Dear Members,
 
 The Directors are pleased to present their report for the financial
 yearended31 March 2011.
 
 Financial Performance
 
 For the year ended 31 March 2011 Puravankara Projects Limited recorded
 a net profit of Rs838,641,997 as compared to the previous year''s net
 profit of Rs 1,365,579,980. A sum of Rs12,945,915 is proposed to be
 appropriated towards the Debenture Redemption Reserve and Rs62,900,000
 towards the General Reserve. Further, an amount of Rs591,525,496 is
 proposed to be retained in the Profit and Loss Account.
 
 Dividend
 
 The Board of Directors has recommended the final dividend of Rs 1/- per
 equity share on 213,424,335 Equity shares of Rs l/- each for the
 financial year ended 31 March 2011, which if approved at the
 forthcoming Annual General Meeting, will be paid to (i) all those
 equity shareholders whose names appear in the register of members as on
 16 September 2011 after considering all physical share certificates
 lodged for transfer, and (ii) those whose names appear as beneficial
 owners as per the information furnished by the Depositories, viz. the
 National Securities Depositories Limited (NSDL) and the Central
 Depository Services (India) Limited (CDSL) as on 16September2011.
 
 Debentures
 
 During the year your Company issued and allotted 150 Non-convertible
 Debentures of Rs10,000,000 each aggregating Rs 1,500,000,000. The said
 debentures have been listed on the Wholesale Debt Market of Bombay
 Stock Exchange Limited (BSE).
 
 Fixed Deposits
 
 During the year your Company did not invite and accept any fixed
 deposits from public and as such, there existed no outstanding
 principal or interest as on the balance sheet date.
 
 Directors
 
 Mr. Anup S Shah and Mr. RVS Rao, Directors of the Company, liable to
 retire by rotation in the ensuing Annual General Meeting and being
 eligible for re-appointment offer themselves for re-appointment as
 directors. Mr. Ravi Puravankara has been re-appointed as the Managing
 Director of the Company for a period of 5 years with effect from 1
 April 2011. Mr. Ashish
 
 Puravankara has been re-appointed as Whole-time Director and designated
 as the Joint Managing Director of the Company for a period of 5 years
 with effect from 1 April 2011. Mr. Nani R.  Choksey has been
 re-appointed as Whole-time Director and designated as the Deputy
 Managing Director of the Company for a period of 5 years with effect
 from 1 April 2011. The said re-appointments are subject to the approval
 of members of the Company in the ensuing Annual General Meeting.
 
 Directors'' Responsibility Statement
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956 your Directors
 hereby confirm that:
 
 i. in preparation of the annual accounts the applicable accounting
 standards have been followed;
 
 ii. the Directors have selected such accounting policies and applied
 them consistently and made judgments and estimates that are reasonable
 and prudent so as to give a true and fair view of the state of affairs
 of the Company at the year ended 31 March 2011 and of the profit of the
 Company for that period;
 
 iii. the Directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the Company and for preventing and detecting fraud and other
 irregularities; and
 
 iv. the annual accounts of the Company have been prepared on a
 ''goingconcern'' basis.
 
 Auditors
 
 Walker, Chandiok & Co, Chartered Accountants, statutory auditors of the
 Company hold office till the conclusion of the ensuing Annual General
 Meeting and are eligible for re-appointment. The Company has received
 from Walker, Chandiok & Co the consent letter to the effect that their
 appointment, if made, would be within the prescribed limits under
 Section 224( IB) of the Companies Act, 1956.
 
 Subsidiaries
 
 The Board of Directors in its meeting held on 13 May 2011, in
 compliance with Circular No. 2 of 2011 dated 8 February 2011 issued by
 the Ministry of Corporate Affairs (MCA), approved the presentation of
 audited consolidated financial statements of Puravankara Projects
 Limited (the Company) with its subsidiaries, and further, consented
 not to attach the Balance Sheet of the subsidiaries in the Annual
 Report 2010-11 of the Company. Your Company has annexed to this report
 (Page No.39) the information regarding each subsidiary pertaining to
 capital, reserves, total assets, total liabilities, details of
 investment, turnover, profit before taxation, provision for taxation,
 profit after taxation/loss and proposed dividend.
 
 Your Directors hereby inform you that the audited annual accounts and
 related information of the subsidiaries will be available for
 inspection at the Registered Office of the Company.
 
 Personnel
 
 As required under the provisions of Section 217(2A) of the Companies
 Act, 1956 readwith the Companies (Particulars of Employees) Rules,
 1975, the names and other particulars of the employees are set out in
 the Annexure to this Report. However, having regard to the provisions
 of Section 219(l)(b)(iv) of the Companies Act, 1956, the Annual Report
 excluding the aforementioned information is being sent to all the
 members of the Company and others entitled thereto. Any member
 interested in obtaining such information may write to the Company
 Secretary at the Registered Office of the Company.
 
 Energy, Technology Absorption and Foreign Exchange
 
 Information in accordance with the provisions of Section 217(l)(e) of
 the Companies Act, 1956 read with Rule 2 of the Companies (Disclosure
 of Particulars in the Report of Board of Directors) Rules, 1988,
 regarding conservation of energy, technology absorption and foreign
 exchange earnings and outgo:
 
 We firmly believe that technology is the genesis of innovative business
 practices, which in turn enable the organisation to carry out business
 effectively and efficiently. Even though the real estate development
 industry is labour intensive, we believe that there is an increasing
 need to mechanise the processes involved in order to minimise costs and
 increase efficiency. We have invested in a mechanised and technological
 construction capability in order to increase the scale of our
 operations and the quality of our products. We have also implemented an
 ERP package based on Oracle software to integrate our various
 operations.  We intend to continue this process of investments in
 innovative techniques.
 
 Energy: The Company is in the business of property development and does
 not require large quantities of energy. However, wherever possible
 energy saving efforts are made.
 
 Foreign Exchange: Foreign exchange earned during the year was
 equivalent toRs 7,165,582 and the expenditure was equivalent to
 Rs16,673,539.
 
 Corporate Governance
 
 A separate section on Corporate Governance and a certificate from the
 statutory auditors of the Company regarding compliance of the
 conditions of corporate governance as stipulated in Clause 49 of the
 Listing Agreement entered into with the Stock Exchanges forms a part of
 this Annual Report.
 
 Management Discussion and Analysis
 
 A separate section on Management Discussion and Analysis as stipulated
 under Clause 49 of the Listing Agreement entered into with the Stock
 Exchanges forms a part of this Annual Report.
 
 Employee Stock Options
 
 On 1 July 2006, the Members of the Company approved the Puravankara
 Projects Limited 2006 Employee Stock Option Scheme. The details of the
 Scheme to be disclosed as per the SEBI (Employee Stock Option Scheme
 and Employee Stock Purchase Scheme) Guidelines, 1999 are provided under
 the Notes to the Financial Statements.
 
 Corporate Social Responsibility
 
 A seperate section on Corporate Social Responsibility forms a part of
 this Annual Report.
 
 Acknowledgements
 
 Your Directors express their grateful appreciation for the assistance
 and co-operation received from the financial institutions, banks,
 government authorities, customers, vendors and shareholders during the
 said financial year. Your Directors would also like to once again place
 on record their appreciation to the employees at all levels, who
 through their dedication, co-operation, support and smart work have
 enabled the Company to move towards achieving its Corporate Objectives.
 
                             For and on behalf of the Board of Directors
 
 Bengaluru                                              Ravi Puravankara
 
 13 May 2011                              Chairman and Managing Director