Annual Report 2016 17

EMAAR MGF LAND LIMITED
ANNUAL REPORT
(2016 – 17)
NOTICE
NOTICE is hereby given that the 12th Annual General Meeting of the members of Emaar MGF Land
Limited (“Company”) will be held on Friday, the 29th day of September, 2017 at 4:00 p.m. at the
registered office of the Company at 306-308, Square One, C-2 District Centre, Saket, New Delhi-
110017 to transact the following business:
ORDINARY BUSINESS
1. To consider and adopt the Financial Statements of the Company for the financial year ended 31st
March, 2017, the Consolidated Financial Statements for the said financial year and the Reports of
the Board of Directors and the Auditors thereon.
2. To appoint a Director in place of Mr. Ahmed Jamal Jawa (DIN: 01784747), who retires by
rotation, and being eligible, offers himself for re-appointment.
3. To appoint a Director in place of Mr. Haroon Saeed Siddiqui (DIN: 05250916), who retires by
rotation, and being eligible, offers himself for re-appointment.
4. To appoint statutory auditors and.fix their remuneration by passing the following resolution as
Ordinary Resolution :
“RESOLVED THAT pursuant to the provisions of Sections 139, 142 and other applicable
provisions, if any, of the Companies Act, 2013 read with the Companies (Audit and Auditors)
Rules, 2014, as may be applicable and pursuant to the recommendations of the Audit Committee,
M/s. Walker Chandiok & Co. LLP, Chartered Accountants (Firm Registration
No.001076N/N500013), be appointed as statutory auditors of the Company, in place of the
retiring auditors M/s S.R. Batliboi & Co., LLP, Chartered Accountants (Firm Registration No.
301003E/E300005), to hold office from the conclusion of this 12th Annual General Meeting until
the conclusion of the 17th Annual General Meeting, subject to ratification by members every
year, as applicable, at such remuneration and out of pocket expenses, as may be decided by the
Board of Directors of the Company.”
SPECIAL BUSINESS
5. To consider and if thought fit, to pass with or without modification(s) the following
Resolution as an Ordinary Resolution:-
“RESOLVED THAT the pursuant to the provision of Section 148 of the Companies Act 2013,
and the Companies (Audit and Auditors) Rules, 2014, M/s. Jitender, Navneet & Co., Cost
Accountants (Firm Registration No. 000119) appointed as Cost Auditor of the Company for the
financial year 2017-18, by the Board of Directors of the Company, in their meeting held on
August 28, 2017, at the remuneration of Rs. 5,00,000/- (Rupee Five Lacs Only) plus taxes and
other out of pocket expense, be and is hereby ratified on such terms as may be agreed by the
Board of Directors of the Company.”
Emaar MGF Land Limited

Registered Office : 306-308, Square One, C-2, District Centre, Saket, New Delhi-110017
Tel: +91 11 4152 1155, 4948 3100 Fax: +91 114152 4619 CIN: U45201DL2005PLC133161
Email: enquiries@emaar-india.com Website: www.emaar-india.com
“RESOLVED THAT pursuant to the provisions of Section 149, 150 152 and any other
applicable provisions, if any, of the Companies Act, 2013 and Companies (Appointment and
Qualifications of Directors) Rules, 2014, read with Schedule IV to the Companies Act, 2013 Mr.
Sudip Mullick (DIN-06942241), who was appointed as an Additional Director (in the capacity of
Independent Director), by the Board of Directors with effect from May 25 2017, in terms of
Section 161 of the Companies Act, 2013 and in respect of whom the Company has received
notice in writing under Section 160 of the Companies Act, 2013, from a member proposing Mr.
Sudip Mullick (DIN-06942241) for the office of Director, be and is hereby appointed as an
Independent Director of the Company, with effect from May 25, 2017 to hold office upto May 24,
2022, being not liable to retire by rotation.”
“RESOLVED THAT pursuant to the provisions of Section 149, 150 152 and any other
applicable provisions, if any, of the Companies Act, 2013 and Companies (Appointment and
Qualifications of Directors) Rules, 2014, read with Schedule IV to the Companies Act, 2013, Mr.
Jason Ashok Kothari (DIN-07343314), who was appointed as an Additional Director (in the
capacity of Independent Director), by the Board of Directors with effect from May 25 2017, in
terms of Section 161 of the Companies Act, 2013 and in respect of whom the Company has
received notice in writing under Section 160 of the Companies Act, 2013, from a member
proposing Mr. Jason Ashok Kothari (DIN-07343314) for the office of Director, be and is hereby
appointed as an Independent Director of the Company, with effect from May 25, 2017 to hold
office upto May 24, 2022, being not liable to retire by rotation.”
By Order of the Board of Directors

Sd/-
Bharat Bhushan Garg

Company Secretary
Membership No. F-5497
Address:-PTF-1D-0201, Palm Terraces,
Palm Drive Sector-66, Gurgaon-122001,
Haryana
Place: New Delhi
Date : September 04, 2017

NOTES:
(1) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED

TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF/HERSELF
AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. PROXIES IN
ORDER TO BE EFFECTIVE MUST BE DULY COMPLETED AND RECEIVED AT THE
REGISTERED OFFICE OF THE COMPANY AT 306-308, SQUARE ONE, C-2
DISTRICT CENTRE, SAKET, NEW DELHI-110017, NOT LESS THAN FORTY EIGHT
HOURS BEFORE THE COMMENCEMENT OF THE ENSUING ANNUAL GENERAL
MEETING.
(2) Copy of the documents referred to in the Notice are available for inspection at the registered
office of the Company at 306-308, Square One, C-2 District Centre, Saket, New Delhi-110017
between 11:00 a.m. to 2:00 p.m. on any working day from the date hereof, upto the date of the
Annual General Meeting.
(3) Members seeking further clarification, if any, on the accounts or any other relevant matters are
requested to write to the Company at least one week before the date of Annual General Meeting,
giving details of the information required.
(4) Explanatory Statement, pursuant to Section 102 of the Companies Act, 2013, relating to the
Special Business to be transacted at this Annual General Meeting, is annexed.
(5) The route map of place of Annual General Meeting is annexed hereto and forms part of the notice.

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES
ACT, 2013
Item No. 4.
Though not mandatory, this statement is provided for reference.
M/s S. R. Batliboi & Co. LLP (Firm registration number: 301003E) are acting as Statutory Auditors
of the Company since the first Annual General Meeting of the Company held on 14th August, 2006.
As per second proviso to Section 139(2) of the Companies Act, 2013, (the Act), a transition period of
three years from the commencement of the Act is provided to appoint a new auditor if the existing
auditor’s firm has completed two terms of five consecutive years.
In the view of said proviso, in the financial year 2014-15, M/s. S.R. Batliboi & Co. were appointed as
Statutory Auditors for a period of 3 (three) years to hold office from the conclusion of 9th Annual
General Meeting until the conclusion of 12th Annual General Meeting.
M/s S. R. Batliboi & Co. LLP, shall be completing the said tenure in the ensuing 12th Annual General
Meeting of the Company.
Accordingly, as per the said requirements of the Act, M/s.Walker Chandiok & Co. LLP, Chartered
Accountants (Firm Registration No.001076N/N500013) are proposed to be appointed as auditors for a
period of 5 years commencing from the conclusion of 12th Annual General Meeting till the conclusion
of the 17th Annual General Meeting, subject to ratification by shareholders every year, as may be
applicable.
M/s.Walker Chandiok & Co. LLP, Chartered Accountants, have consented to the said appointment,
and confirmed that their appointment, if made, would be within the limits specified under Section
141(3)(g) of the Act. They have further confirmed that they are not disqualified to be appointed as
statutory auditor in terms of the provisions of the proviso to Section 139(1), Section 141(2) and
Section 141(3) of the Act and the provisions of the Companies (Audit and Auditors) Rules, 2014.
The Audit Committee and the Board of Directors recommend the appointment of M/s.Walker
Chandiok & Co. LLP, Chartered Accountants as statutory auditors of the Company from the
conclusion of the 12th Annual General Meeting till the conclusion of 17th Annual General Meeting, to
the shareholders.
None of the Directors/Key Managerial Personnel of the Company and their relatives is concerned or
interested, financially or otherwise in the resolution set out at item No. 4 of the notice.
The Board recommends the resolution set forth in item No. 4 of the notice for approval of the
members.
Item No. 5.
The Board of Directors of the Company at its meeting held on August 28, 2017, on the
recommendation of the Audit Committee, have approved the appointment and remuneration of M/s.
Jitender, Navneet & Co., Cost Accountants (Firm Registration No. 000119), to conduct audit of Cost
Records maintained by the Company for the financial year 2017-18.

In terms of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors)
Rules, 2014, the remuneration of the Cost Auditors needs ratification by the Members. The Board has
recommended the ratification of remuneration of Rs. 5,00,000/- (Rupees Five Lacs only) plus taxes
and other out of pocket expense to M/s. Jitender, Navneet & Co.
None of the Directors/Key Managerial Personnel of the Company and their relatives is concerned or
interested, financially or otherwise in the resolution set out at item No. 5 of the notice.
The Board recommends the resolution set forth in item No. 5 of the notice for approval of the
members.
Item No. 6 & 7
The Board of Directors of the Company at its meeting held on May 25 2017 had appointed Mr. Sudip
Mullick (DIN-06942241) and Mr. Ashok Jason Kothari (DIN-07343314) as Additional Directors on
the Board of the Company (in the capacity of Independent Director), in terms of Section 161 of the
Companies Act, 2013.
Mr. Sudip Mullick and Mr. Ashok Jason Kothari, being eligible and offering themselves for
appointment, are proposed to be appointed as an Independent Directors for 5 (five) consecutive years
for a term upto May 24, 2022.
The Company has received notices in writing from a member along with the deposit of requisite
amount under Section 160 of the Act, proposing the candidatures of Mr. Sudip Mullick and Mr.
Ashok Jason Kothari for the office of Independent Directors of the Company, to be appointed as such
under the provisions of Section 149, 150 and 152 of the Companies Act, 2013.
In terms of Schedule IV of the Companies Act, 2013, the Board is of the opinion that Mr. Sudip
Mullick and Mr. Ashok Jason Kothari fulfill the conditions for their appointment as Independent
Directors, as specified in the Companies Act, 2013
The brief profile of the said Independent Directors is as under :
1. Mr. Sudip Mullick

Mr. Sudip Mullick is a Partner at Khaitan & Co. and heads the Real Estate and Hospitality
practice in the Firm. He also specialises in construction contracts and disputes.
Mr. Mullick is part of the Executive Committee of Khaitan & Co, which is responsible for the
Firm’s strategic growth and development. He also sits as an independent Non-Executive on the
board of Neosym Industry Limited. He is also part of the Investment Committee of the Scheme
Residential Opportunities Fund - I and Fund – II of the Real Estate Opportunities Trust of Jones
Lang LaSalle Investment Advisors Private Limited. The Chambers & Partners, Asia Pacific has
recognised Mr. Mullick for the Real Estate Practice. Sudip Mullick is recommended by Legal 500
Asia Pacific for his expertise in Real Estate and Construction practice. He has also acted as
Counsel and co-counsel in Court and Arbitration proceedings for developers, contractors,
corporate and Institutional Clients in dispute relating to real estate as well as construction
contracts of large projects and commercial disputes.
The Company believes that it will immensely benefit from the expertise and knowledge of Mr.
Mullick, including in respect of the recently enacted RERA.

2. Mr. Jason Kothari
Mr. Jason Ashok Kothari is the Chief Strategy & Investment Officer of Snapdeal, where he works
in partnership with the co-founders and is helping guide the company towards a turnaround. In
addition, Jason is the CEO and a member of the Board of FreeCharge, one of India’s largest
digital payments companies owned by Snapdeal and recently sold to Axis Bank subject to
regulatory approvals. Prior to Snapdeal & FreeCharge, Jason was the CEO and a member of the
Board of Housing.com, one of India’s largest and most trusted real estate portals, where he led the
successful turnaround from a position of distress to a market leader using organic growth and a
merger valued at approximately $350 million.
Prior to Housing.com, Jason was the CEO & Vice-Chairman of Valiant Entertainment, a
character-based entertainment company that was a former $65 million business unit of Acclaim
Entertainment (formerly NASDAQ: AKLM). He led the successful acquisition out of bankruptcy
and turnaround of Valiant resulting in a record return in the industry and media recognition
calling the Company “Marvel 2.0”. The Company raised $140 million from strategic investors,
including the former Marvel Entertainment CEO and Chinese media company DMG
Entertainment, and completed a five-movie partnership with Sony Pictures and Original Film
(Fast and the Furious franchise).
He holds a Bachelor of Science degree from University of Pennsylvania's The Wharton School,
where he was the President of Beta Gamma Sigma, Wharton's academic honour society.
Jason has served as an Advisor to Softbank, the largest technology investor. He has also been a
Guest Lecturer at Wharton and Harvard Business School, where he was subject of a case study for
his work at Housing.com, and is a member of Young President’s Organization (YPO).
The Company believes that the varied experience and knowledge of Jason, including business
turnarounds and the real estate industry, will immensely benefit the Company in future.
Mr. Sudip Mullick (DIN-06942241) and Mr. Ashok Jason Kothari (DIN-07343314) do not hold any
equity shares in the Company.
Except Mr. Sudip Mullick and Mr. Ashok Jason Kothari and their relatives, none of the other
Directors / Key Managerial Personnel of the Company and their relatives are concerned or interested,
financially or otherwise, in the resolution set out at item No. 6 & 7 of the notice.
The Board recommends these resolutions set out in Item no. 6 & 7 for your approval.
By Order of the Board of Directors

Sd/-
Bharat Bhushan Garg

Company Secretary
Membership No. F-5497
Address:-PTF-1D-0201, Palm Terraces,
Palm Drive Sector-66, Gurgaon-122001,
Haryana
Place: New Delhi
Date : September 04, 2017

