2.15 Provisions

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result of
a past event, it is probable that the Company will be
required to settle the obligation, and a reliable estimate
can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate
of the consideration required to settle the present
obligation at the end of the reporting period, taking
into account the risks and uncertainties surrounding the
obligation.

If the effect of the time value of money is material,
provisions are discounted to reflect its present value
using a current pre-tax rate that reflects the current
market assessment of the time value of money and the
risks specific to the obligation. When discounting is used
the increase in the provisions due to the passage of time
is recognised as finance cost.

When some or all of the economic benefits required to
settle a provision are expected to be recovered from a

third party, a receivable is recognised as an asset if it is
virtually certain that reimbursement will be received and
the amount of the receivable can be measured reliably.

Onerous contracts

Present obligations arising under onerous contracts are
recognised and measured as provisions. An onerous
contract is considered to exist where the Company has a
contract under which the unavoidable costs of meeting
the obligations under the contract exceed the economic
benefits expected to be received from the contract.

2.16 Contingent liabilities and Contingent assets

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed by the
occurrence or non-occurrence of one or more uncertain
future events beyond the control of the Company or a
present obligation that is not recognised because it is not
probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount
cannot be made. The Company does not recognise a
contingent liability, but discloses its existence in the
standalone financial statements.

Contingent assets are neither recognised nor disclosed
except when realisation of income is virtually certain,
related asset is disclosed.

2.17 Cash and cash equivalents

Cash and cash equivalents for the purpose of Standalone
Cash Flow Statement comprises cash on hand, cash at
bank and short-term deposits with banks with an original
maturity of three months or less, which are subject to an
insignificant risk of changes in value.

2.18 Cost of revenue

Cost of constructed properties includes cost of land/
development rights, construction and development
costs, borrowing costs and direct overheads, which is
charged to the standalone statement of profit and loss
based on the corresponding revenue recognized from
sale of unit on proportionate basis.

2.19 Earnings per share

Basic earnings per share is computed by dividing the net

profit for the year attributable to the equity shareholders
of the Company by the weighted average number of
equity shares outstanding during the year. The weighted
average number of equity shares outstanding during the
period and for all period presented is adjusted for events,
such as bonus shares, that have changed the number
of equity shares outstanding without a corresponding
change in resources.

Diluted earnings per share is computed by dividing the
net profit for the year attributable to equity shareholders
as adjusted for dividend, interest and other charges to
expense or income (net of any attributable taxes) relating
to the dilutive potential equity shares, by the weighted
average number of equity shares considered for deriving
basic earnings per share and the weighted average
number of equity shares which could have been issued
on the conversion of all dilutive potential equity shares.
Potential equity shares are deemed to be dilutive only if
their conversion to equity shares would decrease the net
profit per share from continuing ordinary operations.

2.20 Foreign currency translations

The standalone financial statements are presented in
Indian Rupee, the functional and presentation currency
of the Company.

Transactions in foreign currencies entered into by the
Company are recorded at the exchange rates prevailing
on the date of the transaction or at rates that closely
approximate the rate at the date of the transaction.

Foreign currency monetary items of the Company,
outstanding at the reporting date are restated at the
exchange rates prevailing at the reporting date. Non¬
monetary items denominated in foreign currency, are
reported using the exchange rate at the date of the
transaction.

Exchange differences arising on settlement / restatement
of foreign currency monetary assets and liabilities of the
Company are recognised as income or expense in the
Standalone Statement of Profit and Loss.

2.21 Current/non-current classification

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

asset is treated as current when it is:

• Expected to be realised or intended to be sold or
consumed in normal operating cycle;

• Held primarily for the purpose of trading;

• Expected to be realised within twelve months after
the reporting period;

• Cash and cash equivalents 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 treated as current when:

• It is expected to be settled in normal operating cycle;

• It is held primarily for the purpose of trading;

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

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

All other liabilities are classified as non-current.

2.22 Operating cycle

The operating cycle is the time gap between the
acquisition of the asset 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 acquisition of assets and their realisation in cash
or cash equivalents, the Company has determined its
operating cycle as 48 months for real estate projects and
12 months for others for the purpose of classification of
its assets and liabilities as current and non-current.

2.23 Optionally convertible redeemable preference shares
and compulsorily convertible debentures

i) Optionally convertible redeemable preference
shares

Optionally convertible redeemable preference share
issued by wholly owned subsidiaries are accounted

as investment carried at cost. In such instruments,
preference shares are convertible with the option
of company at any time before expiry of stipulated
period from the date of issue into such number
as defined in the agreement. This share shall be
mandatorily redeemed by subsidiaries companies
on expiry of defined period from the date of issue.
Amount is fixed at upfront and conversion will be
into fixed number of shares.

ii) Compulsorily convertible debentures

Compulsorily convertible debentures issued by
wholly owned subsidiaries are accounted as equity
instrument carried at cost based upon the terms
of the contract. These instruments are convertible
into fixed number of equity shares within the term
stipulated in contract at the option of holder. Amount
is fixed at upfront and conversion will be into fixed
number of shares.

2.24 Financial instruments

Financial assets and financial liabilities are recognised
when the Company becomes a party to the contractual
provisions of the instruments.

Financial assets and financial liabilities are initially
measured at fair value. Transaction costs that are directly
attributable to the acquisition or issue of financial assets
and financial liabilities (other than financial assets and
financial liabilities at fair value through profit or loss) are
added to or deducted from the fair value of the financial
assets or financial liabilities, as appropriate, on initial
recognition. Transaction costs directly attributable to the
acquisition of financial assets or financial liabilities at fair
value through profit or loss are recognised immediately
in profit or loss.

2.25 Financial assets

All regular way purchases or sales of financial assets
are recognised and derecognised on a trade date basis.
Regular way purchases or sales are purchases or sales of
financial assets that require delivery of assets within the
time frame established by regulation or convention in the
marketplace.

All recognised financial assets are subsequently measured
in their entirety at either amortised cost or fair value,
depending on the classification of the financial assets.

Classification of financial assets

Debt instruments that meet the following conditions
are subsequently measured at amortised cost (except
for debt instruments that are designated as at fair value
through profit or loss on initial recognition):

• the asset is held within a business model whose
objective is to hold assets in order to collect
contractual cash flows; and

• the contractual terms of the instrument give rise on
specified dates to cash flows that are solely payments
of principal and interest on the principal amount
outstanding.

All other financial assets are subsequently measured at
fair value.

Effective interest method

The effective interest method is a method of calculating
the amortised cost of a debt instrument and of allocating
interest income over the relevant period. The effective
interest rate is the rate that exactly discounts estimated
future cash receipts (including all fees and points paid or
received that form an integral part of the effective interest
rate, transaction costs and other premiums or discounts)
through the expected life of the debt instrument, or,
where appropriate, a shorter period, to the gross carrying
amount on initial recognition.

Income is recognised on an effective interest basis for debt
instruments other than those financial assets classified as
at FVTPL. Interest income is recognised in profit or loss
and is included in the "Other income" line item.

Investments in equity instruments at FVTOCI

On initial recognition, the Company can make an
irrevocable election (on an instrument-by-instrument
basis) to present the subsequent changes in fair value in
other comprehensive income pertaining to investments
in equity instruments. This election is not permitted if
the equity investment is held for trading. These elected
investments are initially measured at fair value plus

transaction costs. Subsequently, they are measured at
fair value with gains and losses arising from changes in
fair value recognised in other comprehensive income
and accumulated in the 'Reserve for equity instruments
through other comprehensive income'. The cumulative
gain or loss is not reclassified to profit or loss on disposal
of the investments.

A financial asset is held for trading if:

• i t has been acquired principally for the purpose of
selling it in the near term; or

• on initial recognition it is part of a portfolio of
identified financial instruments that the Company
manages together and has a recent actual pattern of
short-term profit-taking; or

• it is a derivative that is not designated and effective
as a hedging instrument or a financial guarantee.

Dividends on these investments in equity instruments are
recognised in profit or loss when the Company's right to
receive the dividends is established, it is probable that the
economic benefits associated with the dividend will flow
to the entity, the dividend does not represent a recovery
of part of cost of the investment and the amount of
dividend can be measured reliably. Dividends recognised
in profit or loss are included in the 'Other income' line
item.

Financial assets at fair value through profit or loss
(FVTPL)

Investments in equity instruments are classified as at
FVTPL, unless the Company irrevocably elects on initial
recognition to present subsequent changes in fair value
in other comprehensive income for investments in equity
instruments which are not held for trading

Financial assets at FVTPL are measured at fair value at the
end of each reporting period, with any gains or losses
arising on remeasurement recognised in profit or loss. The
net gain or loss recognised in profit or loss incorporates
any dividend or interest earned on the financial asset
and is included in the 'Other income' line item. Dividend
on financial assets at FVTPL is recognised when the
Company's right to receive the dividends is established,
it is probable that the economic benefits associated with

the dividend will flow to the entity, the dividend does not
represent a recovery of part of cost of the investment and
the amount of dividend can be measured reliably.

