Status of Investor Complaints for the quarter ended March 31, 2009

Complaints Pending at the beginning of the quarter Nil

Complaints Received during the quarter 01

Complaints disposed off during the quarter 01

Complaints unresolved at the end of the quarter Nil

1. In the Review Report for the Quarter and nine months ending December 31, 2008 and the audit report on accounts for the year ended March 31, 2009, the auditors have made certain observations. The management´s response to these comments is as under:

a) The amount of advance to collaborators for which contracts were not available stands reduce from Rs 53.60 crores to Rs 42.81 crores. Action has been taken to obtain the remaining contracts also.

b) In the case of Rs 63.50 crores advances to collaborators, settlement has been reached with the collaborators and necessary adjustments made in the accounts.

c) In respect of advance given to associates, joint ventures and subsidiary companies, steps have been taken to obtain underlying documents.

d) Accounting adjustments commented on by the auditors in the Review Report on third quarter have been made in the books in the fourth quarter ended March 31, 2009.

e) With regard to comment relating to withdrawal from collaboration arrangements from the two projects, settlement with the collaborators is likely to be concluded in the near future. No material adjustments are likely to arise upon final settlement.

f) In relation to the comment of the Auditors of Ansal Hi-tech Township Ltd (AHL) which is a subsidiary, in their report for the year ended March 31, 2009, that the company has given advances amounting to Rs 169.53 crores to project associates and others (including Rs 140.65 crores to group companies) for purchase of land parcels for which agreements with and confirmations of these companies are available with the company and in the absence of details of land purchased and financial position of these companies, they are unable to comment on these advances, the managements is of the view that these advance are good and adequately covered by the relevant assets held by these companies.

2. Having regard to the integrated nature of real estate development business and the parameters of Accounting Standard 17 issued by Central Government under Companies Accounting Standards Rules, 2006, the operations of the Company are within single segment. The generation of electricity by the Company´s windmill project does not qualify as a reporting segment as per the said standards.

3. The above stand alone Financial Results have been extracted from the Financial Statements for the year ended March 31, 2009, audited by the Statutory Auditors as per the requirements of Companies Act, 1956.

4. (a) Increase in stock for the year ended March 31, 2009, is due to transfer of unsold stock of Rs 154.58 crores included in work in progress to inventories on completion of the projects.

(b) Exceptional items of Rs 2.32 crores represent cancellation of sales contracts entered in earlier years net of refunds of EDC consequent to supreme Court Judgment and Land compensation received on projects completed in the earlier years.

4. The above Consolidated Results have been extracted from the audited consolidated Financial statements for the year ended March 31, 2009 prepared in accordance with principles and procedures set out in the Accounting Satndard-21 on ´Consolidated Financial Statements´ and Accounting standard-27 on ´Financial Reporting of Interest in Joint Ventures´, issued by the central Government under Companies Accounting Standard Rule, 2006. The audited financial results of subsidiaries and Joint Ventures. However in the case of one of the subsidiary companies which has followed different accounting policies than followed by the Group in respect of accounting treatment of advertisement costs and payment of commission and brokerage, the impact on Financial Results, had the said subsidiary followed accounting policies of the Group, has not been quantified.

5. The Board of Directors of the Company has recommended a dividend of Rs 0.50 per equity share of Rs 5/- each fully paid up, for the year ended March 31, 2009.

6. The previous period / year´s figures have been regrouped wherever necessary.

7. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at the meetings held on June 24, 2009.

Sushil Ansal
Chairman