DIRECTORS' REPORT
Dear Members,
The Board of Directors of your Company is pleased to present its 12th Annual Report together with the
Audited Financial Statements of the Company for the financial year ended March 31, 2017.
Financial Performance
The highlights of financial performance of your Company (on standalone basis) for financial year ended
on March 31, 2017 are as under:
(Rs. in millions)
For the year ended For the year ended
Particulars
31st March 2017 31st March 2016
Revenue from Operations 9,366.72 10,583.62
Other Income 285.12 440.24
Total Revenue 9,651.84 11,023.86
Total Operating Expenditure excluding Interest, 10,177.06 10,104.01
Depreciation and Amortization
Interest and Finance Cost 6,998.21 7,280.32
Depreciation and Amortization expenses 23.30 36.03
Total Expense 17,198.57 17,420.36
Profit / (Loss) before tax (7,546.73) (6,396.50)
Tax Expense / (Credit) - -
Net Profit / (Loss) for the year (7,546.73) (6,396.50)
As reported above, the total revenue during the financial year ended on March 31, 2017, stood at
Rs. 9,651.84 million as compared to Rs. 11,023.86 million during the previous year. The Company
incurred a net loss of Rs. 7,546.73 million during the financial year under review as compared to a loss of
Rs. 6,396.50 million during the previous year. The reason for the loss during the year is mainly on
account of lower sales / revenue, due to depressed market conditions.
Business and Operations
The Company is principally engaged in the business of promotion, construction, development and sale of
integrated townships, residential and commercial multi storied buildings, houses, flats, shopping malls,
hotels etc.
At present, the Company is focusing on the development of residential projects in Gurugram, Haryana
and elsewhere in Delhi/NCR, Mohali, Chennai and other key Indian cities. The Company is presently
developing 46 residential and 8 commercial/retail projects, with an aggregate saleable area of
approximately 41 million square feet spread across 9 cities including Delhi, Gurgaon / NCR, Mohali,
Chennai and Lucknow. These projects are in various stages of development and are proposed to be
completed in phases over the next 24 months.
The Company has completed various projects like The Palm Springs, The Palm Springs Plaza, Palm
Square, and have completed the first phase of The Palm Drive and Emerald Hills in Gurgaon. Across all
projects, the Company has obtained Occupation Certificates for approx. 9000 units, completed and
applied for Occupation Certificates for approx. 3900 units. Currently, more than 13,500 workers have
been deployed on various project sites.
The Company, in furtherance to its commitment to complete and deliver the projects to its esteemed
customers and stakeholders, is taking all possible steps to complete all its projects at the earliest possible.
Material Changes Affecting Financial Position
There are no material changes and commitments, affecting the financial position of the Company which
has occurred since the end of the financial year i.e. March 31, 2017, except that the Company has initiated
the process of Corporate Restructuring by way of Demerger, the details of which forms part of this report.
Corporate Restructuring plan in the form of Scheme of Demerger of the Company
The Board of Directors of the Company at its meeting held on May 11, 2016, have approved (subject to
approval of the shareholders and creditors of the Company and relevant regulatory authorities), demerger
of the Company pursuant to a Scheme of Arrangement (Demerger) under Section 391-394 of the
Companies Act, 1956, hereinafter referred to as Scheme. The said Scheme has also been filed with the
Hon’ble High Court of Delhi on May 16, 2016.
The Demerger would lend greater focus on the operation of the Company’s businesses/ projects and
enable further growth and expansion of each business/project. The reorganization of these businesses/
projects will also enable focused leadership that is required by these businesses/ projects which in turn
will allow the businesses to undertake future expansion strategies for overall benefits. The Board of
Directors believe that the Demerger will have beneficial results for the shareholders, creditors, customers,
employees and all concerned of the Company.
The Scheme provides for the demerger of an undertaking, being part of the construction and development
business of Emaar MGF Land Limited (“Demerged Company”) to MGF Developments Limited
(“Resulting Company”), and consequent issue of shares by the Resulting Company to the shareholders of
the Demerged Company, except to the extent shares held by the Resulting Company in the Demerged
Company.
That the salient features of the Scheme of Arrangement are, inter alia, as follows:
a. fixed assets (including information technology equipment, furniture, fixture and fittings) exclusively
related to the Demerged Undertaking and capital expenditure on such fixed assets incurred by the
Demerged Company to be transferred to the Resulting Company, as per the Scheme of
Arrangement;
b. other assets, including current and non-current assets, investments, cash and bank balances
(including, for the purposes of clarification, bank accounts related thereto) related to the projects to
be transferred to the Resulting Company, as per the Scheme of Arrangement;
c. the legal and beneficial interests in the shares of companies as per the Scheme of Arrangement;
d. all development rights relating to, in respect of, or connected with the land and all development
rights in the projects comprised in the assets, as set out in the Scheme of Arrangement, including all
monies applied by the Demerged Company towards accounting for such rights.
e. the debts, duties, obligations and liabilities (including all future liabilities in relation to the
Demerged Undertaking, contingent liabilities/ claims) relatable to the Demerged Undertaking, as per
the Scheme of Arrangement, will be transferred to and vest in the Resulting Company.
f. all employees employed/engaged in the Demerged Undertaking as on the date of approval of the
Scheme by the Hon’ble Court, including all their related benefits like gratuity, provident fund, etc.
and all liabilities relating to such employees from the Appointed Date;
g. The Resulting Company will issue 9 (nine) Equity Share of Rs. 10 each, credited as fully paid-up, to
the shareholders of the Demerged Company for every 416 (four hundred sixteen) Equity Shares of
Rs. 10 each held in the Demerged Company.
h. Upon the Scheme coming into effect, the issued, subscribed and paid up share capital of the
Demerged Company shall stand reduced from the present Rs. 912,61,98,450 divided into
91,26,19,845 Equity Shares of Rs. 10 each fully paid-up to Rs. 91,26,19,850 divided into
9,12,61,985 Equity Shares of Rs. 10 each fully paid up.
i. The aforesaid reduction in the subscribed, issued and paid up equity share capital of the Demerged
Company, shall be effected on a proportionate basis in proportion to the shares held, on the record
date by the shareholders, such that the Demerged Company shall extinguish 9 (nine) Equity Shares
of Rs. 10 each held by each of its shareholders, for every 10 (ten) Equity Shares of Rs. 10 each held
in the Demerged Company by such shareholders.
j. With regard to 22,600 Redeemable Secured Non-Convertible Debentures of the face value of Rs.
10,00,000 each issued by the Demerged Company, upon coming into effect of the Scheme, the face
value of each such debentures shall without further act or deed be reduced by Rs. 3,15,531 (Rupees
three hundred fifteen thousand five hundred thirty one) such that the face value of each such
debenture shall stand reduced to Rs. 6,84,469 (Rupees six hundred eighty four thousand four
hundred sixty nine). Simultaneously and without any further act or deed, and without payment of
any further amount to the Resulting Company, the holders of the aforesaid debentures shall be
entitled to an equivalent number of fully paid debentures of the face value of Rs. 3,15,531 (Rupees
three hundred fifteen thousand five hundred thirty one) each by the Resulting Company. At the time
of redemption, the liability in respect of the debentures of the Demerged Company as aforesaid shall
be Rs. 6,84,469 (Rupees six hundred eighty four thousand four hundred sixty nine) per debenture,
and the liability in respect of the debentures of the Resulting Company shall be Rs. 315,531 (Rupees
three hundred fifteen thousand five hundred thirty one) per debenture.
k. Save as above, terms and conditions of other debentures (Secured and Un-secured) issued by the
Demerged Company will remain the same.
l. Appointed Date for the Scheme of Arrangement will be the closing hours of 30th September, 2015 or
such other date, as the Hon'ble High Court may approve.
The above are subject to approval of the court, with or without modifications.
Status of Demerger
Pursuant to the approval of the Board of Directors of the Company at its meeting held on May 12, 2016,
the Company had filed a Scheme of Demerger before the Hon’ble High Court of Delhi on May 16, 2016,
under sections 391(1) and 394; 100 to 104 of the Companies Act, 1956. The said Scheme contemplates
transfer of an Undertaking to MGF Developments Limited (the Resulting Company).
The Scheme was thereafter approved by the Equity Shareholders, Secured Creditors (including secured
debenture holders) and Un-secured Creditors (including un-secured debenture holders) of the Company
and the Resulting Company.
In December 2016, in terms of the notification No. D.L.-33004/99 dated 07.12.2016, issued by the
Ministry of Corporate Affairs, all matters under Sections 391(2) & 394; 100 to 104 of the Companies Act
1956, were transferred to the Principal Bench, National Company Law Tribunal, New Delhi (‘NCLT’) for
further proceedings, in accordance with law.
The matter is currently pending before NCLT.
Dividend
In view of the losses incurred during the current financial year, the Directors of your Company do not
recommend any dividend on equity shares of the Company for the financial year 2016-17.
Share Capital
During the year, there has been no change in the paid-up equity share capital of the Company and the
present paid-up equity share capital is Rs. 9,126,198,450/-, divided into 912,619,845 equity shares of Rs.
10/- each.
Debentures
During the year under review, the Company has not issued any debentures, however, the details of
debentures issued in earlier years are as under :
A. Convertible Debentures
During the financial year 2011-12, the Company had issued 2,500, fully paid up 5%, Compulsorily
Convertible Debentures (CCD's) of Rs. 1,000,000/- each aggregating to Rs. 2,500 million, to The
Address, Dubai Marina LLC, Dubai. According to the terms of these CCDs, the subscriber of CCDs has
an option to convert CCDs into equity shares @ Rs. 64/- per equity share (i.e 15,625 equity shares for 1
CCD) anytime starting September 21, 2012 till March 20, 2022. On March 20, 2022, the CCDs shall
mandatorily get converted into equity shares. Till March 31, 2017, the subscriber has not exercised its
option.
B. Non-Convertible Debentures
During earlier years, the Company had issued secured, redeemable, non-convertible debentures (“NCDs”)
to various Financial Institutional Investors on private placement basis, which are listed on The Stock
Exchange, Mumbai.
During the current financial year, the Company has repaid 6,000 (Zero Coupon) of Rs. 1,000,000/- each
aggregating to Rs. 600 Cr. and 5,750 (13%) NCDs of Rs. 1,000,000/- each aggregating to Rs. 575 Cr. The
details of the outstanding NCDs, forms part of this report as Annexure - 1.
Further, in view of the losses incurred by the Company during the financial year 2016-17, no amount has
been transfer to reserves and also the Debenture Redemption Reserve to the extent of Rs. 2,861.96 million
(previous year - Rs. 3,884.25 million) has not been created in respect of the above NCDs.
Change in Registered office
Pursuant to the approval of the Board of Directors of the Company at its meeting held on August 28, 2017
the Registered Office of the Company has been shifted from ECE House, 28, Kasturba Gandhi Marg,
New Delhi-110001 to 306-308, Square One, C-2 District Centre, Saket, New Delhi-110017, with effect
from September 01, 2017.
Subsidiaries, Joint Ventures and Associates
We have 313 subsidiaries 1 joint venture and 1 associate company as on 31st March, 2017. We have, in
accordance with Section 129(3) of the Companies Act, 2013 prepared consolidated financial statements of
the Company and all its subsidiaries, which form part of the Annual Report.
Further, the report on the performance and financial position of each of the subsidiary, associate and joint
venture and salient features of the financial statements in the prescribed Form AOC-1 is annexed to this
report as Annexure -2. The names of companies that have become or ceased to be subsidiaries, joint
venture and associates are disclosed in the annexure to this report as Annexure –3.
The highlights of financial performance of your Company (on consolidated basis) for financial year ended
on March 31, 2017 are as under:
(Rs. in millions)
For the year ended For the year ended
Particulars
31st March 2017 31st March 2016
Net Sales/Revenue from Operations 9,789.82 10,953.82
Other Income 297.56 546.50
Total Revenue 10,087.38 11,500.32
Total Operating Expenditure excluding Interest, 10,580.81 10,592.31
Depreciation and Amortization
Interest and Finance Cost 7007.14 7,299.04
Depreciation and Amortization expenses 56.60 73.32
Total Expense 17644.55 17,964.67
Loss before share of loss of an associate and joint (7557.17) (6,464.35)
ventures and tax
Share in losses of associates and joint ventures (2.25) (18.58)
Profit / (Loss) before tax (7,559.42) (6,482.93)
Tax (22.82) (15.12)
Net Profit / (Loss) after tax for the year (7,582.24) (6,498.05)
Directors / Key Managerial Personnel
During the financial year, the following change was made in the composition of the Board of Directors of
the Company.
1. Mr. Shravan Gupta had resigned from the post of Managing Director of the Company on May 23,
2016 and was designated as Non-Executive Director on same date. He shall be liable to retire by
rotation.
2. Mr. Amit Jain was appointed as Additional Director of the Company on May 23, 2016 to hold office
upto the 11th Annual General Meeting dated September 30, 2016. Further, in the said Annual General
Meeting Mr. Amit Jain was appointment as director be liable to retire by rotation.
3. Mr. Ashish Narayan Prasad Kabra was appointed as Additional Director of the Company on May 23,
2016 to hold office upto the 11th Annual General Meeting dated September 30, 2016. Further, in the
said Annual General Meeting Mr. Ashish Narayan Prasad Kabra was appointment as director be
liable to retire by rotation.
4. Mr. Sanjay Malhotra resigned from the post of Chief Financial Officer on May 23, 2016 and was
appointed as Chief Executive Officer of the Company on the same date.
5. Mr. Rahul Bindle was appointed as Chief Financial Officer of the Company on March 09, 2017.
Further, the following changes have occurred since close of the financial year 2016-17:
1. Mr. Sudip Mullick was appointed as an Additional Director (in the capacity of Independent Director),
of the Company on May 25, 2017 to hold office upto the date of ensuing Annual General Meeting.
2. Mr. Jason Ashok Kothari was appointed as an Additional Director (in the capacity of Independent
Director), of the Company on May 25, 2017 to hold office upto the date of ensuing Annual General
Meeting.
The brief profile of the said new Independent Directors is as under :
1. Mr. Sudip Mullick
Mr. Sudip Mullick is a Partner at Khaitan & Co. and heads the Real Estate and Hospitality practice in
the Firm. He also specialises in construction contracts and disputes.
Mr. Mullick is part of the Executive Committee of Khaitan & Co, which is responsible for the Firm’s
strategic growth and development. He also sits as an independent Non-Executive on the board of
Neosym Industry Limited. He is also part of the Investment Committee of the Scheme Residential
Opportunities Fund - I and Fund – II of the Real Estate Opportunities Trust of Jones Lang LaSalle
Investment Advisors Private Limited. The Chambers & Partners, Asia Pacific has recognised Mr.
Mullick for the Real Estate Practice. Sudip Mullick is recommended by Legal 500 Asia Pacific for his
expertise in Real Estate and Construction practice. He has also acted as Counsel and co-counsel in
Court and Arbitration proceedings for developers, contractors, corporate and Institutional Clients in
dispute relating to real estate as well as construction contracts of large projects and commercial
disputes.
The Company believes that it will immensely benefit from the expertise and knowledge of Mr.
Mullick, including in respect of the recently enacted RERA.
2. Mr. Jason Kothari
Mr. Jason Ashok Kothari is the Chief Strategy & Investment Officer of Snapdeal, where he works in
partnership with the co-founders and is helping guide the company towards a turnaround. In addition,
Jason is the CEO and a member of the Board of FreeCharge, one of India’s largest digital payments
companies owned by Snapdeal and recently sold to Axis Bank subject to regulatory approvals. Prior
to Snapdeal & FreeCharge, Jason was the CEO and a member of the Board of Housing.com, one of
India’s largest and most trusted real estate portals, where he led the successful turnaround from a
position of distress to a market leader using organic growth and a merger valued at approximately
$350 million.
Prior to Housing.com, Jason was the CEO & Vice-Chairman of Valiant Entertainment, a character-
based entertainment company that was a former $65 million business unit of Acclaim Entertainment
(formerly NASDAQ: AKLM). He led the successful acquisition out of bankruptcy and turnaround of
Valiant resulting in a record return in the industry and media recognition calling the Company
“Marvel 2.0”. The Company raised $140 million from strategic investors, including the former
Marvel Entertainment CEO and Chinese media company DMG Entertainment, and completed a five-
movie partnership with Sony Pictures and Original Film (Fast and the Furious franchise).
He holds a Bachelor of Science degree from University of Pennsylvania's The Wharton School,
where he was the President of Beta Gamma Sigma, Wharton's academic honour society. Jason has
served as an Advisor to Softbank, the largest technology investor. He has also been a Guest Lecturer
at Wharton and Harvard Business School, where he was subject of a case study for his work at
Housing.com, and is a member of Young President’s Organization (YPO).
The Company believes that the varied experience and knowledge of Jason, including business
turnarounds and the real estate industry, will immensely benefit the Company in future.
Further, Mr. Ahmed Jamal Jawa and Mr. Haroon Saeed Siddiqui, Directors of the Company, retires by
rotation and being eligible, offer themselves for reappointment at the ensuing Annual General Meeting.
Meetings of Board / Committees
Details of the meetings of Board / Committees of the Company, held during the financial year 2016-17
are as under:
Date of Meetings
S. No. CSR Nomination &
Audit Committee
Board Meetings Committee Remuneration
Meetings
Meetings Committee
1 11-Apr-2016 11-Apr-2016 - 23-May-2016
04-May- - 09- Mar-2017
04-May-2016(Adjourned)
2016(Adjourned)
2
11-May-2016 11-May-2016 (Adjourned
(Adjourned Meeting) Meeting)
3 23-May-2016 25-May-2016 - -
4 25-May-2016 30-Aug-2016 - -
5 30-Aug-2016 12- Nov-2016 - -
6 12- Nov-2016 - -
7 09- Mar-2017 - - -
Total
No. of 7 5 - 2
Meetings
The attendance status of the Directors in the abovementioned Board / Committee Meetings is as under :
Number of Meetings
Name of Directors Audit CSR Nomination &
Board
Committee Committee Remuneration
Meetings
Meetings Meetings Committee
H. E. Mohamed Ali Alabbar 2 - - -
Mr. Ahmed Jamal Jawa 3 - - -
Mr. Haroon Saeed Siddiqui 7 5 - -
Mr. Amit Jain 4 - - 1
Mr. Ashish Narayan Prasad Kabra 4 - - -
Mr. Shravan Gupta 5 - - -
Ms. Shilpa Gupta 2 - - -
Mr. Anil Bhalla 7 5 - 2
Mr. Abhiram Seth 7 5 - 2
Directors' Responsibility Statement
Your Directors state that:
a) in the preparation of the annual accounts for the year ended March 31, 2017, the applicable
accounting standards read with requirements set out under Schedule III to the Act, have been
followed and there are no material departures from the same;
b) the Directors have selected such accounting policies and applied them consistently and made
judgements and estimates that are reasonable and prudent so as to give a true and fair view of the
state of affairs of the Company as at March 31, 2017 and of the profit of the Company for the year
ended on that date;
c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting fraud and other irregularities;
d) the Directors have prepared the annual accounts on a 'going concern’ basis;
e) the Directors have laid down internal financial controls to be followed by the Company and that
such internal financial controls are adequate and are operating effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems are adequate and operating effectively
Declaration by Independent Directors
All the Independent Directors of the Company have submitted the requisite declaration under Section
149(7) that they meet the criteria of independence as provided under section 149(6) of the Companies
Act, 2013.
Nomination & Remuneration Committee
Pursuant to Section 178 of the Companies Act, 2013, the Company has constituted a Nomination &
Remuneration Committee and the current composition of the Committee is as under :
S. No. Name of the Member Designation