Impairment of financial assets

The Company applies the expected credit loss model for
recognising impairment loss on financial assets measured
at amortised cost, lease receivables, trade receivables,
other contractual rights to receive cash or other financial
asset, and financial guarantees not designated as at
FVTPL.

Expected credit losses are the weighted average of credit
losses with the respective risks of default occurring as
the weights. Credit loss is the difference between all
contractual cash flows that are due to the Company in
accordance with the contract and all the cash flows that
the Company expects to receive (i.e. all cash shortfalls),
discounted at the original effective interest rate (or
credit -adjusted effective interest rate for purchased or
originated credit-impaired financial assets). The Company
estimates cash flows by considering all contractual terms
of the financial instrument (for example, prepayment,
extension, call and similar options) through the expected
life of that financial instrument.

The Company measures the loss allowance for a financial
instrument at an amount equal to the lifetime expected
credit losses if the credit risk on that financial instrument
has increased significantly since initial recognition. If the
credit risk on a financial instrument has not increased
significantly since initial recognition, the Company
measures the loss allowance for that financial instrument
at an amount equal to 12-month expected credit losses.
12-month expected credit losses are portion of the life¬
time expected credit losses and represent the lifetime
cash shortfalls that will result if default occurs within the
12 months after the reporting date and thus, are not cash
shortfalls that are predicted over the next 12 months.

If the Company's measured loss allowance for a financial
instrument at lifetime expected credit loss model in the
previous period, but determines at the end of a reporting
period that the credit risk has not increased significantly
since initial recognition due to improvement in credit
quality as compared to the previous period, the Company
again measures the loss allowance based on 12-month

expected credit losses.

When making the assessment of whether there has
been a significant increase in credit risk since initial
recognition, the Company uses the change in the risk of
a default occurring over the expected life of the financial
instrument instead of the change in the amount of
expected credit losses. To make that assessment, the
Company compares the risk of a default occurring on the
financial instrument as at the reporting date with the risk
of a default occurring on the financial instrument as at the
date of initial recognition and considers reasonable and
supportable information, that is available without undue
cost or effort, that is indicative of significant increases in
credit risk since initial recognition.

For trade receivables or any contractual right to
receive cash or another financial asset that result from
transactions that are within the scope of Ind AS 11 and Ind
AS 18, the Company always measures the loss allowance
at an amount equal to lifetime expected credit losses.

Further, for the purpose of measuring lifetime expected
credit loss allowance for trade receivables, the Company
has used a practical expedient as permitted under Ind
AS 109. This expected credit loss allowance is computed
based on a provision matrix which takes into account
historical credit loss experience and adjusted for forward¬
looking information.

Derecognition of financial assets

The Company derecognises a financial asset when
the contractual rights to the cash flows from the asset
expire, or when it transfers the financial asset and
substantially all the risks and rewards of ownership
of the asset to another party. If the Company neither
transfers nor retains substantially all the risks and rewards
of ownership and continues to control the transferred
asset, the Company recognises its retained interest in the
asset and an associated liability for amounts it may have
to pay. If the Company retains substantially all the risks
and rewards of ownership of a transferred financial asset,
the Company continues to recognise the financial asset
and also recognises a collateralised borrowing for the
proceeds received.

On derecognition of a financial asset in its entirety, the
difference between the asset's carrying amount and the
sum of the consideration received and receivable and the
cumulative gain or loss that had been recognised in other
comprehensive income and accumulated in equity is
recognised in profit or loss if such gain or loss would have
otherwise been recognised in profit or loss on disposal of
that financial asset.

On derecognition of a financial asset other than in its
entirety (e.g. when the Company retains an option to
repurchase part of a transferred asset), the Company
allocates the previous carrying amount of the financial
asset between the part it continues to recognise under
continuing involvement, and the part it no longer
recognises on the basis of the relative fair values of those
parts on the date of the transfer. The difference between
the carrying amount allocated to the part that is no longer
recognised and the sum of the consideration received for
the part no longer recognised and any cumulative gain
or loss allocated to it that had been recognised in other
comprehensive income is recognised in profit or loss if
such gain or loss would have otherwise been recognised
in profit or loss on disposal of that financial asset. A
cumulative gain or loss that had been recognised in other
comprehensive income is allocated between the part
that continues to be recognised and the part that is no
longer recognised on the basis of the relative fair values
of those parts.

Foreign exchange gains and losses

The fair value of financial assets denominated in a foreign
currency is determined in that foreign currency and
translated at the spot rate at the end of each reporting
period.

• For foreign currency denominated financial assets
measured at amortised cost and FVTPL, the exchange
differences are recognised in profit or loss except for
those which are designated as hedging instruments
in a hedging relationship.

• Changes in the carrying amount of investments in
equity instruments at FVTOCI relating to changes
in foreign currency rates are recognised in other
comprehensive income.

• For the purposes of recognising foreign exchange

gains and losses, FVTOCI debt instruments are treated
as financial assets measured at amortised cost. Thus,
the exchange differences on the amortised cost are
recognised in profit or loss and other changes in the
fair value of FVTOCI financial assets are recognised in
other comprehensive income.

2.26 Financial liabilities and equity instruments

Classification as debt or equity

Debt and equity instruments issued by the Company
are classified as either financial liabilities or as equity
in accordance with the substance of the contractual
arrangements and the definitions of a financial liability
and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a
residual interest in the assets of an entity after deducting
all of its liabilities. Equity instruments issued by the
Company are recognised at the proceeds received, net of
direct issue costs.

Repurchase of the Company's own equity instruments
is recognised and deducted directly in equity. No gain
or loss is recognised in profit or loss on the purchase,
sale, issue or cancellation of the Company's own equity
instruments.

Financial liabilities

All financial liabilities are subsequently measured at
amortised cost using the effective interest method or at
FVTPL.

However, financial liabilities that arise when a transfer
of a financial asset does not qualify for derecognition
or when the continuing involvement approach applies,
financial guarantee contracts issued by the Company, and
commitments issued by the Company to provide a loan
at below-market interest rate are measured in accordance
with the specific accounting policies set out below.

Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the
financial liability is either contingent consideration
recognised by the Company as an acquirer in a business

combination to which Ind AS 103 applies or is held for
trading or it is designated as at FVTPL.

A financial liability is classified as held for trading if:

• i t has been incurred principally for the purpose of
repurchasing it in the near term; or

• on initial recognition it is part of a portfolio of
identified financial instruments that the Company
manages together and has a recent actual pattern of
short-term profit-taking; or

• it is a derivative that is not designated and effective
as a hedging instrument.

A financial liability other than a financial liability held for
trading or contingent consideration recognised by the
Company as an acquirer in a business combination to
which Ind AS 103 applies, may be designated as at FVTPL
upon initial recognition if:

• such designation eliminates or significantly reduces
a measurement or recognition inconsistency that
would otherwise arise;

• the financial liability forms part of a group of
financial assets or financial liabilities or both, which
is managed and its performance is evaluated on a
fair value basis, in accordance with the Company's
documented risk management or investment
strategy, and information about the grouping is
provided internally on that basis; or

• i t forms part of a contract containing one or more
embedded derivatives, and Ind AS 109 permits the
entire combined contract to be designated as at
FVTPL in accordance with Ind AS 109.

Financial liabilities at FVTPL are stated at fair value, with
any gains or losses arising on remeasurement recognised
in profit or loss. The net gain or loss recognised in profit
or loss incorporates any interest paid on the financial
liability and is included in the 'Other income' line item.

However, for non-held-for-trading financial liabilities that
are designated as at FVTPL, the amount of change in the
fair value of the financial liability that is attributable to
changes in the credit risk of that liability is recognised

in other comprehensive income, unless the recognition
of the effects of changes in the liability's credit risk in
other comprehensive income would create or enlarge an
accounting mismatch in profit or loss, in which case these
effects of changes in credit risk are recognised in profit
or loss. The remaining amount of change in the fair value
of liability is always recognised in profit or loss. Changes
in fair value attributable to a financial liability's credit risk
that are recognised in other comprehensive income are
reflected immediately in retained earnings and are not
subsequently reclassified to profit or loss.

Gains or losses on financial guarantee contracts and loan
commitments issued by the Company that are designated
by the Company as at fair value through profit or loss are
recognised in profit or loss.

