a.  Basis of preparation
 
 The financial statements have been prepared on accrual basis under the
 historical cost convention and in accordance with the applicable
 accounting standards prescribed by Companies (Accounting Standards),
 Rules 2006. The accounting policies have been consistently applied
 unless otherwise stated.
 
 b.  Use of estimates
 
 The preparation of financial statements is in conformity with generally
 accepted accounting principles which require the management of the
 Company to make estimates and assumptions that affect the reported
 amounts of assets and liabilities and disclosure of contingent assets
 and liabilities at the date of the financial statements and the results
 of operations during the reporting periods. Although these estimates
 are based upon the management''s best knowledge of current events and
 actions, actual results could differ from those estimates. Significant
 estimates used by management in the preparation of these financial
 statements include the percentage completion for projects in progress,
 estimates of the economic useful lives of the fixed assets, provisions
 for bad and doubtful debts and accruals for employee benefits.
 
 c.  Revenue recognition
 
 Revenues from projects
 
 Revenue from the sale of properties is recognized when the significant
 risks and rewards of ownership have been transferred to the customer,
 which coincides with the entering into a legally binding agreement.
 Revenues from such contracts are recognized under the percentage of
 completion method. Contract revenues represent the aggregate amounts of
 sale price for agreements entered into and are accrued based on the
 percentage that the actual construction costs incurred until the
 reporting date bears to the total estimated construction costs to
 completion. Land costs are not included for the purposes of computing
 the percentage of completion.
 
 Contract costs include the estimated construction, development,
 proportionate land cost and other directly attributable costs of the
 projects under construction. Losses expected to be incurred on projects
 in progress, are charged to the Profit and Loss Account in the period
 in which these losses are known.
 
 The estimates for saleable area and contract costs are reviewed by
 management periodically and the cumulative effect of the changes in
 these estimates, if any, are recognized in the period in which these
 changes may be reliably measured.
 
 Cost and recognized profits to date in excess of progress billings on
 construction projects in progress are disclosed under Properties Under
 Development (a current asset). Where the progress billings exceed the
 costs and recognized profits to date on projects under construction,
 the same is disclosed as Advances Received From Customers, (a current
 liability).  Any billed amount that has not been collected is disclosed
 under Trade Debtors and is net of any provision for amounts doubtful of
 recovery.
 
 Revenue from the sale of land is recognized in the period in which the
 agreement to sell is entered into. Where there is a remaining
 substantial obligation under the agreement, revenue is recognized on
 the fulfilment of such obligation.
 
 Rental income
 
 Income from rentals is recognized on a straight line basis over the
 primary, non-cancellable, period of the arrangement.
 
 Interior Income
 
 Interior income is recognized as the services are rendered, at rates
 agreed upon with customers.
 
 d.  Properties held for sale
 
 Completed properties held for sale are stated at the lower of cost and
 net realizable value. Cost includes cost of land, construction related
 overhead expenditure and borrowing costs and other net costs incurred
 during the period of development.
 
 e.  Properties held for development
 
 Properties held for development represents land acquired for future
 development and construction, and is stated at cost including the cost
 of land, the related costs of acquisition, borrowing cost and other
 costs incurred to get the properties ready for their intended use.
 
 f.  Fixed assets
 
 Fixed assets are stated at cost less accumulated depreciation and
 impairment losses. Cost comprises the purchase price and any cost
 attributable to bringing the asset to its working condition for its
 intended use. Advances paid towards acquisition of fixed assets before
 the period end are classified as capital work in progress. Fixed assets
 purchased in foreign currency are recorded at the actual rupee cost
 incurred.
 
 Expenditure directly relating to expansion is capitalized only if it
 increases the life or functionality of an asset beyond its original
 standard of performance.
 
 g.  Depreciation
 
 Depreciation on fixed assets is provided on the straight-line method,
 using the rates specified in Schedule XIV to the Companies Act, 1956,
 except in the case of shuttering and scaffolding items where the
 estimated useful life has been determined as seven years. Assets
 individually costing less than Rs5,000 are fully depreciated in the year
 of purchase.
 
 h.  Borrowing Costs
 
 Borrowing costs that are attributable to the acquisition and/or
 construction of qualifying assets are capitalized as part of the cost
 of such assets, in accordance with Accounting Standard 16 - Borrowing
 Costs. A qualifying asset is one that necessarily takes a substantial
 period of time to get ready for its intended use. All other borrowing
 costs are charged to the Profit and Loss Account as incurred.
 
