(b) Current versus non-current classification

The Company segregates assets and liabilities into
current and non-current categories for presentation
in the balance sheet after considering its normal
operating cycle and other criteria set out in Ind AS
1, "Presentation of Financial Statements". For this
purpose, current assets and liabilities include the
current portion of non-current assets and liabilities
respectively. Deferred tax assets and liabilities are
always classified as non-current.

The operating cycle is the time between the acquisition
of assets for processing and their realization in cash
and cash equivalents. The Company has identified
period up to four years as its operating cycle.

(c) Property, plant and equipment

Property, plant and equipment are stated at cost,
net of accumulated depreciation and accumulated
impairment losses, if any. The cost comprises
purchase price, borrowing costs if capitalization
criteria are met and directly attributable cost of
bringing the asset to its working condition for the
intended use. Any trade discounts and rebates are
deducted in arriving at the purchase price.

Each part of an item of property, plant and equipment
with a cost that is significant in relation to the total
cost of the item is depreciated separately. This
applies mainly to components for machinery. When
significant parts of plant and equipment are required
to be replaced at intervals, the Company depreciates
them separately based on their specific useful lives.
Likewise, when a major inspection is performed,
its cost is recognized in the carrying amount of
the plant and equipment as a replacement if the
recognition criteria are satisfied. All other repair and
maintenance costs are recognized in profit or loss as
incurred.

Subsequent expenditure related to an item of
property, plant and equipment is added to its book
value only if it increases the future benefits from
its previously assessed standard of performance.
All other expenses on existing property, plant
and equipment, including day-to-day repair and
maintenance expenditure and cost of replacing parts,
are charged to the statement of profit and loss for
the period during which such expenses are incurred.

Borrowing costs directly attributable to acquisition of
property, plant and equipment which take substantial
period of time to get ready for its intended use are

also included to the extent they relate to the period
till such assets are ready to be put to use.

Advances paid towards the acquisition of property,
plant and equipment outstanding at each balance
sheet date is classified as capital advances under
other non-current assets.

An item of property, plant and equipment and any
significant part initially recognized is de-recognized
upon disposal or when no future economic benefits
are expected from its use or disposal. Any gain or
loss arising on de-recognition of the asset (calculated
as the difference between the net disposal proceeds
and the carrying amount of the asset) is included in
the income statement when the Property, plant and

(e) Intangible assets

Intangible assets acquired separately are measured
on initial recognition at cost. Following initial
recognition, intangible assets are carried at cost
less accumulated amortization and accumulated
impairment losses, if any.

Intangible assets comprising of computer software
are amortized using straight line method over a period
of six years, which is estimated by the management
to be the useful life of the asset.

The residual values, useful lives and methods of
amortization of intangible assets are reviewed at
each financial year end and adjusted prospectively, if
appropriate.

Gains or losses arising from de-recognition of an
intangible asset are measured as the difference
between the net disposal proceeds and the
carrying amount of the asset and are recognized
in the statement of profit and loss when asset is
derecognized.

(f) Investment properties

Investment properties are measured initially at cost,
including transaction costs. Subsequent to initial
recognition, investment properties are stated at cost
less accumulated depreciation and accumulated
impairment loss, if any.

The cost includes the cost of replacing parts and
borrowing costs for long-term construction projects

if the recognition criteria are met. When significant
parts of the investment property are required to be
replaced at intervals, the Company depreciates them
separately based on their specific useful lives. AH
other repair and maintenance costs are recognized in
profit or loss as incurred.

Though the Company measures investment property
using cost based measurement, the fair value of
investment property is disclosed in the notes. Fair
values are determined based on an annual evaluation
performed by an accredited external independent
valuer.

Investment properties are de-recognized when the
entity transfers control of the same to the buyer.
Further the entity also derecognises investment
properties when they are permanently withdrawn
from use and no future economic benefit is expected
from their disposal. The difference between the net
disposal proceeds and the carrying amount of the
asset is recognized in profit or loss in the period of
de-recognition.

(g) ImpairmentA. Financial assets

The Company assesses at each date of balance sheet
whether a financial asset or a group of financial assets
is impaired. Ind AS 109 requires expected credit
losses to be measured through a loss allowance. The
Company recognizes lifetime expected losses for all
contract assets and / or all trade receivables that do
not constitute a financing transaction. For all other
financial assets, expected credit losses are measured
at an amount equal to the 12-month expected credit
losses or at an amount equal to the life time expected
credit losses if the credit risk on the financial asset
has increased significantly since initial recognition.

