1. The above audited results were reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on May 05, 2009.

2. The Board of Directors have recommended a dividend of Re. 0.90 per equity share.

3. The Company is engaged in Real Estate Development business only. Hence, there is no reportable segment as required by Accounting Standard AS- 17.

4. The recognition of revenue and costs in respect of real estate projects at interim stages of execution are dependent on the status of Sales and Work completion which do not necessarily occur evenly over a year. Hence the financial results of any interim quarter /period may not be a representative proportion of these for the entire year.

5. The previous quarter/period figures have been regrouped, wherever necessary.

Rajeev A Piramal
Executive Vice Chairman