 i.  Advertisement and Promotional expenses
 
 Advertisement and promotional costs in respect of projects currently
 being developed and for general corporate purposes are expensed to the
 Profit and Loss Account as incurred.
 
 j.  Impairmentof Assets
 
 The Company assesses at each Balance Sheet date whether there is any
 indication that an asset may be impaired. If any
 
 such indication exists, the Company estimates the recoverable amount of
 the asset. If such recoverable amount of the asset or the recoverable
 amount of the cash-generating unit to which the asset belongs is less
 than its carrying amount, the carrying amount is reduced to its
 recoverable amount. The reduction is treated as an impairment loss and
 is recognized in the Profit and Loss Account. If at the Balance Sheet
 date there is an indication that if a previously assessed impairment
 loss no longer exists, the recoverable amount is reassessed and the
 asset is reflected at the recoverable amount subject to a maximum of
 depreciated historical cost.
 
 k.  Cash and cash equivalents
 
 Cash comprises cash on hand and balances with banks. Cash equivalents
 are short term, highly liquid investments that are readily convertible
 into cash and which are subject to insignificant risks of changes in
 value.
 
 I.  Inventory
 
 Inventory comprises raw materials used for the construction activity of
 the Company. Raw materials are valued at the lower of cost and net
 realizable value with the cost being determined on a ''First In First
 Out'' basis.
 
 Net realizable value is the estimated selling price in the ordinary
 course of business, less estimated costs of completion and costs
 required to make the sale.
 
 m. Foreign currency transactions
 
 (a) Initial Recognition
 
 Foreign currency transactions are recorded in the reporting currency,
 by applying to the foreign currency amount the exchange rate between
 the reporting currency and the foreign currency at the date of the
 respective transaction.
 
 (b) Conversion
 
 Foreign currency monetary items are reported using the closing rate.
 Non-monetary items which are carried in terms of historical cost
 denominated in a foreign currency are reported using the exchange rate
 at the date of the transaction.
 
 Exchange differences arising on a monetary item that, in substance,
 form part of company''s net investment in a non- integral foreign
 operation is accumulated in a foreign currency translation reserve in
 the financial statements until the disposal of the net investment, at
 which time they are recognized as income or as expenses.
 
 n.  Leases
 
 Finance Leases
 
 Assets acquired on lease which effectively transfer to the Company
 substantially all the risks and benefits incidental to ownership of the
 assets, are capitalized at the lower of the fair value and present
 value of the minimum lease payments at the inception of the lease term
 and disclosed as leased assets.  Lease payments are apportioned between
 the finance charges and reduction of the lease liability based on the
 implicit rate of return. Finance charges are charged directly against
 income.  Lease management fees, legal charges and other initial direct
 costs are capitalized.
 
 If there is no reasonable certainty that the Company will obtain the
 ownership by the end of the lease term, capitalized leased assets are
 depreciated over the shorter of the esti mated useful life of the asset
 or the lease term.
 
 Operating leases
 
 Leases where the lessor effectively retains substantially all the risks
 and benefits of ownership of the leased assets are classified as
 operating leases. Operating lease payments are recognized as an expense
 in the Profit and Loss Account on a straight-line basis over the lease
 term.
 
 o.  Employee benefits
 
 Expenses and liabilities in respect of employee benefits are recorded
 in accordance with Accounting Standard 15 Employee Benefits AS 15.
 
 Provident fund
 
 The Company contributes to the statutory provident fund of the Regional
 Provident Fund Commissioner, in accordance with Employees providentfund
 and Miscellaneous Provision Act, 1952. The plan is a defined
 contribution plan and contribution paid or payable is recognized as an
 expense in the period in which the employee renders services.
 
 Gratuity
 
 Gratuity is a post employment benefit and is a defined benefit plan.
 The liability recognized in the Balance Sheet represents the present
 value of the defined benefit obligation at the Balance Sheet date less
 the fair value of plan assets (if any), together with adjustments for
 unrecognized actuarial gains or losses and past service costs.
 Independent actuaries using the projected unit credit method calculate
 the defined benefit obligation annually.
 
 Actuarial gains or losses arising from experience adjustments and
 changes in actuarial assumptions are credited or charged to the Profit
 and Loss Account in the year in which such gains or losses arises.
 
 Vacation pay
 
 Liability in respect of vacation pay becoming due or expected to be
 availed within one year from the Balance Sheet date is recognized on
 the basis of undiscounted value of estimated amount required to be paid
 or estimated value of benefit expected to be availed by the employees.
 Liability in respect of earned leave becoming due or expected to be
 availed more than one year after the Balance Sheet date is estimated on
 the basis of actuarial valuation in a manner similar to gratuity
 liability.
 
