p) Provisions, Contingent Liabilities and Contingent
Assets

A provision is recognised when the company has present
determined obligations as a result of past events and
an outflow of resources embodying economic benefits
will be required to settle the obligations. Provisions are
recognised at the best estimate of the expenditure
required to settle the present obligation at the
balance sheet date.

If the effect of the time value of money is material,
provisions are discounted using a current pre tax rate
that reflects, where appropriate, the risks specific to the
liability. Where discounting is used, the increase in the
provision due to the passage of time is recognised as
a finance cost.

A Contingent liability is not recognised but disclosed in the
notes to the accounts, unless the probability of an outflow
of resources is remote.

A contingent asset is generally neither
recognised nor disclosed.

q) Earnings per share

The Basic earnings per share (EPS) is calculated by
dividing the net profit or loss for the year attributable to

the equity shareholders by the weighted average number
of equity shares outstanding during the year.

For the purpose of calculating Diluted earnings per share,
the net profit or loss for the year attributable to the equity
shareholders and the weighted average number of equity
shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.

r) Dividends

Provision is made for the amount of any dividend
declared, being appropriately authorised and no longer at
the discretion of the company, on or before the end of
the reporting period but not distributed at the end of the
reporting period.

s) Exceptional items

Exceptional items refer to items of income or expense
within statement of profit and loss from ordinary activities
which are non-recurring and are of such size, nature or
incidence that their separate disclosure is considered
necessary to explain the performance of the company.

t) Impairment of assets

The company assesses, at each reporting date, whether
there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for
an asset is required, the company estimates the asset’s
recoverable amount. An asset’s recoverable amount is
the higher of an asset’s or cash-generating unit’s (CGU)
fair value less costs of disposal and its value in use.
Recoverable amount is determined for an individual asset,
unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups
of assets. When the carrying amount of an asset or CGU
exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount.

In assessing value in use, the estimated future cash flows
are discounted to their present value using a pre-tax
discount rate that reflects current market assessments
of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal,
recent market transactions are taken into account. If
no such transactions can be identified, an appropriate
valuation model is used.

Impairment losses of continuing operations, including
impairment on inventories, are recognised in the
statement of profit and loss.

(iv) Estimation of Fair Value

The company obtains independent valutations for its properties annually. These valuations are based on valuations performed by a
registered accredited independent valuer. The best evidence of fair value is current prices in an active market for similar properties.
Where such information is not available, the company considers information from a variety of sources including:

- current prices in an active market for properties of different nature or recent prices of similar properties in less active markets,
adjusted to reflect those differences

- discounted cash flow projections based on reliable estimates of future cash flows

- capitalised income projections based upon a property's estimated net market income, and a capitalisation rate derived from an
evidence of market evidence

The main inputs used are the rental growth rates, expected vacancy rates, terminal yields and discount rates based on comparable
transactions and industry data.

The Management is of the view that the fair value of investment properties under construction cannot be reliably measured and hence
carrying cost pertaining to investment properties under progress have been taken as fair value.

(v) The Company has no restrictions on the realisability of its investment properties.

(iii) Term /Rights attached to Equity Shares

The company has only one class of Equity Share having a par value of H 2 per share. Each holder of Equity Shares is entitled to one vote
per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(iv) The Board of Directors of the company in their meeting held on 30^th May 2025 recommended a final dividend of H 1.50/- per equity
share i.e. 75% on face value of H 2/- per share for the financial year ended 31^st March 2025. The proposal is subject to the approval of
shareholders at the Annual General Meeting to be held & if approved, would result in a cash outflow of H 1507.87 Lakhs

(v) During the year ended 31^st March 2024, 18,27,242 shares were bought back by the company

Nature of Reserves

a) Capital Redemption Reserve

This reserve represents the amount transferred from securities premium account for buy back of shares.

b) Securities Premium

Securities Premium is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of
the Companies Act, 2013.

c) General Reserve

The General Reserve is used time to time for transfer of profits from surplus in Statement of Profit and Loss for appropriation purposes.

d) Equity Investment Reserve

This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value
through other comprehensive income, net off amounts reclassified to retained earnings when those assets have been disposed off.

e. Company’s land at Milakpur Gujar, Bhiwadi, District Alwar (Rajasthan) admeasuring 15.02 hectares, is under acquisition, 12.834
hectares for residential purposes and 2.186 hectares for development of road, by the Government of Rajasthan. The Company has filed
a Writ Petition before the Hon’ble High Court of Rajasthan challenging the entire acquisition proceedings, against which the Hon'ble High
Court has given stay.

13 SEGMENT INFORMATION

A. Basis of Segmentation

Based on factors used to identify the entity’s reportable segments, including the basis of organisation for management purposes, the
Company has only one reportable segments namely, Development of real estate property. The Board of Directors of the Company acts
as the Chief Operating Decision Maker ("CODM”). The CODM evaluates the Company’s performance and allocates resources based on
an analysis of various performance indicators.

B. Geographical Information

The geographic information analyses the Company’s revenue and Non-Current Assets by the Company’s country of domicile and other
countries. As the Company is engaged in Development of Real Estate property in India, it has only one reportable geographical segment.

C. Information about major customers

None of the customers for the years ended March 31, 2025 and March 31, 2024 constituted 10% or more of the total revenue
of the Company.

Management estimations and assumptions

a) The management assessed that cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current
liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.

b) The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current
transaction between willing parties, other than in a forced or liquidation sale. The following methods and assumptions were used to
estimate the fair values:

(i) The fair values of the quoted bonds and debentures and unquoted mutual funds are based on price quotations/NAVs at the
reporting date.

(ii) The fair values of the unquoted equity shares have been determined based on certifications from valuers who have used Net
Asset Value approach for determining the fair values.