Financial liabilities subsequently measured at
amortised cost

Financial liabilities that are not held-for-trading and are not
designated as at FVTPL are measured at amortised cost at
the end of subsequent accounting periods. The carrying
amounts of financial liabilities that are subsequently
measured at amortised cost are determined based on
the effective interest method. Interest expense that is not
capitalised as part of costs of an asset is included in the
'Finance costs' line item.

The effective interest method is a method of calculating
the amortised cost of a financial liability and of allocating
interest expense over the relevant period. The effective
interest rate is the rate that exactly discounts estimated
future cash payments (including all fees and points paid
or received that form an integral part of the effective
interest rate, transaction costs and other premiums or
discounts) through the expected life of the financial
liability or (where appropriate) a shorter period, to the
gross carrying amount on initial recognition.

Financial guarantee contracts

A financial guarantee contract is a contract that requires
the issuer to make specified payments to reimburse the
holder for a loss it incurs because a specified debtor fails
to make payments when due in accordance with the
terms of a debt instrument.

Financial guarantee contracts issued by the Company are
initially measured at their fair values and, if not designated
as at FVTPL, are subsequently measured at the higher of:

• the amount of loss allowance determined in
accordance with impairment requirements of Ind AS
109; and

• the amount initially recognised less, when
appropriate, the cumulative amount of income
recognised in accordance with the principles of Ind
AS 18.

Commitments to provide a loan at a below-market
interest rate

Commitments to provide a loan at a below-market
interest rate are initially measured at their fair values and,
if not designated as at FVTPL, are subsequently measured
at the higher of:

• the amount of loss allowance determined in
accordance with impairment requirements of Ind AS
109; and

• the amount initially recognised less, when
appropriate, the cumulative amount of income
recognised in accordance with the principles of Ind
AS 18.

Foreign exchange gains and losses

For financial liabilities that are denominated in a foreign
currency and are measured at amortised cost at the end
of each reporting period, the foreign exchange gains and
losses are determined based on the amortised cost of the
instruments and are recognised in 'Other income'

The fair value of financial liabilities denominated in a
foreign currency is determined in that foreign currency
and translated at the spot rate at the end of the reporting
period. For financial liabilities that are measured as at
FVTPL, the foreign exchange component forms part of
the fair value gains or losses and is recognised in profit
or loss.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and
only when, the Company's obligations are discharged,

cancelled or have expired. An exchange between with
a lender of debt instruments with substantially different
terms is accounted for as an extinguishment of the
original financial liability and the recognition of a new
financial liability. Similarly, a substantial modification
of the terms of an existing financial liability (whether or
not attributable to the financial difficulty of the debtor)
is accounted for as an extinguishment of the original
financial liability and the recognition of a new financial
liability. The difference between the carrying amount of
the financial liability derecognised and the consideration
paid and payable is recognised in profit or loss.

3. SIGNIFICANT ACCOUNTING JUDGEMENTS,
ESTIMATES AND ASSUMPTIONS

The preparation of the standalone financial statements
in conformity with recognition and measurement
principles of Ind AS requires the Management to make
judgments, estimates and assumptions considered in
the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and
expenses during the year. The Management believes that
these assumptions and estimates used in preparation
of the standalone financial statements are prudent
and reasonable. Future results could differ due to these
estimates and the differences between the actual results
and the estimates are recognised in the periods in which
the results are known/materialise.

3.1 Revenue recognition

Recognition of revenue at a point in time based on
satisfaction of performance obligation requires estimates
and judgements regarding timing of satisfaction of
performance obligation, allocation of cost incurred to
segment/units and the estimated cost for completion of
some final pending works.

3.2 Net realisable value of inventory

Inventory of real estate property including work-in¬
progress is valued at lower of cost and net realisable
value (NRV). NRV of completed property is assessed
by reference to market prices existing at the reporting
date and based on comparable transactions made by
the Company and/or identified by the Company for
properties in same geographical area. NRV of properties
under construction/development is assessed with

reference to marked value of completed property as at
the reporting date less estimated cost to complete. The
effect of changes is recognised in the standalone financial
statements during the period in which such changes are
determined.

3.3 Deferred tax assets

Recognition of deferred tax assets is based on estimates
of taxable profits in future years. The Company prepares
detailed cash flow and profitability projections, which are
reviewed by audit committee and the board of directors
of the Company.

3.4 Valuation of investments in subsidiaries

Investments in subsidiaries are carried at cost. The
management estimates the indicators of impairment
of such investments. This requires assessment of key
assumptions used in calculation of cash flows, sale price,
discount rate etc., which may effect the estimation of
impairment in value of investments.

3.5 Others

Significant judgements and other estimates and
assumptions that may have the significant effect on the
carrying amount of assets and liabilities in future years
are:

a. Classification of property as investment property or
inventory

b. Measurement of defined benefit obligations

c. Useful life of property, plant and equipment

d. Measurement of contingent liabilities and expected
cash outflows

e. Provision for diminution in value of long-term
investments

f. Provision for expected credit losses

g. Impairment provision for intangible assets

4. RECENT ACCOUNTING PRONOUNCEMENTS

4.1 Ministry of Corporate Affairs ("MCA") notifies new
standards or amendments to the existing standards
under Companies (Indian Accounting Standards) Rules as
issued from time to time. For the year ended 31 March,
2025, MCA has notified Ind AS-117 Insurance Contracts
and amendments to Ind AS 116 - Leases, relating to sale
and leaseback transactions, applicable to the Company
w.e.f. 1 April, 2024. The Company has reviewed the
new pronouncements and based on its evaluation has
determined that it does not have any material impact in
its financial statements.

4.2 There is no standard issued but not yet effective as on
date which is effective from next year.

i) Fair Value of the Company's investment properties

The investment properties consist of 53 No's commercial properties in India.

As at 31 March, 2025 and 31 March, 2024 the fair values of the properties are Rs. 3,432.63 lakhs and Rs. 3,286.66 lakhs
respectively as estimated by the Management based on sale comparable method which compares the price or price per unit
of similar properties being sold in the market place and adjusted to discounts as estimted by the Management.

The Company has no restrictions on the realisability of its investment properties and no contractual obligations to purchase,
construct or develop investment properties or for repairs, maintenance and enhancements.

Details of the investment properties and information about the fair value hierarchy as at 31 March, 2025 and 31 March, 2024
are as follows:

a. Assets on Build-operate-transfer (BOT) basis

Intangible assets comprises buildings constructed on 'Build-operate-Transfer' (BOT) basis. The company has unconditional
right to use/lease such assets during the specified period. After expiry of specified period, these assets will get transferred to
licensor without any consideration. Since, the Company has no ownership rights over these assets and has limited right of
use during the specified period, these assets are classified as intangible assets.

b. Intangible assets under development

Intangible assets (BOT) which are not ready for intended use as on the date of Balance Sheet are disclosed as 'Intangible
assets under development'

b. ^Projects temporarily suspended

The Company has entered into concession agreements with Delhi Metro Rail Corporation Limited (DMRC) for various
projects on Build-Operate-Transfer (BOT) basis.

In case of one project, viz. Welcome Mall, construction activities had to be suspended as the property development
area allotted to the Company was infringing the proposed line of Metro Station to be constructed by DMRC under
phase III. Consequently, the construction activities could not be restarted due to DMRC's inability to provide necessary
clarifications regarding FAR availability on the property development area and final approved revised layout plan from
MCD. The Company has invoked the Arbitration clause under the concession agreement. The Arbitral Tribunal has
pronounced the Award and as per the Award, the Arbitral Tribunal has partly allowed the claims sought by the company
and rejected all the counter claims sought by DMRC. DMRC has filed a Petition under section 34 of the Arbitration and
Conciliation Act, 1996 before Delhi High Court for setting aside the Arbitral Award passed by the Arbitral Tribunal. The
petition is now listed for arguments. DMRC has issued cure-cum-termination notice which has been challenged by the
company with Delhi High Court and the company has withdrawn the petition [(refer note 41(b)].

In case of another project situated at Seelampur Metro Station, construction activities had to be suspended because due
to delays in getting sanction plans from MCD for want of NOC from Government Agencies, the Company sought waiver
of recurring payment liability for the disputed period from DMRC. Since an amicable solution could not be reached
out between the Company and DMRC, the company invoked the Arbitration clause under the concession agreement.
Arbitral Tribunal announced the award in favour of DMRC. The matter is presently pending before the Delhi High Court
and the proceedings are going on [(refer note 41(c)].