1 Mr. Anil Bhalla (Chairman) Independent Director
2 Mr. Abhiram Seth Independent Director
3 Mr. Ahmed Jamal Jawa Non-Independent Non-Executive Director
4 Mr. Amit Jain Non-Independent Non-Executive Director
The Nomination & Remuneration Committee has also formulated and recommended to the Board, a
Nomination & Remuneration Policy for determining qualifications & positive attributes to identify a
person to become a Director / Independent Director / Key Managerial Person or who can be appointed in
senior management, for remuneration of Director / Key Managerial Person / other employees and for the
evaluation of their performance.
Further, your Company conducts effectiveness review of the Board as part of its efforts to evaluate,
identify improvements and thus enhance the effectiveness of the Board of Directors, its Committees, and
individual directors.
During the year, the Board has appointed Mr. Amit Jain and Mr. Ashish Narayan Prasad Kabra as
Additional Directors, as recommended by Nomination & Remuneration Committee. Further, the
appointments of Mr. Amit Jain and Mr. Ashish Narayan Prasad Kabra have been approved by the
shareholders of the Company in the 11th Annual General Meeting held on September 30, 2016.
Further, during the year, the Nomination & Remuneration Committee had approved the following
appointments of key managerial personal :
(a) Appointment of Mr. Sanjay Malhotra as Chief Executive Officer of the Company w.e.f. May 23,
2016.
(b) Appointment of Mr. Rahul Bindle as Chief Financial Officer of the Company w.e.f. March 9,
2017.
After the close of the financial year 2016-17, the Board of Directors of the Company at its meeting held
on May 25, 2017, on the recommendation of the Nomination & Remuneration Committee, have
appointment Mr. Sudip Mullick and Mr. Jason Ashok Kothari as Additional Directors (in the capacity of
Independent Directors), of the Company, subject to the approval of the shareholders of the Company in
the ensuing Annual General Meeting.
Audit Committee
Pursuant to Section 177 of the Companies Act, 2013, the Company has constituted an Audit Committee
and the current composition of the Committee is as under :

3 Mr. Haroon Saeed Siddiqui Non-Independent Non-Executive Director
The roles and responsibilities of the Audit Committee are in terms of Section 177 of the Companies Act,
2013.
The Audit Committee has formulated and recommended various policies with respect to Related Party
Transactions, Vigil mechanism and other matters which have already been approved by the Board of
Directors.
All the recommendations made by the Audit Committee were accepted by the Board.
Auditors
1. Statutory Auditors
M/s S. R. Batliboi & Co. LLP (Firm registration number: 301003E) are acting as Statutory Auditors of
the Company since the first Annual General Meeting of the Company held on 14th August, 2006.
As per second proviso to Section 139(2) of the Companies Act, 2013, (the Act), a transition period of
three years from the commencement of the Act is provided to appoint a new auditor if the existing
auditor’s firm has completed two terms of five consecutive years.
In the view of said proviso,in the financial year 2014-15, M/s. S.R. Batliboi & Co. were appointed as
Statutory Auditors for a period of 3 (three) years to hold office from the conclusion of 9th Annual General
Meeting until the conclusion of 12th Annual General Meeting.
M/s S. R. Batliboi & Co. LLP, shall be completing the said tenure in the ensuing 12th Annual General
Meeting of the Company.
Accordingly, as per the said requirements of the Act, M/s.Walker Chandiok & Co. LLP, Chartered
Accountants (Firm Registration No.001076N/N500013 are proposed to be appointed as auditors for a
period of 5 years commencing from the conclusion of 12th Annual General Meeting till the conclusion of
the 17th Annual General Meeting, subject to ratification by shareholders every year, as may be applicable.
M/s.Walker Chandiok & Co. LLP, Chartered Accountants, have consented to the said appointment, and
confirmed that their appointment, if made, would be within the limits specified under Section 141(3)(g) of
the Act. They have further confirmed that they are not disqualified to be appointed as statutory auditor in
terms of the provisions of the proviso to Section 139(1), Section 141(2) and Section 141(3) of the Act and
the provisions of the Companies (Audit and Auditors) Rules, 2014.
The Audit Committee and the Board of Directors recommend the appointment of M/s.Walker Chandiok
& Co. LLP, Chartered Accountants as statutory auditors of the Company from the conclusion of the 12th
Annual General Meeting till the conclusion of 17th Annual General Meeting, to the shareholders.
2. Cost Auditors
As per Section 148 of the Companies Act, 2013, the Company is required to have the audit of its cost
records conducted by a Cost Accountant in practice. In this connection, the Board of Directors of the
Company has on the recommendation of the Audit Committee, approved the appointment of M/s.
Jitender, Navneet & Co., Cost Accountants (Firm Registration No. 000119), as Cost Auditors of the
Company for conducting Cost Audit of the Company for the financial year 2017-18, at a remuneration of
Rs. 5,00,000/- (Rs. Five lacs only) plus taxes and other out of pocket expenses.
M/s. Jitender, Navneet & Co. has appropriate experience in the field of cost audit and has conducted the
audit of the cost records of the Company for the past years.
3. Secretarial Auditor
As per Section 204 of the Companies Act, 2013 inter-alia requires to annex with its Board’s Report, a
Secretarial Audit Report given by a Company Secretary in practice, in the prescribed form.
The Board had appointed M/s Grover Ahuja & Associates, Company Secretaries, as Secretarial Auditors
to conduct Secretarial Audit for the financial year 2016–17 and their report is annexed to this Board
Report as Annexure –4.
The Secretarial Auditors in their Report have observed that the Company has not filled the casual vacancy
of Chief Finance Officer during the period from 23rd May, 2016 till 8th March, 2017.
In this connection, the Board of Directors would like to submit that the Company made efforts to find the
suitable candidate for the post of Chief Financial Officer of the Company but was not able to find a
suitable candidate for the said position. Thereafter, on March 9, 2017, Mr. Rahul Bindle was appointed as
Chief Finance Officer of the Company. The Company shall ensure that the due compliance of the
provisions of the Companies Act, 2013.
Statutory Auditors’ Report
The Statutory Auditors of the Company in their Audit Report for the year ended March 31, 2017 under
the head “Emphasis of Matter”, have highlighted certain ongoing matters as explained below and have
expressed their inability to ascertain its possible effects on the standalone and consolidated financial
statements of the Company for the year 2017-18:
Without qualifying their opinion, Auditors have drawn attention to:
A. Note no. 30 (c) (xii) to the accompanying standalone Ind AS financial statements which states
that the Company and its development partners are involved in litigations relating to allegations
of various irregularities with respect to a project undertaken in Hyderabad, which are being
contested by the Company and more fully described therein.
Similar matters also appear under the head “Emphasis of Matter” of the Auditor’s Report on the
Consolidated Financial Statements, as under :
Note no. 34 (c) (xiv) to the accompanying consolidated financial statements which states that the
Holding Company and its development partners are involved in litigations relating to allegations
of various irregularities with respect to a project undertaken in Hyderabad, which is being
contested by EMLL and more fully described therein.
B. Note no. 30 (c) (xiii) to the accompanying standalone Ind AS financial statements which,
describes an ongoing litigation in relation to a project undertaken by one of the subsidiaries of the
Company, Emaar MGF Construction Private Limited (“EMCPL”) and fully described therein.
Consolidated Financial Statements, as under :
Note 34 (c) (xv) to the accompanying consolidated financial statements, which describes an
ongoing litigation in relation to a project undertaken, by one of the components of the Group,
Emaar MGF Construction Private Limited (“EMCPL”),with the Delhi Development Authority
and more fully described therein. Note no. 34 (c) (xvi) to the accompanying consolidated
financial statements which describe an ongoing litigation between the EMCPL and a contractor
with respect to certain claims on, and counterclaims by, EMCPL and more fully described
therein.
C. Note no. 42 to the accompanying standalone Ind AS financial statements which, state that the
Company has incurred cash losses in the current year. This along with other matters set forth in
the said note, indicate the existence of a material uncertainty that may cast significant doubt about
the Company’s ability to continue as a going concern.
Consolidated Financial Statements, as under:
Note no. 45 to the accompanying consolidated financial statements, wherein it has been stated
that EMLL has incurred cash losses in the current year. This along with other matters as set forth
in the said note indicate the existence of a material uncertainty that may cast significant doubt
about EMLL’s ability to continue as a going concern.
I. In respect of (A) above, the Board of Directors would like to clarify as under :
The Company, vide a Development Agreement dated November 3, 2006 (subsequently amended
by the agreement dated July 25, 2007) entered into with Emaar Hills Township Private Limited
(hereinafter referred to as ‘EHTPL’), had undertaken the development of land in Hyderabad, sold
to EHTPL by Andhra Pradesh Industrial Infrastructure Corporation (APIIC) based on various
Government Orders and through a duly registered Conveyance Deed dated December 28, 2005.
EHTPL being the absolute owner of the said land, had appointed the Company as the project
developer via Development Agreement cum General Power of Attorney (GPA) dated July 25,
2007 and an Addendum to Development Agreement cum GPA dated July 23, 2008 whereby and
in consideration thereof, the Company had to share 25% of the Gross Revenue derived through
sale and/or lease proceeds from building and structures proposed to be constructed thereon with
EHTPL.
The Company also, vide an Assignment Deed dated November 3, 2006 entered into with Boulder
Hills Leisure Private Limited (hereinafter referred to as ‘BHLPL’), had undertaken the
development and operation of a ‘Golf Course’ in Hyderabad for a lease period of 66 years and in
consideration thereof, agreed to share 5% of gross annual revenue during the first 33 years and
6% of gross annual revenue for remaining 33 years of the lease term with BHLPL.
During the earlier years, in a dispute between the APIIC and Emaar Properties PJSC
(shareholders of EHTPL and BHLPL), APIIC had issued a legal notice to the other shareholder
Emaar Properties PJSC (Emaar) for termination of the collaboration agreement (entered between
APIIC and Emaar), which has been stayed by Hon’ble A.P. High Court. APIIC also issued legal
notice to the BHLPL, inter-alia alleging that the Assignment Deed and other contracts signed by
BHLPL with the Company have been entered into without obtaining permission from APIIC and
had requested BHLPL to terminate the said Assignment Deed.
Further, APIIC had issued letters to the Joint Sub Registrar to stop the registrations of plots, villas
and apartments in the project being developed under the aforesaid Development Agreement,
which had been contested by EHTPL vide a Writ Petition in the Hon’ble A.P. High Court.
Subsequently, a Government Order was issued banning registrations of properties owned by the
Company, which was suspended by a Single Judge bench of the Hon’ble A.P. High Court on an
application filed by the flat owners welfare association. However, upon an application made by
APIIC, division bench of Hon’ble A.P. High Court suspended the aforesaid judgment.
APIIC had filed another suit against the Company before City Civil Court for rendition of
accounts, permanent injunction against the Company to restrain any transfer of properties to third
parties and carrying out any work or activity on the project. However, as there was no privity of
contract between APIIC and the Company, the said proceedings have been stayed by the Hon’ble
A.P. High Court.
The Company, based on legal advice, is of the opinion that all the aforesaid disputes shall be
settled amicably by the parties under the Arbitration and Conciliation Act, 1996 or as per the
Dispute Redressal Mechanism provided under AP Infrastructure Development Enabling Act,
2001.
Further, there have been certain legal proceedings initiated against the Company, EHTPL &
Emaar, as detailed hereunder-
a) A Public Interest Litigation (PIL) was filed by an individual with the Hon’ble A. P. High Court
making allegations, inter alia, of irregularities in the Development Agreement cum General
Power of Attorney entered into by the Company with EHTPL. Subsequently, the Hon’ble A.P.
High Court had ordered Central Bureau of Investigation (CBI) to conduct an inquiry into the
allegations. CBI had filed charge sheets against various persons including the Company, former
Managing Director and few officers of the Company. Among other things CBI has alleged that
development agreement cum GPA and addendum thereto and agency agreement was executed in
violation of collaboration agreement and without following proper procedures. CBI has also
alleged that certain plots sold were not accurately reflected in the books of the Company and has
alleged irregularities in allotment of project land. CBI has also alleged that APIIC has incurred
loss to the tune of Rs. 435.00 million on the deal. As on date, CBI has now filed a fresh charge
sheet dated October 25, 2012 and trial is proceeding in its due course. During the investigation by
CBI in respect of the Project in Hyderabad, CBI had also referred the matter to the Enforcement
Directorate (ED). The Company received a provisional attachment order from the ED on approx.
4.8 acres of land in Delhi, owned by one of the subsidiaries of the Company costing Rs. 88.60
million and a complaint before the Adjudicating Authority (PMLA) was also filed by ED. The
Adjudicating Authority confirmed the attachment order of ED. The Company has now filed an
appeal before the Appellate Tribunal against the said order.
b) A criminal complaint was filed by another individual before Special Judge, Anti-Corruption
Bureau (ACB) Cases, Hyderabad, in which, various companies having operations in Hi-Tech City
of Hyderabad during various periods were made accused parties including Emaar, EHTPL and
the Company, alleging irregularities in allocation of land to these parties. The said Court passed
order directing DG, ACB to conduct investigation into the allegations of the complaint. The said
order has however been stayed by the Hon’ble A. P. High Court on filing Criminal Revision
Cases by the Company and Emaar. Subsequently Hon’ble A.P. High Court disposed off all these
criminal proceedings with directions that all the complaints filed by the said individual will be
forwarded to CBI as additional material for their consideration.
In an another litigation, the ownership of project land under EHTPL and BHLPL along with other
Land Parcels are being disputed by various parties stating that the land belongs to Dargah and
consequently should be administered by the Wakf Board. The Hon’ble A.P. High Court in its
ruling has passed an order in favour of the petitioners. However, subsequently on an appeal made
by one of the aggrieved parties, who was also a respondent to the aforesaid suits, Hon’ble
Supreme Court has stayed the order on assurance given by the State that it will compensate
plaintiff in the suit by money or by providing alternative land.
Until March 31, 2017, with respect to the development agreement, with EHTPL, the Company
has collected Rs. 3,423.21 million (March 31, 2016 - Rs. 3,423.21 million) from customers on
account of various real estate projects launched and has spent Rs. 3,852.80 million (March 31,
2016 - Rs. 3,852.80 million) on development of various projects being undertaken. Out of the
said amounts, cumulative revenue of Rs. 1,447.86 million (March 31, 2016 - Rs. 1,447.86
million) [excluding EHTPL’s share of Rs. 482.62 million (March 31, 2016 - Rs. 482.62 million)]
and cumulative costs of Rs. 980.46 million (March 31, 2016 - Rs. 980.46 million) have been
recognised in the statement of profit and loss until the Balance Sheet date. Outstanding balances
as at year end includes trade receivables of Rs. 67.30 million (March 31, 2016 - Rs. 67.30 million
and April 1,2015 - Rs. 67.30 million), loans and advances of Rs. 53.25 million (March 31, 2016 -
Rs. 27.97 million and April 1,2015 - Rs. 27.93 million), accrued revenue of Rs. 26.96 million
(March 31, 2016 - Rs. 26.96 million and April 1,2015 - Rs. 26.96 million), trade payables of Rs.
220.40 million (March 31, 2016 - Rs. 234.75 million and April 1,2015 - Rs. 194.91 million),
outstanding revenue share payable to EHTPL of Rs. 294.81 million (March 31, 2016 – Rs. 294.81
million and April 1,2015 - Rs. 294.81 million), other liabilities of Rs. 1,586.99 million (March
31, 2016 - Rs. 1,586.99 million and April 1,2015 - Rs. 1586.99 million) and inventories of Rs.
2,872.34 million (March 31, 2016- Rs. 2,391.92 million and and April 1,2015 - Rs. 2391.92
million) and capital work in progress of Rs. 18.97 million (March 31, 2016 - Rs. 18.97 million
and April 1,2015 - Rs. 18.97 million). In view of the aforesaid litigations, the management
believes that the amounts payable to EHTPL under the Development Agreement is disputed and
is neither due nor payable until the disposal of the said litigations.
Further, with respect to the assignment deed with BHLPL, the Company has collected Rs. 401.02
million (March 31, 2016 – Rs. 361.99 million) from customers of which Rs. 338.76 million
(March 31, 2016 -Rs. 308.13 million) [excluding BHLPL’s share of Rs. 14.76 million (March 31,
2016 – Rs. 13.64 million)] has been recognized as revenue upto the balance sheet date.
Pending completion of above referred proceedings and based on the legal advices received,
management of the Company believes that the allegations/matters raised are contrary to the
factual position and hence not tenable.
Regarding the liabilities stated above, the Company believes that, the matters are possible but not
probable, and hence no provision has been made in these financial statements.
Please also refer to Note no. 30 (c) (xii) of the Standalone Financial Statement and Note no. 34
(c) (xiv) of the Consolidated Financial Statements.
II. In respect of (B) above, the Board of Directors would like to clarify as under :
As at March 31, 2017, the Company has investments of Rs. 603.53 million (March 31, 2016 - Rs.
603.53 million April 01, 2015 - Rs. 603.53) in the form of equity share capital in one of its
subsidiary companies, Emaar MGF Construction Private Limited (‘EMCPL’) and a recoverable
of Rs. 2,266.22 million (March 31, 2016 - Rs. 2,098.40 April 01, 2015 - Rs. 2049.86). During the
current year, EMCPL has made a loss of Rs. 3.56 million (March 31, 2016 - Rs. 48.22 million)
and has accumulated losses of Rs. 575.76 million (March 31, 2016 - Rs. 572.20 million) as at the
period end.
EMCPL is under various litigations with respect to the Commonwealth Games (CWG) Village
project undertaken by it, including with –
• Delhi Development Authority (DDA) under Project Development Agreement for the
development and construction of the project, whereby EMCPL has raised claims over
DDA aggregating to Rs. 14,182.38 million (March 31, 2016 - Rs. 14,182.38 million April
01, 2015 – Rs 14,182.38 million), against which DDA has raised counter claims
aggregating to Rs. 14,460.44 million (March 31, 2016 - Rs. 14,460.44 million, April 01,
2015 – Rs 14,460.44 million) on EMCPL. DDA is also alleging extra usage of Floor Area
Ratio (FAR) by EMCPL; and\
• M/s Ahluwalia Contracts (India) Limited, contractor appointed for the construction of the
project, wherein claims by the contractor and counter claims by EMCPL aggregating to
Rs. 4,200.19 million (excluding interest) (March 31, 2016 - Rs. 4,200.19 million April
01, 2015 - Rs. 4,200.19 million) and Rs. 11,702.55 million (March 31, 2016 - Rs.
11,702.55 million April 01, 2015 - Rs. 11,702.55 million) respectively are pending for
decision with the arbitration tribunal.
Unfavourable outcome of the outstanding litigations may result in the said subsidiary not being
able to meet its obligations fully and may lead to a diminution, other than temporary, in the value
of the investment that the Company holds in EMCPL besides non recovery of the aforesaid
advance. Further, the Company has undertaken to provide continued financial support to EMCPL
as part of its business strategy for meeting its operating and capital funding requirements for the
next financial year and in the near future.
Please also refer to Note no. 30 (c) (xiii) of the Standalone Financial Statement and Note 34 (c) (xv) & 34
(c) (xvi) of the Consolidated Financial Statements.
III. In respect of (C) above, the Board of Directors would like to clarify as under :
The Company has incurred a book loss of Rs. 7,546.73 million (previous year -Rs. 6,396.50
million). Further, as at March 31, 2017 the Company has debts of Rs. 1,298.66 million (previous
year - Rs. 3,469.91 million) which are due for repayment in the next one year. In addition, there has
been breach in some of the covenants attached to its borrowings on financial/technical parameters
and some of its liabilities are overdue. As per the present business plans the Company would (i)
require additional capital either in the form of long term debts/equity and (ii) reschedule debt and
interest obligations; for an aggregate of Rs. 8,000.00 million (previous year - Rs. 19,750 million) to
be able to meet its financial obligations in the next one year.
The Company along with its holding company, Emaar Properties PJSC, has been exploring options
for raising additional funds to meet its financial obligations and is working with certain lenders to
re-schedule the principal and interest payment terms in line with its expected cash flows. The
Company and its promoters have also filed a Scheme of Arrangement before the Hon’ble High
Court of Delhi for reorganizing its business and demerging part of the same to a separate entity to
better manage its fund requirements. The management also has considered the fact that the
Company has significant asset base, including land inventories or land development rights, which
can yield values in excess of their book values and can hence be used for raising additional capital,
if and when required.
In view of the same, the Board of Directors of the Company is hopeful of generating sufficient cash
flows in the future to meet the Company's financial obligations. Hence, these financial statements
have been prepared on a going concern basis.
Please also refer to Note No. 42 of the Standalone Financial Statement and Note No. 45 of the
Consolidated Financial Statements.
Extract of the Annual Return
The details forming part of the extract of the Annual Return in Form MGT 9 as per provisions of
Companies Act, 2013 and rules thereto is annexed to this report as Annexure - 5.
Loans, Guarantees or Investments
Particulars of loans and guarantees given and investments made during the year in accordance with
Section 186 of the Companies Act, 2013, Regulation 53 of SEBI (Listing Obligations and Disclosure
Requirements) Regulation, 2015 and as specified in Para A of Schedule V of the said regulations is
annexed to this report as Annexure – 6.
Deposits
During the year under review, the Company has not invited or accepted any deposits under Companies
Act, 2013.
Related Party Transaction
There have been no materially significant related party transactions between the Company and the related
parties, except for those disclosed in the financial statements. Further, during the financial year 2016-17,
the Company had not entered into any new contract / arrangement with related parties, as specified under
Section 188(1) of the Companies Act, 2013.
Internal Financial Controls
The Company has in place adequate internal financial controls with reference to financial statements.
During the year, such controls were tested and no reportable material weakness in the design or operation
was observed.
Corporate Social Responsibility
Pursuant to Section 135 of the Companies Act, 2013 and the Companies (Corporate Social Responsibility
Policy) Rules, 2014, the Company has constituted a Corporate Social Responsibility Committee (“CSR
Committee”) and the current composition of the Committee is as under:

