6 Provisions and Contingencies

The Company recognizes provisions when a present obligation
(legal or constructive) as a result of a past event exists and it
is probable that an outflow of resources embodying economic
benefits will be required to settle such obligation and the
amount of such obligation can be reliably estimated.

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

A disclosure of contingent liability is also 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 possible obligation or a present obligation in respect
of which the likelihood of outflow of resources is remote, no
provision or disclosure is made.

7 Impairment of Non-Financial Assets (excluding Inventories,
Investment Properties and Deferred Tax Assets)

Non-financial assets are subject to impairment tests whenever
events or changes in circumstances indicate that their carrying
amount may not be recoverable. Where the carrying value
of an asset exceeds its recoverable amount (i.e. the higher of
value in use and fair value less costs to sell), the asset is written
down accordingly.

Where it is not possible to estimate the recoverable amount of
an individual asset, the impairment test is carried out on the
smallest group of assets to which it belongs for which there
are separately identifiable cash flows; its cash generating
units ('CGUs').

A financial instrument is any contract that gives rise to a
financial asset of one entity and a financial liability or equity
instrument of another entity.

Financial Assets

Initial recognition and measurement

The Company classifies its financial assets in the following
measurement categories.

• those to be measured subsequently at fair value (either
through Other Comprehensive Income, or through
profit or loss)

• those measured at amortised cost

All financial assets are recognised initially at fair value plus, in
the case of financial assets not recorded at fair value through
profit or loss, transaction costs that are attributable to the
acquisition of the financial asset.

Subsequent measurement

For purposes of subsequent measurement, financial assets are
classified in four categories:

i) Debt instruments at amortised cost

ii) Debt instruments at fair value through other
comprehensive income (FVTOCI)

iii) Debt instruments, derivatives and equity instruments at
fair value through profit or loss (FVTPL)

iv) Equity instruments measured at fair value through other
comprehensive income (FVTOCI)

Debt instruments at amortised cost

A 'debt instrument' is measured at the amortised cost if both
the following conditions are met:

a) The asset is held within a business model whose objective
is to hold assets for collecting contractual cash flows and

b) Contractual terms of the asset give rise on specified
dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised cost is calculated by
taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR
amortisation is included in finance income in the statement of
profit or loss. The losses arising from impairment if any, are
recognised in the statement of profit or loss.

A 'debt instrument' is classified as at the FVTOCI if both of the
following criteria are met:

a) The objective of the business model is achieved both
by collecting contractual cash flows and selling the
financial assets and

b) The asset's contractual cash flows represent solely
payments of principal and interest.

Debt instruments included within the FVTOCI category are
measured initially as well as at each reporting date at fair
value. Fair value movements are recognized in the other
comprehensive income (OCI). However, the Company does
not have any debt instruments which meets the criteria for
measuring the debt instrument at FVTOCI.

Debt instrument at FVTPL

Any debt instrument, which does not meet the criteria
for categorization as at amortized cost or as FVTOCI, is
classified as at FVTPL.

In addition, the Company may elect to designate a debt
instrument, which otherwise meets amortized cost or FVTOCI
criteria, at FVTPL. However, such election is allowed only if
doing so reduces or eliminates a measurement or recognition
inconsistency (referred to as 'Accounting Mismatch'). The
Company has not designated any debt instrument at FVTPL.

Debt instruments included within the FVTPL category are
measured at fair value with all changes recognized in the
Statement of Profit and Loss.

Equity investments

All equity investments, except investments in subsidiaries,
associates and joint ventures are measured at FVTPL. The
Company may make an irrevocable election on initial
recognition to present in Other Comprehensive Income any
subsequent changes in the fair value. The Company makes
such election on an instrument-by-instrument basis.

All equity investments in subsidiaries, associates and joint
ventures are measured at cost.

Derecognition of Financial Assets

A financial asset (or, where applicable, a part of a financial
asset or part of a Company of similar financial assets) is
primarily derecognised (i.e. removed from the Company's
Standalone Balance Sheet) when:

i) The rights to receive cash flows from the asset
have expired, or

ii) The Company has transferred its rights to receive cash
flows from the asset or has assumed an obligation to pay
the received cash flows in full without material delay to

a third party under a 'pass-through' arrangement and
either (a) the Company has transferred substantially all
the risks and rewards of the asset, or (b) the Company
has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred
control of the asset.

When the Company has transferred its rights to receive
cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained
the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the
Company continues to recognise the transferred asset to the
extent of the Company's continuing involvement. In that case,
the Company also recognises an associated liability. The
transferred asset and the associated liability are measured
on a basis that reflects the rights and obligations that the
Company has retained.

Continuing involvement that takes the form of a guarantee over
the transferred asset is measured at the lower of the original
carrying amount of the asset and the maximum amount of
consideration that the Company could be required to repay.