In case of another project situated at Azadpur Metro Station, construction activities had to be suspended because due to
default by DMRC, The company has not made payments to DMRC. DMRC has issued a letter for termination of contract
with the company. The company has invoked the Arbitration clause under the concession agreement and the arbitration
proceedings are going on [refer note 41(d)]

Hence, construction activities of the above projects classified as 'Intangible assets under development' have been
temporarily suspended. As a result, the estimated expenses to be incurred on the projects amounting to Rs. 23,458.28
lakhs (previous year Rs. 12,289.51 lakhs) shall also remain suspended till conclusion of legal proceedings. Therefore, the
disclosure in the required format as per Schedule III is not ascertainable and is not disclosed.

* Investment in these shares are subject to non disposal undertakings furnished in favour of Investors for investments made in
the respective companies.

# Parsvnath Rail Land project Private limited is considered as a Subsidiary on the basis of voting Power in the said Company.

@ 49% of the Equity Shares are pledged with non-banking financial companies / debenture trustees towards securities against
loans taken / debentures issued.

€ 71,916 shares out of 1,20,000 are pledged as a security for Term Loan from NBFC.

$ The securities have been pledged with non-banking financial companies / debenture trustees towards securities against loans
taken / debentures issued.

Details of subsidiaries, limited liability partnership and associates

Details of each of the Company's material subsidiary, limited liability partnership and associates at the end of the year are as
follows:

1. The average credit period is 30 to 45 days. For payments, beyond credit period, interest is charged as per the terms of
Agreement with Buyers.

2. The real estate invoicing are made on the basis of cash down payment or construction linked payment plans. In case of
construction linked payment plans, invoice is raised on the customer in accordance with milestones achieved as per the
flat buyer agreement. The final possession of the property is offered to the customer subject to payment of full value of
consideration. The possession of the property remains with the Company till full payment is realised. Accordingly, the
Company does not expect any credit losses. Further, in case of trade receivables related to leased premises, it is secured
against securtiy deposit received from tenants. Therefore, expected credit loss was not considered in such cases.

(i) Rights, preferences and restrictions attached to equity shares:

The Company has issued only one class of equity shares having a par value of Rs. 5 per share. Each holder of equity shares
is entitled to one vote per share held. The dividend, if any, proposed by the Board of Directors is subject to approval of the
shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all
preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Note: The construction activities in respect of three projects in progress classified as 'Intangible assets under development'
has been suspended because of arbitration proceedings are going on between DMRC and the Company. The construction
activities shall remain suspended till conclusion of the arbitration proceedings. As a result, the estimated expenses to
be incurred on such projects amounting to Rs. 23,458.28 lakhs shall also remain suspended till conclusion of arbitration
proceedings.

b. The Company has other commitments, for purchase orders which are issued after considering requirements as per the
operating cycle for purchase of goods and services, in the normal course of business.

39 The Company did not have any long-term contracts including derivative contracts for which there are any material foreseeable
losses.

40 There were no amounts which were required to be transferred to the Investor Education and Protection Fund, during the year.

41 a. The Company has entered into concession agreements with Delhi Metro Rail Corporation Limited (DMRC) for various projects

on Build-Operate-Transfer (BOT) basis. In case of Tis Hazari project, the Company was unable to commercially utilise the
properties due to lack of clarity between DMRC and Municipal Corporation of Delhi (MCD) with respect to authority for
sanction of building plans. In view of the delay, the Company has sought concessions from DMRC and has invoked the
Arbitration clause under the concession agreement in case of this project. The Arbitral Tribunal has announced its award in
favour of DMRC. The Company has filed an appeal in the Delhi High Court against this award and the proceedings are going
on. On the last date of hearing held on 1 August, 2025, arguments have been heard at length and the matter is reserved for
Judgment. Pending final decision, the company has not provided for license fees amounting to Rs. 189.79 lakhs (previous
year Rs. 189.79 lakhs) and has shown the same under contingent liabilities.

b. In case of another project, viz. Welcome Mall, construction activities had to be suspended as the property development
area allotted to the Company was infringing the proposed line of Metro Station to be constructed by DMRC under phase III.
Consequently, the construction activities could not be restarted due to DMRC's inability to provide necessary clarifications
regarding FAR availability on the property development area and final approved revised layout plan from MCD. The Company
invoked the Arbitration clause under the concession agreement. DMRC vide letter dated 04 March, 2022 issued a termination
notice thereby terminating the Concession agreement with effect from 12 March, 2022. The Tribunal vide order dated 13 April,
2022 directed DMRC to maintain status quo till conclusion of arbitration proceedings. The Arbitral Tribunal has pronounced
the Award and as per the Award, the Arbitral Tribunal has partly allowd the claims sought by the company and rejected all
the counter claims sought by DMRC. Pursuant to publication of the Award, DMRC has filed an Application under section 33
of the Arbitration & Conciliation Act, 1996 seeking correction as well as interpretation of the Award. The Arbitral Tribunal,
while disposing off the Application of DMRC, has decided to make corrections to the inadvertent mistakes which have taken
place in the Award and refused to give any interpretation / clarification as sought by DMRC on the basis that the Award is
self-explanatory.

DMRC has filed a Petition under section 34 of the Arbitration and Conciliation Act, 1996 before Delhi High Court for setting
aside the Arbitral Award dated 8 October, 2023 corrected on 23 March, 2024 passed by the Arbitral Tribunal. The petition is
now listed for arguments on 9 September, 2025. Meanwhile, DMRC vide letter dated 30 September, 2024 issued a cure-cum-
termination notice to deposit the outstanding dues alongwith interest and also called upon us to submit escalated security

deposit without any basis whatsoever. Subsequently, the Company has filed a petition under section 9 of the Arbitration
& Conciliation Act, 1996 before the Delhi High Court seeking interim reliefs. The Delhi High Court listed the petition on 22
January, 2025. DMRC filed a revised calculation sheet after excluding interest charged for the Zero period. The Company
sought time to respond to DMRC's revised calculation sheet. The case was heard on 15 May, 2025, wherein the Company
submitted that in terms of the revised calculation sheet, it is willing to withdraw the present Section 9 petition, as the Section
34 petition filed by DMRC is still pending adjudication. In view of the same, the Hon'ble High Court of Delhi vide its Order
dated 19 May, 2025 dismissed the Section 9 petition as withdrawn with liberty to approach the Hon'ble High Court in the
event any new cause of action arises and without prejudice to the rights and contentions of the Company.

In view of the above, the Company has not provided for recurring license fees amounting to Rs. 6,609.67 lakhs (previous
year Rs. 5,788.00 lakhs) and has shown the same under contingent liabilities. However, the Company has continued to carry
forward the advances / costs incurred on these projects after charging for amortisation / depreciation on periodical basis. On
the basis of legal opinion received, the management is of the view that the Company has favourable case and has considered
the Intangible asset under developement of Rs. 14,196.48 lakhs (previous year Rs. 14,115.68 lakhs) and unamortised upfront
fee of Rs. 967.95 lakhs as on 31 March, 2025 (previous year Rs. 1,046.79 lakhs) as fully realisable from future operations.

c. In case of another project, viz. Seelampur plot, the sanction of building plans by MCD got delayed for want of No Objection
Certificate (NOC) from Government agencies. Accordingly, DMRC was approached to waive the recurring payment liability
for the disputed period. Since an amicable resolution could not be reached out between the Company and DMRC, the
Company invoked "Arbitration Clause" under the concession agreement for settlement of the matter. The Arbitral Tribunal
has announced its award in favour of DMRC and directed the company to make payment of recurring fee amounting to Rs.
861 lakhs alongwith interest of Rs. 656 lakhs upto 27 January, 2017. The Arbitral Tribunal has also granted pendent-lite and
future interest at the rate of 8.30% p.a. till 30 days from the date of award i.e. 22 March, 2021 and at 10.30% p.a. thereafter.
The Company has filed an appeal in the Delhi High Court against this award and the proceedings are going on. Further,
DMRC has filed a Petiton before High Court under Section 36 of the Arbitration and Conciliation Act, seeking enforcement of
the Award. On 04 March, 2022 the Court directed PDL to deposit the awarded amount. PDL has challenged the imlpugned
order dated 04 March, 2022 passed by the High Court before the Supreme Court. The Supreme Court dismissed the SLP. The
Objections are pending consideration before the High Court of Delhi wherein Company has raised issues with respect to
independence of the Arbitral Tribunal and that the land could not be utilised because DMRC could not furnish ownership
documents because of which building plan were not sanctioned. The matter is now listed on 12 September, 2025. On the
basis of legal advice received, the management is of the opinion that the company has a favourable case before Delhi High
Court and has considered considered the amount of Rs. 4,000.55 lakhs appearing as Intangible assets under development
(previous year Rs. 2,499.07 lakhs appearing as Assets held for sale) as fully recoverable.

d. The Company is developing a BOT project situated at Azadpur Metro Station in terms of concession agreement with DMRC.
Due to defaults by DMRC, the company has not made payments to DMRC. DMRC issued a letter dated 28 February, 2022 for
termination of contract with the Company due to delay in payments. The Company invoked clause 12.2.2 of the concession
agreement for conveying amicable meeting with DMRC for amicable settlement of the dispute, however the same was denied
by DMRC. Thereafter, the company invoked the arbitration clause in terms of the Concession Agreement. Accordingly, the
ArbitralTribunal has been constituted which met on 3 June, 2024 and fixed the time schedule for filing ofpleadings by the parties.

