1.2.16 Provisions and contingent liabilities
(i) A provision is recognised when:
(a) The Company has a present obligation (legal or constructive) as a result of a past event;
(b) It is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation; and
(c) A reliable estimate can be made of the amount of the obligation.
(ii) If the effect of the 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 recognised as a finance cost.
(iii) A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that
may, but probably may not, require an outflow of resources. A contingent liability also arises in extreme cases
where there is a probable liability that cannot be recognised because it cannot be measured reliably.
(iv) Where there is a possible obligation or a present obligation such that the likelihood of outflow of resources is
remote, no provision or disclosure is made.
1.2.17 Borrowing costs
Borrowing costs that are directly attributable to the acquisition/construction of qualifying assets are capitalised as part
of their costs.
Borrowing costs are considered as part of the asset cost when the activities that are necessary to prepare the assets for
their intended use or sale are in progress.
Borrowing costs consist of interest and other costs that Company incurs in connection with the borrowing of funds. Other
borrowing costs are recognised as an expense, in the period in which they are incurred.
Borrowing costs on real-estate projects where revenue is recognised on percentage of completion basis, the company
excludes such borrowing costs relating to the post-launch period from its estimates of the balance cost to completion,
and the same is recognised as finance cost in the Statement of Profit and Loss.
1.2.18 Segment reporting
Based on the "management approach" as defined in Ind AS 108 Operating Segments, the Chairman and Managing
Director/Chief Financial Officer evaluates the Company's performance based on an analysis of various performance
indicators by business segment. Segment revenue and expense include amounts which can be directly attributable to
the segment and allocable on reasonable basis. Segment assets and liabilities are assets/liabilities which are directly
attributable to the segment or can be allocated on a reasonable basis. Income/expenses/assets/liabilities relating to
the enterprise as a whole and not allocable on a reasonable basis to business segments are reflected as unallocated
income/expenses/assets/liabilities.
1.2.19 Employee benefits
(i) Defined contribution plans
Retirement benefits in the form of contribution to provident fund and pension fund are charged to the Statement
of Profit and Loss when an employee renders the related services.
(ii) Defined benefit plans
Gratuity is in the nature of a defined benefit plan.
Provision for gratuity is calculated on the basis of actuarial valuations carried out at the reporting date and is
charged to the Statement of Profit and Loss. The actuarial valuation is computed using the projected unit credit
method.
Re-measurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts
included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts
included in net interest on the net defined benefit liability), are recognised immediately in the financial statement
with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re¬
measurements are not reclassified to the Statement of Profit and Loss in subsequent periods.
(iii) Other employee benefits
Leave encashment is recognised as an expense in the Statement of Profit and Loss as and when they accrue. The
Company determines the liability using the projected unit credit method, with actuarial valuations carried out as at the
reporting date. Actuarial gains and losses are recognised in the Statement of Other Comprehensive Income.
1.2.20 Earnings per share
Basic earnings per share is calculated by dividing the net profit/(loss) for the year attributable to equity shareholders
(after deducting preference dividends and attributable taxes) by weighted average number of equity shares outstanding
during the year.
For the purpose of calculating diluted earnings per share, the net profit/(loss) for the year attributable to equity
shareholders and the weighted average numbers of shares outstanding during the year are adjusted for the effects of all
dilutive potential equity shares.
.3 USE OF JUDGEMENTS AND ESTIMATES
The preparation of standalone Ind AS financial statements in conformity with Ind AS requires management to make judgements,
estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and disclosures of contingent
assets and liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes
that require a material adjustment to the carrying amount of the asset or liability affected in future periods.
Estimates and underlying assumptions are reviewed at each reporting date. Any revision to accounting estimates and assumptions
are recognised prospectively i.e. recognised in the period in which the estimate is revised and future periods affected.
1.3.1 Significant management judgements
The following are significant management judgements in applying the accounting policies of the Company that have a
significant effect on the financial statements:
(i) Revenue recognition from sale of in progress premises
Revenue is recognised only when the Company can measure its progress towards complete satisfaction of the
performance obligation. The measurement of progress is estimated by reference to the stage of the projects
determined based on the proportion of costs incurred to date (excluding land and finance cost) and the total
estimated costs to complete (excluding land and finance cost).