B. Non-financial 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 assets or
cash-generating unit's (CGU) net selling price and its
value in use. The 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. Where
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 net selling price,
recent market transactions are taken into account, if
available. If no such transactions can be identified, an
appropriate valuation model is used.

Impairment losses are recognized in the statement
of profit and loss. After impairment, depreciation is
provided on the revised carrying amount of the asset
over its remaining useful life.

(h) Leases

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

Where the Company is lessee

A contract is, or contains, a lease if the contract
involves -

(a) The use of an identified asset,

(b) The right to obtain substantially all the economic
benefits from use of the identified asset, and

(c) The right to direct the use of the identified asset

The Company applies a single recognition and
measurement approach for all leases, except for
short-term leases and leases of low-value assets. The
Company recognises lease liabilities to make lease
payments and right-of-use assets representing the
right to use the underlying assets.

i) Right-of-use assets

The Company recognises right-of-use assets at the
commencement date of the lease (i.e., the date the
underlying asset is available for use). Right-of-use
assets are measured at cost, less any accumulated
depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The
cost of right-of-use assets includes the amount
of lease liabilities recognised, initial direct costs
incurred, and lease payments made at or before
the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a
straight-line basis over the shorter of the lease term
and the estimated useful lives of the assets.

If ownership of the leased asset transfers to

the Company at the end of the lease term or the
cost reflects the exercise of a purchase option,
depreciation is calculated using the estimated useful
life of the asset.

The right-of-use assets are also subject to impairment.
Refer to the accounting policies in section 2.2(h)
Impairment of non-financial assets.

ii) Lease Liabilities

At the commencement date of the lease, the Company
recognises lease liabilities measured at the present
value of lease payments to be made over the lease
term. The lease payments include fixed payments
(including in substance fixed payments) less any
lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees.
The lease payments also include the exercise price of
a purchase option reasonably certain to be exercised
by the Company and payments of penalties for
terminating the lease, if the lease term reflects the
Company exercising the option to terminate. Variable
lease payments that do not depend on an index or
a rate are recognised as expenses (unless they are
incurred to produce inventories) in the period in which
the event or condition that triggers the payment
occurs.

In calculating the present value of lease payments,
the Company uses its incremental borrowing rate at
the lease commencement date because the interest
rate implicit in the lease is not readily determinable.
After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities
is remeasured if there is a modification, a change
in the lease term, a change in the lease payments
(e.g., changes to future payments resulting from a
change in an index or rate used to determine such
lease payments) or a change in the assessment of an
option to purchase the underlying asset.

iii) Short-term leases and leases of low-value
assets

The Company applies the short-term lease recognition
exemption to its short-term leases i.e., those leases
that have a lease term of 12 months or less from the
commencement date and do not contain a purchase
option. It also applies the lease of low-value assets
recognition exemption to leases that are considered
to be low value. Lease payments on short-term
leases and leases of low-value assets are recognised

as expense on a straight-line basis over the lease
term.

Where the Company is the lessor

Leases in which the Company does not transfer
substantially all the risks and rewards incidental to
ownership of the asset are classified as operating
leases. Assets subject to operating leases are included
under Investment property.

Lease income from operating lease is recognized on a
straight-line basis over the term of the relevant lease
including lease income on fair value of refundable
security deposits, unless the lease agreement
explicitly states that increase is on account of inflation.
Costs, including depreciation, are recognized as an
expense in the statement of profit and loss. Initial
direct costs incurred in negotiating and arranging an
operating lease are added to the carrying amount of
the leased asset and recognised over the lease term
on the same basis as rental income.

i) Borrowing costs

Borrowing costs consist of interest and other costs
that an entity incurs in connection with the borrowing
of funds.

Borrowing costs directly attributable to the
acquisition, construction or production of an asset
that necessarily takes a substantial period of time to
get ready for its intended use or sale are capitalized/
inventorised as part of the cost of the respective
asset. All other borrowing costs are charged to
statement of profit and loss.

The Company treats as part of general borrowings
any borrowing originally made to develop a qualifying
asset when substantially all of the activities necessary
to prepare that asset for its intended use or sale are
complete.