The Company has filed its statement of claim with the Arbitrators. Presently, both parties have filed their respective Affidavits
of admission/denial of documents. Further, the parties have now been directed to file the Evidence Affidavits of their
witnesses. The proceedings for cross examination of the claimant's evidence were partly conducted on 12 August, 2025 and
1 September, 2025 and are now scheduled for 29 October, 2025, and for the respondent's evidence, they are scheduled for 29
October, 2025, 30 October, 2025, and 7 November, 2025.

In view of the above, the Company has not provided for recurring license fees amounting to Rs. 2,441.40 lakhs (previous
year Rs. 1,659.81 lakhs) and has shown the same under contingent liabilities. However, the Company has continued to carry
forward the advances / costs incurred on these projects after charging for amortisation / depreciation on periodical basis.
On the basis of legal opinion, the management is of the view that the matter will be decided in favour of the company as
the company has a strong case against DMRC due to various defaults on the part of DMRC and has therefore considered the
Intangible asset under developement of Rs. 8,097.89 lakhs (previous year Rs. 8,017.42 lakhs) and unamortised upfront fee of
Rs. 664.88 lakhs as on 31 March, 2025 (previous year Rs. 715.19 lakhs) as fully realisable from future operations.

42 The Company had entered into an 'Assignment of Development Rights Agreement' dated 28 December, 2010 with a wholly
owned subsidiary company, Parsvnath Buildwell Private Limited (subsidiary company) and Collaborators (land owners) in terms
of which the Company had assigned Development Rights of one of its project to subsidiary company on terms and conditions
contained therein.

The project has been delayed owing to hindrances created by the collaborators (land owners) leading to non-receipt of approvals
for the revised building plans. As a result, certain disputes arose with the collaborators (land owers) who sought cancellation of the
Development Agreement and other related agreements and have taken legal steps in this regard. Subsidiary company invoked
the arbitration clause and as a consequence of the land owners not appointing their nominee Arbitrator, the subsidary company
approached the High Court at Allahabad for appointment of Arbitrator under section 11 of the Arbitration and Conciliation Act.
During the pendency of section 11 petition at Allahabad High Court, the Hon'ble Supreme Court, while hearing a Civil Appeal
filed by subsidary company and the company in another matter, stayed the appointment of arbitrator by the Allahabad High
Court vide its Order dated 9 April, 2018 and further directed the land-owners to co-operate with subsidary company for getting
the building plans approved by the Ghaziabad Development Authority. Subsequently, vide Order dated 29 November, 2019,
the Hon'ble Supreme Court of India appointed a sole arbitrator to adjudicate the disputes between subsidary company and
the collaborators (land owners). The Ld. Sole Arbitrator pronounced the Arbitral Award on 18 April, 2023 and has partly allowed
the claims of subsidary company and also counter-claims of the land owners. The Ld. Sole Arbitrator also restored the physical
possession of the Project Land in favour of the land owners subject to payment of all amounts awarded under the Award to the
subsidary company.

Subsidary company has filed an appeal with Commercial Court challenging the Award by filing objections under Section 34 of
the Arbitration and Conciliation Act, 1996 on 19 August, 2023. The final hearing in the matter was held on 1 March, 2024. The Ld.
Commercial Court vide its order dated 8 July, 2024 allowed the objections filed by the subsidiary company thereby setting aside
the Impugned Award dated 18 April, 2023. Subsequently, the collaborators (land owners) have filed an Appeal under section 37 of
the Arbitration and Conciliaton Act, 1996 before High Court of Judicature at Allahabad challenging the order dated 8 July, 2024 of
Commerical Court. The matter last heard on 9 January, 2025 wherein the Court has ordered to maintain status quo till pendency
of the petition pertaining to the land in question. Section 37 Petition was last listed on 4 August, 2025, since no one appeared on
behalf of the collaborators (land owners), the Court adjourned the case. Next date of hearing has not yet been fixed.

On the basis of legal opinion and considering the favourable order from Commercial Court, there is no requirement for making
provision in the value of investment of Rs. 21,076.47 lakhs (previous year Rs. 21,076.47 lakhs) and loan of Rs. 5,180.25 lakhs
(previous year Rs. 3,616.31 lakhs) given to the subsidiary company and the same is considered as good and recoverable.

43 The Company had entered into a Memorandum of Understanding (MOU) dated 22 December, 2010 with a wholly owned
subsidiary company, Parsvnath Realcon Private Limited (subsidiary company) [earlier, a wholly owned subsidiary of its subsidiary
Parsvnath Buildwell Private Limited (another subsidiary company)] in terms of which the Company had assigned development
rights of one of its project to the subsidiary company. The Company has also entered into 'Project Management Agreement' with
subsidiary company and another subsidiary company for overall management and coordination of project development. Further,
the Company has given the following undertakings to subsidiary company:

a. It shall complete the project within the completion schedule and construction cost as set out in the Agreement.

b. The project revenues from the sold area shall be at least the amount set out in the Agreement.

c In the event of construction cost overrun or revenue shortfall, the Company shall contribute such excess/shortfall amount
against allotment of equity shares or other instruments at such premium as may be mutually determined by the parties.

The progress of the project was hampered due to delay in receipt of sanction for revised building plans from South Delhi Municipal
Corporation (SDMC) which was ultimately received in November, 2019.

Since the delay in completion of the project has been caused mainly due to certain acts of commission / omission by DMRC,
the Company has invoked arbitration proceedings against DMRC and the Statement of Claim has been filed before the Arbitral
Tribunal. The Arbitral Tribunal pronounced the Award on 4 April, 2024 and has partly allowed the claims sought by the Company
and rejected the remaining claims. Subsquent to the Award, a petition under section 34 of the Arbitration and Conciliation Act,
1996 has been filed by DMRC challenging the Arbitral award. The Company has also filed a petition under section 34 of the
Arbitration and Conciliation Act, 1996 challenging the Arbitral award. Both matters are set for hearing on 12 November, 2025.

Based on legal opinion obtained, the management is of the view that loan of Rs. 4,881.22 lakhs (previous year Rs. 4,846.85 lakhs)
given to the subsidiary company, investment of Rs. 1.00 lakh (previous year Rs. 1.00 lakh) in the subsidiary company and debtors
of Rs. 1.77 lakhs (previous year Rs. 19.81 lakhs) are good and recoverable.

44 The Company had entered into a Development Agreement (DA) with Chandigarh Housing Board (CHB) for the development of
an integrated project ('the project') at Chandigarh. Owing to various factors, disputes had arisen between the Company and CHB.
Consequently, the Company had invoked the arbitration clause in the DA. Hon'ble Sole Arbitrator had pronounced the award in
January, 2015 which was accepted by the Company and the CHB. Pursuant to the arbitration award, the project was discontinued
and surrendered to CHB.

Subsequent to the acceptance and implementation of the award, it was noticed that due to a computational error in the award,
the awarded amount was deficient by approximately Rs. 14,602.00 lakhs. The matter was decided against the company by Hon'ble
Sole Arbitrator and Additional District Judge cum MACT, Chandigarh. The matter is now pending before the Hon'ble Punjab
& Haryana High Court at Chandigarh and the proceedings are going on. Next date of hearing is fixed for 03 December, 2025.
Pending decision of the Hon'ble Punjab & Haryana High Court, based on the legal advice received, the management is hopeful
for recovery and the amount of Rs. 14,046.91 lakhs (net of tax deducted at source) has been shown as recoverable and included
under 'other non-current financial assets' in note 11.

45 The Company had given an advance of Rs. 4,853.74 lakhs to one of its subsidiaries viz., Parsvnath Film City Limited (PFCL)
for execution of Multimedia-cum-Film-City Project at Chandigarh. PFCL had deposited Rs. 4,775.00 lakhs with 'Chandigarh
Administration' (CA) for acquiring development rights in respect of a plot of land admeasuring 30 acres from CA, under
Development Agreement dated 2 March, 2007 for development of a "Multimedia-cum-Film City" Complex. Since CA could not
handover the possession of the said land to PFCL, PFCL invoked the arbitration clause for seeking refund of the allotment money
paid along with compensation, cost incurred and interest thereon.