Impairment of Financial Assets

The Company assess on a forward looking basis the expected
credit losses (ECL) associated with its financial assets carried at
amortised cost and FVTOCI debts instruments. The impairment
methodology applied depends on whether there has been
significant increase in credit risk. For trade receivables, the
Company is not exposed to any credit risk as the legal title of
residential and commercial units is handed over to the buyer
only after all the installments are recovered.

For financial assets carried at amortised cost, the carrying
amount is reduced and the amount of the loss is recognised in
the Standalone statement of profit and loss. Interest income on
such financial assets continues to be accrued on the reduced
carrying amount and is accrued using the rate of interest used
to discount the future cash flows for the purpose of measuring
the impairment loss. The interest income is recorded as part of
finance income. Financial asset together with the associated
allowance are written off when there is no realistic prospect
of future recovery and all collateral has been realised or has
been transferred to the Company. If, in a subsequent year,
the amount of the estimated impairment loss increases or
decreases because of an event occurring after the impairment
was recognised, the previously recognised impairment loss is
increased or decreased.

Financial Liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial recognition,
as financial liabilities at FVTPL, loans and borrowings, or
payables, as appropriate.

All financial liabilities are recognised initially at fair value
and in the case of financial liability not recorded at fair
value through Profit and Loss net of directly attributable
transaction costs.

The Company's financial liabilities include trade and other
payables, loans and borrowings including bank overdrafts
and financial guarantee contracts.

Subsequent measurement

The measurement of financial liabilities depends on their
classification, as described below:

Financial liabilities at fair value through profit or loss

Financial liabilities measured at FVTPL include financial
liabilities held for trading and financial liabilities designated
upon initial recognition as at fair value through profit or
loss. Separated embedded derivatives are also classified
as held for trading unless they are designated as effective
hedging instruments.

Gains or losses on liabilities held for trading are recognised in
the profit or loss.

Financial liabilities designated upon initial recognition at fair
value through profit or loss are designated as such at the initial
date of recognition and only if the criteria in Ind AS 109 are
satisfied. For liabilities designated as FVTPL, fair value gains/
losses attributable to changes in own credit risk are recognized
in OCI. These gains/ loss are not subsequently transferred to
Statement of Profit and loss. However, the Company may
transfer the cumulative gain or loss within equity. All other
changes in fair value of such liability are recognised in the
statement of profit or loss. The Company has not designated
any financial liability as at fair value through profit and loss.

Loans and borrowings

After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the EIR
method. Gains and losses are recognised in profit or loss
when the liabilities are derecognised as well as through the
EIR amortisation process.

Amortised cost is calculated by taking into account any
discount or premium on acquisition and fees or costs that are
an integral part of the EIR. The EIR amortisation is included as
finance costs in the Standalone Statement of Profit and Loss.

Financial guarantee contracts

Financial guarantee contracts issued by the Company
are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified
debtor fails to make a payment when due in accordance with
the terms of a debt instrument. Financial guarantee contracts
are recognised initially as a liability at fair value, adjusted for

transaction costs that are directly attributable to the issuance
of the guarantee. Subsequently, the liability is measured at
the higher of the amount of loss allowance determined as
per impairment requirements of Ind AS 109 and the amount
recognised less cumulative amortisation.

Derecognition of Financial Liabilities

A financial liability is derecognised when the obligation under
the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the
same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability. The
difference in the respective carrying amounts is recognised in
the Standalone Statement of Profit and Loss.

Reclassification of Financial Assets and Financial Liabilities

The Company determines classification of financial assets
and liabilities on initial recognition. After initial recognition,
no reclassification is made for financial assets which are
equity instruments and financial liabilities. For financial assets
which are debt instruments, a reclassification is made only if
there is a change in the business model for managing those
assets. Changes to the business model are expected to be
infrequent. The Company's management determines change
in the business model as a result of external or internal
changes which are significant to the Company's operations.
Such changes are evident to external parties. A change in the
business model occurs when the Company either begins or
ceases to perform an activity that is significant to its operations.
If the Company reclassifies financial assets, it applies the
reclassification prospectively from the reclassification date
which is the first day of the immediately next reporting period
following the change in business model. The Company does
not restate any previously recognised gains, losses (including
impairment gains or losses) or interest.

Offsetting of Financial Instruments

Financial assets and financial liabilities are offset and the
net amount is reported in the Standalone Ind AS Balance
Sheet if there is a currently enforceable legal right to offset
the recognised amounts and there is an intention to settle
on a net basis, to realise the assets and settle the liabilities
simultaneously.

9 Fair Value Measurement

Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction
to sell the asset or transfer the liability takes place either:

i) In the principal market for the asset or liability, or-

ii) In the absence of a principal market, in the most
advantageous market for the asset or liability

The principal or the most advantageous market must be
accessible by the Company.

The fair value of an asset or a liability is measured using the
assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in
their economic best interest.