(i) Inventories

Direct expenditure relating to real estate activity is
inventorised. Other expenditure (including borrowing
costs) during construction period is inventorised to
the extent the expenditure is directly attributable
cost of bringing the asset to its working condition
for its intended use. Other expenditure (including
borrowing costs) incurred during the construction
period which is not directly attributable for bringing
the asset to its working condition for its intended
use is charged to the statement of profit and loss.
Direct and other expenditure is determined based on
specific identification to the real estate activity.

i. Work-in-progress: Represents cost incurred in
respect of unsold area (including land) of the real
estate development projects or cost incurred
on projects where the revenue is yet to be
recognized. Work-in-progress is valued at lower
of cost and net realizable value.

ii. Finished goods - Stock of Flats: Valued at lower
of cost and net realizable value.

iii. Raw materials, components and stores: Valued
at lower of cost and net realizable value. Cost is
determined based on FIFO basis.

iv Land stock: Valued at lower of cost and net
realizable value.

Net realizable value is the estimated selling price in
the ordinary course of business, less estimated costs
of completion and estimated costs necessary to
make the sale.

(j) Land advances

Advances paid by the Company to the seller/
intermediary toward outright purchase of land is
recognized as land advance under other assets during
the course of obtaining clear and marketable title,
free from all encumbrances and transfer of legal title
to the Company, whereupon it is transferred to land
stock under inventories/ capital work in progress.

Land/ development rights received under joint
development arrangements ('JDA') is measured
at the fair value of the estimated construction
service rendered to the land owner and the same is
accounted on launch of the project. The amount of
non-refundable deposit paid by the Company under
JDA is recognized as land advance under other assets
and on the launch of the project, the non-refundable
amount is transferred as land cost to work-in-
progress/ capital work in progress. Further, the
amount of refundable deposit paid by the Company
under JDA is recognized as deposits under loans.

(k) Revenue recognitionA. Revenue recognitiona. (i) Revenue from contracts with
customers

Revenue from contracts with customers is
recognised when control of the goods or
services are transferred to the customer.
Revenue is measured based on the
transaction price, which is the consideration,
adjusted for discounts and other credits, if
any, as specified in the contract with the

customer. The Company presents revenue
from contracts with customers net of
indirect taxes in its statement of profit and
loss.

The Company considers whether there are
other promises in the contract that are
separate performance obligations to which
a portion of the transaction price needs to
be allocated. In determining the transaction
price, the Company considers the effects
of variable consideration, the existence of
significant financing components, non-cash
consideration, and consideration payable to
the customer, if any.

Revenue from sale of real estate units is
recognised when (or as) control of such units
is transferred to the customer. Revenue is
recognised either at point of time or over a
period of time based on various conditions
as included in the contracts with customers.
The entity assesses timing of transfer of
control of such units to the customers as
transferred over time if one of the following
criteria are met:

- The customer simultaneously receives and
consumes the benefits provided by the
entity's performance as the entity performs.

- The entity's performance creates or
enhances an asset that the customer
controls as the asset is created or enhanced.

- 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 contracts where control is transferred
at a point in time the Company considers
the following indicators of the transfer of
control of the asset to the customer:

- When the entity obtains a present right to
payment for the asset.

- When the entity transfers legal title of the
asset to the customer.

- When the entity transfers physical
possession of the asset to the customer.

- When the entity transfers significant risks
and rewards of ownership of the asset to
the customer.

- When the customer has accepted the asset.

If control is not transferred over time as
above, the entity considers the same as
transferred at a point in time.

Revenue arrangements, which consists
of sale of undivided share of land and
constructed area to the customer, have
been identified by the Company as a single
performance obligation, as they are highly
interrelated/ interdependent.

For contracts involving sale of real estate
unit, the Company receives the consideration
in accordance with the terms of the
contract in proportion of the percentage of
completion of such real estate project and
represents payments made by customers
to secure performance obligation of the
Company under the contract enforceable by
customers. Such consideration is received
and utilised for specific real estate projects
in accordance with the requirements of the
Real Estate (Regulation and Development)
Act, 2016. Consequently, the Company
has concluded that such contracts with
customers do not involve any financing
element since the same arises for reasons
explained above, which is other than for
provision of finance to/from the customer.