(ii) Classification of property
The Company determines whether a property is classified as investment property or as inventory:
(a) Investment property comprises land and buildings that are not occupied for use by, or in the operations
of, the Company, nor for sale in the ordinary course of business, but are held primarily to earn rental
income and capital appreciation. These buildings are rented to tenants and are not intended to be sold
in the ordinary course of business.
(b) Inventory comprises property that is held for sale in the ordinary course of business. Principally these are
properties that the Company develops and intends to sell before or on completion of construction.
(iii) Operating lease contracts - the Company as lessor
The Company has entered into leases of its investment properties. The Company has determined based on an
evaluation of the terms and conditions of the arrangements, that it retains all the significant risks and rewards of
ownership of these properties and so accounts for the leases as operating leases.
(iv) Recognition of deferred tax assets
The extent to which deferred tax assets can be recognised is based on an assessment of the probability of the
Company's future taxable income against which the deferred tax assets can be utilised. In addition, significant
judgement is required in assessing the impact of any legal or economic limits or uncertainties in tax jurisdictions.
1.3.2 Estimates and assumptions
(i) Classification of assets and liabilities into current and non-current
The management classifies the assets and liabilities into current and non-current categories based on the operating
cycle of the respective business/projects.
(ii) Impairment of assets
In assessing impairment, management estimates the recoverable amounts of each asset or CGU (in case of
non-financial assets) based on expected future cash flows and uses an estimated interest rate to discount them.
Estimation relates to assumptions about future cash flows and the determination of a suitable discount rate.
(iii) Useful lives of depreciable/amortisable assets (Property, plant and equipment, other
intangible assets and investment property)
Management reviews its estimate of the useful lives of depreciable/amortisable assets at each reporting date,
based on the expected usage of the assets. Uncertainties in these estimates relate to technical and economic
obsolescence that may change the usage of certain assets.
(iv) Inventories
Inventory is valued at the lower of cost or net realisable value (NRV).
NRV for completed inventory property is assessed including but not limited to market conditions and prices
existing at the reporting date and is determined by the Company based on net amount that it expects to realise
from the sale of inventory in the ordinary course of business.
NRV in respect of inventories under construction is assessed with reference to market prices (reference to the
recent selling prices) at the reporting date less estimated costs to complete the construction, and estimated cost
necessary to make the sale. The costs to complete the construction are estimated by management.
(v) Defined benefit obligation (DBO)
The cost of defined benefit gratuity plan and the present value of the gratuity obligation along with leave salary
are determined using actuarial valuations. An actuarial valuation involves making various assumptions such as
standard rates of inflation, mortality, discount rate, attrition rates and anticipation of future salary increases.
Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
(vi) Fair value measurements
Management applies valuation techniques to determine the fair value of financial instruments (where active
market quotes are not available) and non-financial assets. This involves developing estimates and assumptions
consistent with how market participants would price the instrument/assets. Management bases its assumptions
on observable data as far as possible but this may not always be available. In that case Management uses the
best relevant information available. Estimated fair values may vary from the actual prices that would be achieved
in an arm's length transaction at the reporting date.
1.3.3 Standards notified but not yet effective
The new and amended standards that are notified by the Ministry of Corporate Affairs (MCA), but not yet effective, up
to the date of issuance of the Company's financial statements are disclosed below. The Company will adopt these new
and amended standards, when they become effective.
(i) Amendments to Ind AS 1 - Classification of Liabilities as Current or Non-current and Non¬
current Liabilities with Covenants and Ind AS 10 Events after the Reporting Period
Ind AS 10 has been amended to remove the previous treatment under which a lender's post reporting date
waiver granted before the financial statements were approved for issue of a breach of a material covenant in a
long term loan arrangement that occurred on or before the end of the reporting period, resulting in the liability
becoming payable on demand at the reporting date, was regarded as an adjusting event.