A fair value measurement of a non-financial asset takes into
account a market participant's ability to generate economic
benefits by using the asset in its highest and best use or by
selling it to another market participant that would use the asset
in its highest and best use.

The Company uses valuation techniques that are appropriate in
the circumstances and for which sufficient data are available to
measure fair value, maximising the use of relevant observable
inputs and minimising the use of unobservable inputs.

All assets and liabilities for which fair value is measured
or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based
on the lowest level input that is significant to the fair value
measurement as a whole:

i) Level 1 — Quoted (unadjusted) market prices in active
markets for identical assets or liabilities

ii) Level 2 — Valuation techniques for which the lowest level
input that is significant to the fair value measurement is
directly or indirectly observable

iii) Level 3 — Valuation techniques for which the lowest
level input that is significant to the fair value measurement
is unobservable

For assets and liabilities that are recognised in the financial
statements on a recurring basis, the Company determines
whether transfers have occurred between levels in the
hierarchy by re-assessing categorisation (based on the lowest
level input that is significant to the fair value measurement as a
whole) at the end of each reporting period.

10 Cash and Cash Equivalents

Cash and cash equivalent in the Standalone Balance Sheet
comprise cash at banks and on hand and short-term deposits
with an original maturity of three months or less, which are
subject to an insignificant risk of changes in value.

11 Revenue Recognition

The Company has applied five step model as set out in Ind
AS 115 to recognise revenue in this financial statement. The
specific revenue recognition criteria are described below:

(I) Income from Property Development

Revenue is recognised on satisfaction of performance
obligation upon transfer of control of promised goods
(residential or commercial units) or services to customers in an
amount that reflects the consideration the Company expects to
receive in exchange for those goods or services.

The Company satisfies the performance obligation and
recognises revenue over time, if one of the following
criteria is met:

• The customer simultaneously receives and consumes the
benefits provided by the Company's performance as the
Company performs; or

• The Company's performance creates or enhances an
asset that the customer controls as the asset is created
or enhanced; or

• The Company's performance does not create an asset
with an alternative use to the Company and an entity
has an enforceable right to payment for performance
completed to date.

For performance obligations where any one of the above
conditions are not met, revenue is recognised at the point in
time at which the performance obligation is satisfied.

Revenue is recognised either at point of time or over a
period of time based on the conditions in the contracts
with customers. The Company determines the performance
obligations associated with the contract with customers at
contract inception and also determine whether they satisfy the
performance obligation over time or at a point in time.

The Company recognises revenue for performance obligation
satisfied over time only if it can reasonably measure its progress
towards complete satisfaction of the performance obligation.

The Company uses cost based input method for measuring
progress for performance obligation satisfied over time.
Under this method, the Company recognises revenue in
proportion to the actual project cost incurred as against the
total estimated project cost.

In respect of contract with customers which do not meet the
criteria to recognise revenue over a period of time, revenue
is recognized at point in time with respect to such contracts
for sale of residential and commercial units as and when the
control is passed on to the customers which is linked to the
application and receipt of occupancy certificate.

Revenue is recognized net of discounts, rebates, credits, price
concessions, incentives, etc. if any.

(II) Contract Balances
Contract Assets

The Company is entitled to invoice customers for construction
of residential and commercial properties based on achieving
a series of construction-linked milestones. A contract asset is
the right to consideration in exchange for goods or services
transferred to the customer. If the Company performs by
transferring goods or services to a customer before the
payment is due, a contract asset is recognized for the earned
consideration that is conditional. Any receivable which
represents the Company's right to the consideration that is
unconditional is treated as a trade receivable.

Contract Liabilities

A contract liability is the obligation to transfer goods or
services to a customer for which the company has received
consideration from the customer. If a customer pays
consideration before the company transfers goods or services
to the customer, a contract liability is recognised when the
payment is made. Contract liabilities are recognised as
revenue when the company performs under the contract.

(III) Sale of Materials, Land and Development Rights

Revenue is recognized at point in time with respect to contracts
for sale of Materials, Land and Development Rights as and
when the control is passed on to the customers.

(IV) Interest Income

For all debt instruments measured at amortised cost. Interest
income is recorded using the effective interest rate (EIR).

(V) Rental Income

Rental income arising from leases is accounted over the lease
terms on straight line basis unless there is another systematic
basis which is more representative of the time pattern of
the lease. Revenue from lease rentals is disclosed net of
indirect taxes, if any.

(VI) Others Operating Revenue

Revenue from facility management service is recognised at
value of service on accrual basis as and when the performance
obligation is satisfied.

(VI) Dividends

Revenue is recognised when the Company's right to receive
the payment is established.

12 Foreign Currency Translation
Initial Recognition

Foreign currency transactions during the year are recorded in
the reporting currency at the exchange rates prevailing on the
date of the transaction.