Further, for projects executed through
joint development arrangements not being
jointly controlled operations, wherein the
land owner/possessor provides land and the
Company undertakes to develop properties
on such land and in lieu of land owner
providing land, the Company has agreed to
transfer certain percentage of constructed
area or certain percentage of the revenue
proceeds, the revenue from the development
and transfer of constructed area/revenue
sharing arrangement in exchange of such
development rights/ land is being accounted
on gross basis on launch of the project.
Revenue is recognised over time using input
method, on the basis of the inputs to the
satisfaction of a performance obligation
relative to the total expected inputs to the
satisfaction of that performance obligation.

The revenue is measured at the fair value of
the land received, adjusted by the amount
of any cash or cash equivalents transferred.

When the fair value of the land received
cannot be measured reliably, the revenue is
measured at the fair value of the estimated
construction service rendered to the land
owner, adjusted by the amount of any cash
or cash equivalents transferred. The fair
value so estimated is considered as the cost
of land in the computation of percentage
of completion for the purpose of revenue
recognition as discussed above.

(ii) Contract balances

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 customer pays
consideration or before payment is due, a
contract asset is recognised for the earned
consideration that is conditional.

Trade receivable represents the Company's
right to an amount of consideration that
is unconditional (i.e., only the passage of
time is required before payment of the
consideration is due).

Contract liability is the obligation to transfer
goods or services to a customer for which
the Company has received consideration (or
an amount of consideration is due) 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 or the payment is due (whichever is
earlier). Contract liabilities are recognised as
revenue when the Company performs under
the contract.

(iii) Cost to obtain a contract

The Company recognises as an asset the
incremental costs of obtaining a contract
with a customer if the Company expects
to recover those costs. The Company incurs
costs such as sales commission when it
enters into a new contract, which are directly
related to winning the contract. The asset
recognised is amortised on a systematic
basis that is consistent with the transfer to
the customer of the goods or services to
which the asset relates.

b. Lease income

The Company's policy for recognition of revenue
from operating leases is described in note 2.2(h).

c. Share in profit/ loss of Limited Liability
Partnerships ("LLPs") and partnership firm

The Company's share in profits/losses from
LLPs and partnership firm, where the Company
is a partner, is recognised as income/loss in
the statement of profit and loss as and when
the right to receive its profit/ loss share is
established by the Company in accordance with
the terms of contract between the Company
and the partnership entity.

d. Recognition of revenue from other operating
activities

Lease management fee is recognised over period
of time as per terms of the contract.

Assignment / cancellation fee is recognised at
the point in time as per terms of the contract.

Commission fee is recognised at the point in time
as per terms of the contract.

Sale of scrap is recognised at the point in time
when control of the asset is transferred to the
customer, generally on dispatch of the goods.

B. Other Income

a. Interest income

Interest income, including income arising
from other financial instruments measured at
amortised cost, is recognised using the effective
interest rate method.

b. Dividend income

Revenue is recognised when the Company's
right to receive dividend is established, which
is generally when shareholders approve the
dividend.

(l) Foreign currency translation

Functional and presentation currency

Items included in the financial statements of the
Company are measured using the currency of the
primary economic environment in which the Company
operates ('the functional currency'). The financial
statements are presented in Indian rupee (INR),
which is the Company's functional and presentation
currency.

Foreign currency transactions and balances

i) Initial recognition - Foreign currency transactions
are recorded in the reporting currency, by
applying to the foreign currency amount the
exchange rate between the reporting currency
and the foreign currency at the date of the
transaction.

ii) Conversion - Foreign currency monetary items
are retranslated using the exchange rate
prevailing at the reporting date. Non-monetary
items, which are measured in terms of historical
cost denominated in a foreign currency, are
reported using the exchange rate at the date of
the transaction. Non-monetary items, which are
measured at fair value or other similar valuation
denominated in a foreign currency, are translated
using the exchange rate at the date when such
value was determined.

iii) Exchange differences - The Company accounts
for exchange differences arising on translation/
settlement of foreign currency monetary items
as income or as expense in the period in which
they arise.

(m) Retirement and other employee benefits

Retirement benefits in the form of state governed
Employee Provident Fund and Employee State
Insurance are defined contribution schemes
(collectively the 'Schemes'). The Company has no
obligation, other than the contribution payable to
the Schemes. The Company recognizes contribution
payable to the Schemes as expenditure, when an
employee renders the related service. The contribution
paid in excess of amount due is recognized as an
asset and the contribution due in excess of amount
paid is recognized as a liability.