The Arbitral Panel vide its order dated 10 March, 2012, had decided the matter in favour of PFCL and awarded refund of Rs.
4,919.00 lakhs towards the earnest money paid and other expenses incurred by PFCL along with interest @ 12% per annum.
Subsequently, the CA filed a petition before the Additional District Judge at Chandigarh for setting aside the award under section
34 of The Arbitration and Conciliation Act, 1996 which was dismissed by the Hon'ble Additional District Judge (ADJ) vide his order
dated 07 May, 2015.

An Execution Petition was filed before Additional District Judge (ADJ), Chandigarh by PFCL for the execution of the Arbitral

Award. In the meantime, CA filed an appeal under section 37 of the Arbitration and Conciliation Act, 1996 before the Punjab and
Haryana High Court at Chandigarh against the orders of the ADJ, Chandigarh pertaining to the Award of Arbitral Tribunal. The
Hon'ble High Court decided that CA is entitled to cumulatively claim/recover an amount of Rs. 8,746.60 lakhs from PFCL due to
failure to develop the site and adhere to the terms of the agreements. PFCL filed a Special Leave Petition (SLP) before the Hon'ble
Supreme Court of India which was admitted and notice was issued to the Opposite Party. CA also filed a Special Leave Petition
before the Hon'ble Supreme Court of India for allowing the counter claims made by them and both the matters were tagged
together and listed before the Ld. Registrar for completion of pleadings. The matter was listed on 9 May, 2024 before the Hon'ble
Supreme Court. Despite of service of notice and granting two opportunities, there was no appearance on behalf of Chandigarh
Administration. In view of this, the Ld. Registrar passed an order directing to list both the Appeals before the Hon'ble Judge in
Chambers for passing appropriate order. The Hon'ble Supreme Court delivered its judgement on 20 March, 2025 in favour of PFCL
and same would be executed on or before 30 June, 2025. Subsequently substantial amount has been received by the PFCL in
June, 2025. Accordingly, the amount of Rs. 4,853.74 lakhs (previous year Rs. 4,818.13 lakhs) has been shown as recoverable and
included under 'Current financial assets' in note 11.

46 The Company was declared as the "Selected Bidder" for grant of lease for development of project on a plot of land at Sarai Rohilla,
Kishanganj, Delhi by 'Rail Land Development Authority' (RLDA) vide its 'Letter of Acceptance' (LOA) dated 26 November, 2010.
Parsvnath Promoters and Developers Private Limited (PPDPL) was identified as a Special Purpose Vehicle (SPV) company for
implementation of the project. Subsequently, in terms of the requirements of RLDA, another Company in the name of Parsvnath
Rail Land Project Private Limited (PRLPPL) was incorporated as the SPV to implement the project in place of PPDPL. RLDA accepted
PRLPPL as the SPV vide its letter dated 3 August, 2012.

The Company entered into agreements with PRLPPL and overseas investors during 2012 and 2013 for financing the project.

Due to multifarious reasons, including delay in the statutory approvals, PRLPPL was not able to achieve 'Financial Closure' as
per Article 7 of the Agreement which resulted in deemed termination of the agreement. The Company and PRLPPL invoked the
arbitration clause in the development agreement for recovery of amount paid to RLDA together with interest thereon on deemed
termination of the agreement and related matters and instituted three Arbitral proceedings namely Arbitration I, III & IV.

In case of Arbitration I (with respect to RLDA's liability for payment of interest to PRLPPL on installments received in excess of
and prior to RLDA's entitlement), the Arbitral Tribunal by award dated 1 June, 2018 rejected the claim filed by the Company and
PRLPPL. The Company and PRLPPL have filed an appeal before the Hon'ble Delhi High Court against the said award and the
proceedings are going on. The matter was listed on 17.02.2025 for final arguments. However, arguments were not advanced
and RLDA filed application to place on record additional documents. The matter is now listed on 8 September, 2025 for final
arguments.

In case of Arbitration III, the Arbitral award dated 21 April, 2023 and modified on 15 September, 2023 has been decided in favour
of the Company and PRLPPL. RLDA has also filed a petition under Section 34 of the Arbitration and Conciliation Act, 1996 before
Delhi High Court thereby challenging the Arbitral award dated 21 April, 2023 and subsequently modified on 15 September, 2023.
The Delhi High Court vide judgement dated 18 September, 2024 has dismissed the petition filed by RLDA. Subsequently, RLDA
has filed a petition under Section 37 of the Act thereby challenging the judgment dated 18 September, 2024. The Section 37
Petition was listed on 14 January, 2025 before Delhi High Court and the Court has issued notice and directed RLDA to deposit the
principal awarded amount along with interest @ 6.5% per annum (as per the Original Award) within a period of six weeks subject
to which, the operation of the Impugned Award shall remain stayed. RLDA has partly deposited the awarded amount with the
Delhi High Court and is yet to deposit the deficit amount. The matter is now listed on 15 September, 2025 for final hearing.

In Arbitration IV, the rejoinder arguments have been concluded, and the arbitral award was pronounced on 31 July, 2023. In
terms of the arbitral award, a total of Rs. 330.14 lakhs has been awarded in favour of the claimants, which includes expenses
for maintaining Performance Bank Guarantee of Rs. 172.27 lakhs plus Interest amount of Rs. 88.11 lakhs plus cost of arbitration
amounting to Rs. 69.75 lakhs to the Claimant within a period of 6 weeks from the date of receipt of the Award. In the event the
Responent fails to make such payment, interest at the rate of 9% per annum shall be levied from the date of this Award, until the
date of full payment. The company and PRLPPL have filed an Execution Petition to enforce the Award passed on 31 July, 2023.
RLDA has also filed a Petition under Section 34 of the Arbitration and Concilation Act thereby challenging the Award passed by
the Arbitral Tribunal. The matter is sub-judice before the Delhi High Court on the execution petition filed by the Company and
the petition challenging the award filed by RLDA. RLDA deposited a sum of Rs. 165.07 lakhs in the Court. The High Court granted
liberty to release the deposited sum in favour of the Company during the hearing on 23 July, 2024, subject to the Company
furnishing security to the satisfaction of the Registrar General. The matter was listed on 31 July, 2025 wherein the Registrar General
was apprised that the fresh security documents have been submitted, Accordingly, directions have been issued for verification
of the security and the matter was adjourned to 24 September, 2025 for the verification. The matter is now listed on 6 October,
2025 for final hearing.

Based on legal advice received, the investment in PRLPPL of Rs. 1,145.00 lakhs (previous year 1,145.00 lakhs) and loan of Rs. 38.56
lakhs (previous year Rs. 27.88 lakhs) given to PRLPPL has been considered as good and recoverable.

47 The Company has incurred cash losses during the current and previous years. Due to recession in the past in real estate sector
owing to slowdown in demand, the company faced lack of adequate sources of finance to fund execution and completion of its
ongoing projects resulting in delayed realisation from its customers. The company is facing tight liquidity situation as a result of
which there have been delays/defaults in payment to lenders, statutory liabilities, salaries to employees and other dues. However,
considering substantial improvement in real estate sector recently, the Management is of the opinion that all such issues will be
resolved in due course by required finance through alternate sources, including sale of non-core assets.

48 a. Trade receivables:

The real estate invoicing are made on the basis of cash down payment or construction linked payment plans. In case of
construction linked payment plans, invoice is raised on the customer in accordance with milestones achieved as per the
flat buyer agreement. The final possession of the property is offered to the customer subject to payment of full value of
consideration. The possession of the property remains with the Company till full payment is realised. Accordingly, the
Company does not expect any credit losses on trade receivables to the extent provided for in the books.

50 In respect of borrowings refer note no. 21(B)(b), (c) and (d) along with interest accrued but not due (refer note 23(ii)(b) of one of
the lender group, had been principally restructured and rescheduled as per settlement proposal negotiated, subject to initial
payment of Rs. 11,073.92 lakhs which has been made during the year and the remaining would be cleared before March, 2026
along with interest @ 10% p.a. on due to pay as on 1 April, 2025.

51 Greater Noida Authority has cancelled the allotment of two housing plots situated at Greater Noida on which the Company was
constructing the Projects vide letters dated 23 November, 2022 on account of non-payment of premium and interest thereon
amounting to Rs. 28,128 lakhs. The Company has filed two separate Revision Petitions under Section 41(3) of the Uttar Pradesh
Urban Planning and Development Act, 1976 challenging the cancellation letters dated 23 November, 2022 which were listed on 13
July, 2023 before Additional Chief Secretary, Infrastructure and Industrial Department for arguments and the same was reserved
for Order. Further, vide Order dated 3 April, 2023, the High Court of Judicature at Allahabad, Lucknow Bench has restrained the
Authority from creating any third party rights in the said plots. The Principal Secretary, Government of Uttar Pradesh, vide his
orders dated 2 November, 2023 allowed the Revision Petitions and set aside the cancellation letters dated 23 November, 2022 and
as such the allotment of the plots has been restored. The Principal Secretary has further directed the Authority to recompute the
outstanding dues in terms of the order and has also allowed extension of time for completion of the projects.