Conversion

Foreign currencies denominated monetary items are translated
into rupees at the closing rates of exchange prevailing at the
date of the balance sheet. 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

Exchange differences arising, on the settlement of monetary
items or reporting of monetary items at the end of the year at
closing rates, at rates different from those at which they were
initially recorded during the year, or reported in previous
financial statements, are recognized as income or as expenses
in the year in which they arise.

13 Current Income Tax

Current income tax for the current and prior periods are
measured at the amount expected to be recovered from or
paid to the taxation authorities based on the taxable profit for
the period. The tax rates and tax laws used to compute the
amount are those that are enacted by the reporting date and
applicable for the period

Deferred Tax

Deferred tax is recognized using the balance sheet approach.
Deferred tax assets and liabilities are recognized for all
deductible and taxable temporary differences arising between
the tax bases of assets and liabilities and their carrying amount
in financial statements, except when the deferred tax arises from
the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and affects neither
accounting nor taxable profits or loss at the time of transaction.

Deferred tax assets and liabilities are measured at the tax
rates that are expected to apply in the period when the asset is
realized or the liability is settled, based on tax rates that have
been enacted or substantively enacted at the reporting date.

Deferred tax asset in respect of carry forward of unused tax
credits and unused tax losses are recognized to the extent that
it is probable that taxable profit will be available against which
the deductible temporary differences and the carry forward of
unused tax credits and unused tax losses can be utilized.

The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profit will be available to
allow all or part of the deferred tax asset to be utilized.

The Company recognizes deferred tax liabilities for all
taxable temporary differences except those associated
with the investments in subsidiaries where the timing of the
reversal of the temporary difference can be controlled and it is
probable that the temporary difference will not reverse in the
foreseeable future.

Minimum Alternate Tax (MAT) credit is recognised as an asset
only when and to the extent there is convincing evidence
that the Company will pay normal tax during the specified
period. Such asset is reviewed at each Balance Sheet date
and the carrying amount of the MAT credit asset is written
down to the extent there is no longer a convincing evidence
to the effect that the Company will pay normal tax during the
specified period.

Presentation of Current and Deferred Tax:

Current and deferred tax are recognized as income or an
expense in the Statement of Profit and Loss, except when they
relate to items that are recognized in OCI, in which case, the
current and deferred tax income/ expense are recognized in
OCI. The Company offsets current tax assets and current tax
liabilities, where it has a legally enforceable right to set off
the recognized amounts and where it intends either to settle
on a net basis, or to realize the asset and settle the liability
simultaneously. In case of deferred tax assets and deferred
tax liabilities, the same are offset if the Company has a legally
enforceable right to set off corresponding current tax assets
against current tax liabilities and the deferred tax assets and
deferred tax liabilities relate to income taxes levied by the
same tax authority on the Company.

14 Borrowing Costs

Borrowing costs that are directly attributable to real estate
project development activities are inventorised / capitalized
as part of project cost.

Borrowing costs are inventorised / capitalised as part of
project cost when the activities that are necessary to prepare
the inventory / asset for its intended use or sale are in
progress. Borrowing costs are suspended from inventorisation
/ capitalisation when development work on the project is
interrupted for extended periods and there is no imminent
certainty of recommencement of work.

All other borrowing costs are expensed in the period in
which they occur. Borrowing costs consist of interest and
other costs that the Company incurs in connection with the
borrowing of funds.

15 Leases

The Company evaluates each contract or arrangement,
whether it qualifies as lease as defined under Ind AS 116.

Company as a Lessee

The Company assesses, whether the contract is, or contains, a
lease at the inception of the contract or upon the modification
of a contract. A contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.

The Company at the commencement of the lease contract
recognizes a Right-of-Use (RoU) asset at cost and

corresponding lease liability, except for leases with a term
of twelve months or less (short-term leases) and leases for
which the underlying asset is of low value (low-value leases).
For these short-term and low-value leases, the Company
recognizes the lease payments as an operating expense on a
straight-line basis over the term of the lease.

The cost of the right-of-use assets comprises the amount of the
initial measurement of the lease liability, adjusted for any lease
payments made at or prior to the commencement date of the
lease, any initial direct costs incurred by the Company, any
lease incentives received and expected costs for obligations
to dismantle and remove right-of-use assets when they are
no longer used.

Subsequently, the right-of-use assets is measured at cost less
any accumulated depreciation and accumulated impairment
losses, if any. The right-of-use assets are depreciated on a
straight-line basis from the commencement date of the lease
over the shorter of the end of the lease term or useful life of the
right-of-use asset.

Right-of-use assets are assessed for impairment whenever
there is an indication that the balance sheet carrying amount
may not be recoverable using cash flow projections for
the useful life.

For lease liabilities at commencement date, the Company
measures the lease liability at the present value of the future
lease payments as from the commencement date of the lease
to end of the lease term. The lease payments are discounted
using the interest rate implicit in the lease or, if not readily
determinable, the Company's incremental borrowing rate for
the asset subject to the lease in the respective markets.