 Other short-term benefits
 
 Expense in respect of other short-term benefits including performance
 bonus is recognized on the basis of amount paid or payable for the
 period during which the employees render services.
 
 p.  Stock based compensation
 
 The Company accounts for stock based compensation based on the
 intrinsic value method. Option discount representing the excess of the
 fair value or the market value of the underlying shares at the date of
 the grant over the exercise price of the option is amortized on a
 straight-line basis over the vesting period of the shares issued under
 the Company''s Employee Stock Option Plan(ESOP).
 
 q.  Taxes on income
 
 Tax expense comprises both current and deferred taxes. The current
 charge for income taxes is calculated in accordance with the relevant
 tax regulations. Deferred income taxes reflect the impact of current
 year timing differences between taxable income and accounting income
 for the year and reversal of timing differences of earlier years.
 Deferred tax is measured based on the tax rates and the tax laws
 enacted or substantively enacted at the Balance Sheet date.
 
 Deferred tax assets are recognized only to the extent that there is
 reasonable certainty that sufficient future taxable income will be
 available against which such deferred tax assets can be realized.
 Deferred tax assets are recognized on carryforward of unabsorbed
 depreciation and tax losses only if there is virtual certainty that
 such deferred tax assets can be realized againstfuture taxable profits.
 
 Unrecognized deferred tax assets of earlier years are re-assessed and
 recognized to the extent that it has become reasonably certain that
 future taxable income will be available against which such deferred tax
 assets can be realized.
 
 r.  Earnings per share
 
 Basic earnings per share are calculated by dividing the net profit or
 loss for the period attributable to equity shareholders by the weighted
 average number of equity shares outstanding during the period.
 
 For the purpose of calculating diluted earnings per share, the net
 profit or loss for the period attributable to equity shareholders and
 the weighted average number of shares outstanding during the period are
 adjusted for the effects of all potential equity shares.
 
 s.  Provisions and contingent liabilities
 
 The Company creates a provision when there is a present obligation as a
 result of a past event that probably requires an outflow of resources
 and a reliable estimate can be made of the amount of the obligation. A
 disclosure for a contingent liability is made when there is a possible
 obligation or a present obligation that may, but probably will not,
 require an outflow of resources. Where there is a possible obligation
 or a present obligation in respect of which the likelihood of outflow
 of resources is remote, no provision or disclosure is made.
 
 t.  Investments
 
 Long term investments are stated at cost less provision for
 permanentdiminution in value, if any.
 
 (a) Term loans from banks
 
 i. On 3 June 2008, the Company entered into an agreement with ICICI
 Bank for a term loan facility up to a maximum of Rs1,250 million. This
 facility is secured by mortgage of the properties together with all
 buildings and structures thereon, both present and future, scheduled
 receivables of Purva Venezia and Purva Highlands, lands at Uganavadi
 village and Kaikondanahalli village and is also backed by the personal
 guarantee of Mr.  Ravi Puravankara, Chairman and Managing Director,
 Mr.Nani R Choksey, Deputy Managing Director and Mr. Ashish Puravankara,
 Joint Managing Director of the Company. The loan is repayable in 12
 monthly instalments starting from 15 March 2011. The outstanding as on
 31 March 2011 was Rs1,145.83 million. Another term loan of Rs750 million
 was sanctioned by ICICI Bank Limited on 04 March 2011 considering the
 same security. Company has entered into a facility agreement on 05
 March 2011 with ICICI Bank Limited and drawn a sum of Rs400 million out
 of it. This loan is repayable in 16 monthly instalments starting from
 March 2012. Outstanding balance of this additional term loan from ICICI
 Bank Limited as on 31 March 2011 was Rs400 million.
 
 ii. On 16 June 2010 the Company was sanctioned a loan of Rs2,000 million
 by Standard Chartered Bank towards the refinancing of existing debt on
 Purva Skywood and construction cost of Purva Skywood, out of which Rs
 1,200 million has been drawn as of 31 March 2011.  This facility is
 secured by mortgage of the properties together with all buildings and
 structures thereon, both present and future and scheduled receivables
 of certain specified projects and is also backed by the personal
 guarantee of Mr. Ravi Puravankara, Chairman and Managing Director of
 the Company and Mr. Ashish Puravankara, Joint Managing Director of the
 Company. The loan is repayable in 18 monthly instalments commencing
 from July 2012. The outstanding as on 31 March 2011 was Rs1,200 million.
 