The Authority vide letter dated 27 February, 2025 intimated the outstanding dues in respect of one plot and directed the
Company to deposit 25% of the outstanding dues. The Company deposited the 25% amount with the Authority and submitted
proof of payment vide its letter dated 29 April, 2025 to the Authority and also requested the Authority to provide the calculation
of outstanding dues, as in the opinion of the company, the Authority, while calculating the outstanding dues, has not taken into
account the directions passed by the Additional Chief Secretary, Government of Uttar Pradesh. The Company is yet to receive the
said calculation and demand and extension letter in respect of second plot from Authority. In the opinion of management, the
value of inventory of Rs. 16,222.03 lakhs and Rs. 51,557.50 lakhs (Previous year Rs. 16,168.44 lakhs and Rs. 51,536.29 lakhs) for the
said plots respectively is good and recoverable.

52 The Company had entered into Memorandum of Understanding (MOU) with its wholly owned subsidiaries for the purpose of
transfer of all rights under the concession agreements in respect of its projects situated at Akshardham Metro Station, Azadpur
Metro Station, Seelampur Metro station and Inderlok Metro Station, subject to approval from Delhi Metro Rail Corporation
(DMRC). The Company had acquired these development rights under concession agreements with DMRC.

a. In the case of two projects situated at Seelampur Metro Station and Inderlok Metro Station, since the approval from DMRC
for transfer of projects to the wholly owned subsidiary companies is taking time, the company has restated the projects as
'Other intangible assets / Intangible assets under development' from 'Assets held for sale' The projects will be transferred to
the respective subsidiary companies upon receipt of approval from DMRC for the same.

b. In the case of one project situated at Akshardham Metro Station, approval for transfer of these rights to the wholly owned
subsidiary company has been obtained from DMRC. Pursuant to the MOU as aforesaid, the company had transferred the
Akshardham project to its wholly owned subsidiary company during the previous financial year.

c. In the case of fourth project situated at Azadpur Metro Station, the MOU entered with the wholly owned subsidiary company
has been cancelled and accordingly the project was restated as 'Other intangible assets under development' from 'Assets
held for sale' during the previous financial year.

53 Parsvnath HB Projects Private Limited (PHBPPL), a subsidiary of the company, was allotted a land by Punjab Small Industrial &
Exports Corporation Limited (PSIEC) on freehold basis. Due to non payment of instalment, PSIEC cancelled the allotment of land
and the company filed the arbitration petition against cancellation of allotment. The arbitration proceedings are going on. As
directed by the Arbitrator, the company submitted its proposal for amicable settlement to the counsel for PSIEC. However, during
the course of hearing on 17 May, 2024, the counsel for PSIEC apprised that the proposal is not accepted by PSIEC and further

requested to provide a better proposal. Subsequently, during the hearing on 15 May, 2025, the Arbitral Tribunal directed the
Company to submit a fresh proposal as per the OTS Policy. The Company submitted a fresh proposal on 13 June, 2025 which was
also rejected by PSIEC on 10 July, 2025. The matter was listed on 11 July, 2025 wherein Company sought time for addressing the
arguments which was allowed by the Tribunal. On 22 August, 2025, the Company filed a Writ Petition against PSIEC for rejection
of its proposal under the One Time Settlement Scheme. The Writ Petition was listed on 22 August, 2025 and the Bench directed
the Company to implead State of Punjab. The matter is now scheduled for hearing on 10 September, 2025.

In the meantime, PSIEC initiated the proceedings under Public Properties (Eviction and Unauthorised occupants) Act. The order
was passed by appropriate authority to hand over the possession of the site and accordingly PSIEC has taken symbolic possession
of the land. The eviction petition was filed by PSIEC for determination of damages and the company is contesting the matter on
the ground that eviction petition is not maintainable as the arbitration proceeding are under progress. Further, Notice on the
execution petition was issued to the company on 25 July, 2024 by Division Magistrate Cum Collector-Mohali. The matter was
listed on 10 July, 2025 wherein the company sought time for filing objections which was granted by the Ld. SDM. The matter was
listed on 29 July, 2025 wherein the Company filed its objections with SDM. The matter is now listed on 16 September, 2025 for
arguments.

Based on the opinion of the legal counsel, the management is of the view that as there are lapses on the part of PSIEC in providing
facilities as promised at the time of bid and the action has been taken during the pendency of the arbitration proceedings,
there are good chances that the company will succeed in arbitration proceedings and cancellation of allotment will be set aside.
Accordingly, on the basis of legal opinion, management is of the view that loan of Rs. 6,636.45 lakhs (previous year Rs. 6,636.28
lakhs) given to PHBPPL and investment of Rs. 2.50 lakhs (previous year Rs. 2.50 lakhs) in PHBPPL are good and recoverable.

54 The Company was awarded a works contract by Buddha Smriti Udhyaan Development Company Ltd. (BSUDCL) to develop a
park, by the name of Buddha Smriti Udhyaan ("the Project") in Patna, Bihar on 27 June, 2008. Major portion of the project was
completed in the year 2010 and the Park was inaugurated by the Dalai Lama in May, 2010. The project was thereafter taken over
by the Bihar Urban Infrastructure Development Corporation Limited (BUIDCL) on 1 November, 2010 who stepped into the shoes
of the BSUDCL. The remaining portion of the project was also completed and bills for the work done were raised on BUIDCL.
BUIDCL instead of making payment wrongfully invoked the performance bank guarantee of Rs. 628.00 lakhs submitted by the
company, alleging failure on the part of company to complete the project. Payments against bills were also stalled by BUIDCL. The
company kept calling upon the BUIDCL for amicable resolution of the disputes. Thereafter, the company approached the Bihar
Public Works Contract Disputes Arbitration Tribunal (Tribunal) with its claims against BUIDCL. Thereafter, the company and other
side also filed their claims and counter claims before the Tribunal. The matter is disposed of by the Tribunal expressing its inability
to entertain the Petition in view of the judgment passed by the Hon'ble Supreme Court in some other matter. However, at the
request of counsel appearing for the company, the Tribunal granted liberty to approach the Hon'ble High Court under Section 11
of the Arbitration and Conciliation Act for appointment of an Arbitrator.

As per the legal advise obtained by the company, the compay has approached BUIDCL for amicable settlement in the matter.
BUIDCL has sought certain clarifications / details regarding delay in completion, The company has provided detailed response to
BUIDCL. Subsequently, the Company also submitted its representation with BUIDCL for amicable settlement, however, till date no
effective response has been received from BUIDCL. On 29 July, 2025, the Company has filed Section 11 Petition before the High
Court of Judicature at Patna, requesting for appointment of an Arbitrator under the circumstances that the Respondent has failed
to enter into reference and respond to the notice invoking arbitration under Section 21 of the Act for adjudication of claims of the
Company arising out of Contract dated 27 June, 2008 entered into between the Company and the Respondent.

On the basis of legal opinion, there is a default on behalf of BUIDCL in not releasing the balance payments towards the excess
work carried out by the Company, there are good chances that the Company may succeed in the Arbitration Proceedings. Based
on the above, the management is hopeful for recovery and the amount of Rs. 1,263.72 lakhs (previous year Rs. 1,263.72 lakhs) has
been shown as recoverable.

55 In the opinion of the Board of directors and management, current and non-current assets do have a value on realization in the
ordinary course of business at least equal to the amount at which they are stated and liabilities are stated at least at the value they
are expected to be settled in the ordinary course of business though balance confirmation in certain cases are not available.

56 CORPORATE SOCIAL RESPONSIBILITY

In terms of the provisions of section 135 of the Companies Act, 2013, the Company was not required to spend any amount on
activities relating to Corporate Social Responsibilities (CSR) for the year 2024-25 due to continuing losses in preceding three years
except an amount of Rs. 238.38 lakhs pertaining to financial year 2014-15. The Company has replied to the Show cause notice
issued by Registrar of Companies (ROC), NCT of Delhi & Haryana and also applied for compounding before the Regional Director,
Northern Region, Ministry of Corporate Affairs which has been rejected by the Regional Director during the year ended 31 March,
2024. The Company will take appropriate steps in consultation with the counsel in case any further communication is received
from ROC, NCT of Delhi & Haryana.

57 The Company is engaged in the business of real estate development, which has been classified as infrastructural facilities as per
Schedule VI to the Companies Act, 2013. Accordingly, provisions of section 186 of the Companies Act are not applicable to the
company and hence no disclosure under that section is required.

