1.  Method of Accounting
 
 The financial statements are prepared under the historical cost
 convention in conformity with the accounting principles, generally
 accepted in India and in accordance with accounting standards specified
 in the Companies (Accounting Standards) Rules, 2006 notified by the
 Central Government in terms of Section 211 (3C) of the Companies Act,
 1956.
 
 2.  Use of Estimates
 
 The preparation of financial statements in conformity with generally
 accepted accounting principles requires management to make estimates
 and assumptions that affect the reported amounts of assets and
 liabilities and the disclosure of contingent liabilities on the date of
 the financial statements and the result of operations during the
 reporting periods. Although these estimates are based upon management''s
 knowledge of current events and actions, actual results could differ
 from those estimates.
 
 3.  Fixed Assets
 
 Fixed Assets are stated at cost less accumulated depreciation and
 amortisation. Direct costs inclusive of inward freight, duties and
 taxes, incidental expenses including interest relating to acquisition
 and cost of improvements thereon are capitalized until fixed assets are
 ready for use. Capital Work in Progress comprises advances paid to
 acquire fixed assets and the cost of fixed assets not ready for their
 intended use at the reporting date of the financial statements.
 
 4.  Depreciation and Amortisation
 
 (i) Depreciation on fixed assets is provided on straight-line method as
 per rates and in the manner prescribed in Schedule XIV to the Companies
 Act, 1956.
 
 (ii) Leasehold Improvement is amortised over the period of the lease.
 
 (iii) Assets costing less than Rs.5000 are fully depreciated in the
 year of purchase.
 
 5.  Investments
 
 Long term investments are carried at cost, less provision for
 diminution other than temporary if any, in the value of such
 investments. Current Investments are carried at lower of cost and fair
 value.
 
 6.  Inventories
 
 Inventories are valued as under:
 
 (i) Land earmarked for property development is valued at cost. Cost
 includes land acquisition cost, registration charges and stamp duty.
 
 (ii) Constructed properties includes cost of land, premium for
 development rights, construction costs and allocated interest and
 expenses incidental to the projects undertaken by the company.
 
 (iii) Stock of food and beverages are carried at cost and net
 realizable value, whichever is lower. Cost is determined on the
 weighted average method.
 
 7.  Revenue Recognition
 
 (i) Sale of Land and Plots is recognised in the financial year in which
 the agreement to sell is executed.
 
 (ii) Revenue from constructed properties (excluding service tax) is
 recognized on the percentage of completion method. Total sale
 consideration as per the agreements to sell constructed properties
 entered into is recognized as revenue only when the stage of completion
 is 20 percent or more when the outcome of the project can be estimated
 reliably. When it is probable that total costs will exceed the total
 project revenue the expected loss is recognised immediately.
 
 Service tax does not form part of gross revenue.
 
 (iii) Contract revenue from the construction contracts are recognized
 on  percentage of completion method measured by survey of work
 performed  depending on the nature of the contract. The revenue on
 construction contract is recognized only when the stage of completion
 is 20 percent or more when the outcome of the contract can be estimated
 reliably. When it is probable that the total costs exceeds the total
 contract revenue, the expected loss is recognized immediately.
 
 (iv) Income from sale of Rooms, Food and Beverages and allied services
 relating to hotel operations is recognized upon rendering of the
 service. Income stated is exclusive of amount received towards sales
 tax/service tax etc.
 
 (v) In respect of membership (club) sales, revenue is recognized as
 under:
 
 - Life membership, Permanent membership and Time-share membership over
 a period of 15 years.
 
 - Long-term membership over a period of 3 years.
 
 - Health club membership fully in the year of receipt.
 
 8.  Cost of Construction
 
 Cost of constructed properties includes cost of land (including land
 under agreements to purchase), estimated internal development costs,
 external development charges, constructions costs and development/
 construction materials, which is charged to the profit and loss account
 based on the percentage of revenue recognized as per accounting policy
 (7) above, in consonance with the concept of matching costs and
 revenue. Final adjustment is made on completion of the applicable
 project.
 
 Cost of Construction Contracts includes estimated construction costs
 and construction material, which is charged to the profit and loss
 account based on percentage of revenue recognized measured by survey of
 work performed as per accounting policy (7) above, depending on the
 nature of the contract, in consonance with the concept of matching
 costs and revenue. Final adjustment is made on completion of the
 applicable project.
 
 Overhead expenses comprising costs other than those directly charged to
 the jobs are distributed over the various projects on a pro-rata basis
 having regard to the activity and nature of such projects.
 
 9.  Foreign Exchange Transactions
 
 Transactions in foreign currency and non monetary assets are accounted
 for at the exchange rate prevailing on the date of the transaction. All
 monetary items denominated in foreign currency are converted at the
 year-end exchange rate. The exchange differences arising on such
 conversion and on settlement of the transaction are dealt with in the
 profit and loss account.
 
 10.  Income Tax
 
 Current tax is determined as the amount of tax payable in respect of
 taxable income for the period.
 
 Deferred tax is recognised, subject to consideration of prudence, 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 periods.
 
 11.  Borrowing Cost
 
 Borrowing costs that are directly attributable to acquisition,
 construction or production of a qualifying asset are capitalised as
 part of the cost of such asset. A qualifying asset is one that
 necessarily takes substantial period of time i.e., more than twelve
 months to get ready for its intended use. All other borrowing costs are
 charged to the profit and loss account as incurred.
 
 12.  Earnings per share (EPS)
 
 In arriving at the EPS, the Company''s net profit after tax, computed in
 terms of the accounting principles, generally accepted in India, is
 divided by the weighted average number of equity shares outstanding on
 the last day of the reporting period. The EPS thus arrived is known as
 Basic EPS. To arrive at the diluted EPS the net profit after tax,
 referred above, is divided by the weighted average number of equity
 shares that could have been issued on conversion of the shares having
 potential dilutive effect subject to the terms of issue of those
 potential shares. The date/s of issue of such potential shares
 determine the amount of the weighted average number of potential equity
 shares.
 
 13.  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.
 
 (i) Defined Contribution Plan:
 
 Company''s contributions paid / payable during the year towards
 Provident Fund are charged to the Profit and Loss Account.
 
 (ii) Defined Benefit Plan:
 
 The gratuity liability is provided on the basis of actuarial valuation
 on the Balance Sheet date and the same is funded with Life Insurance
 Corporation as per their advice.