a.  Basis of accounting
 
 The financial statements are prepared under the historical cost
 convention, on the accrual basis of accounting and in accordance with
 Generally Accepted Accounting Principles (''GAAP'') in India and comply
 with Accounting Standards prescribed by the Companies (Accounting
 Standards) Rules, 2006 and the relevant provisions of the Companies
 Act, 1956.
 
 b.  Use of estimates
 
 The preparation of financial statements in conformity with generally
 accepted accounting policies requires management to make estimates and
 assumptions that affect the reported amounts of assets and liabilities
 and disclosure of contingent liabilities at the date of the financial
 statements and the reported accounts of revenues and expenses for the
 years presented. Actual results could differ from these estimates.
 
 c.  Fixed assets
 
 Fixed assets are stated at cost of acquisition or construction less
 accumulated depreciation. Cost includes purchase price and all other
 attributable costs of bringing the assets to working condition for
 intended use. Financing costs relating to borrowed funds attributable
 to acquisition or construction of fixed assets, which takes substantial
 period of time to get ready for its intended use are also included, for
 the period till such asset is put to use.
 
 d.  Depreciation
 
 i. Depreciation on fixed assets is provided on written down value
 method at the rates specified in Schedule XIV to the Companies Act,
 1956 or based on the management''s estimates of the useful life of the
 assets, whichever is higher. Accordingly, the depreciation rates used
 are as follows:
 
 Building 5.00%
 
 Plant & Machinery (including Office Equipment) 30.00%
 
 Shuttering & Scaffolding 40.00%
 
 Furniture & Fixtures 30.00%
 
 Motor Vehicles 25.89%
 
 Computers 60.00%
 
 ii. Cost of building on land held on license basis is amortized over
 the period of license of project facility.
 
 iii. Assets costing Rs.5,000 or less individually are fully depreciated
 in the year of purchase.
 
 e.  Capital Work In Progress
 
 Capital work in progress includes advances given and expenditure
 incurred in connection with the purchase/ construction of fixed assets
 and pending allocation to the fixed assets.
 
 f.  Pre-operative expenditure pending allocation
 
 Pre-operative expenditure incurred in relation to construction of fixed
 assets in respect of projects which are yet to commence commercial
 operations pending allocation includes:
 
 i. Incidental expenditure during construction period comprising payment
 to and provision for employees, professional fees and other
 administrative expenses pending allocation to fixed assets on
 completion of the Project.
 
 ii. Interest and financing cost net of interest income pending
 allocation to fixed assets on completion of the Project.
 
 g.  Revenue Recognition
 
 i. Revenue from projects is recognised on the ''Percentage of Completion
 Method'' of accounting.  Revenue is recognized, in relation to the sold
 areas only, on the basis of percentage of actual cost incurred thereon
 including land as against the total estimated cost of the project under
 execution subject to such actual costs being 30% or more of the total
 estimated cost. The estimates of saleable area and costs are revised
 periodically by the management. The effect of such changes to estimates
 is recognised in the period such changes are determined.
 
 ii. Income from construction contracts is recognised by reference to
 the stage of completion of the contract activity at the reporting date
 of the financial statements. The related costs there against are
 charged to the profit and loss account of the year. The stage of
 completion of the contract is measured by reference to the proportion
 that contract cost incurred for work performed up to the reporting date
 bear to the estimated total contract cost for each contract.
 
 iii. Any expected loss on real estate project or construction contract
 is recognised as an expense when it is certain that the total cost will
 exceed the total revenue.
 
 iv. The revenue on account of interest on delayed payment by customers
 and expenditure on account of compensation/penalty for project delays
 are accounted for at the time of acceptance/settlement with the
 customers due to uncertainties with regard to determination of amount
 receivable/payable.
 
 v. Income from license fee is recognised on accrual basis in accordance
 with the terms of agreement with the sub-licensees.
 
 vi. Interest income is recognised on accrual basis on a time proportion
 basis.
 
 vii. Dividend income is recognised when the Company''s right to receive
 dividend is established.
 
 h.  Cost of Construction/Development
 
 Cost of Construction/Development (including cost of land) incurred is
 charged to the profit and loss account proportionate to project area
 sold. Adjustments, if required, are made on completion of the
 respective projects.
 
 i.  Inventories
 
 Inventory comprises completed property for sale and property under
 construction (work-in-progress).
 
 i. Completed unsold inventory is valued at lower of cost and net
 realisable value. Cost is determined by including cost of land,
 materials, services and other related overheads.
 