Level 1: Quoted Prices in active markets for identical assets or liabilities

Level 2 : Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices).

Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The company's policy is to recognize transfers into and the transfers out of fair value hierarchy levels as at the end of the reporting period.
There are no transfers between level 1 and level 2 during the end of the reported periods.

14.3 Financial Risk Management

The Company’s principal financial liabilities comprise loans and borrowings, trade and other payables. The main purpose of these financial
liabilities is to finance the Company’s operations. The Company’s principal financial assets include loans, trade and other receivables, and
cash and cash equivalents that derive directly from its operations.

The Company’s activities expose it to various financial risks like credit risk, liquidity risk and market risk (including interest rate risk).
The company tries to foresee the unpredictable nature of financial markets and seek to minimise potential adverse impact of these
risks on its financial performance. These risks are managed by the company taking several measures like requiring customers to pay
advances, progressive billing, management of funds by the treasury department, monitoring liquidity of the company through expected
cash flow forecasts etc.

The senior management of the company oversees the management of these risks. It is supported by a Risk Management Committee that
advises on financial risks and the appropriate financial risk governance framework for the Company. The Risk Management Committee
provides assurance to the Company’s senior management that the Company’s financial risk activities are governed by appropriate
policies and procedures and that financial risks are identified, measured and managed in accordance with the Company’s policies and
risk objectives. The Audit Committee has additional oversight in the area of financial risks and controls. It is the Company’s policy that no
trading in derivatives for speculative purposes may be undertaken.

15 CAPITAL MANAGEMENT

The company believes that maintaining a sound capital base is imperative to ensure continued confidence of its stakeholders like investors,
creditors, etc.

The following are the objectives of Capital management policy of the company:

(i) Safeguard its ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other
stakeholders, and

(ii) Maintain an optimal capital structure to reduce the cost of capital

The company manages its capital structure and makes adjustment after considering changes in economic conditions and requirements of the
financial covenants.

As a part of capital management strategy, the company may adjust the amount of dividends paid to shareholders, issue new shares, raise debt
capital or sell assets to reduce debt. The company monitors capital basis a gearing ratio which is calculated by dividing the total borrowings
by total equity. The company’s strategy is to maintain a gearing ratio lower than 30%. In order to achieve this overall objective, the company
ensures to meet its financial covenants attached to the interest bearing borrowings. There have never been any breaches in financial covenants
of any interest bearing borrowings in the past and also in the current period.

(iv) Perfomance obligations

Information about the Company’s performance obligations for material contracts are summarised below:

The satisfaction of performance obligation and the control thereof is transferred from the company to the buyer upon possession or
upon issuance of letter for offer of possession ("deemed date of possession"), whichever is earlier, subject to certainty of realisation.

The customer makes the payment of contracted price as per the installment stipulated in Builder Buyer's agreement.

The Company is under an obligation to comply with the following In terms of the Real Estate (Regulation and Development)
Act 2016 (RERA)

(a) Obligation to keep 70% of the amounts realized from real estate project from allottees from time to time, in a separate
account in a scheduled bank

(b) Liability to rectify structural defect or defect in workmanship within 30 days if brought to notice of the company by allottee
within 5 years from the date of handing over possession

(B) Compliance with number of layers of companies:

No layer of companies have been established beyond the limit prescribed under clause (87) of section 2 of the Act read with Companies
(Restriction on numbers of Layers) Rules, 2017.

(C) Details in respect of Utilization of Borrowed funds and share premium shall be provided in respect of:

i) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

ii) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(D) Undisclosed income:

There are no transactions which have not been recorded in the books of accounts during the year that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(E) Details of Crypto Currency or Virtual Currency:

The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year.

(F) Details of Benami Property held:

No proceeding has been initiated or pending against the company for holding any benami property under the Benami Transactions
(Prohibition) Act, 1988 and rules made thereunder as at 31 March, 2025.

(G) Wilful Defaulter:

The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority.

(H) Registration of charges or satisfaction with Registrar of Companies:

The Company doesn't have charge or satisfaction which is yet to be registered with ROC beyond the statutory period.

(I) Fair Value of Investment Property by registered valuer:

The fair value of investment property is based on the valuation by a registered valuer as defined under rule 2 of Companies (Registered
Valuers and Valuation) Rules, 2017.

26 The Directorate General of GST intelligence (DGGI), Jaipur Zonal Unit, Jaipur carried out a Search under sub-section (2) of Section 67
of the Central Goods & Services Tax Act, 2017 (i.e. CGST Act, 2017), at the premises of Treehouse Hotel Club and Spa, Bhiwadi (a unit of
Ashiana Housing Limited). During the investigation, it was observed that the GST liability was computed based on an incorrect interpretation
of law where an inadvertent error was made in applying the incorrect GST rate on billing of food and beverages from restaurant (part of The
Treehouse Hotel). The Directorate General of GST Intelligence (DGGI), Jaipur Zonal Unit, Jaipur has waived the Show Cause Notice under
section 74 of the CGST Act, 2017 as the company has paid all the government dues including interest and penalty and issued the closure
letter dated 19.03.2025 concluding the proceedings in favour of the Company. The company's PAT has a one-time impact of INR 5 crores
(shown as exceptional line item in Profit and Loss Statement).

27 Previous years figure have been regrouped/rearranged, wherever found necessary.

In terms of our report of even date attached herewith
For B Chhawchharia & Co

Chartered Accountants _ _

Firm Registration No: 305123E Vishal Gupta Varun Gupta

Abhishek Gupta (Managing Director) (Whole Time Directo

Partner DIN:00097939 DIN:01666653

Membership No: 529082 _ _

Nitin Sharma Vikash Dugar

(Company Secretary) (CFO)

Place: New Delhi
Date: 30^th May, 2025