Subsequently, the Company measures the lease liability
by adjusting carrying amount to reflect interest on the lease
liability and lease payments made.

The Company remeasures the lease liability (and makes a
corresponding adjustment to the related right-of-use asset)
whenever there is a change to the lease terms or expected
payments under the lease, or a modification that is not
accounted for as a separate lease

The portion of the lease payments attributable to the repayment
of lease liabilities is recognized in cash flows used in financing
activities. Also, the portion attributable to the payment of
interest is included in cash flows from financing activities.
Further, Short-term lease payments, payments for leases for
which the underlying asset is of low-value and variable lease
payments not included in the measurement of the lease liability
is also included in cash flows from operating activities.

Company as a Lessor

In arrangements where the Company is the lessor, it determines
at lease inception whether the lease is a finance lease or an

operating lease. Leases that transfer substantially all of the risk
and rewards incidental to ownership of the underlying asset
to the counterparty (the lessee) are accounted for as finance
leases. Leases that do not transfer substantially all of the risks
and rewards of ownership are accounted for as operating
leases. Lease payments received under operating leases are
recognized as income in the statement of profit and loss on a
straight-line basis over the lease term or another systematic
basis. The Company applies another systematic basis if that
basis is more representative of the pattern in which benefit
from the use of the underlying asset is diminished.

16 Retirement and Other Employee Benefits

Retirement and other Employee benefits are accounted in
accordance with Ind AS 19 - Employee Benefits.

a) Defined Contribution Plan

The Company contributes to a recognised provident fund for
all its employees. Contributions are recognised as an expense
when employees have rendered services entitling them
to such benefits.

b) Gratuity (Defined Benefit Scheme)

The Company provides for its gratuity liability based on
actuarial valuation as at the balance sheet date which is
carried out by an independent actuary using the Projected
Unit Credit Method. Actuarial gains and losses are recognised
in full in the Other Comprehensive Income for the period in
which they occur.

c) Compensated absences (Defined Benefit Scheme)

Liability in respect of earned leave expected to become due
or expected to be availed within one year from the balance
sheet date is recognized on the basis of undiscounted value of
benefit expected to be availed by the employees. Liability in
respect of earned leave expected to become due or expected
to be availed beyond one year after the balance sheet date is
estimated on the basis of actuarial valuation performed by an
independent actuary using the projected unit credit method.

17 Business Combinations under Common Control

Business Combinations involving entities or business under
common control are accounted for using the pooling of
interest method.

Under pooling of interest method , the assets and liabilities
of the combining entities or businesses are reflected at their
carrying amounts after making adjustments necessary to
harmonise the accounting policies. The financial information
in the standalone financial statements in respect of prior
periods is restated as if the business combination had
occurred from the beginning of the preceding period in the
standalone financial statements, irrespective of the actual date
of the combination. The identity of the reserves is preserved
in the same form in which they appeared in the standalone

financial statements of the transferor and the difference, if any,
between the amount recorded as share capital issued plus any
additional consideration in the form of cash or other assets
and amount of share capital of the transferor is transferred to
capital reserves.

18 Earnings Per Share

Basic earnings per share are calculated by dividing the
net profit or loss for the year (after deducting preference
dividends and attributable taxes) attributable to equity share
holders by the weighted average number of equity shares
outstanding during the year. The weighted average number
of equity shares outstanding during the year is adjusted for
events of bonus issue and consolidation of equity shares. For
the purpose of calculating diluted earnings per share, the net
profit or loss for the year and the weighted average number of
equity shares outstanding during the year are adjusted for the
effects of all dilutive potential equity shares.

For the purpose of calculating diluted earnings per share,
the net profit or loss for the year (after deducting preference
dividends and attributable taxes) attributable equity share
holders and the weighted average number of equity shares
outstanding during the year are adjusted for the effects of all
dilutive potential equity shares

19 Goodwill

Goodwill is initially measured at cost being the excess of the
aggregate of the consideration transferred and the amount
recognised for non-controlling interest over the fair value
of net identifiable tangible and intangible assets acquired
and liabilities assumed. If the consideration is lower than
the fair value of the net assets of the subsidiary acquired,
the difference is recognised in OCI and accumulated in
equity as capital reserve. After initial recognition, goodwill is
measured at the cost less any accumulated impairment losses.
Where goodwill forms part of a cash-generating unit and part
of the operation within that unit is disposed off, the goodwill
associated with the operation disposed off is included in the
carrying amount of the operation when determining the gain
or loss on disposal of the operation. Goodwill disposed off
in this circumstance is measured based on the relative values
of the operation disposed off and the portion of the cash¬
generating unit retained.