3 Mr. Haroon Saeed Siddiqui Non-Independent Non-Executive Director
4 Mr. Amit Jain Non-Independent Non-Executive Director
The CSR Committee has formulated and recommended to the Board, a Corporate Social Responsibility
Policy (CSR Policy) indicating the activities to be undertaken by the Company, which has been approved
by the Board.
Since the Company has been incurring losses for over last 3 financial years, the Company has not
incurred any significant expenditure on CSR activities / projects.
Risk Management
Your Company recognizes that risk is an integral part of business and is committed to managing the risks
in a proactive and efficient manner. The Company faces and manages various risks, including business
risks, such as the highly competitive and rapidly changing nature of our markets. Other risks are financial
in nature, such as currency movements, interest rate fluctuations, liquidity, insurance and credit risks.
The company has laid down a Risk Management Policy to periodically assess risks in the internal and
external environment and through its risk management process, strives to contain the impact and
likelihood of the risks.
While there are no risks which in the opinion of the Board threaten the existence of your Company,
however, we would like to draw your kind attention to Emphasis of Matter referred to in the Statutory
Audit Report alongwith the Note No. 41 of the Notes to Accounts.
Vigil Mechanism
The Company has established a vigil mechanism to promote ethical behaviour in all its business activities
and has in place a mechanism for employees to report any genuine grievances, illegal, unethical
behaviour, suspected fraud or violation of laws, rules and regulation or conduct to the Ethic Committee
and the Audit Committee of the Board of Directors. The Policy also provides for adequate protection to
the whistle blower against victimization or discriminatory practices.
Significant & Material Orders Passed by the Regulators/ Courts/ Tribunals
During the year under review, there have been no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Company’s operations. However, members'
attention is drawn to the statement on contingent liabilities in the notes forming part of the Financial
Statements and Emphasis of Matters forming part of the Auditors Report as stated above.
Investor Education & Protection Fund
During the year under review, the Company was not liable to deposit any amount to the Investor
Education and Protection Fund.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings & Outgo
(A) Conservation of energy-
Since the Company is not engaged in any manufacturing activity, the particulars are not applicable.
(B) Technology absorption-
Since the Company is not engaged in any manufacturing activity, the particulars are not applicable
(C) Foreign exchange earnings and Outgo-
During the financial year, the Foreign Exchange used and earned by the Company is as under:
(Rs. in millions)
Particulars March 31, 2017 March 31, 2016
Foreign Exchange Earnings Nil Nil
Foreign Exchange Outgo 3471.83 5,321.06
Human Resources
Employee relations continue to be cordial and harmonious at all levels and in all divisions of the
Company. The Board of Directors would like to express their sincere appreciation to all the employees for
their continued hard work and stead fast dedication.
As a part of the policy for Prevention of Sexual Harassment in the organisation, the Company has in place
an Internal Complaints Committee for prevention and redressal of complaints of sexual harassment of
women at work place in accordance with the Sexual Harassment of Women at Workplace (Prevention,
Prohibition, and Redressal) Act, 2013 and relevant rules thereunder. No complaints were received by the
Committee during the period under review.
In terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names
and other particulars of the employees drawing remuneration in excess of the limits set out in the said
rules are provided in this report as Annexure 7.
Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act read
with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
are provided in the Annual Report as Annexure - 8.
Acknowledgement
Your Directors would like to express their sincere appreciation for the assistance and co–operation
received from the financial institutions, banks, Government authorities, customers, vendors and members
during the year under review. Your Directors also wish to place on record their deep sense of appreciation
for the committed services by the Company's executives, staff and workers.
For and on behalf of the Board of Directors

Sd/- Sd/-
Haroon Saeed Siddiqui Ashish Narayan Prasad Kabra

Director Director
DIN-05250916 DIN-06408748
Address:- Post Box 35229, Dubai- Address:- E 117, Sahakar Villa,
35229, UAE SV Road, Mumbai - 400064
Date : August 28, 2017