For annual reporting periods beginning on or after April 1, 2026, any breach of a covenant whether material
or immaterial occurring on or before the reporting date will, in accordance with Ind AS 1, require the related
liability to be classified as current, unless the lender has granted a waiver of the breach on or before the reporting
date and has agreed not to demand repayment for at least 12 months after the reporting date as a consequence
of the breach. Such a waiver shall be treated as an adjusting event.
The amendments are effective for annual reporting periods beginning on or after April 1, 2026 retrospectively
in accordance with Ind AS 8.
Nature and purpose of other reserve:
a. General reserve - The general reserve is created by an appropriation from retained earnings. The same can be utilised in
accordance with the provisions of the Companies Act, 2013.
b. Capital redemption reserve - The same has been created with respect to recognition of profit and loss on purchase, sale, issue
or cancellation of the Company's own equity instruments to Capital redemption reserve.
c. Capital reserve - The same has been created upon redemption of preference shares, the excess of face value over the redemption
value of preference shares has been recognized as Capital reserve by the Company.
d. Securities premium - Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in
accordance with the provisions of the Act.
e. Retained earnings - Retained earnings are the profits/(loss) that the Company has earned/incurred till date, less any transfers to
general reserve, dividends or other distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on
defined benefit plans, net of taxes that will not be reclassified to Statement of Profit and Loss.
limit carries a monthly interest of 7.40% p.a. (8.55% p.a.) (Repo Spread) (Repo Spread). The closing balance thereof as on
March 31, 2026 is ' 8,490.92 (' Nil ).
The Loan is secured by mortgage of the identified commercial units in one of the projects of the Company. The security cover
as required under the terms of the loan was maintained (refer note 4).
(b) In January 2023, the Company has availed a credit facility of ' 1,00,000.00 lakh from ICICI Bank Limited for meeting the
operational costs of the Company and acquisition cost of units. Currently this credit facility is on a monthly interest payment
of 8.10% p.a. (8.65% p.a.) (MCLR Spread), and closing balance thereof as on March 31, 2026 is ' 13,748.31 lakh
(' 26,105.82 lakh) The credit facility is for a period of 48 months including 8 months of moratorium from the date of first
disbursement. The said credit facility is scheduled for repayment in 14 quarterly instalments starting from 9th month from the date
of first disbursement.
The credit facility is secured by (i) mortgage of the unsold identified residential units in the residential project of the Company
and (ii) charge on receivables and Escrow Account into which receivables are deposited from the sale of flats in this project of
the Company. The security cover as required under the terms of the credit facility is maintained (refer note 11).
(c) In December 2021, the Company allotted 2,500 5.90% Redeemable non-convertible debentures (NCDs) (Series I) of
' 10.00 lakh each amounting to ' 25,000.00 lakh, 3,500 6.40% Redeemable non-convertible debentures (NCDs) (Series II) of
' 10.00 lakh each amounting to ' 35,000.00 lakh and 4,000 6.80% Redeemable non-convertible debentures (NCDs) (Series
III) of ' 10.00 lakh each amounting to ' 40,000.00 lakh, respectively through private placement. The entire issue proceeds
have been utilised in accordance with the objects of the issue. The interest is payable semi-annually. The Company has an
option to redeem these NCDs prior to the scheduled redemption date on certain predetermined dates. During the year ended
March 31, 2026, the company, in exercise of the option available to it under the terms of the issue, had redeemed an amount
of '6,000 lakh from Series III (' 1,400 lakh from Series II and ' 34,000 lakh from Series III) by way of face value reduction.
These NCDs have been redeemed in full.
These Debentures are secured by (i) mortgage of the unsold identified residential units (inventories) in 2 projects of the Company
and (ii) charge on receivables and Escrow Account into which receivables are deposited from the sale of flats in 2 projects of
the Company. The security cover as required under the terms of the issue of the said Debentures was maintained (refer note 11).
(d) In October 2024, the Company allotted 40,000 7.95% Redeemable non-convertible debentures (NCDs) (Series 1) of ' 1.00
lakh each amounting to ' 40,000.00 lakh, 50,000 8.00% Redeemable non-convertible debentures (NCDs) (Series 2) of
' 1.00 lakh each amounting to ' 50,000.00 lakh and 60,000 8.05% Redeemable non-convertible debentures (NCDs) (Series
3) of ' 1.00 lakh each amounting to ' 60,000.00 lakh, respectively through private placement. The issue proceeds have
been utilised in accordance with the objects of the issue in following manner (i) utilised towards acquisition of land and related
assets including payments of Joint Development Agreements ' 1,49,474.81 lakh, (ii) towards issue expenses '525.99 lakh.