Gratuity, which is a defined benefit plan, is accrued
based on an independent actuarial valuation, which
is done based on project unit credit method as at
the balance sheet date. The Company recognizes the
net obligation of a defined benefit plan in its balance
sheet as an asset or liability. Gains and losses through
re-measurements of the net defined benefit liability/
(asset) are recognized in other comprehensive
income. In accordance with Ind AS, re-measurement
gains and losses on defined benefit plans recognized
in OCI are not to be subsequently reclassified to
statement of profit and loss. As required under Ind
AS compliant Schedule III, the Company recognizes
re-measurement gains and losses on defined benefit
plans (net of tax) to retained earnings.

The Company treats accumulated leave expected

to be carried forward beyond twelve months, as
long-term employee benefit for measurement
purposes. Such long-term compensated absences
are provided for based on the actuarial valuation
using the projected unit credit method, made at the
end of each financial year. Actuarial gains/losses are
immediately taken to the statement of profit and
loss. The Company presents the accumulated leave
liability as a current liability in the balance sheet,
since it does not have an unconditional right to defer
its settlement for twelve months after the reporting
date.

(n) Share-based payments

Employees (including senior executives) of the
Company receive remuneration in the form of share-
based payments, whereby employees render services
as consideration for equity instruments (equity-
settled transactions).

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. Further details
are given in note 43.

That cost is recognised, together with a corresponding
increase in share-based payment (SBP) reserves in
equity, over the period in which the performance
and/or service conditions are fulfilled. 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 Company's best estimate of the number
of equity instruments that will ultimately vest. The
expense or credit in the statement of profit and loss
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.

Service and non-market performance conditions
are not taken into account when determining the
grant date fair value of awards, but the likelihood
of the conditions being met is assessed as part of
the Company's best estimate of the number of
equity instruments that will ultimately vest. Market
performance conditions are reflected within the
grant date fair value. Any other conditions attached
to an award, but without an associated service
requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in
the fair value of an award and lead to an immediate
expensing of an award unless there are also service
and/or performance conditions.

No expense is recognised for awards that do not
ultimately vest because non-market performance
and/or service conditions have not been met. Where
awards include a market or non-vesting condition,
the transactions are treated as vested irrespective
of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or
service conditions are satisfied.

When the terms of an equity-settled award are
modified, the minimum expense recognised is the
grant date fair value of the unmodified award,
provided the original vesting terms of the award are
met. An additional expense, measured as at the date
of modification, is recognised for any modification
that increases the total fair value of the share-based
payment transaction, or is otherwise beneficial to the
employee. Where an award is cancelled by the entity
or by the counterparty, any remaining element of
the fair value of the award is expensed immediately
through profit or loss.

The dilutive effect of outstanding options is reflected
as additional share dilution in the computation of
diluted earnings per share.

(o) Income taxes

Income tax expense comprises current tax expense
and the net change in the deferred tax asset or
liability during the year.

Current and deferred tax are recognized in the
statement of profit and loss, except when they relate
to items that are recognized in other comprehensive
income or directly in equity, in which case, the
current and deferred tax are also recognized in
other comprehensive income or directly in equity,
respectively.

i. 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 income for
that period. The tax rates and tax laws used to
compute the amount are those that are enacted
or substantively enacted by the balance sheet
date.

ii. Deferred income tax

Deferred income tax is recognized using
the balance sheet approach, deferred tax is
recognized on temporary differences at the
balance sheet date between the tax bases of
assets and liabilities and their carrying amounts

for financial reporting purposes, except when the
deferred income 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 profit
or loss at the time of the transaction.

Deferred income tax assets are recognized for all
deductible temporary differences, carry forward
of unused tax credits and unused tax losses, 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 income tax
assets is reviewed at each balance sheet 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
income tax asset to be utilized.

Deferred income 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 (and tax
laws) that have been enacted or substantively
enacted at the balance sheet date.

Deferred tax relating to items recognised
outside profit or loss is recognised outside profit
or loss (either in other comprehensive income
or in equity) in correlation to the underlying
transaction either in OCI or in equity.