Annexure: -1
During the financial year 2012-13, the Company had issued and allotted 22,600 (11.25%) NCDs of Rs.
1,000,000/- each aggregating to Rs. 22,600 million in three tranches as per following details:
Amount
No. of Amount outstanding per
BSE
Tranche NCDs per NCD NCD as on ISIN Trustee details
Code
issued (Rs.) March 31, 2017
(In Rs.)
Vistra ITCL
Series 1 4500 10,00,000/- 10,00,000/- INE451H07332 948003 (India) Limited
(Formerly IL&FS
Trust Company
Limited IL&FS
Financial Centre,
Series 2 4500 10,00,000/- 10,00,000/- INE451H07340 948005 Plot No. C-22, G
Block, Bandra
Kurla Complex,
Bandra East),
Series 3 13600 10,00,000/- 10,00,000/- INE451H07357 948012 Mumbai-400051
Since the close of Financial Year 2015-16, approval of the Debenture holders have been received
to change the terms of the said NCDs as under:
A. With effect from 01.06.2016, the revised Rate of Interest on NCDs shall be 11.25 % including
Withholding tax.
B. 100% (Hundred Percent) of the Principal Amount of all NCDs will be redeemed on December
31, 2019
C. The Redemption Premium on any NCDs to be paid earlier of:
a. The Date on which the last payment is made by the issuer towards the full and complete
repayment of the entire principal amount of that Debenture; or
b. 31 December, 2019.
Further Debenture Trustee vide its Letter dated April 12, 2017 has accorded its consent to the
following changes.
A. The Coupon due from October 1, 2014 to 31st March, 2018 amounting to 9875 Mn. Will be
paid on December 31, 2019.
B. Coupons from April 1, 2018 onwards on calendar month basis by last Calendar Day of every
month.
****
Annexure -2
AOC-1
(Amount in Million)
Prefer
Share Exten Profit/( Propose
ence Profit/(Los
Holding t of Paid Net Total Total Invest Turn Loss) Provision d
Share Holding share Reserves s) after
Sr Name of the Subsidiary No. of Holdi Up Worth Assets Liabilities ments over before For Tax Dividen
Country CIN No PAN Section Nature No. of equity Capita Tax
No Company Prefere ng Tax d
shares l
nce
Cap
shares (%)
ital
Aashirwad Conbuild Private 10,000 Share @
1 INDIA U45200DL2008PTC178105 AAHCA0840L 2(87)(ii) Subsidiary 0 100 0.10 - (0.13) (0.03) 0.01 0.03 - - (0.01) - (0.01) -
Limited 10 Each
Abbey Properties Private 10,000 Share @
2 INDIA U45201DL2006PTC147705 AAFCA6908F 2(87)(ii) Subsidiary 0 100 0.10 - (0.38) (0.28) 100.28 100.56 - - (0.01) - (0.01) -
Limited 10 Each
Abbot Builders Private 10,000 Share @
3 INDIA U45201DL2006PTC147693 AAFCA6900P 2(87)(ii) Subsidiary 0 100 0.10 - (54.02) (53.92) 0.01 53.93 - - (0.01) - (0.01) -
Limited 10 Each
Abhinav Projects Private 10,000 Share @
4 INDIA U45201DL2005PTC141556 AAFCA4153J 2(87)(ii) Subsidiary 0 100 0.10 - (0.54) (0.44) 128.38 128.82 - - (0.01) - (0.01) -
Limited 10 Each
Abyss Properties Private 10,000 Share @
5 INDIA U45201DL2006PTC147453 AAFCA6308M 2(87)(ii) Subsidiary 0 100 0.10 - (0.15) (0.05) 133.72 133.77 - - (0.01) - (0.01) -
Limited 10 Each
Accession Buildwell Private 11,200 Share @
6 INDIA U99999DL2006PTC147659 AAFCA6909E 2(87)(ii) Subsidiary 0 100 0.11 - (448.70) (432.32) 1,654.26 2,086.58 146.07 - (685.32) - (685.32) -
Limited 10 Each
Accordion Buildwell Private 10,000 Share @
7 INDIA U45201DL2006PTC147688 AAFCA6912P 2(87)(ii) Subsidiary 0 100 0.10 - (25.10) (25.00) 108.71 133.71 - - (0.01) 0.00 (0.01) -
Limited 10 Each
Achates Buildcons Private 20,000 Share @
8 INDIA U70109DL2006PTC150711 AAFCA8058E 2(87)(ii) Subsidiary 0 100 0.20 - 36.55 36.75 36.75 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Acorn Buildmart Private 20,000 Share @
9 INDIA U70109DL2006PTC150714 AAFCA8057M 2(87)(ii) Subsidiary 0 100 0.20 - 37.04 37.24 37.25 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Acorn Developers Private 20,000 Share @
10 INDIA U70109DL2006PTC150537 AAFCA8062N 2(87)(ii) Subsidiary 0 100 0.20 - 26.54 26.74 26.75 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Active Promoters Private 20,000 Share @
11 INDIA U45201DL2004PTC128384 AAECA9956G 2(87)(ii) Subsidiary 0 100 0.20 - 7.30 7.50 763.38 755.89 6.57 - 28.29 5.39 22.90 -
Limited 10 Each
75,100 Share @
12 Active Securities Limited INDIA U74899DL1995PLC071595 AAACA5733B 2(87)(ii) Subsidiary 0 100 0.75 - 110.00 110.75 555.42 444.67 - 61.99 26.55 7.79 18.76 -
10 Each
Acutech Estates Private 100,000 Share @
13 INDIA U45201DL2006PTC147816 AAFCA6567L 2(87)(ii) Subsidiary 0 100 1.00 - (0.33) 0.67 314.40 313.74 - - (0.01) - (0.01) -
Limited 10 Each
Adze Properties Private 10,000 Share @
14 INDIA U45201DL2006PTC147708 AAFCA6899R 2(87)(ii) Subsidiary 0 100 0.10 - (1.02) (0.92) 84.42 85.34 - - (0.06) - (0.06) -
Limited 10 Each
Allied Realty Private 10,000 Share @
15 INDIA U45201DL2005PTC131810 AAFCA5206Q 2(87)(ii) Subsidiary 0 100 0.10 - (3.45) (3.35) 1,337.42 1,340.77 - - (1.43) - (1.43) -
Limited 10 Each
Alpine Buildcon Private 100,000 Share @
16 INDIA U45201DL2006PTC147828 AAFCA6457R 2(87)(ii) Subsidiary 0 100 1.00 - (1.00) (0.00) 131.22 131.22 - - (0.01) - (0.01) -
Limited 10 Each
Amar Gyan Developments 10,000 Share @
17 INDIA U45201DL2005PTC138010 AAFCA2818J 2(87)(ii) Subsidiary 0 100 0.10 - 4.47 4.57 377.87 373.30 - - (0.01) - (0.01) -
Private Limited 10 Each
Amardeep Buildcon Private 10,000 Share @
18 INDIA U45201DL2005PTC138136 AAFCA2819K 2(87)(ii) Subsidiary 0 100 0.10 - (6.75) (6.65) 533.03 539.68 - - 0.27 - 0.27 -
Limited 10 Each
Aparajit Promoters Private 1,09,000 Share @
19 INDIA U15201DL2006PTC147840 AAFCA6456Q 2(87)(ii) Subsidiary 0 100 1.09 - 77.41 78.50 78.50 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Archit Promoters Private 100,000 Share @
20 INDIA U04999DL2006PTC147797 AAFCA6458A 2(87)(ii) Subsidiary 0 100 1.00 - (0.67) 0.33 215.01 214.68 - - (0.01) - (0.01) -
Limited 10 Each
Ardor Conbuild Private 10,000 Share @
21 INDIA U45400DL2007PTC161619 AAGCA3666B 2(87)(ii) Subsidiary 0 100 0.10 - (0.24) (0.14) 4.69 4.83 - - (0.01) - (0.01) -
Limited 10 Each
Arma Buildmore Private 10,000 Share @
22 INDIA U70109DL2006PTC152668 AAFCA8711Q 2(87)(ii) Subsidiary 0 100 0.10 - (1.10) (1.00) 71.89 72.89 - - (0.01) - (0.01) -
Limited 10 Each
Arman Promoters Private 10,000 Share @
23 INDIA U45201DL2005PTC138970 AAFCA3545E 2(87)(ii) Subsidiary 0 100 0.10 - 6.87 6.97 235.18 228.21 - - 0.88 0.02 0.86 -
Limited 10 Each
Armour Properties Private 10,000 Share @
24 INDIA U45201DL2006PTC147472 AAFCA6309L 2(87)(ii) Subsidiary 0 100 0.10 - 0.81 0.91 33.90 32.98 - - 0.24 - 0.24 -
Limited 10 Each
Auspicious Realtors Private 10,000 Share @
25 INDIA U45201DL2006PTC147454 AAFCA6310B 2(87)(ii) Subsidiary 0 100 0.10 - 3.68 3.78 37.36 33.58 - - (0.01) 0.00 (0.01) -
Limited 10 Each
Authentic Properties Private 10,000 Share @
26 INDIA U45201DL2006PTC147467 AAFCA6311A 2(87)(ii) Subsidiary 0 100 0.10 - (113.39) (113.29) 96.11 209.40 - - (0.01) - (0.01) -
Limited 10 Each
Avinashi Buildtech Private 10,000 Share @
27 INDIA U70109DL2006PTC152669 AAFCA8634G 2(87)(ii) Subsidiary 0 100 0.10 - (0.06) 0.04 64.57 64.53 - - (0.01) - (0.01) -
Limited 10 Each
Bailiwick Builders Private 10,000 Share @
28 INDIA U45201DL2006PTC147691 AACCB8452C 2(87)(ii) Subsidiary 0 100 0.10 - (0.55) (0.45) 278.34 278.79 - - (0.01) - (0.01) -
Limited 10 Each
Balalaika Builders Private 10,000 Share @
29 INDIA U45201DL2006PTC147695 AACCB8441K 2(87)(ii) Subsidiary 0 100 0.10 - (0.33) (0.23) 48.85 49.08 - - (0.01) - (0.01) -
Limited 10 Each
Ballad Conbuild Private 10,000 Share @
30 INDIA U45201DL2006PTC147706 AACCB8443M 2(87)(ii) Subsidiary 0 100 0.10 - (0.44) (0.34) 96.34 96.68 - - (0.01) - (0.01) -
Limited 10 Each
Bhavishya Buildcon Private 100,000 Share @
31 INDIA U45201DL2006PTC147806 AACCB8226G 2(87)(ii) Subsidiary 0 100 1.00 - (0.26) 0.74 139.92 139.18 - - (0.01) - (0.01) -
Limited 10 Each
Bhavya Conbuild Private 10,000 Share @
32 INDIA U45200DL2008PTC185678 AADCB6460H 2(87)(ii) Subsidiary 0 100 0.10 - (0.10) (0.00) 0.00 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Bhumika Promoters Private 100,000 Share @
33 INDIA U45201DL2006PTC147822 AACCB8260G 2(87)(ii) Subsidiary 0 100 1.00 - (0.36) 0.64 119.87 119.23 - - (0.01) - (0.01) -
Limited 10 Each
Brijbasi Projects Private 10,000 Share @
34 INDIA U70102DL2006PTC149135 AADCB2794G 2(87)(ii) Subsidiary 0 100 0.10 - (73.89) (73.79) 260.17 333.96 0.40 - (0.01) - (0.01) -
Limited 10 Each
Brilliant Build Tech Private 10,000 Share @
35 INDIA U70109DL2006PTC152912 AADCB0917B 2(87)(ii) Subsidiary 0 100 0.10 - (157.73) (157.63) 206.14 363.77 - 42.26 7.35 1.26 6.08 -
Limited 10 Each
Budget Hotels India Private Joint 19,367,099 Share 193.
36 INDIA U55101DL2006PTC155675 AADCB0491J 2(87)(ii) 0 50.01 - (127.28) 66.39 66.44 0.05 - - (0.46) - (0.46) -
Limited Venture @ 10 Each 67
Calypso Properties Private 10,000 Share @
37 INDIA U45201DL2006PTC147669 AACCC8080F 2(87)(ii) Subsidiary 0 100 0.10 - (0.16) (0.06) 45.20 45.26 - - (0.01) - (0.01) -
Limited 10 Each
Camarederie Properties 10,000 Share @
38 INDIA U45201DL2006PTC147696 AACCC8069J 2(87)(ii) Subsidiary 0 100 0.10 - 4.33 4.43 81.83 77.40 3.50 - 12.71 2.59 10.12 -
Camellia Properties Private 10,000 Share @
39 INDIA U45201DL2006PTC147698 AACCC8076B 2(87)(ii) Subsidiary 0 100 0.10 - (2.21) (2.11) 0.02 2.13 - - (0.01) - (0.01) -
Limited 10 Each
Capex Projects Private 10,000 Share @
40 INDIA U70101DL2006PTC148779 AACCC8211G 2(87)(ii) Subsidiary 0 100 0.10 - (9.85) (9.75) 102.76 112.51 - - (0.02) - (0.02) -
Limited 10 Each
Casing Properties Private 10,000 Share @
41 INDIA U45201DL2006PTC147673 AACCC8079Q 2(87)(ii) Subsidiary 0 100 0.10 - (1.89) (1.79) 47.25 49.04 - - (0.01) - (0.01) -
Limited 10 Each
Cassock Properties Private 10,000 Share @
42 INDIA U45201DL2006PTC147702 AACCC8078R 2(87)(ii) Subsidiary 0 100 0.10 - (0.33) (0.23) 28.78 29.01 - - (0.01) - (0.01) -
Limited 10 Each
Cats Eye Properties Private 10,000 Share @
43 INDIA U45201DL2006PTC147468 AACCC7807L 2(87)(ii) Subsidiary 0 100 0.10 - 3.84 3.94 98.94 94.99 - - (0.01) - (0.01) -
Limited 10 Each
Charbhuja Properties Private 10,000 Share @
44 INDIA U45201DL2006PTC147474 AACCC7810R 2(87)(ii) Subsidiary 0 100 0.10 - 0.98 1.08 813.75 812.68 - - (0.01) - (0.01) -
Limited 10 Each
Charismatic Realtors Private 10,000 Share @
45 INDIA U45201DL2006PTC147473 AACCC7809E 2(87)(ii) Subsidiary 0 100 0.10 - 1.22 1.32 18.82 17.50 - - (0.01) 0.00 (0.01) -
Limited 10 Each
Chhavi Buildtech Private 10,000 Share @
46 INDIA U70104DL2006PTC152850 AACCC8808R 2(87)(ii) Subsidiary 0 100 0.10 - (2.85) (2.75) 354.43 357.18 - - (0.01) - (0.01) -
Limited 10 Each
Chintz Conbuild Private 10,000 Share @
47 INDIA U45201DL2006PTC147711 AACCC8073E 2(87)(ii) Subsidiary 0 100 0.10 - (0.33) (0.23) 268.09 268.33 - 0.02 (0.04) - (0.04) -
Limited 10 Each
Chirayu Buildtech Private 10,000 Share @
48 INDIA U45200DL2006PTC154272 AACCC8946L 2(87)(ii) Subsidiary 0 100 0.10 - (5.34) (5.24) 487.57 492.81 - - (0.05) - (0.05) -
Limited 10 Each
Choir Developers Private 10,000 Share @
49 INDIA U45201DL2006PTC147707 AACCC8081E 2(87)(ii) Subsidiary 0 100 0.10 - (0.48) (0.38) 280.83 281.22 - - (0.01) - (0.01) -
Limited 10 Each
Chum Properties Private 10,000 Share @
50 INDIA U45201DL2006PTC147704 AACCC8077A 2(87)(ii) Subsidiary 0 100 0.10 - (0.28) (0.18) 280.76 280.93 - - (0.01) - (0.01) -
Limited 10 Each
Compact Projects Private 10,000 Share @
51 INDIA U45201DL2005PTC138812 AACCC6522G 2(87)(ii) Subsidiary 0 100 0.10 - (0.49) (0.39) 200.70 201.10 - - 0.71 - 0.71 -
Limited 10 Each
Consummate Properties 10,000 Share @
52 INDIA U45201DL2006PTC147518 AACCC7808F 2(87)(ii) Subsidiary 0 100 0.10 - (0.52) (0.42) 316.11 316.53 - - 0.82 - 0.82 -
Crock Buildwell Private 10,000 Share @
53 INDIA U45201DL2006PTC147672 AACCC8071G 2(87)(ii) Subsidiary 0 100 0.10 - (0.74) (0.64) 27.48 28.12 - - (0.01) - (0.01) -
Limited 10 Each
Crocus Builders Private 10,000 Share @
54 INDIA U45201DL2006PTC147703 AACCC8070H 2(87)(ii) Subsidiary 0 100 0.10 - (0.79) (0.69) 345.29 345.97 - - 0.88 - 0.88 -
Limited 10 Each
Crony Builders Private 10,000 Share @
55 INDIA U45201DL2006PTC147694 AACCC8082H 2(87)(ii) Subsidiary 0 100 0.10 - (0.17) (0.07) 325.35 325.42 - - (0.03) - (0.03) -
Limited 10 Each
Deep Jyoti Projects Private 10,000 Share @
56 INDIA U45201DL2005PTC138129 AACCD2016L 2(87)(ii) Subsidiary 0 100 0.10 - 0.43 0.53 228.21 227.68 - - (0.83) - (0.83) -
Limited 10 Each
10,000 Share @
57 Divit Estates Private Limited INDIA U70109DL2006PTC150764 AACCD3990M 2(87)(ii) Subsidiary 0 100 0.10 - (19.07) (18.97) 56.29 75.26 - - (0.43) - (0.43) -
10 Each
Dove Promoters Private 20,000 Share @
58 INDIA U45201DL2004PTC128386 AACCD0845R 2(87)(ii) Subsidiary 0 100 0.20 - (8.66) (8.46) 1,332.66 1,341.12 0.30 0.23 0.02 0.01 0.01 -
Limited 10 Each
Ducat Builders Private 2,720,000 Share 27.2
59 INDIA U45201DL2006PTC147700 AACCD3585C 2(87)(ii) Subsidiary 0 100 - (8.13) 19.07 19.08 0.01 - - (0.01) - (0.01) -
Limited @ 10 Each 0