Goodwill is tested annually for impairment, or more frequently
if event or changes in circumstances indicates that it might be
impaired. For the purpose of impairment testing, goodwill
recognised in a business combination is allocated to each
of the Company's cash generating units (CGUs) that are
expected to benefit from the combination. A CGU is the
smallest identifiable group of assets that generates cash inflows
that are largely independent of the cash inflows from other
assets or group of assets. The impairment loss is recognised
for the amount by which the CGUs carrying amount exceeds

it recoverable amount. The recoverable amount is the higher
of an asset's fair value less cost of disposal and value in use.
Value in use is arrived at by discounting the future cash flows
to their present value based on an appropriate discount factor.

20 Employee Stock Option Plan

The cost of equity-settled transactions is determined by the fair
value at the date when the grant is made using an appropriate
valuation model. That cost is recognised, together with a
corresponding increase in share-based payment reserves
in equity, over the period in which the performance and/or
service conditions are fulfilled in employee benefits expense.
The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date
reflects the extent to which the vesting period has expired and
the Group's best estimate of the number of equity instruments
that will ultimately vest. The statement of profit and loss expense
or credit for a period represents the movement in cumulative
expense recognised as at the beginning and end of that
period and is recognised in employee benefits expense. Upon
exercise of share options, the proceeds received are allocated
to share capital up to the par value of the shares issued with
any excess being recorded as securities premium.

21 Joint Development Agreement

The Company acquires development rights through Joint
Development Arrangements (JDA), wherein the counter party

(i) Goodwill:

Goodwill arises on business combination of external entities with underlying projects and as such is identified to such project i.e. Cash
generating unit (CGU). Goodwill ceases to exist upon realization of full value of project.

The recoverable amount of a CGU is determined basis discounted cashflow approach as well as market approach. Market approach
examines the price of similar product being sold in the market. In discounted cashflow approach, the projected cashflows are
determined over the life cycle of the projects, after considering current economic conditions and trends, estimated future operating
results, growth rates etc.

The key assumptions used for the calculation includes: (i) Revenue assumptions comprising of market sale price, growth rate, etc.

(ii) Cost assumptions comprising of brokerage cost, transaction cost on sale, construction cost, cost escalations etc. (iii) Discounting
factor (Weighted Average Cost of Capital) assumed in the range of 15% to 17.5%; and (iv) Estimated cash flows from sale of constructed
properties etc. for the future years.

(ii) Brand:

Brand arising out of merger was capitalized in accordance with the merger scheme, which has been approved by the Hon'ble High
Court of Bombay.

36 Significant Accounting Judgements, Estimates And Assumptions

Judgements, Estimates And Assumptions

The Company makes certain judgement, estimates and assumptions regarding the future. Actual experience may differ from these
judgements, estimates and assumptions. The estimates and assumptions that have significant risk of causing material adjustment to the
carrying amounts of assets and liabilities within the next financial year, are described below.

(i) Useful Life Of Property, Plant And Equipments, Intangible Assets And Investment Properties

The Company determines the estimated useful life of its Property, Plant and Equipments, Investment Properties and Intangible
Assets for calculating depreciation/ amortisation. The estimate is determined after considering the expected usage of the assets
or physical wear and tear. The company periodically reviews the estimated useful life and the depreciation/ amortisation method
to ensure that the method and period of depreciation/ amortisation are consistent with the expected pattern of economic benefits
from these assets.

(ii) Impairment of non-financial assets

Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher
of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available
data from binding sales transactions conducted at arm's length, for similar assets or observable market prices less incremental
costs for disposing of the asset. An assessment is carried to determine whether there is any indication of impairment in the carrying
amount of the Company's assets. If any such indication exists, the asset's recoverable amount is estimated. An impairment loss is
recognised whenever the carrying amount of an asset exceeds its recoverable amount.

(iii) Income Taxes

Significant judgments are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision
for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

(iv) Defined Benefit Plans (Gratuity And Leave Obligation Benefits)

The costs of providing pensions and other post-employment benefits are charged to the Standalone Statement of Profit and Loss
in accordance with Ind AS 19 'Employee benefits' over the period during which benefit is derived from the employees' services.
The costs are assessed on the basis of assumptions selected by the management. These assumptions include salary escalation rate,
discount rates, expected rate of return on assets and mortality rates.

(v) Fair Value Measurement Of Financial Instruments

When the fair values of financials assets and financial liabilities recorded in the Standalone Balance Sheet cannot be measured
based on quoted prices in active markets, their fair value is measured using valuation techniques, including the discounted cash
flow model, which involve various judgements and assumptions.

(vi) Revaluation of Property, Plant and Equipment

The Company measures Land classified as property, plant and equipment at revalued amounts with changes in fair value being
recognised in Other Comprehensive Income (OCI). The Company has engaged an independent valuer to assess the fair value
periodically. Land is valued by reference to market-based evidence, using comparable prices adjusted for specific market factors
such as nature, location and condition of the property.

36 Significant Accounting Judgements, Estimates And Assumptions (Contd..)

(vii) Valuation of inventories

The determination of net realisable value of inventory includes estimates based on prevailing market conditions, current prices
and expected date of commencement and completion of the project, the estimated future selling price, cost to complete projects
and selling cost.

