B MATERIAL ACCOUNTING POLICIES

1.1 STATEMENT OF COMPLIANCE

- These financial statements have been prepared in accordance with the Indian Accounting Standards (hereinafter
referred to as the 'Ind AS') as notified by Ministry of Corporate Affairs pursuant to Section 133 of the Companies Act,
2013 ('Act') read with of the Companies (Indian Accounting Standards) Rules,2015 as amended and other relevant
provisions of the Act.

1.2 BASIS OF PREPARATION OF ACCOUNTS

The financial statements have been prepared on the historical cost basis except for certain financial instruments that
are measured at fair values at the end of each reporting period, as explained in the accounting policies below.Historical
cost is generally based on the fair value of the consideration given in exchange for goods and services.

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, regardless of whether that price is directly observable or
estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Company takes
into account the characteristics of the asset or liability if market participants would take those characteristics into
account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure
purposes in these financial statements is determined on such a basis, except for leasing transactions that are within
the scope of Ind AS 17 and measurements that have some similarities to fair value but are not fair value, such as net
realizable value in Ind AS 2 or value in use in Ind AS 36.

In addition, for financial reporting purposes, fair value measurements are categorized into Level 1, 2 or 3 based on
the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to
the fair value measurement in its entirety, which are described as follows:

a) Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity
can access at the measurement date;

b) Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or
liability, either directly or indirectly; and

c) Level 3 inputs are unobservable inputs for the asset or liability.

1.3 CURRENT VERSUS NON-CURRENT CLASSIFICATION

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.

An asset is treated as current when it is:

a) Expected to be realized or intended to be sold or consumed in normal operating cycle

b) Held primarily for the purpose of trading

c) Expected to be realized within twelve months after the reporting period, or

d) Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.

All other assets are classified as non-current.

- A liability is current when:

a) It is expected to be settled in normal operating cycle

b) It is held primarily for the purpose of trading

c) It is due to be settled within twelve months after the reporting period, or

d) There is no unconditional right to defer the settlement of the liability for at least twelve months after the
reporting period.

The Company classifies all other liabilities as non-current.

- Deferred tax assets and liabilities are classified as non-current assets and liabilities.

- The operating cycle is the time between the acquisition of assets for processing and their realization in cash
and cash equivalents. Based on the nature of products/ activities of the Company and the normal time between
the acquisition of the assets and their realization in cash or cash equivalent, the Company has determined its
operating cycle as 5 years for real estate projects considering the commissioning of project and corressponding
delivery in a phased manner and 12 months for others for the purpose of classification of its assets and liabilities
as current and non current.

1.4 REVENUE RECOGNITION

Pursuant to the application of Ind AS 115 - 'Revenue from Contracts with Customers' effective from 1 April 2018, the
Company has applied following accounting policy for revenue recognition.The Revenue towards satisfaction of a
performance obligation is measured at the amount of transaction price (net of variable consideration) allocated to
the performance obligation. The transaction price of goods sold and services rendered is net of variable consideration
on account of various discounts and schemes offered by the company as a part of the contract. The Company
assesses its revenue arrangements against specific criteria to determine if it is acting as principal or agent. The
Company has concluded that it is acting as a principal in all of its revenue arrangements.

The Company has applied five step model as per Ind AS 115 'Revenue from contracts with customers' to recognise
revenue in the standalone financial statements. The Company satisfies a performance obligation and recognises
revenue over time, if one of the following criteria is met:

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

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

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

For performance obligations where 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 and over a period of time based on various conditions as included in
the contracts with customers.

a REAL ESTATE

- The Company engaged in the business of construction and development of integrated townships, residential
and commercial complexes, Sale of land etc. Revenue from contracts is recognised when the performance
obligation has been satisfied at each project basis and control over the property has been transferred to the
customers. The performance obligation is satisfied once the property is substantially completed and the control
thereof is transferred from the company to the buyer upon possession/issuance of letter for offer of possession
or completion certificate obtained/applied ("deemed date of possession"), whichever is earlier, subject to
realisation/ certainty of realisation.

b INTEREST TO/ FROM CUSTOMERS

- The revenue on account of interest on delayed payment by customers and expenditure on account of
compensation / penalty for project delays are accounted for at the time of acceptance / settlement with the
customers on the ground of prudence and uncertainties with regard to determination of amount receivable /
payable.

c RENTAL INCOME

Lease income on an operating lease is recognised in the statement of profit and loss on straight line basis over
the lease term.

d RENDERING OF SERVICES

Revenue from services is recognised in accordance with the satisfaction of performance obligation over time,
based on the stage of completion measured with reference to costs incurred or milestones achieved, in
accordance with Ind AS 115.

e INTEREST INCOME

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to
the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis,

by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that
exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's
net carrying amount on initial recognition.

1.5 COST RECOGNITION

Costs and expenses are recognized when incurred and are classified according to their nature.

Expenditure charged to Cost of Construction represents cost of land (including cost of development rights/land
under agreements to purchase), internal development charges, external development charges, employee costs,
payment made to collaborators, expenses through contractors, material and store consumed, finance cost and other
expenses incurred for construction undertaken by the Company. The cost incurred till reporting date is charged to
the statement of profit and loss based on the revenue recognised on project basis as explained in accounting policy
for revenue from real estate projects above, in consonance with the concept of matching cost and revenue. The
residual cost pertaining to the unsold units after the charge off is carried forward to the inventrory as project in
progress.