The interest is payable quarterly. The Company has an option to redeem these NCDs prior to the scheduled redemption date
on certain predetermined dates. During the year ended March 31, 2026, the company, in exercise of the option available to
it under the terms of the issue, had redeemed an amount of '31,700 lakh from series 1 by way of face value reduction.
These Debentures are secured by (i) mortgage of the unsold identified residential units (inventories) in 2 projects of the Company
and (ii) charge on receivables and Escrow Account into which receivables are deposited from the sale of flats in 2 projects of
the Company. The security cover as required under the terms of the issue of the said Debentures was maintained (refer note 11).
(e) In February 2021, the Company availed a Term Loan of ' 1,80,000.00 lakh from HDFC Limited now known as HDFC Bank
Limited for meeting the development and related cost of an under construction commercial project. During the previous year
the sanctioned limit was reduced to ' 1,50,000.00 lakh and converted into a LRD facility from HDFC Bank Limited. Currently
this Term Loan is on a monthly interest payment of 7.15% p.a. (8.40% p.a.) and the closing balance thereof as on March 31,
2026 is ' 1,34,778.32 lakh (' 1,45,835.37 lakh). The facility is repayable in 102 Monthly Instalments.
The facility is secured by (i) mortgage and charge of identified commercial floors in one of the projects of the Company. The
security cover as required under the terms of the Term Loan is maintained (refer note 4).
(f) In February 2026, the Company availed a credit facility of ' 30,000.00 lakh from The Hongkong and Shanghai Banking
Corporation Limited for meeting the development and related cost of an under construction hospitality project. Currently the
credit facility is on a monthly interest payment of 7.36% (N.A.) (T-Bill Spread), and the closing balance thereof as on March
31, 2026 is ' 4,836.05 lakh (N.A.). The facility is scheduled for repayment in 36 monthly instalments starting from 25th month
from the date of first disbursement.
The Term Loan is to be secured by (i) mortgage and charge of an identified hotel project which is being developed by the
Company and (ii) charge on escrow and hypothecation of all currents assets, receivables in relation to the Project. The security
cover as required under the terms of the Term Loan is maintained (refer note 3).
The sensitivity analyses above have been determined based on a method that extrapolates the impact on defined benefit obligation as
a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on
a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses may not be representative of an
actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another.
38.8 Risk exposure
(i) Asset Volatility:
The plan liabilities are calculated using the discount rate set with reference to Government securities bond yields; if plan
assets underperform this yield, this will create a deficit.
(ii) Change in Government securities bond yields:
A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of
the plans bond holdings.
38.9 On November 21, 2025, the Central Government notified implementation of four Labour Codes replacing 29 existing labour
laws. The Codes introduce an expanded definition of "wages" impacting gratuity and leave encashment obligations. Based on
management's assessment and actuarial valuation, the Company has recognised an increase in gratuity and leave obligations
amounting to '1,746.50 lacs and ' 154.79 lacs, respectively. Considering the material and non-recurring nature of the impact,
the increase in obligation has been disclosed as an "Exceptional Item" in the Statement of Profit and Loss for the year ended
March 31, 2026. The Company will continue to evaluate the impact upon notification of final Central/State Rules.
NOTE 40. SEGMENT INFORMATION_
For management purposes, the Company is organised into business units based on its services and has 2 reportable segments, as
follows:
1. The Real Estate segment which develops and sells residential properties and leases commercial properties.
2. The Hospitality segment which is into the business of owning and operating the hotel.
Notes:
A. Based on the "management approach" as defined in Ind AS 108 Operating Segments, the Chairman and Managing
Director/ Chief Financial Officer evaluate the Company's performance based on an analysis of various performance indicators
by business segment. Accordingly information has been presented along these segments. The accounting principles used in the
preparation of the financial statement are consistently applied in individual segment to prepare segment reporting.
