our commitment to
 transparent disclosure and utmost integrity would only strengthen with
 times.
 
 We have been privileged to have an unstinting trust and confidence of
 all our stakeholders - customers, shareholders, lenders, suppliers,
 regulators and various government authorities - all these years. I
 would like to thank each one of you fo your valuable contribution in 
 the growth and progress of Brand Omaxe. I look forward to your 
 continued patronage.
 
 With best regards,
 
 Rohtas Goel
 
 CMD