Dumdum Builders Private 10,000 Share @
60 INDIA U45201DL2006PTC147699 AACCD3582F 2(87)(ii) Subsidiary 0 100 0.10 - (0.28) (0.18) 94.98 95.16 - - (0.01) - (0.01) -
Limited 10 Each
Easter Conbuild Private 20,000 Share @
61 INDIA U45400DL2007PTC163140 AABCE7757J 2(87)(ii) Subsidiary 0 100 0.20 - 10.27 10.47 21.72 11.25 - - (0.01) - (0.01) -
Limited 10 Each
Eclogue Conbuild Private 10,000 Share @
62 INDIA U45400DL2007PTC163075 AABCE7737Q 2(87)(ii) Subsidiary 0 100 0.10 - (0.15) (0.05) 150.82 150.87 - - (0.01) - (0.01) -
Limited 10 Each
Ecru Builders Private 10,000 Share @
63 INDIA U45201DL2006PTC147709 AABCE5862C 2(87)(ii) Subsidiary 0 100 0.10 - (0.13) (0.03) 54.32 54.35 - - (0.01) - (0.01) -
Limited 10 Each
Ecstasy Conbuild Private 20,000 Share @
64 INDIA U45400DL2007PTC163144 AABCE7738B 2(87)(ii) Subsidiary 0 100 0.20 - 10.27 10.47 21.72 11.25 - - (0.01) - (0.01) -
Limited 10 Each
Edenic Propbuild Private 10,000 Share @
65 INDIA U45400DL2007PTC162103 AABCE7756K 2(87)(ii) Subsidiary 0 100 0.10 - (1,254.19) (1,254.09) 1,082.77 2,336.86 - - (241.19) - (241.19) -
Limited 10 Each
Edge Conbuild Private 10,000 Share @
66 INDIA U45400DL2007PTC163138 AABCE7750R 2(87)(ii) Subsidiary 0 100 0.10 - (0.22) (0.12) 131.14 131.26 - - (0.01) - (0.01) -
Limited 10 Each
10,000 Share @
67 Edit Estates Private Limited INDIA U70109DL2006PTC152851 AABCE6413B 2(87)(ii) Subsidiary 0 100 0.10 - (0.52) (0.42) 29.11 29.53 - - (0.01) - (0.01) -
10 Each
Educt Propbuild Private 10,000 Share @
68 INDIA U45400DL2007PTC162105 AABCE7744D 2(87)(ii) Subsidiary 0 100 0.10 - (7.10) (7.00) 0.02 7.03 - - (0.01) - (0.01) -
Limited 10 Each
Elan Conbuild Private 10,000 Share @
69 INDIA U45400DL2007PTC163155 AABCE7739A 2(87)(ii) Subsidiary 0 100 0.10 - (702.21) (702.11) 0.03 702.14 - - (1.00) - (1.00) -
Limited 10 Each
Elegant Propbuild Private 20,000 Share @
70 INDIA U45201DL2006PTC147524 AABCE5706B 2(87)(ii) Subsidiary 0 100 0.20 - 30.77 30.97 31.01 0.04 - - (0.01) - (0.01) -
Limited 10 Each
Elite Conbuild Private 10,000 Share @
71 INDIA U45400DL2007PTC163116 AABCE7751Q 2(87)(ii) Subsidiary 0 100 0.10 - (420.22) (420.12) 719.43 1,139.55 - - (182.42) - (182.42) -
Limited 10 Each
Emaar Mgf Construction 5,485,339 Share 54.8
72 INDIA U70109DL2006PTC154556 AABCE7912K 2(87)(ii) Subsidiary 0 100 - 169.39 224.24 2,997.66 2,773.42 - 13.56 (3.56) - (3.56) -
Private Limited @ 10 Each 5
Emaar Mgf Services Private 10,000 Share @ 151.9
73 INDIA U74930DL2006PTC154644 AABCE7911L 2(87)(ii) Subsidiary 0 100 0.10 - 11.92 12.02 238.12 226.10 - 10.20 1.90 8.30 -
Limited 10 Each 2
Eminence Conbuild Private 10,000 Share @
74 INDIA U45400DL2007PTC163134 AABCE7743E 2(87)(ii) Subsidiary 0 100 0.10 - (0.13) (0.03) 0.01 0.04 - - (0.01) - (0.01) -
Limited 10 Each
Enamel Propbuild Private 10,000 Share @
Limited 10 Each
Enigma Properties Private 10,000 Share @
Limited 10 Each
Epitome Propbuild Private 10,000 Share @
77 INDIA U45400DL2007PTC162104 AABCE7913J 2(87)(ii) Subsidiary 0 100 0.10 - 4.68 4.78 45.82 41.05 - - (0.01) - (0.01) -
Limited 10 Each
Eternal Buildtech Private 10,000 Share @
78 INDIA U45201DL2006PTC147527 AABCE5709Q 2(87)(ii) Subsidiary 0 100 0.10 - (2.03) (1.93) 189.38 191.31 - - (0.01) - (0.01) -
Limited 10 Each
Ethic Conbuild Private 20,001 Share @
79 INDIA U45400DL2007PTC163096 AABCE7734P 2(87)(ii) Subsidiary 0 100 0.20 - 22.63 22.83 37.92 15.09 - - (0.01) - (0.01) -
Limited 10 Each
Ethnic Properties Private 10,000 Share @
80 INDIA U45201DL2006PTC147476 AABCE5710F 2(87)(ii) Subsidiary 0 100 0.10 - (66.10) (66.00) 487.90 553.91 - - (0.01) - (0.01) -
Limited 10 Each
Everwel Estates Private 100,000 Share @
81 INDIA U45201DL2006PTC147815 AABCE5746K 2(87)(ii) Subsidiary 0 100 1.00 - (0.49) 0.51 270.56 270.05 - - (0.01) - (0.01) -
Limited 10 Each
Extremity Conbuild Private 20,000 Share @
82 INDIA U45400DL2007PTC163098 AABCE7740H 2(87)(ii) Subsidiary 0 100 0.20 - 30.91 31.11 31.12 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Fable Conbuild Private 10,000 Share @
83 INDIA U45400DL2007PTC161617 AABCF0989P 2(87)(ii) Subsidiary 0 100 0.10 - (0.24) (0.14) 7.84 7.98 - - (0.01) - (0.01) -
Limited 10 Each
Facade Conbuild Private 10,000 Share @
84 INDIA U45400DL2007PTC161691 AABCF0991M 2(87)(ii) Subsidiary 0 100 0.10 - (0.24) (0.14) 10.45 10.59 - - (0.01) - (0.01) -
Limited 10 Each
10,000 Share @
85 Facet Estate Private Limited INDIA U45201DL2004PTC130275 AAACF8534H 2(87)(ii) Subsidiary 0 100 0.10 - 24.09 24.19 1,339.71 1,315.52 - - (0.01) - (0.01) -
10 Each
Flick Propbuild Private 10,000 Share @
86 INDIA U45200DL2007PTC157786 AABCF0545P 2(87)(ii) Subsidiary 0 100 0.10 - 0.23 0.33 26.81 26.48 - - (0.01) - (0.01) -
Limited 10 Each
Fling Propbuild Private 10,000 Share @
87 INDIA U45200DL2006PTC157036 AABCF0517F 2(87)(ii) Subsidiary 0 100 0.10 - (0.80) (0.70) 62.44 63.14 - - (0.01) - (0.01) -
Limited 10 Each
Flip Propbuild Private 10,000 Share @
88 INDIA U45200DL2007PTC157710 AABCF0579P 2(87)(ii) Subsidiary 0 100 0.10 - (0.21) (0.11) 90.00 90.11 - - (0.01) - (0.01) -
Limited 10 Each
Floret Propbuild Private 10,000 Share @
89 INDIA U45200DL2007PTC157511 AABCF0550A 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 39.45 39.61 - - (0.01) - (0.01) -
Limited 10 Each
Flotilla Propbuild Private 10,000 Share @
90 INDIA U45200DL2007PTC157354 AABCF0557H 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 43.58 43.74 - - (0.01) - (0.01) -
Limited 10 Each
Flounce Propbuild Private 10,000 Share @
91 INDIA U45200DL2007PTC157276 AABCF0556G 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 10.16 10.31 - - (0.01) 0.00 (0.01) -
Limited 10 Each
Flue Propbuild Private 10,000 Share @
92 INDIA U45200DL2006PTC157001 AABCF0516E 2(87)(ii) Subsidiary 0 100 0.10 - (0.30) (0.20) 193.54 193.74 - - (0.05) - (0.05) -
Limited 10 Each
Fluff Propbuild Private 10,000 Share @
93 INDIA U45200DL2006PTC156937 AABCF0576C 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 59.68 59.84 - - (0.01) - (0.01) -
Limited 10 Each
Fluke Propbuild Private 10,000 Share @
94 INDIA U70102DL2007PTC157297 AABCF0551B 2(87)(ii) Subsidiary 0 100 0.10 - (0.08) 0.02 4.61 4.58 - - (0.01) - (0.01) -
Limited 10 Each
Foal Propbuild Private 10,000 Share @
95 INDIA U45200DL2007PTC157709 AABCF0547R 2(87)(ii) Subsidiary 0 100 0.10 - (0.17) (0.07) 14.75 14.82 - - (0.01) - (0.01) -
Limited 10 Each
Fondant Propbuild Private 10,000 Share @
96 INDIA U45200DL2007PTC157275 AABCF0549B 2(87)(ii) Subsidiary 0 100 0.10 - (0.74) (0.64) 56.26 56.89 - - (0.01) - (0.01) -
Limited 10 Each
Foray Propbuild Private 10,000 Share @
97 INDIA U45200DL2007PTC157512 AABCF3447L 2(87)(ii) Subsidiary 0 100 0.10 - (0.18) (0.08) 39.51 39.59 - - (0.01) - (0.01) -
Limited 10 Each
Forsythia Propbuild Private 10,000 Share @
Limited 10 Each
Fount Propbuild Private 10,000 Share @
99 INDIA U45200DL2007PTC157505 AABCF0552C 2(87)(ii) Subsidiary 0 100 0.10 - (0.11) (0.01) 0.02 0.03 - - 0.01 0.00 0.00 -
Limited 10 Each
Foyer Propbuild Private 10,000 Share @
100 INDIA U45200DL2007PTC157509 AABCF0555F 2(87)(ii) Subsidiary 0 100 0.10 - (0.10) (0.00) 20.93 20.93 - - (0.01) - (0.01) -
Limited 10 Each
Fray Propbuild Private 10,000 Share @
Limited 10 Each
Frieze Propbuild Private 10,000 Share @
102 INDIA U45200DL2007PTC157993 AABCF0546Q 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 58.45 58.60 - - (0.01) - (0.01) -
Limited 10 Each
Frisson Propbuild Private 10,000 Share @
103 INDIA U45200DL2006PTC157029 AABCF0522G 2(87)(ii) Subsidiary 0 100 0.10 - (0.30) (0.20) 158.87 159.08 - - (0.05) - (0.05) -
Limited 10 Each
Frond Propbuild Private 10,000 Share @
104 INDIA U45200DL2007PTC157566 AABCF0553D 2(87)(ii) Subsidiary 0 100 0.10 - 0.02 0.12 2.54 2.43 - - 0.08 0.02 0.06 -
Limited 10 Each
Froth Propbuild Private 10,000 Share @
105 INDIA U45200DL2007PTC157991 AABCF0554E 2(87)(ii) Subsidiary 0 100 0.10 - (0.20) (0.10) 25.78 25.87 - - (0.01) - (0.01) -
Limited 10 Each
Futuristic Buildwell Private 10,000 Share @
106 INDIA U45201DL2006PTC147477 AAACF9634Q 2(87)(ii) Subsidiary 0 100 0.10 - (0.37) (0.27) 318.82 319.09 - - 0.83 - 0.83 -
Limited 10 Each
Gable Propbuild Private 10,000 Share @
107 INDIA U45200DL2007PTC157788 AACCG7785R 2(87)(ii) Subsidiary 0 100 0.10 - (1.39) (1.29) 28.69 29.98 - - (0.01) - (0.01) -
Limited 10 Each
Gadget Propbuild Private 10,000 Share @
108 INDIA U45200DL2006PTC157107 AACCG7648F 2(87)(ii) Subsidiary 0 100 0.10 - (0.18) (0.08) 22.01 22.08 - - (0.01) - (0.01) -
Limited 10 Each
Gaff Propbuild Private 10,000 Share @
109 INDIA U45200DL2007PTC157827 AACCG7717K 2(87)(ii) Subsidiary 0 100 0.10 - (0.28) (0.18) 21.55 21.73 - - (0.01) - (0.01) -
Limited 10 Each
Gaiety Propbuild Private 10,000 Share @
110 INDIA U45200DL2006PTC157207 AACCG7704J 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 75.42 75.57 - - (0.01) - (0.01) -
Limited 10 Each
Gait Propbuild Private 10,000 Share @
111 INDIA U45200DL2007PTC157825 AACCG7731M 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 46.52 46.68 - - (0.01) - (0.01) -
Limited 10 Each
Galleon Propbuild Private 10,000 Share @
112 INDIA U45200DL2006PTC157111 AACCG7647L 2(87)(ii) Subsidiary 0 100 0.10 - (0.27) (0.17) 49.50 49.67 - - (0.02) - (0.02) -
Limited 10 Each
Gallery Propbuild Private 10,000 Share @
113 INDIA U45200DL2007PTC157221 AACCG7728A 2(87)(ii) Subsidiary 0 100 0.10 - (0.51) (0.41) 17.42 17.83 - - (0.01) - (0.01) -
Limited 10 Each
Gallium Propbuild Private 10,000 Share @
Limited 10 Each
Gambit Propbuild Private 10,000 Share @
115 INDIA U45200DL2006PTC157084 AACCG7702Q 2(87)(ii) Subsidiary 0 100 0.10 - (1.15) (1.05) 47.73 48.79 - - (0.05) - (0.05) -
Limited 10 Each
Gamete Propbuild Private 10,000 Share @
Limited 10 Each
Gamut Propbuild Private 10,000 Share @
117 INDIA U45200DL2007PTC157216 AACCG7719H 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 14.11 14.26 - - (0.01) - (0.01) -
Limited 10 Each
Garland Estate Private 10,000 Share @
118 INDIA U45201DL2005PTC137476 AACCG4513H 2(87)(ii) Subsidiary 0 100 0.10 - (0.49) (0.39) 823.87 824.26 0.30 - (0.05) - (0.05) -
Limited 10 Each
Garnet Propbuild Private 10,000 Share @
119 INDIA U45200DL2007PTC158036 AACCG7740E 2(87)(ii) Subsidiary 0 100 0.10 - (2.12) (2.02) 4.21 6.23 - - (0.01) - (0.01) -
Limited 10 Each
Garuda Properties Private 10,000 Share @
120 INDIA U45201DL2006PTC147463 AACCG5498H 2(87)(ii) Subsidiary 0 100 0.10 - (0.61) (0.51) 355.81 356.32 - - 0.71 - 0.71 -
Limited 10 Each
Gateau Propbuild Private 10,000 Share @
121 INDIA U45200DL2006PTC157200 AACCG7642R 2(87)(ii) Subsidiary 0 100 0.10 - (0.10) 0.00 10.71 10.70 - - (0.01) - (0.01) -
Limited 10 Each
Gaucho Propbuild Private 10,000 Share @
122 INDIA U45200DL2006PTC157094 AACCG7649E 2(87)(ii) Subsidiary 0 100 0.10 - (0.18) (0.08) 47.68 47.75 - - (0.01) 0.00 (0.01) -
Limited 10 Each
Gauge Propbuild Private 10,000 Share @
123 INDIA U45200DL2006PTC157208 AACCG7653G 2(87)(ii) Subsidiary 0 100 0.10 - (0.21) (0.11) 196.03 196.14 - - (0.01) - (0.01) -
Limited 10 Each
Gauntlet Propbuild Private 10,000 Share @
124 INDIA U45200DL2006PTC157145 AACCG7597H 2(87)(ii) Subsidiary 0 100 0.10 - (0.75) (0.65) 36.74 37.39 - - (0.01) - (0.01) -
Limited 10 Each
Gavel Properties Private 10,000 Share @
125 INDIA U45201DL2006PTC147690 AACCG5761H 2(87)(ii) Subsidiary 0 100 0.10 - (0.09) 0.01 112.86 112.85 - - (0.01) - (0.01) -
Limited 10 Each
Gems Buildcon Private 10,000 Share @
126 INDIA U45201DL2005PTC138135 AACCG3943M 2(87)(ii) Subsidiary 0 100 0.10 - 0.13 0.23 1,022.28 1,022.05 0.10 - 0.09 0.03 0.06 -
Limited 10 Each
Genre Propbuild Private 10,000 Share @
127 INDIA U45200DL2006PTC157201 AACCG7641N 2(87)(ii) Subsidiary 0 100 0.10 - (0.35) (0.25) 54.09 54.35 - - (0.01) - (0.01) -
Limited 10 Each
Gentry Propbuild Private 10,000 Share @
Limited 10 Each
Geodesy Properties Private 10,000 Share @
129 INDIA U45201DL2006PTC147667 AACCG5763F 2(87)(ii) Subsidiary 0 100 0.10 - (0.46) (0.36) 1.48 1.85 - 0.03 (0.02) - (0.02) -
Limited 10 Each
Gibbon Propbuild Private 10,000 Share @
Limited 10 Each
Girder Propbuild Private 10,000 Share @
Limited 10 Each
Glade Propbuild Private 10,000 Share @
Limited 10 Each
Glaze Estates Private 100,000 Share @
133 INDIA U45201DL2006PTC147817 AACCG5591K 2(87)(ii) Subsidiary 0 100 1.00 - (0.24) 0.76 0.77 0.01 - - (0.01) - (0.01) -
Limited 10 Each
266,360
Glen Propbuild Private 435,955 Share @ 1,569.0
134 INDIA U45200DL2006PTC157211 AACCG7652H 2(87)(ii) Subsidiary Share @ 100 4.36 2.66 1,562.25 1,569.27 1,569.31 0.04 - (0.01) - (0.01) -
Limited 10 Each 9
10 Each
Glen Propbuild Private 37,844,810 Share 1,56
135 Singapore NA NA 2(87)(ii) Subsidiary 0 100 - 53.13 1,622.22 1,622.43 0.21 855.65 - (1.28) - (1.28) -
Limited - Singapore @ US$ 1 Each 9.09
Glimpse Propbuild Private 10,000 Share @
Limited 10 Each
Glitz Propbuild Private 10,000 Share @
Limited 10 Each
Globule Propbuild Private 10,000 Share @
Limited 10 Each
Gloss Propbuild Private 10,000 Share @