B. Unallocated Corporate Assets primarily comprise of investments, deferred tax, tax and certain property, plant and equipment,
Right-of-use assets, and Unallocated Corporate Liabilities primarily comprise of tax Lease Liabilities and deferred tax liabilities.
C. Other expenses primarily comprises employee benefit expenses and other expenses incurred for the respective segments.
NOTE 41. LEASES_
(i) The Company's leased assets primarily consists of lease for office space having lease term of 5 year.
The Company recorded the lease liabilities at the present value of the remaining lease payments discounted at the incremental
borrowing rate as on the inception of lease and has measured right-of-use assets at an amount equal to lease liabilities adjusted
for previously recognised prepaid or accrued lease payments.
(ii) Set-out below are the carrying amount of right-of-use assets recognised and the movements during the period:
(iii) An order u/s. 245D(4) of the Income-tax Act,1961 was passed in the case of Company on April 28, 2023. Subsequently, the
Income Tax Department had filed a writ petition against the said order before the Hon'ble Bombay High Court in the financial
year 2023-24, which is yet to be admitted. The Management believes that there should not be any further material tax liability
arising on this account and hence no adjustments have been made in the current financial year.
(iv) The sales tax department of the government of Maharashtra has completed the Value Added Tax (VAT) assessments w.r.t. the
returns filed by the Company on the sale of flats to the customers during the period beginning from June 2006 till March 2012
and determined the VAT and interest liability. For some of the years, the Company has challenged the assessment order and
opted for appeal, which is pending for hearing. Vide an order of the Hon'ble Supreme Court of India, the recovery of interest
amounts in such cases has been stayed. However, the Company has opted to settle and pay interest for some of the years under
The Maharashtra Settlement of Arrears in Disputes Act, 2016. Part of the amount has been collected by the Company from the
flat purchasers on account of such liability and the Company is reasonably confident of recovering all the outstanding amount
on account of VAT from flat purchasers.
The management assessed that carrying amount of cash and cash equivalents, other bank balances, trade receivables, loans,
investment in government securities, other financial assets, secured and unsecured borrowings, trade payable and other financial
liabilities approximate their fair values largely due to the short-term maturities of these instruments.
44.3 Measurement of fair values
Transfers between Levels 1 and 2
There have been no transfers between Level 1 and Level 2 during the year.
44.4 Financial risk management
The Company has exposure to the following risks arising from financial instruments:
(i) Credit risk ;
(ii) Liq uidity risk ; and
(iii) Market risk
Risk management framework
The Company's Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management
framework. The Board of Directors has established the Risk Management Committee, which is responsible for developing and monitoring
the Company's risk management policies. The committee reports regularly to the Board of Directors on its activities.
The Company's risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate
risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to
reflect changes in market conditions and the Company's activities. The Company, through its training and management standards and
procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and
obligations.
(i) Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company's receivables from customers and investments in debt securities.
The carrying amount of the financial assets which represents the maximum credit exposure is as follows:
(a) Trade and other receivables
Trade receivables of the Company comprises of receivables towards sale of residential properties, rental receivables and other
receivables. In case of lease rentals, the Company is not substantially exposed to credit risk as Company collects 3 to 12
months rent as security deposit from the lessee. In case of residential sales, the Company is not substantially exposed to credit
risk as possession is handed over on payment of all dues. However, the Company's exposure to credit risk is influenced mainly
by the individual characteristics of each customer. As per simplified approach, the Company makes provision of expected
credit losses on trade receivables to mitigate the risk of default payments and makes appropriate provision at each reporting
date wherever outstanding is for longer period and involves higher risk.
(b) Cash and cash equivalents
Credit risk from balances with banks and financial institutions is managed by the Company's treasury department in
accordance with the Company's policy. Investments of surplus funds are made only with approved counterparties and
within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Investment committee
comprising of Mr. Anil Harish (Chairperson, Independent Director), Mr. Prafulla Chhajed (Independent Director) and
Mr. Vikas Oberoi (Non-Independent Director) on an annual basis, and may be updated throughout the year subject to
approval of the Company's Investment Committee. The limits are set to minimise the concentration of risks and therefore
mitigate financial loss through counterparty's potential failure to make payments.