 (b) Term loan from financial institution
 
 On 4 December 2008 the Company entered into an agreement with Life
 Insurance Corporation of India for a loan of Rs2,000 million. This
 facility is secured by mortgage of land at Marine Drive, Kochi, the
 receivables and is also backed by the personal guarantee of Mr. Ravi
 Puravankara, Chairman and Managing Director of the Company. The loan is
 repayable in 14 equal quarterly instalments commencing from January
 2010. The outstanding as on 31 March 2011 was Rs1,285.71 million.
 
 (c) Term loans from others
 
 i. On 30 May 2008 the Company entered into a term loan agreement with
 ICICI Home Finance Company Limited for a term loan of Rs1,250 million.
 Out of the sanctioned limit, the Company had drawn Rs1,130 million as on
 31 March 2009 and the balance of Rs120 million in April 2009. This
 facility is secured by mortgage of the properties together with all
 buildings and structures thereon, both present and future and scheduled
 receivables of Purva Venezia and Purva Highlands and is also backed by
 the personal guarantee of Mr. Ravi Puravankara, Chairman and Managing
 Director, Mr.Nani R Choksey, Deputy Managing Director and Mr. Ashish
 Puravankara, Joint Managing Director of the Company, repayable in 16
 monthly instalments commencing 15 June 2009. However, this loan was
 restructured in July 2009 such that it is repayable in 16 monthly
 instalments commencing 15 October 2010 including Rs78.1 million due on
 15 June 2009.  The outstanding as on 31 March 2011 was Rs781.25 million.
 
 ii. On 11 May 2010 the Company and Mr. Ravi Puravankara, Chairman and
 Managing Director of the Company entered into an agreement with India
 Bulls Financial Services Limited for a loan of Rs900 million. This
 facility is secured by mortgage of land at Marine Drive Kochi. The loan
 is repayable in 54 equated monthly instalments commencing from January
 2011. The outstanding as on 31 March 2011 was Rs866.90 million.
 
 iii. On 10 August 2010, Puravankara Projects Ltd and Centurions Housing
 and Constructions Private Limited entered into an agreement with
 Reliance Home Finance Private Limited for a term loan of Rs450 million.
 This facility is secured by mortgage of the property together with all
 buildings and structures thereon, both present and future at Marine
 Drive, Kochi, present and future scheduled receivables of the project
 and the personal guarantee of Mr. Ravi Puravankara, Chairman and
 Managing Director of the Company. The loan is repayable in 18 equated
 monthly instalments commencing from February 2011.  The outstanding as
 on 31 March 2011 was Rs400 million.
 
 iv. On 10 August 2010, Puravankara Projects Ltd and Centurions Housing
 and Constructions Private Limited entered into an agreement with
 Reliance Consumer Finance Private Limited for a term loan of Rs300
 million. This facility is secured by mortgage of the property together
 with all buildings and structures there on, both present and future at
 Marine Drive, Kochi, present and future scheduled receivables of the
 project and the personal guarantee of Mr. Ravi Puravankara, Chairman
 and Managing Director of the Company. The loan is repayable in 21 
 equated monthly instalments commencing from November 2010.  The 
 outstanding as on 31 March 2011 was Rs228.57 million.
 
 v. On 22 September 2010, the Company entered into an agreement with
 Kotak Mahindra Prime Limited for a loan of Rs250 million. This facility
 is secured by mortgage of lands at Chengalpet taluk, Kancheepuram
 district, the receivables and is also backed by the personal guarantee
 of Mr. Ravi Puravankara, Chairman and Managing Director of the Company
 and Mr. Ashish Puravankara, Joint Manager Director of the Company. The
 loan is repayable in 27 monthly instalments commencing from September
 2011. The outstanding as on 31 March 2011 was Rs250 million.
 
 vi. On 26 October 2010, term loan facility of Rs350 million was
 sanctioned by HDFC Limited. The Company entered into a term loan
 facility agreement with HDFC Limited on 01 January 2011 and drawn Rs220
 Million out of it. This facility is secured by mortgages of land at
 Kakanad, Kochi with building constructed thereupon, present and future
 receivable of sold and unsold units and backed by personal guarantee of
 Mr. Ravi Puravankara, Chairman and Managing Director and Mr. Ashish
 Puravankara Joint Managing Director of the Company. Loan is repayable
 in 21 monthly instalments starting from October 2011. Outstanding
 balance as on 31 March 2011 was Rs220 Million.
 