139 INDIA U70109DL2007PTC158041 AACCG7739D 2(87)(ii) Subsidiary 0 100 0.10 - (0.27) (0.17) 46.80 46.97 - - (0.01) - (0.01) -
Limited 10 Each
Glove Propbuild Private 10,000 Share @
140 INDIA U45200DL2007PTC158106 AACCG7738C 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 63.39 63.55 - - (0.01) - (0.01) -
Limited 10 Each
Godawari Buildwell Private 10,000 Share @
141 INDIA U45201DL2005PTC138895 AACCG4031E 2(87)(ii) Subsidiary 0 100 0.10 - (15.16) (15.06) 1,646.70 1,661.76 - - (0.57) - (0.57) -
Limited 10 Each
Godson Propbuild Private 20,000 Share @
142 INDIA U45200DL2007PTC158082 AACCG7723M 2(87)(ii) Subsidiary 0 100 0.20 - 18.94 19.14 19.15 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Golliwog Propbuild Private 10,000 Share @
Limited 10 Each
Gracious Technobuild 10,000 Share @
Gradient Developers Private 10,000 Share @
Limited 10 Each
Grail Propbuild Private 10,000 Share @
Limited 10 Each
Grampus Propbuild Private 10,000 Share @
147 INDIA U70101DL2006PTC157059 AACCG7633A 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 36.99 37.14 - - (0.01) - (0.01) -
Limited 10 Each
Gran Propbuild Private 10,000 Share @
Limited 10 Each
Granar Propbuild Private 10,000 Share @
Limited 10 Each
Grange Propbuild Private 10,000 Share @
Limited 10 Each
Granule Propbuild Private 10,000 Share @
Limited 10 Each
Grapeshot Propbuild Private 20,000 Share @
152 INDIA U45200DL2007PTC158617 AACCG8070D 2(87)(ii) Subsidiary 0 100 0.20 - 20.47 20.67 42.52 21.84 - - (0.01) - (0.01) -
Limited 10 Each
Grassroot Promoters Private 10,000 Share @
153 INDIA U70109DL2006PTC151926 AACCG6373R 2(87)(ii) Subsidiary 0 100 0.10 - (0.18) (0.08) 0.10 0.18 0.10 - (0.01) - (0.01) -
Limited 10 Each
Gravel Propbuild Private 10,000 Share @
Limited 10 Each
Grebe Propbuild Private 10,000 Share @
155 INDIA U45200DL2007PTC157757 AACCG7729B 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 47.44 47.60 - - (0.01) - (0.01) -
Limited 10 Each
Griddle Propbuild Private 10,000 Share @
Limited 10 Each
Grog Propbuild Private 10,000 Share @
Limited 10 Each
Grove Propbuild Private 20,000 Share @
158 INDIA U45200DL2007PTC158077 AACCG7732J 2(87)(ii) Subsidiary 0 100 0.20 - 29.24 29.44 42.09 12.64 - - (0.01) - (0.01) -
Limited 10 Each
Grunge Propbuild Private 20,000 Share @
159 INDIA U45200DL2007PTC158457 AACCG8034F 2(87)(ii) Subsidiary 0 100 0.20 - 87.76 87.96 168.31 80.35 - - (0.01) - (0.01) -
Limited 10 Each
Guffaw Propbuild Private 10,000 Share @
160 INDIA U45200DL2007PTC157871 AACCG7725P 2(87)(ii) Subsidiary 0 100 0.10 - (0.31) (0.21) 39.86 40.07 - - (0.01) - (0.01) -
Limited 10 Each
Gull Propbuild Private 10,000 Share @
161 INDIA U45200DL2007PTC157798 AACCG7737P 2(87)(ii) Subsidiary 0 100 0.10 - (0.19) (0.09) 11.29 11.38 - - (0.01) - (0.01) -
Limited 10 Each
Gurkul Promoters Private 10,000 Share @
Limited 10 Each
Guru Rakha Projects Private 15,000 Share @
163 INDIA U70101DL2006PTC148886 AACCG5872H 2(87)(ii) Subsidiary 0 100 0.15 - (0.37) (0.22) 0.65 0.87 - 0.02 (0.04) - (0.04) -
Limited 10 Each
Gyan Jyoti Estates Private 10,000 Share @
164 INDIA U00500DL2005PTC138009 AACCG4193M 2(87)(ii) Subsidiary 0 100 0.10 - 1.70 1.80 337.46 335.66 - - (0.01) - (0.01) -
Limited 10 Each
Gyan Kunj Estates Private 10,000 Share @
165 INDIA U45200DL2011PTC225431 AAECG4501E 2(87)(ii) Subsidiary 0 100 0.10 - (0.09) 0.01 54.36 54.34 - - (0.01) - (0.01) -
Limited 10 Each
Gyankunj Constructions 10,000 Share @
166 INDIA U45201DL2005PTC138007 AACCG3942L 2(87)(ii) Subsidiary 0 100 0.10 - 1.66 1.76 379.73 377.97 0.10 - (0.01) - (0.01) -
Haddock Propbuild Private 10,000 Share @
167 INDIA U45200DL2007PTC157872 AABCH8126J 2(87)(ii) Subsidiary 0 100 0.10 - (0.94) (0.84) 56.54 57.38 - - (0.01) - (0.01) -
Limited 10 Each
Haft Propbuild Private 10,000 Share @
168 INDIA U45200DL2007PTC157926 AABCH8125M 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 25.19 25.35 - - (0.01) - (0.01) -
Limited 10 Each
Hake Developers Private 10,000 Share @
169 INDIA U45201DL2006PTC147697 AABCH6879G 2(87)(ii) Subsidiary 0 100 0.10 - (0.08) 0.02 0.03 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Halibut Developers Private 20,000 Share @
170 INDIA U45201DL2006PTC147681 AABCH6881N 2(87)(ii) Subsidiary 0 100 0.20 - 84.65 84.85 140.13 55.28 - - (0.01) - (0.01) -
Limited 10 Each
Hamlet Buildwell Private 10,000 Share @
171 INDIA U45201DL2006PTC147692 AABCH6878H 2(87)(ii) Subsidiary 0 100 0.10 - (0.27) (0.17) 0.02 0.19 - - (0.01) - (0.01) -
Limited 10 Each
Hammock Buildwell Private 10,000 Share @
172 INDIA U45201DL2006PTC147710 AABCH6876K 2(87)(ii) Subsidiary 0 100 0.10 - (1.72) (1.62) 171.81 173.43 0.10 - 0.71 - 0.71 -
Limited 10 Each
Hartej Estates Private 10,000 Share @
173 INDIA U45200DL2006PTC153119 AABCH7385K 2(87)(ii) Subsidiary 0 100 0.10 - (3.03) (2.93) 611.09 614.02 - - (0.01) - (0.01) -
Limited 10 Each
Hope Promoters Private 10,000 Share @
174 INDIA U70101DL2006PTC148776 AABCH6951K 2(87)(ii) Subsidiary 0 100 0.10 - (1.05) (0.95) 207.55 208.50 - - (0.01) - (0.01) -
Limited 10 Each
Immense Realtors Private 10,000 Share @
175 INDIA U45201DL2006PTC147526 AABCI4841B 2(87)(ii) Subsidiary 0 100 0.10 - (0.42) (0.32) 268.21 268.52 - - 1.00 - 1.00 -
Limited 10 Each
Jamb Propbuild Private 20,000 Share @
176 INDIA U45200DL2007PTC158825 AABCJ8641A 2(87)(ii) Subsidiary 0 100 0.20 - 94.65 94.85 96.44 1.60 - - (0.01) - (0.01) -
Limited 10 Each
Janitor Propbuild Private 10,000 Share @
177 INDIA U70101DL2007PTC157421 AABCJ7904J 2(87)(ii) Subsidiary 0 100 0.10 - (0.24) (0.14) 51.75 51.89 - - (0.01) 0.00 (0.01) -
Limited 10 Each
Jasper Propbuild Private 10,000 Share @
178 INDIA U45200DL2007PTC158596 AABCJ8084D 2(87)(ii) Subsidiary 0 100 0.10 - (1.21) (1.11) 20.37 21.48 - - (0.01) - (0.01) -
Limited 10 Each
Jaunt Propbuild Private 10,000 Share @
179 INDIA U45200DL2007PTC158035 AABCJ7911R 2(87)(ii) Subsidiary 0 100 0.10 - (1.46) (1.36) 15.27 16.63 - - (0.01) - (0.01) -
Limited 10 Each
Jay Propbuild Private 10,000 Share @
180 INDIA U45200DL2006PTC157205 AABCJ7906L 2(87)(ii) Subsidiary 0 100 0.10 - (0.28) (0.18) 551.23 551.40 - - (0.01) - (0.01) -
Limited 10 Each
Jemmy Propbuild Private 10,000 Share @
181 INDIA U45200DL2007PTC157800 AABCJ7910Q 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 15.41 15.56 - - (0.01) - (0.01) -
Limited 10 Each
Jerkin Propbuild Private 10,000 Share @
182 INDIA U70109DL2007PTC158051 AABCJ7908E 2(87)(ii) Subsidiary 0 100 0.10 - (0.14) (0.04) 11.38 11.42 - - (0.01) - (0.01) -
Limited 10 Each
Jetty Propbuild Private 10,000 Share @
183 INDIA U45200DL2007PTC157916 AABCJ7905K 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 74.68 74.84 - - (0.01) - (0.01) -
Limited 10 Each
Jig Propbuild Private 10,000 Share @
184 INDIA U45200DL2007PTC157951 AABCJ7907M 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 3.05 3.20 - - (0.01) - (0.01) -
Limited 10 Each
Jive Propbuild Private 10,000 Share @
185 INDIA U45200DL2007PTC157920 AABCJ7909F 2(87)(ii) Subsidiary 0 100 0.10 - (0.22) (0.12) 0.15 0.27 - - (0.01) - (0.01) -
Limited 10 Each
Juhi Promoters Private 10,000 Share @
186 INDIA U45201DL2005PTC141553 AABCJ6021C 2(87)(ii) Subsidiary 0 100 0.10 - 1.05 1.15 82.34 81.18 - - 0.79 0.02 0.77 -
Limited 10 Each
Kamdhenu Projects Private 10,000 Share @
187 INDIA U70102DL2006PTC149136 AADCK2169A 2(87)(ii) Subsidiary 0 100 0.10 - (53.57) (53.47) 1,033.90 1,087.37 0.60 - (0.01) - (0.01) -
Limited 10 Each
Kartikay Buildwell Private 10,000 Share @
188 INDIA U45201DL2006PTC147531 AACCK7692K 2(87)(ii) Subsidiary 0 100 0.10 - (28.87) (28.77) 0.02 28.79 - - (0.01) - (0.01) -
Limited 10 Each
Kayak Propbuild Private 10,000 Share @
189 INDIA U45200DL2007PTC157824 AACCK9959M 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 7.27 7.42 - - (0.01) - (0.01) -
Limited 10 Each
Kedge Propbuild Private 10,000 Share @
190 INDIA U74999DL2007PTC159935 AADCK0314R 2(87)(ii) Subsidiary 0 100 0.10 - 0.41 0.51 312.73 312.21 - - (0.01) - (0.01) -
Limited 10 Each
Kestrel Propbuild Private 10,000 Share @
191 INDIA U45200DL2007PTC157823 AACCK9958L 2(87)(ii) Subsidiary 0 100 0.10 - (0.21) (0.11) 15.59 15.70 - - (0.01) - (0.01) -
Limited 10 Each
Kismet Propbuild Private 10,000 Share @
192 INDIA U45200DL2007PTC159505 AADCK0311L 2(87)(ii) Subsidiary 0 100 0.10 - (0.46) (0.36) 385.82 386.18 - - (0.01) - (0.01) -
Limited 10 Each
Knoll Propbuild Private 10,000 Share @
193 INDIA U45200DL2007PTC159869 AADCK1214E 2(87)(ii) Subsidiary 0 100 0.10 - (0.12) (0.02) 75.00 75.02 - - (0.01) - (0.01) -
Limited 10 Each
Kudos Propbuild Private 10,000 Share @
194 INDIA U01403DL2007PTC159832 AADCK0312K 2(87)(ii) Subsidiary 0 100 0.10 - (0.15) (0.05) 0.03 0.08 - - (0.01) - (0.01) -
Limited 10 Each
Ladle Propbuild Private 10,000 Share @
195 INDIA U45200DL2007PTC157769 AABCL2732N 2(87)(ii) Subsidiary 0 100 0.10 - (0.20) (0.10) 150.80 150.90 - - 0.19 0.06 0.13 -
Limited 10 Each
Lavish Propbuild Private 10,000 Share @
196 INDIA U45200DL2007PTC159241 AABCL2877Q 2(87)(ii) Subsidiary 0 100 0.10 - (3.52) (3.42) 100.01 103.43 - - (0.01) - (0.01) -
Limited 10 Each
Legend Buildcon Private 10,000 Share @
197 INDIA U45201DL2005PTC138968 AABCL1128L 2(87)(ii) Subsidiary 0 100 0.10 - (5.00) (4.90) 512.57 517.47 95.30 - (2.40) - (2.40) -
Limited 10 Each
Legend Buildwell Private 10,000 Share @
198 INDIA U45201DL2006PTC147457 AABCL1688D 2(87)(ii) Subsidiary 0 100 0.10 - (0.42) (0.32) 19.64 19.96 - - (0.01) - (0.01) -
Limited 10 Each
Lifeline Build Tech Private 10,000 Share @
199 INDIA U45201DL2006PTC147624 AABCL1772C 2(87)(ii) Subsidiary 0 100 0.10 - (34.73) (34.63) 230.03 264.65 - - (0.01) - (0.01) -
Limited 10 Each
Locus Propbuild Private 10,000 Share @
200 INDIA U45200DL2007PTC159219 AABCL2891E 2(87)(ii) Subsidiary 0 100 0.10 - (0.42) (0.32) 27.71 28.03 - - 0.12 0.04 0.08 -
Limited 10 Each
Logical Developers Private 6,020,000 Share 60.2
201 INDIA U45201DL2004PTC128388 AABCL0432H 2(87)(ii) Subsidiary 0 100 - (58.96) 1.24 3,406.16 3,404.92 209.40 0.00 14.95 3.05 11.91 -
Limited @ 10 Each 0
Logical Estates Private 10,000 Share @
202 INDIA U45202DL2001PTC113257 AAACL6898G 2(87)(ii) Subsidiary 0 100 0.10 - (8.37) (8.27) 857.90 866.17 0.20 - (0.36) - (0.36) -
Limited 10 Each
Lotus Technobuild Private 10,000 Share @
203 INDIA U70100DL2007PTC159590 AABCL2879A 2(87)(ii) Subsidiary 0 100 0.10 - (4.65) (4.55) 4.76 9.31 - - (0.01) - (0.01) -
Limited 10 Each
Maestro Estates Private 10,000 Share @
204 INDIA U45201DL2006PTC147464 AAECM5873A 2(87)(ii) Subsidiary 0 100 0.10 - (2.17) (2.07) 235.41 237.49 0.10 - (0.01) - (0.01) -
Limited 10 Each
Mahonia Estate Private 10,000 Share @
205 INDIA U45201DL1997PTC089985 AABCM0141L 2(87)(ii) Subsidiary 0 100 1.00 - (0.53) 0.47 44.53 44.06 - - (0.01) - (0.01) -
Limited 100 Each
Mansarovar Projects Private 100,000 Share @
206 INDIA U45201DL2006PTC147833 AAECM6002F 2(87)(ii) Subsidiary 0 100 1.00 - (0.39) 0.61 115.45 114.85 - - (0.01) - (0.01) -
Limited 10 Each
Markwel Promoters Private 100,000 Share @
207 INDIA U45201DL2006PTC147819 AAECM6061E 2(87)(ii) Subsidiary 0 100 1.00 - (0.40) 0.60 148.29 147.69 - - (0.01) - (0.01) -
Limited 10 Each
Mega City Promoters Private 65,000 Share @
208 INDIA U45201DL2004PTC128387 AAECM1094M 2(87)(ii) Subsidiary 0 100 0.65 - (4.33) (3.68) 262.40 266.09 - - (0.01) - (0.01) -
Limited 10 Each
Mg Colonizers Private 10,000 Share @
209 INDIA U45200DL2006PTC155706 AAFCM0401R 2(87)(ii) Subsidiary 0 100 0.10 - (0.14) (0.04) 28.58 28.63 - - (0.01) - (0.01) -
Limited 10 Each
Milky Way Realtors Private 10,000 Share @
210 INDIA U45201DL2006PTC147465 AAECM5872B 2(87)(ii) Subsidiary 0 100 0.10 - (131.86) (131.76) 832.39 964.15 - - (0.01) - (0.01) -
Limited 10 Each
Modular Estates Private 100,000 Share @
211 INDIA U45201DL2006PTC147838 AAECM6003E 2(87)(ii) Subsidiary 0 100 1.00 - (0.25) 0.75 0.76 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Monarch Buildcon Private 10,000 Share @
212 INDIA U45201DL2006PTC147466 AAECM5871C 2(87)(ii) Subsidiary 0 100 0.10 - (0.41) (0.31) 188.63 188.95 - - (0.01) - (0.01) -
Limited 10 Each
Monga Properties Private 10,000 Share @
213 INDIA U45201DL2006PTC147461 AAECM5870D 2(87)(ii) Subsidiary 0 100 0.10 - (0.30) (0.20) 78.88 79.08 - - (0.01) - (0.01) -
Limited 10 Each
Multitude Infrastructures 4,907,960 Share 49.0 146.4
214 INDIA U45209DL2008PTC174287 AAFCM5511L 2(87)(ii) Subsidiary 0 100 - (297.66) (248.58) 843.13 1,091.71 - (6.08) - (6.08) -
Private Limited @ 10 Each 8 0
Naam Promoters Private 15,000 Share @
215 INDIA U70109DL2006PTC149830 AACCN3188K 2(87)(ii) Subsidiary 0 100 0.15 - (0.23) (0.08) 0.01 0.09 - - (0.01) - (0.01) -
Limited 10 Each
Nandita Promoters Private 100,000 Share @
216 INDIA U45201DL2006PTC147811 AACCN2715J 2(87)(ii) Subsidiary 0 100 1.00 - (0.98) 0.02 0.03 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Navrattan Buildcon Private 100,000 Share @