 ii Work-in-progress is valued at lower of cost and net realisable
 value. Cost comprises cost of land (including development rights),
 materials, services and other overheads related to projects under
 construction.
 
 j.  Investments
 
 Investments intended to be held for more than a year are classified as
 long term investments. All other investments are classified as current
 investments. Long term investments are stated at cost less provision
 for diminution in value, if such diminution is other than temporary.
 Current investments are stated at lower of cost and fair value on an
 individual investment basis.
 
 k.  Segment policies
 
 The Company''s reporting segments are identified based on
 activities/products, risk and reward structure, organization structure
 and internal reporting systems.
 
 l.  Accounting for joint ventures
 
 i. Jointly controlled operations – The Company''s share of revenue,
 expenses, assets and liabilities are included in the financial
 statements as revenue, expenses, assets and liabilities respectively.
 
 ii. Jointly controlled entities – The Company''s investment in jointly
 controlled entities is reflected as investment and accounted for in
 accordance with the Company''s accounting policy of Investments (See
 Note 2 j above).
 
 m.  Foreign Currency Transactions
 
 Transactions in foreign currencies are recorded at the exchange rate
 prevailing on the date of the transactions.  Monetary items denominated
 in foreign currency and outstanding at the balance sheet date are
 translated at the exchange rate prevailing on the balance sheet date.
 Exchange differences on translation of monetary assets and liabilities
 and realised gain and losses on foreign currency transactions are
 recognised in the profit and loss account.
 
 n.  Taxation
 
 Income tax comprises current tax and deferred tax.  Current tax is the
 amount of tax payable as determined in accordance with the provisions
 of the Income Tax Act, 1961. Deferred tax assets and liabilities are
 recognized subject to the consideration of prudence for the future tax
 consequences of 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 periods. Deferred tax
 assets and liabilities are measured using the tax rates enacted or
 substantively enacted by the balance sheet date.
 
 o.  Earnings per share
 
 The earnings considered in ascertaining the Company''s EPS is the net
 profit after tax. The number of shares used in computing basic EPS is
 the weighted average number of shares outstanding during the period.
 The weighted diluted earnings per equity share are computed using the
 weighted average number of equity shares and dilutive potential equity
 shares outstanding during the period.
 
 p.  Provision for Retirement benefits
 
 i. Short term employee benefits are recognised as an expense at the
 undiscounted amounts expected to be paid over the period of services
 rendered by the employees of the Company.
 
 ii.  The Company''s contribution to Provident Fund, a defined
 contribution plan is deposited with the Employees Provident Fund
 Organisation (EPFO).  These are charged to the profit and loss account
 when the contribution to the fund is due.
 
 iii. Gratuity is a defined contribution plan covering eligible
 employees. The plan provides for a lump sum payment to vested employees
 on retirement, death with in employment or termination of employment of
 an amount equivalent to 15 days salary for each completed year of
 service. Vesting occurs on completion of five years of service.
 Liability for Gratuity is provided on the basis of actuarial valuation
 carried out at the Balance Sheet date by an independent actuary using
 the Projected Unit Credit method.
 
 iv. Liability for leave encashment/availment is treated as long term
 liability and is provided on the basis of valuation by an independent
 actuary at the year end.
 
 q.  Borrowing cost
 
 Borrowing costs that are directly attributable to the acquisition or
 construction of a qualifying asset are considered as part of the cost
 of that asset. A qualifying asset is an asset that necessarily requires
 substantial period of time to get ready for its intended use or sale.
 Other borrowing costs are recognised as an expense in the year in which
 they are incurred.
 
 r.  Provisions
 
 Provision is recognized when an enterprise has a present obligation as
 a result of past events and it is probable that an outflow of resources
 will be required to settle the obligation and in respect of which a
 reliable estimate can be made. Provisions are determined based on
 management estimates required to settle the obligation at the balance
 sheet date. These are reviewed at each balance sheet date and adjusted
 to reflect the current management estimate.
 
 s.  Impairment of assets
 
 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
 asset''s 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.
 
 t.  Leases
 
 Lease arrangements where the risk and rewards incident to ownership of
 an asset substantially vest with the lessor are recognised as operating
 lease. Lease rent under operating leases are charged to the Profit and
 Loss account on a straight line basis over the lease term.
 
 Assets given under operating leases are included in fixed assets. Lease
 income is recognised in the Profit & Loss Account on a straight line
 basis over the lease term. Costs, including depreciation are recognised
 as expense in the profit and loss account.