 vii. On 26 October 2010, term loan facility of Rs340 million was
 sanctioned by HDFC Limited. The Company entered into a term loan
 facility agreement with HDFC Limited on 02 February 2011 and drawn Rs170
 Million out of it. This facility is secured by mortgages of land at
 Ernakulam Marine Drive with building constructed thereupon, present and
 future receivables of sold and unsold units and backed by personal
 guarantee of Mr. Ravi Puravankara, Chairman and Managing Director and
 Mr. Ashish Puravankara Joint Managing Director of the Company . Loan is
 repable in 21 monthly instalments starting from November 2011.
 Outstanding balance as on 31 March 2011 was Rs170 Million.
 
 (d) Debentures
 
 Company issued 150 secured redeemable non convertible debentures of Rs10
 million each, 75 on 31 January 2011 and 75 on 31 March 2011. These
 debentures are secured by Mortgage of land & building constructed/to be
 constructed thereon situated at Medavakkam & Pallikaranai village,
 Tamilnadu, receivables of sold and unsold units and backed by personal
 guarantee of Mr. Ravi Puravankara, Chairman and Managing Director and
 Mr. Ashish Puravankara Joint Managing Director of the Company. These
 debentures are due for redemption at Rs250 million every quarter
 starting from 01 November2012.
 
 (e) Cash Credit & Other Loans from banks
 
 i. On 19August2004, the Company entered into an agreement with Andhra
 Bank for a cash credit facility of Rs150 million which was
 furtherenhanced to Rs200 million in the month of October 2008 and Rs500
 million in the month of March 2010.  This facility is secured against
 the properties of the Company.  The outstanding as on 31 March 2011 was
 Rs500.70 million.
 
 ii. On 20 June 2008, the Company entered into an agreement with IDBI
 Bank for a working capital facility of Rs1,000 million which is secured
 against the properties of the Company and personal guarantee of Mr.
 Ravi Puravankara, Chairman and Managing Director of the Company. The
 outstanding as on 31 March 2011 was Rs944.03 million.
 
 iii. On 20 November 2008, the Company has availed a Secured Overdraft
 facility from Andhra Bank for Rs800 million which is secured against the
 land together with the buildings and structure thereon at Geddalahalli,
 Bengaluru and is also backed by the personal guarantee of Mr. Ravi
 Puravankara, Chairman and Managing Director, Mr. Nani R Choksey, Deputy
 Managing Director and Mr. Ashish Puravankara, Joint Managing Director
 of the Company. The outstanding as on 31 March 2011 was Rs801.19
 million.
 
 iv. On 8 January 2008, the Company entered into a term loan agreement
 with HSBC for Rs1,350 million which was originally payable in quarterly
 instalments from October 2008 till October 2009 and Rs350 million was
 payable in quarterly instalments, from January 2009 till October 2009.
 However, this loan was restructured in June 2009 such that the
 instalments due as of 29 June 2009 and also remaining amounts were
 migrated into overdraft on the due dates of the instalments as per the
 earlier repayment schedule.The resultant overdraft is repayable in 13
 monthly instalments after a moratorium of 14 months. From June 2009 to
 December 2009 an amount of Rs832.5 million has been migrated from term
 loan to overdraft which is secured by mortgage of the land and building
 of Purva Swanlake project and receivables of Purva Swanlake and Purva
 Moneto. The outstanding as on 31 March 2011 on this overdraft account
 wasRsl5.12 million.
 
 v. Other loans represent loans taken for purchase of vehicles.  These
 loans are secured by a charge against respective vehicles. The
 outstanding as on 31 March 2011 was Rs19.27 million.
 
 Principal amounts due for repayment within one year from the Balance
 Sheet date
 
 On 12 March 2009 Deutsche Bank has sanctioned a short term working
 capital facility of Rs400 million to the Company. This facility is
 secured by the personal assets of Mr. Ravi Puravankara, Chairman and
 Managing Director of the Company. In October 2010 an amount of Rs236.40
 million has been migrated from term loan to overdraft. The outstanding
 in overdraft account as on 31 March 2011 was Rs369.50 million.
 
 The Company has claimed a tax deduction of X213 million till date under
 section 801B of the Income tax act, 1961 resulting in tax benefit of
 Rs78 million in one of the project which was due for completion as of 31
 March 2011. Management has applied for the completion certificate with
 the local authorities and the same is pending till date. However, based
 on the architect''s certificate obtained in lieu of the completion
 certificate, management believes that the deduction underthesaid
 section would beallowed.