(ii) Liquidity Risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure as far
as possible that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed condition,
without incurring unacceptable losses or risking damage to the Company's reputation.
The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of surplus funds,
bank overdrafts, bank loans, debentures and inter-corporate loans.
The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Company
has access to a sufficient variety of sources of funding.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
(iii) Market Risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect
the Company's income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive
financial instruments including foreign currency receivables and payables and long term debt. The Company is exposed to
market risk primarily related to foreign exchange rate risk, interest rate risk and the market value of certain commodities. Thus,
our exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities.
The objective of market risk management is to avoid excessive exposure in our revenues and costs.
(a) Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes
in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange rates relates primarily to
the Company's operating activities (when expense is denominated in a foreign currency).
The Company closely tracks and observes the movement of foreign currency with regards to INR and the forward cover
rate. The Company decides to cover or keep the foreign currency exposure open based on the above.
(b) Exposure to currency risk
The currency profile of financial assets and financial liabilities is as follows:
(f) Commodity price risk
The Company's activities are exposed to steel and cement price risks and therefore its overall risk management program
focuses on the volatile nature of the steel and cement market, thus seeking to minimize potential adverse effects on the
Company's financial performance on account of such volatility.
The risk management committee regularly reviews and monitors risk management principles, policies, and risk
management activities.
44.5 Capital Management
The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business. Management monitors the return on capital as well as the level of dividends to ordinary shareholders.
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, which is net debt divided
by total capital. The Company includes within net debt, interest and non interest bearing loans and borrowings, less cash and cash
equivalents, excluding discontinued operations.
* The unspent CSR amount of the preceding financial year of FY 2025-26 was transferred to the Unspent CSR Account as per
Section 135(6) of the Companies Act 2013.
* The unspent CSR amount of the preceding financial year of FY 2024-25 was transferred to the Unspent CSR Account as per
Section 135(6) of the Companies Act 2013. within 30 days of the reporting date.
The unspent CSR amount of FY 2021-22 has been transferred to fund specified in schedule VII as per Section 135(6) of the
Companies Act, 2013.
The scheme of amalgamation of Nirmal Lifestyle Realty Private Limited ("the Transferor Company") (a wholly owned subsidiary company
of the Company) with the Company ("Scheme") has been approved by the Hon'ble National Company Law Tribunal, Mumbai vide its
order dated April 06, 2026 ('Order'). The appointed date for the Scheme is November 7, 2024 and is treated as an adjusting event.
Since the said transaction is a common control transaction, it has been accounted using the pooling of interest method as per Ind AS
103 and the comparative information included in these financial has been adjusted to give effect of the merger of Transferor Company
with effect from November 7, 2024.
NOTE 48. ADVANCES AND DEPOSITS_
Advances to Vendors and Security deposits comprise advances/deposits of ' 36,547.05 lakh (' 48,652.31 lakh) towards land and
transferable development rights ('projects').
Having regard to the nature of business, these include amounts relating to projects that could take a substantial period of time to
conclude. Management has evaluated the status of these projects and is confident of performance of obligations of the counter-parties.
In view of the management, these advances are in accordance with the normal trade practice and are not in the nature of loans or
advance in the nature of loans.
NOTE 49. DAILY BACKUP OF BOOKS OF ACCOUNTS AND AUDIT TRAIL_
(a) The Company has maintained proper books of account as prescribed under Section 128(1) of the Companies Act, 2013 (as
amended). The books of accounts are maintained in electronic mode as required under Section 128 (1) of the Companies Act,
2013 read with the Companies (Accounts) Rules, 2014 (as amended). Back-ups of books of account and other relevant books
and papers maintained in electronic mode is kept as per the policy of the Company. The back-up of the accounting system is
kept in a server physically located in India and is taken on a daily basis, except for one software relating to hospitality segment
where backup is taken from July 1, 2025.