(viii) Income from property development

Revenue is recognised on satisfaction of the performance obligation. The Company recognises revenue in proportion to the actual
project cost incurred as against the total estimated project cost.

(ix) Leases - Estimating the incremental borrowing rate

The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate
(IBR) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar
term and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar
economic environment.

(1) The Contingent Liabilities exclude undeterminable outcome of pending litigations.

(2) The Company has assessed that it is not probable that an outflow of resources embodying economic benefits will be required to
settle the obligation.

d. The Company is committed to provide business and financial support to certain subsidiaries, which are in losses and are dependent on
Parent Company for meeting out their cash requirement.

38 In case of pending appeals filed by the Income Tax Department against the favourable orders, the management is confident that the
outcome would be favourable and hence no contingent liability is disclosed.

The Company's principal financial liabilities comprise mainly of borrowings, lease liability, 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 and
advances, trade and other receivables, cash and cash equivalents and Other balances with Bank.

The Company is exposed through its operations to the following financial risks:

- Market risk

- Credit risk and

- Liquidity risk.

The Company has evolved a risk mitigation framework to identify, assess and mitigate financial risk in order to minimize potential
adverse effects on the company's financial performance. There have been no substantive changes in the company's exposure to
financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from
previous periods unless otherwise stated herein.

(a) Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market
prices. Market risk comprises three types of risks: interest rate risk, currency risk and other price risk. Financial instruments affected
by market risk includes borrowings, investments, trade payables, trade receivables, loans and derivative financial instruments.

(i) Interest rate risk

The Company is exposed to cash flow interest rate risk mainly from long-term borrowings at variable rate. Currently the
company has external borrowings (excluding short-term overdraft facilities) which are fixed and floating rate borrowings.
The Company achieves the optimum interest rate profile by refinancing when the interest rates go down. However this does
not protect Company entirely from the risk of paying rates in excess of current market rates nor eliminates fully cash flow
risk associated with variability in interest payments. The Company considers that it achieves an appropriate balance of
exposure to these risks.

The Company has entered into contracts for the sale of residential and commercial units on an installment basis. The installments
are specified in the contracts. The Company is exposed to credit risk in respect of installments due. However, the possession of
residential and commercial units is handed over to the buyer only after all the installments are recovered. In addition, installment
dues are monitored on an ongoing basis with the result that the Company's exposure to credit risk is not significant. The Company
evaluates the concentration of risk with respect to trade receivables as low, as none of its customers constitutes significant portions
of trade receivables as at the year end.

Credit risk from balances with banks and financial institutions is managed by Company's treasury in accordance with the Company's
policy. The company limits its exposure to credit risk by only placing balances with local banks and international banks of good
repute. Given the profile of its bankers, management does not expect any counterparty to fail in meeting its obligations.

c) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial
instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial
asset quickly at close to its fair value. The Company has an established liquidity risk management framework for managing its
short term, medium term and long term funding and liquidity management requirements. The Company's exposure to liquidity risk
arises primarily from mismatches of the maturities of financial assets and liabilities. The Company manages the liquidity risk by
maintaining adequate funds in cash and cash equivalents.

42 Capital management

For the purpose of the Company's capital management, capital includes issued equity share capital and other equity reserves attributable
to the owners of the Company. The primary objective of the Company's capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements
of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders,
return capital to shareholders or issue new shares.The Company monitors capital using a gearing ratio and net debt ratio, which is net
debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings less cash and
cash equivalents and bank balances other than cash and cash equivalents.

D. Terms and conditions of outstanding balances with related parties

Transactions with related parties are made under normal terms of business and all amounts outstanding are unsecured and will be
settled by cheque/ RTGS.

a) Receivables from Related parties

The trade receivables from related parties arise mainly from sale transactions and services rendered and are received as per
agreed terms ranging from 90-180 days.

b) Payable to related parties

The payables to related parties arise mainly from purchase transactions and services received and are paid as per agreed terms
ranging from 90-180 days.

c) Loans to related party

The loans to related parties are unsecured, effective interest rate upto 10% to subsidiaries and joint ventures except certain interest
free loans. Loans are utilised for general business purpose and repayable within 1 to 3 years.

d) Loans from related party

The loans from related parties are unsecured, effective interest rate ranging from 7% to 10% p.a. from subsidiary companies.
Loans are utilised for general business purpose and repayable within 1 year.

e) Corporate Guarantee

There have been guarantees provided or received to the banks and financial institution in respect of loan taken by the subsidiaries
and joint ventures.

f) Commitments / Support

The Company provides business and financial support to certain subsidiaries which are in losses and is dependent on the
Company for meeting out their cash requirements.

44 Segment information

For management purposes, the Company is into one reportable segment i.e. Real Estate development.

