1.  Basis of Accounting:
 
 The Company maintains its accounts on accrual basis following the
 historical cost convention in accordance with Generally Accepted
 Accounting Principles (GAAP) and in compliance with the Accounting
 Standards prescribed under the Companies (Accounting Standards) Rules,
 2006 and other requirements of the Companies Act, 1956.  Insurance and
 other claims are accounted for as and when admitted by the appropriate
 authorities.
 
 The preparation of financial statements in conformity with GAAP
 requires that the management of the Company makes estimates and
 assumptions that affect the reported amounts of income and expenses of
 the period, the reported balances of assets and liabilities and the
 disclosures relating to contingent liabilities as of the date of the
 financial statements. Examples of such estimates include the useful
 lives of fixed assets, provision for doubtful debts/advances, future
 obligations in respect of retirement benefit plans, etc. Actual results
 could differ from these estimates. Any revisions to accounting
 estimates are recognised prospectively in the current and future
 periods.  Wherever changes in presentation are made, comparative
 figures of the previous year are regrouped accordingly.
 
 2.  Revenue Recognition
 
 Income from real estate sales is recognised on the transfer of all
 significant risks and rewards of ownership to the buyers and it is not
 unreasonable to expect ultimate collection and no significant
 uncertainty exists regarding the amount of consideration.
 
 Determination of revenues under the percentage of completion method
 necessarily involves making estimates by the Company. Revenue from
 construction and project related activity is recognised by applying
 Percentage Completion Method (PCM) to sale of tenements. Percentage of
 completion is determined as a proportion of cost incurred to date
 (excluding property acquisition cost) to the total estimated project
 cost (excluding property acquisition cost). Project becomes eligible
 for revenue recognition when the percentage of completion of project
 exceeds 25%.
 
 3.  Fixed Assets
 
 a.  Fixed assets are capitalised at acquisition cost, including
 directly attributable costs such as freight, insurance and specific
 installation charges for bringing the assets to working condition for
 use.
 
 b.  Expenditure relating to existing fixed assets is added to the cost
 of the assets, where it increases the performance / life of the asset
 as assessed earlier.
 
 c.  Fixed assets are eliminated from financial statements either on
 disposal or when retired from active use.
 
 4.  Intangible assets and Amortisation
 
 Intangible assets are recognised as per the criteria specified in
 Accounting Standard (AS) 26 ‘Intangible Assets.
 
 5.  Investments
 
 Investments are classified into long term and current investments.
 
 Long term investments are carried at cost. Provision for diminution, if
 any, in the value of each long term investment is made to recognise a
 decline, other than of a temporary nature.
 
 Current investments are carried individually at lower of cost and fair
 value and the resultant decline, if any, is charged to revenue.
 
 6.  Inventories
 
 Inventory of finished tenements are valued at lower of the cost or net
 realizable value. Inventories of work in progress includes cost of
 land, premium for development rights, construction costs and allocated
 interest and expenses incidental to the projects undertaken by the
 Company and are valued at cost.
 
 7.  Depreciation
 
 Depreciation on fixed assets has been provided on written down value,
 at the rates and in the manner specified in Schedule XIV of the
 Companies Act, 1956.
 
 8.  Employee Stock Option Scheme
 
 Employee Stock Options are evaluated and accounted on intrinsic value
 method as per the accounting treatment prescribed by Guidance Note on
 Accounting for Employee Share-based payments issued by ICAI read with
 SEBI (Employee Stock Option Scheme & Employee Stock Purchase Scheme)
 Guidelines 1999 issued by SEBI. The excess of market value, if any, of
 the stock options as on the date of vesting over the exercise price of
 the options is recognised as deferred employee compensation and is
 charged to the profit and loss account on vesting basis over the
 vesting period of the options. The un-amortized portion of the deferred
 employee compensation, if any, is reduced from Employee Stock Option
 Outstanding.
 
 9.  Borrowing costs
 
 a.  Borrowing costs that are attributable to the acquisition,
 construction or production of qualifying assets are capitalised as part
 of the cost of such assets till such time as the asset is ready for its
 intended use or sale. A qualifying asset is an asset that necessarily
 takes a substantial period over twelve months of time to get ready for
 its intended use or sale.
 
 b.  All other borrowing costs are recognised as expense in the period
 in which they are incurred.
 
 10.  Retirement Benefits
 
 Retirement benefits to the employees comprise of payments under defined
 contribution plans like Provident Fund and Family Pension. The
 liability in respect of defined benefit scheme like Gratuity is
 provided on the basis of actuarial valuation as at the year end.
 Provisions for / contributions for leave encashment benefits are made
 on actual basis.
 
 11.  Taxes on income
 
 a.  Tax on income for the current period is determined on the basis of
 estimated taxable income and tax credits computed in accordance with
 the provisions of the Income Tax Act, 1961, and based on expected
 outcome of assessments / appeals.
 
 b.  Deferred tax is recognised, subject to the consideration of
 prudence in respect of deferred tax assets, on timing differences,
 being the difference between taxable income and accounting income that
 originate in one period and are capable of reversal in one or more
 subsequent period.
 
 c.  Deferred tax assets are recognised and carried forward only to the
 extent that there is a reasonable certainty supported by convincing
 evidence that sufficient future taxable income will be available
 against which such deferred tax assets can be realised.
 
 d.  Deferred tax is quantified using the tax rates and laws enacted or
 substantively enacted as on the balance sheet date.
 
 12.  Provisions, Contingent liabilities and Contingent assets
 
 a.  Provision are recognised for liabilities that can be measured only
 by using a substantial degree of estimation, if
 
 i.  the Company has a present obligation as a result of past event,
 
 ii.  a probable outflow of resources is expected to settle the
 obligation; and
 
 iii.  the amount of the obligation can be reliably estimated.
 
 b.  Reimbursements by another party, expected in respect of expenditure
 required to settle a provision, is recognised when it is virtual
 certain that reimbursement will be received if obligation is settled.
 
 c.  Contingent liability is disclosed in the case of
 
 i.  a present obligation arising from a past event, when it is not
 probable that an outflow of resources will be required to settle the
 obligation;
 
 ii.  a possible obligation, unless the probability of outflow of
 resources is remote.
 
 d Contingent assets neither disclosed nor recognised.
 
 e.  Provision, contingent liabilities and contingent assets are
 reviewed at each balance sheet date.
 
 13.  Events occurring after the date of balance sheet
 
 Where material, events occurring after the date of the Balance Sheet
 are considered upto the date of approval of accounts by the Board of
 Directors.
 
 14.  Foreign Currency Transactions
 
 a.  All transactions in foreign currency are recorded at the rates of
 exchange prevailing on the date the relevant transactions take place.
 
 b.  Monetary Assets and Liabilities in foreign currency, outstanding at
 the close of the year, are converted in Indian Currency at the
 appropriate rates of exchange prevailing on the date of Balance Sheet.
 Resultant gain or loss is accounted during the year.