(b) The Company has migrated from SAP ECC version to upgraded version of SAP S/4 HANA accounting software during the
year. The Company has used accounting software for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software. For
four accounting software used by the Company (Opera, Birchstreet, Simphony and Peoplesoft) for its hospitality segment under
arrangement with hotel operator, in the absence of details relating to audit trail, management is not able to determine whether
audit trail feature is enabled for direct changes to data when using certain access rights made to respective database. There
were no instances of audit trail feature being tampered with in respect of these software. Additionally, the audit trail of prior
year has been preserved by the Company as per the statutory requirements for record retention to the extent enabled, except
for Simphony software.
NOTE 50. POLITICAL CONTRIBUTION_
During the previous year, the Company had made contribution of ' 100.00 lakh to Bharatiya Janta Party, which was included in
donation expenses. No such contribution is made in the current year.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period,
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
company (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
#Expressions Realty Private Limited, Integrus Realty Private Limited is wholly owned subsidiary of the Company. Saldanha Infrastructure
LLP is joint venture of Expressions Realty Private Limited and Pursuit Realty LLP is subsidiary of the Integrus Realty Private Limited.
(vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(vii) The Company has not been declared wilful defaulter by any bank or financial institution or other lender.
(viii) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.
Astir Realty LLP and Sight Realty Private Limited (entities wholly owned by the Company) had applied for voluntary strike off under the
provisions of the Limited Liability Partnership Act, 2008 and the Companies Act, 2013 on March 19, 2025 and April 24, 2025,
respectively. During the year, Astir Realty LLP was struck off with effect from May 26, 2025 and Sight Realty Private Limited was struck
off with effect from July 01, 2025 pursuant to approval received from the Ministry of Corporate Affairs.
NOTE 54. PROCEEDS OF ISSUE_
In October 2024, the Company allotted 40,000 7.95% Redeemable non-convertible debentures (NCDs) (Series I) of ' 1.00 lakh
each amounting to ' 40,000.00 lakh, 50,000 8.00% Redeemable non-convertible debentures (NCDs) (Series II) of ' 1.00 lakh each
amounting to ' 50,000.00 lakh and 60,000 8.05% Redeemable non-convertible debentures (NCDs) (Series III) of ' 1.00 lakh each
amounting to ' 60,000.00 lakh, respectively through private placement. The issue proceeds have been fully utilised in accordance
with the objects of the issue in following manner (i) utilised towards acquisition of land and related assets including payments of Joint
Development Agreements ' 1,49,474.81 lakh, (ii) towards issue expenses ' 525.99 lakh. The interest is payable quarterly. The
Company has an option to redeem these NCDs prior to the scheduled redemption date on certain predetermined dates.
These Debentures are secured by (i) mortgage of the unsold identified residential units (inventories) in 2 projects of the Company and (ii)
charge on receivables and Escrow Account into which receivables are deposited from the sale of flats in 2 projects of the Company.
The security cover as required under the terms of the issue of the said Debentures was maintained (refer note 20).
NOTE 55. INVESTMENTS_
I-Ven Realty Limited ("IVRL") is a joint venture of the Company in which it held 50% ownership interest. Pursuant to the Share Subscription
Agreement dated March 20, 2025 entered into between, inter alia, IVRL, the Company and an external investor, the investor invested
' 1,25,000 lakh for a 21.74% ownership interest in IVRL during the year. Consequently, the Company's holding in IVRL stands reduced
to 39.13% on a fully diluted basis and the effect of the said transaction has been appropriately considered in these financial statements.
NOTE 56._
Previous year figures have been regrouped, re-arranged and re-classified wherever necessary to conform to current year's classification.
The accompanying notes form an integral part of the financial statements
As per our report of even date
For S R B C & CO LLP For and on behalf of the Board of Directors
Chartered Accountants
Firm Registration Number 324982E/E300003
per Anil Jobanputra Vikas Oberoi Prafulla Chhajed
Partner Chairman & Managing Director Director
Membership No.: 110759 DIN 00011701 DIN 03544734
Saumil Daru Bhaskar Kshirsagar
Director - Finance cum Chief Financial Officer Company Secretary
DIN 03533268 M No. A19238
Mumbai, May 08, 2026 Mumbai, May 08, 2026
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