The Managing Director is the Chief Operating Decision Maker of the Company who monitors the operating results of the Company
for the purpose of making decisions about resource allocation and performance assessment. The Company's performance as single
segment is evaluated and measured consistently with profit or loss in the standalone financial statements. Also, the Company's financing
(including finance costs and finance income) and income taxes are managed on a Company basis.

(e) The transaction price of the remaining performance obligations as at 31-March-2025 H187,981 million, (31-March-2024 is H176,275
million). The same is expected to be recognised within 1 to 4 years.

54 Share Based Payments

ESOP Scheme 2021 was originally approved as "Lodha Developers Limited - Employee Stock Option Plan 2018” for issue of options
to eligible employees (as defined therein) pursuant to the resolution passed by the Board of Directors on February 16, 2018 and
by Shareholders on March 20, 2018. The scheme was amended and the nomenclature of the scheme was updated to "Macrotech
Developers Limited - Employee Stock Option Plan 2021” ("ESOP Scheme 2021”) pursuant to the resolution passed by the Board
and Shareholders on February 13, 2021. The Board has decided on June 22, 2021, not to grant any further options under the
ESOP Scheme 2021.

Further, Pursuant to the resolution passed by Board on June 22, 2021 and approved by shareholders on September 03, 2021,
the Company had also instituted the ESOP Scheme 2021 - II. The Company has formulated two Plans under the Scheme viz
Plan-1 and Plan-2.

54 Share Based Payments (Contd..)

The risk free rates are determined based on the average of high and low of the last 12 months of the 10-Year government securities yield
in effect at the time of the grant. Expected volatility of the option is based on historical volatility, during a period equivalent to the option
life, of the observed market prices of the Industry's publicly traded equity shares. Volatility calculation is based on historical stock prices
using standard deviation of daily change in stock price of the Industry's publicly traded equity shares. The historical period is taken into
account to match the expected life of the option. Dividend yield has been calculated taking into account recent dividend activity.

(d) The expense arising from ESOP Schemes during the year is H735 million (31-March-2024: H708 million)

55 a) The Board of the Company at its meeting held on 30-July-2024, has subject to necessary approvals, considered and approved

Scheme of merger by absorption of three listed subsidiaries namely National Standard (India) Limited, Sanathnagar Enterprises
Limited and Roselabs Finance Limited with the Company and their respective shareholders ("Scheme") under Section 232 read
with Section 230 of the Companies Act, 2013. The Standalone financial statements have been prepared without giving impact of
same as the Scheme is pending for approval.

b) The Company has filed a scheme of merger by absorption of One Place Commercials Private Limited and Palava City Management
Private Limited ('Wholly Owned Subsidiaries') with the Company and their respective shareholders ("Scheme") under section 232
read with section 230 of the Companies Act, 2013, with the Hon'ble National Company Law Tribunal, Mumbai Bench ('NCLT')
on 10-February-2024 with the Appointed Date 01-April-2024. The Scheme is reserved for Order and hence the Standalone
financial statements have been prepared without giving impact of the Scheme.

56 Exceptional Items

During the previous year, the Company had fully exited from foreign market by disposing off its entire stake in relation to UK operations,
realizing H5,475 million and charging the balance value, including accumulated losses of intermediary overseas subsidaries, in the
standalone financial statement as an Exceptional Item.

57 QIP Issue

During the previous year, the Company had alloted 2,98,89,353 equity shares having a face value of H 10 each at premium of
H 1,088 per share through Qualified Institutions Placement aggregating to H32,819 million. QIP Expenses of H188 million net of taxes
was adjusted against Securities Premium.

58 Other Information

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for
holding any Benami property.

(ii) The Company does not have any transactions with companies struck off.

(iii) The Company has not traded or invested in Crypto currency or Virtual Currency during the year.

(iv) 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) d irectly 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.

(v) 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) d irectly 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

58 Other Information (Contd..)

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

(vi) The Company does not have any transaction which is not recorded in the books of account that has been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant
provisions of the Income Tax Act, 1961).

59 Recent Development

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standard under Companies (Indian
Accounting Standards) Rules as issued from time to time. For the period ended March 31 2025, MCA has not notified any new
standards or amendments to the existing standards which has a material impact on Company.

60 Subsequent Events

There are no subsequent events which require disclosure or adjustment subsequent to the Standalone Financial Statements.

62 The figures for the corresponding previous year have been regrouped/ reclassified, wherever considered necessary, to make them
comparable with current year classification.

As per our attached Report of even date For and on behalf of the Board of Directors of

For M S K A & Associates Macrotech Developers Limited

Chartered Accountants
Firm Registration Number: 105047W

Mukund Chitale Abhishek Lodha

(Chairman) (Managing Director and CEO)

DIN: 00101004 DIN: 00266089

Mayank Vijay Jain Sanjay Chauhan Sanjyot Rangnekar

(Partner) (Chief Financial Officer) (Company Secretary)

Membership No. 512495 Membership No. F4154

Place : Mumbai
Date : 24-April-2025