58 Serious Fraud Investigation Office has commenced the investigation into the affairs of the company under section 212 of the
Companies Act. The company is in the process of providing the information sought by the SFIO office.

59 i. Disclosure of loans and advances in the nature of loans given to subsidiaries, associates and other companies in which

directors are interested as required by Schedule V to the Securities and Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015 is as under:

i. All the above loans and advances are repayable on demand and are non-interest bearing.

ii. Refer note 9 for outstanding balances as on 31 March, 2025 and 31 March, 2024 for Investment in Subsidiary / Associate
Companies. Closing balances of Investment in Subsidiary / Associate Companies were the maximum outstanding balances
during the year ended 31 March, 2025 and 31 March, 2024 respectively without considering the provision for diminution in
value of investments.

iii. Refer note 67 for Corporate Gurantees given by the Company on behalf of Subsidiary / Associate companies for loans taken
by them as on 31 March, 2025 and 31 March, 2024. Closing balances of corporate gurantees given by the company on behalf
of subsidiary / associate companies were the maximum outstanding balances during the year ended 31 March, 2025 and 31
March, 2024 respectively.

60 The Company is setting up various projects on Build Operate Transfer (BOT) basis. Costs incurred on these Projects till completion of
the project are reflected as 'Intangible assets under development'. Details of incidental expenditure incurred during construction
in respect of these projects debited to 'Intangible assets under development' are as under:

B Defined benefit plan

The Company offers its employees defined benefit plan in the form of a gratuity scheme. Benefits under gratuity scheme are
based on year's of service and employee remuneration. The scheme provides for lump sum payment to vested employees at
retirement, death while on employment, resignation or on termination of employment.

Amount is equivalent to 15 days salary payable for each completed year of service or part thereof in excess of 6 months.
Vesting occurs upon completion of 5 years of continuous service.

The present value of the defined benefit obligation and the related current service cost were measured using the Projected
Unit Credit Method with actuarial valuations being carried out at each balance sheet date.

b. The depreciation expense of Rs. 147.35 lakhs (Previous year Rs. 147.77 lakhs) on right-of-use assets is included under

depreciation and amortisation expense in the statement of Profit and Loss and depreciation of Rs. NIL (Previous year Rs.

NIL) has been capitalised in 'Intangible Assets Under Development'.

c. The following is the summary of practical expedients elected on initial application:

(i) Applied a single discount rate to a portfolio of leases of similar assets in similar economic environment with a similar
end date.

(ii) Applied the exemption not to recognize right-of-use assets and liabilities for leases with less than 12 months of
lease term on the date of initial application or low value leases.

(iii) Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application.

(iv) Applied the practical expedient to assessment of which transactions are leases. Accordingly, Ind AS 116 is applied
only to contracts that were previously identified as leases under Ind AS 17.

69 FINANCIAL RISK MANAGEMENT

The Company's business operations are exposed to various financial risks such as liquidity risk, market risks, credit risk, interest rate
risk, funding risk etc. The Company's financial liabilities mainly includes borrowings taken for the purpose of financing company's
operations. Financial assets mainly includes trade receivables, investment in subsidiaries/joint venture/associates and loans to its
subsidiaries.

The Company has a system based approach to financial risk management. The Company has internally instituted an integrated
financial risk management framework comprising identification of financial risks and creation of risk management structure. The

financial risks are identified, measured and managed in accordance with the Company's policies on risk management. Key financial
risks and mitigation plans are reviewed by the board of directors of the Company.

Liquidity Risk

Liquidity risk is the risk that the Company may face to meet its obligations for financial liabilities. The objective of liquidity risk
management is that the Company has sufficient funds to meet its liabilities when due. The Company is under stressed conditions,
which has resulted in delays in meeting its liabilities. The Company, regularly monitors the cash outflow projections and arrange
funds to meet its liabilities.

Market risk

Market risk is the risk that future cash flows will fluctuate due to changes in market prices i.e. interest rate risk and price risk.

A. Interest rate risk

Interest rate risk is the risk that the future cash flows will fluctuate due to changes in market interest rates. The Company is
mainly exposed to the interest rate risk due to its borrowings. The Company manages its interest rate risk by having balanced
portfolio of fixed and variable rate borrowings. The Company does not enter into any interest rate swaps.

Interest rate sensitivity analysis

The exposure of the company's borrowing to interest rate change at the end of the reporting periods are as follows:

B. Price risk

The Company has very limited exposure to price sensitive securities, hence price risk is not material.

Credit Risk

Credit risk is the risk that customer or counter-party will not meet its obligation under the contract, leading to financial loss.
The Company is exposed to credit risk for receivables from its real estate customers and refundable security deposits.

Customers credit risk is managed, generally by receipt of sale consideration before handing over of possession and/or transfer
of legal ownership rights. The Company credit risk with respect to customers is diversified due to large number of real estate
projects with different customers spread over different geographies.

Based on prior experience and an assessment of the trade receivables, the management believes that there is no credit risk
and accordingly no provision is required except those provided for in the books.

73 The company has not provided or paid any remuneration to Executive directors during the year except the sitting fees paid to
Non-Executive Independent Directors.

74 The Company has no outstanding derivative or foreign currency exposure as at the end of the current year and previous year.

75 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits
received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which
the Code will come into effect has not been notified and the final rules/ interpretation have not yet been issued. The Company
will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes
effective.

Based on the preliminary assessment the entity believes the impact of the change will not be significant.

76 The Company do not have any benami property, where any proceedings have been initiated or pending against the Company
for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder.
Further, a show cause notice has been received by the company under the Benami Transactions (Prohibition) Act for supply of
information in the case of one of the lender. In the opinion of the management, these proceedings are not related to the company
and therefore no disclosure is required.

77 The company has not been declared wilful defaulter by any bank and financial institution or any other lender.

78 Term Loans taken from bank and financial institutions or any other lender were applied for the purpose for which the loans were
obtained.

79 The company has been sanctioned working capital limits from banks during the year on the basis of security of current assets. The
quarterly statements filed by the company with such banks are in agreement with the books of accounts of the company.

80 The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries)
except advance to related parties as disclosed in note 67 for projects of the company, 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.

81 The Company has not received funds from any person or entity, 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 to or on behalf of the Ultimate Beneficiaries.

82 The Company does not have any charge or satisfaction which is yet to be registered with Registrar of Companies beyond the
statutory period. However, in certain cases, charge will be created after getting approval from the Concessionaire which is a pre¬
requisite for the said charge creation. Further, in case of loan from Edelweiss Asset Reconstruction Company Limited and Rare
Asset Reconstruction Limited (RARE) / ECL Finance Limited (ECL), charge has been modified/created suo moto by the lenders and
the securities have been consolidated against all loans outstanding to these lenders which is not in terms of agreement and some
of the charge created earlier not satisfied at the time of creation of new charge by the lender.

83 During the year, Parsvnath Infra Limited, a subsidiary company, along with the Company (co-borrower) has taken loan of
Rs. 15,200 lakhs from a NBFC against sanction of Rs. 16,000 lakhs. The loan is secured by way of hypothecation of company's share
of receivables in the projects to be received from lease rental and plotting project of the company under joint development
arrangement and securities offered by the subsidiary company. Since the amount drawn has been utilized by the company as well
as the loan liability is to be settled from the receivables of the company, therefore, the company has assumed the total loan liability
and interest thereon [refer note 21(I)(B)(e) and 23(II)(b)].

84 The Company has complied with the number of layers prescribed under Clause (87) of Section 2 of the Companies Act, 2013 read
with the Companies (Restriction on number of Layers) Rules, 2017 from the date of their implementation.

85 The Company Secretary of the Company resigned in July, 2025. The Company is in the process of appointing a new Company
Secretary in compliance with Section 203 of the Companies Act, 2013 and Regulation 6 of SEBI (LODR) Regulations, 2015.

86 The GST registration has been suspended in various states due to delay in payment of GST dues/filling of returns. The company
has provided the same in the books of account except applicable interest/penalty. In the opinion of the management, the amount
of the same is not material.

87 The Company does not have any such 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.

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

89 EVENTS AFTER THE REPORTING PERIOD

There are no event observed after the reported period which have an impact on the Company's operation.

90 Figures for the previous year have been regrouped / rearranged wherever necessary to make them comparable with current year
classifications.

91 APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were approved for issue by Board of Directors on 2 September, 2025.

For and on behalf of the Board of Directors

Sd/- Sd/-

Pradeep Kumar Jain Sanjeev Kumar Jain

Chairman Managing Director & CEO

(DIN 00333486) (DIN 00333881)

Sd/-

M. C. Jain

Group Chief Financial Officer
Place: Delhi

Date: 2 September, 2025