217 INDIA U45201DL2006PTC147807 AACCN2714K 2(87)(ii) Subsidiary 0 100 1.00 - (0.43) 0.57 119.72 119.15 - - (0.01) - (0.01) -
Limited 10 Each
Nayas Projects Private 10,000 Share @
218 INDIA U70101DL2006PTC148774 AACCN3019R 2(87)(ii) Subsidiary 0 100 0.10 - (1.36) (1.26) 238.88 240.14 - - (0.01) - (0.01) -
Limited 10 Each
Nettle Propbuild Private 10,000 Share @
219 INDIA U45200DL2007PTC157789 AACCN4517A 2(87)(ii) Subsidiary 0 100 0.10 - (0.31) (0.21) 59.41 59.62 - - (0.01) - (0.01) -
Limited 10 Each
Newt Propbuild Private 10,000 Share @
220 INDIA U45200DL2007PTC157767 AACCN4515C 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 22.14 22.31 - - (0.01) - (0.01) -
Limited 10 Each
Nipper Propbuild Private 10,000 Share @
221 INDIA U45200DL2007PTC157787 AACCN4518R 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 98.70 98.86 - - (0.01) - (0.01) -
Limited 10 Each
Nishkarsh Estates Private 100,000 Share @
222 INDIA U45201DL2006PTC147809 AACCN2716M 2(87)(ii) Subsidiary 0 100 1.00 - (0.39) 0.61 132.24 131.63 - - (0.01) - (0.01) -
Limited 10 Each
Notch Propbuild Private 10,000 Share @
223 INDIA U45200DL2007PTC157915 AACCN4516B 2(87)(ii) Subsidiary 0 100 0.10 - (0.46) (0.36) 210.91 211.27 - - (0.01) - (0.01) -
Limited 10 Each
Pansy Buildcons Private 20,000 Share @
224 INDIA U70109DL2006PTC149570 AADCP9478R 2(87)(ii) Subsidiary 0 100 0.20 - 33.77 33.97 34.01 0.04 - - (0.04) - (0.04) -
Limited 10 Each
Paving Propbuild Private 10,000 Share @
225 INDIA U45200DL2007PTC158732 AAECP1938M 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 11.47 11.63 - - (0.01) - (0.01) -
Limited 10 Each
Perch Conbuild Private 10,000 Share @
226 INDIA U45400DL2007PTC161592 AAECP2875M 2(87)(ii) Subsidiary 0 100 0.10 - (25.11) (25.01) 0.01 25.02 - - (1.79) - (1.79) -
Limited 10 Each
Perpetual Realtors Private 10,000 Share @
227 INDIA U45201DL2006PTC147523 AADCP8369H 2(87)(ii) Subsidiary 0 100 0.10 - (0.27) (0.17) 107.92 108.09 - - (0.03) - (0.03) -
Limited 10 Each
Pipalashray Estate Private 10,000 Share @
228 INDIA U74999DL2007PTC160053 AAECP1880A 2(87)(ii) Subsidiary 0 100 0.10 - 0.05 0.15 63.24 63.09 - - (0.01) - (0.01) -
Limited 10 Each
Pragya Buildcon Private 10,000 Share @
229 INDIA U70109DL2006PTC151794 AADCP9658B 2(87)(ii) Subsidiary 0 100 0.10 - (39.00) (38.90) 152.71 191.61 - - (0.01) - (0.01) -
Limited 10 Each
Pratham Promoters Private 100,000 Share @
230 INDIA U45201DL2006PTC147799 AADCP8469N 2(87)(ii) Subsidiary 0 100 1.00 - (0.98) 0.02 0.02 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Pratiksha Buildcon Private 100,000 Share @
231 INDIA U45201DL2006PTC147821 AADCP8470D 2(87)(ii) Subsidiary 0 100 1.00 - (0.73) 0.27 318.87 318.61 - - (0.01) - (0.01) -
Limited 10 Each
Prayas Buildcon Private 100,000 Share @
232 INDIA U45201DL2006PTC147831 AADCP8468P 2(87)(ii) Subsidiary 0 100 1.00 - (5.37) (4.37) 1,465.22 1,469.59 - - (0.01) - (0.01) -
Limited 10 Each
Prezzie Buildcon Private 10,000 Share @
233 INDIA U45200DL2007PTC157935 AAECP1500H 2(87)(ii) Subsidiary 0 100 0.10 - (0.17) (0.07) 10.30 10.37 - - (0.01) 0.00 (0.01) -
Limited 10 Each
Progeny Buildcon Private 10,000 Share @
234 INDIA U45200DL2007PTC158114 AAECP1569N 2(87)(ii) Subsidiary 0 100 0.10 - (0.18) (0.08) 21.97 22.05 - - (0.01) - (0.01) -
Limited 10 Each
Prosperous Constructions 10,000 Share @
235 INDIA U45201DL2004PTC124111 AADCP2051Q 2(87)(ii) Subsidiary 0 100 0.10 - (2.25) (2.15) 288.05 290.21 - - (0.01) - (0.01) -
Prosperus Buildcon Private 20,000 Share @
236 INDIA U45201DL2004PTC128385 AADCP4389H 2(87)(ii) Subsidiary 0 100 0.20 - (1.98) (1.78) 944.10 945.88 0.80 - 0.40 0.12 0.28 -
Limited 10 Each
Pukhraj Realtors Private 10,000 Share @
237 INDIA U45201DL2006PTC147460 AADCP8370J 2(87)(ii) Subsidiary 0 100 0.10 - (0.12) (0.02) 123.83 123.84 - - (0.01) 0.05 (0.05) -
Limited 10 Each
Pulse Estates Private 10,000 Share @
238 INDIA U45201DL2006PTC147462 AADCP8371K 2(87)(ii) Subsidiary 0 100 0.10 - (3.11) (3.01) 84.96 87.96 - - (0.01) - (0.01) -
Limited 10 Each
Pushkar Projects Private 15,000 Share @
239 INDIA U70101DL2006PTC148855 AAECP2937J 2(87)(ii) Subsidiary 0 100 0.15 - (0.23) (0.08) (0.00) 0.08 - - (0.01) - (0.01) -
Limited 10 Each
Raksha Buildtech Private 10,000 Share @
240 INDIA U70109DL2006PTC152022 AADCR3524Q 2(87)(ii) Subsidiary 0 100 0.10 - (1.03) (0.93) 706.43 707.36 - - (0.01) - (0.01) -
Limited 10 Each
Ram Ban Projects Private 10,000 Share @
241 INDIA U70102DL2006PTC149076 AADCR6419E 2(87)(ii) Subsidiary 0 100 0.10 - (0.77) (0.67) 579.59 580.26 - - (0.01) - (0.01) -
Limited 10 Each
Rolex Estates Private 100,000 Share @
242 INDIA U45201DL2006PTC147824 AADCR6420M 2(87)(ii) Subsidiary 0 100 1.00 - (0.21) 0.79 32.28 31.49 - - (0.01) - (0.01) -
Limited 10 Each
Rose Gate Estates Private 10,000 Share @
243 INDIA U45201DL2005PTC138008 AADCR0503R 2(87)(ii) Subsidiary 0 100 0.10 - 0.93 1.03 482.05 481.01 0.30 - 0.18 0.05 0.13 -
Limited 10 Each
Rudraksha Realtors Private 10,000 Share @
244 INDIA U45201DL2006PTC147471 AADCR2474D 2(87)(ii) Subsidiary 0 100 0.10 - (0.40) (0.30) 162.00 162.30 - - (0.01) - (0.01) -
Limited 10 Each
Sacred Estates Private 10,000 Share @
245 INDIA U45201DL2006PTC147519 AAJCS7288N 2(87)(ii) Subsidiary 0 100 0.10 - (0.09) 0.01 0.02 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Sambhavee Projects Private 100,000 Share @
246 INDIA U45201DL2006PTC147832 AAJCS7478L 2(87)(ii) Subsidiary 0 100 1.00 - (0.35) 0.65 151.07 150.42 - - (0.01) - (0.01) -
Limited 10 Each
Sandesh Buildcon Private 100,000 Share @
247 INDIA U45201DL2006PTC147825 AAJCS7681M 2(87)(ii) Subsidiary 0 100 1.00 - (0.58) 0.42 542.59 542.17 - - (0.01) - (0.01) -
Limited 10 Each
Sankalp Buildtech Private 10,000 Share @
248 INDIA U45201DL2006PTC147459 AAJCS7290L 2(87)(ii) Subsidiary 0 100 0.10 - (0.13) (0.03) 17.42 17.45 - - (0.01) - (0.01) -
Limited 10 Each
Sankalp Promoters Private 10,000 Share @
249 INDIA U45201DL2005PTC140047 AAJCS2452E 2(87)(ii) Subsidiary 0 100 0.10 - (0.54) (0.44) 60.41 60.85 0.10 - 0.04 0.01 0.03 -
Limited 10 Each
Sanskar Buildcon Private 10,000 Share @
250 INDIA U74899DL2005PTC141539 AAJCS3632C 2(87)(ii) Subsidiary 0 100 0.10 - 2.08 2.18 26.45 24.26 - - (0.01) - (0.01) -
Limited 10 Each
Sanskar Buildwell Private 10,000 Share @
251 INDIA U45201DL2006PTC147525 AAJCS7287D 2(87)(ii) Subsidiary 0 100 0.10 - (0.20) (0.10) 0.06 0.17 - - (0.01) - (0.01) -
Limited 10 Each
Sanyukta Promotors Private 100,000 Share @
252 INDIA U45201DL2006PTC147820 AAJCS7678A 2(87)(ii) Subsidiary 0 100 1.00 - (0.22) 0.78 60.10 59.32 60.10 - (0.01) - (0.01) -
Limited 10 Each
Sapphire & Sands Private 1 Share @ US$ 1
253 Singapore NA NA 2(87)(ii) Subsidiary 0 100 0.00 - (569.69) (569.69) 286.17 855.86 5.14 - (72.13) - (72.13) -
Limited Each
Sarvodaya Buildcon Private 10,000 Share @
254 INDIA U45201DL2005PTC138006 AAJCS1268E 2(87)(ii) Subsidiary 0 100 0.10 - 5.61 5.71 67.02 61.32 - - (0.01) - (0.01) -
Limited 10 Each
Sarvpriya Realtors Private 10,000 Share @
255 INDIA U45201DL2006PTC147520 AAJCS7286C 2(87)(ii) Subsidiary 0 100 0.10 - (67.53) (67.43) 106.45 173.88 - - (0.01) - (0.01) -
Limited 10 Each
Seriel Build Tech Private 10,000 Share @
256 INDIA U45201DL2006PTC146988 AAJCS7241M 2(87)(ii) Subsidiary 0 100 0.10 - (0.48) (0.38) 32.84 33.23 0.10 - (0.01) - (0.01) -
Limited 10 Each
Sewak Developers Private 10,000 Share @
257 INDIA U70109DL2006PTC149498 AAJCS9192D 2(87)(ii) Subsidiary 0 100 0.10 - (1.01) (0.91) 1,004.43 1,005.34 0.30 - (0.01) - (0.01) -
Limited 10 Each
Sharyans Buildcon Private 100,000 Share @
258 INDIA U45201DL2006PTC147808 AAJCS7523G 2(87)(ii) Subsidiary 0 100 1.00 - (20.30) (19.30) 445.70 465.00 - - (0.01) - (0.01) -
Limited 10 Each
Shaurya Propbuild Private 19,000 Share @
259 INDIA U45400DL2008PTC178137 AAMCS0290F 2(87)(ii) Subsidiary 0 100 0.19 - 104.08 104.27 104.36 0.09 - - (0.01) - (0.01) -
Limited 10 Each
Shitij Buildcon Private 10,000 Share @
260 INDIA U45201DL2006PTC147529 AAJCS7285B 2(87)(ii) Subsidiary 0 100 0.10 - (4.01) (3.91) 973.75 977.66 - - (0.60) - (0.60) -
Limited 10 Each
Shrestha Conbuild Private 1,000,000 Share 10.0
261 INDIA U45200DL2008PTC178044 AAMCS0291E 2(87)(ii) Subsidiary 0 51 - 2,090.58 2,100.58 2,153.12 52.54 - - (0.01) - (0.01) -
Limited @ 10 Each 0
Shrey Promoters Private 7,000,000 Share 70.0
262 INDIA U45201DL2005PTC141562 AAJCS3712R 2(87)(ii) Subsidiary 0 100 - (4.92) 65.08 801.23 736.15 687.95 - (0.22) - (0.22) -
Limited @ 10 Each 0
Sidhant Buildcon Private 100,000 Share @
263 INDIA U45201DL2006PTC147804 AAJCS7522H 2(87)(ii) Subsidiary 0 100 1.00 - (0.47) 0.53 469.66 469.13 - - (0.01) - (0.01) -
Limited 10 Each
Sidhivinayak Buildcon 12,500 Share @
264 INDIA U45201DL2004PTC125441 AAICS0680B 2(87)(ii) Subsidiary 0 100 0.13 - (1.08) (0.95) 316.78 317.73 0.20 - (0.08) - (0.08) -
Sidhivinayak Durobuild 10,000 Share @
265 INDIA U45201DL2006PTC147475 AAJCS7291M 2(87)(ii) Subsidiary 0 100 0.10 - (0.13) (0.03) 17.41 17.45 - - (0.01) - (0.01) -
Signages Properties Private 10,000 Share @
266 INDIA U45400DL2008PTC178043 AAMCS0318J 2(87)(ii) Subsidiary 0 100 0.10 - (0.31) (0.21) 0.01 0.23 - - (0.01) - (0.01) -
Limited 10 Each
Silver Sea Vessel
1 Share @ US$ 1
267 Management Private Singapore NA NA 2(87)(ii) Subsidiary 0 100 0.00 - (5.35) (5.35) (0.00) 5.35 - - (0.40) - (0.40) -
Each
Limited
Smridhi Technobuild Private 1,000,000 Share 10.0
268 INDIA U45400DL2008PTC178046 AAMCS0331F 2(87)(ii) Subsidiary 0 51 - 2,036.54 2,046.54 2,097.73 51.19 - - (0.01) - (0.01) -
Limited @ 10 Each 0
Snow White Buildcon 10,000 Share @
269 INDIA U45201DL2005PTC138131 AAJCS1520K 2(87)(ii) Subsidiary 0 100 0.10 - (53.10) (53.00) 858.97 911.96 104.44 - (0.04) - (0.04) -
Sonex Projects Private 10,000 Share @
270 INDIA U74899DL2005PTC138134 AAJCS2241M 2(87)(ii) Subsidiary 0 100 0.10 - 1.59 1.69 190.15 188.46 - - 0.14 0.04 0.10 -
Limited 10 Each
Sparsh Promoters Private 100,000 Share @
271 INDIA U45201DL2006PTC147798 AAJCS7475H 2(87)(ii) Subsidiary 0 100 1.00 - (0.55) 0.45 872.12 871.67 - - (0.01) - (0.01) -
Limited 10 Each
Spiritual Realtors Private 10,000 Share @
272 INDIA U45201DL2006PTC147532 AAJCS7293K 2(87)(ii) Subsidiary 0 100 0.10 - (7.51) (7.41) 40.80 48.21 - - (0.01) - (0.01) -
Limited 10 Each
Sprouting Properties Private 10,000 Share @
273 INDIA U45201DL2006PTC147470 AAJCS7289P 2(87)(ii) Subsidiary 0 100 0.10 - (0.37) (0.27) 70.40 70.67 - - (0.01) - (0.01) -
Limited 10 Each
Spurt Projects Private 10,000 Share @
274 INDIA U70101DL2006PTC148770 AAJCS8847F 2(87)(ii) Subsidiary 0 100 0.10 - (1.98) (1.88) 478.87 480.75 - - 1.13 0.34 0.79 -
Limited 10 Each
Sriyam Estates Private 10,000 Share @
275 INDIA U70109DL2006PTC150880 AAKCS0098P 2(87)(ii) Subsidiary 0 100 0.10 - (1.38) (1.28) 26.99 28.27 - - (0.01) - (0.01) -
Limited 10 Each
Stash Propbuild Private 10,000 Share @
276 INDIA U45200DL2007PTC157772 AAKCS5630D 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 9.51 9.67 - - (0.01) - (0.01) -
Limited 10 Each
Stave Propbuild Private 10,000 Share @
277 INDIA U45200DL2007PTC157837 AAKCS5628K 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 16.61 16.77 - - (0.01) - (0.01) -
Limited 10 Each
Stein Propbuild Private 10,000 Share @
278 INDIA U45200DL2006PTC157116 AAKCS5382A 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 62.35 62.51 - - (0.01) - (0.01) -
Limited 10 Each
Stent Propbuild Private 10,000 Share @
279 INDIA U45200DL2007PTC157934 AAKCS5629J 2(87)(ii) Subsidiary 0 100 0.10 - (0.11) (0.01) 6.19 6.21 - - (0.01) - (0.01) -
Limited 10 Each
Strut Propbuild Private 10,000 Share @
280 INDIA U45200DL2007PTC157911 AAKCS5627G 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 0.01 0.17 - - (0.01) - (0.01) -
Limited 10 Each
Sukhda Promoters Private 10,000 Share @
281 INDIA U70109DL2006PTC151924 AAKCS0819C 2(87)(ii) Subsidiary 0 100 0.10 - (0.64) (0.54) 68.41 68.95 - - (0.01) - (0.01) -
Limited 10 Each
Sukhjit Projects Private 10,000 Share @
282 INDIA U45101DL2006PTC148595 AAJCS8697K 2(87)(ii) Subsidiary 0 100 0.10 - (0.46) (0.36) 31.78 32.14 31.77 - (0.01) - (0.01) -
Limited 10 Each
Sun Buildmart Private 10,000 Share @
283 INDIA U45200DL2008PTC184429 AAMCS8269E 2(87)(ii) Subsidiary 0 100 0.10 - (0.11) (0.01) 150.43 150.44 0.10 - (0.01) - (0.01) -
Limited 10 Each
Tacery Builders Private 10,000 Share @
284 INDIA U70109DL2006PTC152509 AACCT6113E 2(87)(ii) Subsidiary 0 100 0.10 - (0.28) (0.18) 178.82 179.00 - - (0.01) - (0.01) -
Limited 10 Each
Tanmay Developers Private 10,000 Share @
285 INDIA U70109DL2006PTC150818 AACCT4762F 2(87)(ii) Subsidiary 0 100 0.10 - (5.92) (5.82) 649.64 655.47 - - (0.41) - (0.41) -
Limited 10 Each
Tinnitus Builders Private 10,000 Share @
286 INDIA U70109DL2006PTC149765 AACCT4810C 2(87)(ii) Subsidiary 0 100 0.10 - (16.85) (16.75) 0.01 16.75 - - (0.01) - (0.01) -
Limited 10 Each
Tocsin Builders Private 10,000 Share @
287 INDIA U70109DL2006PTC150144 AACCT4813B 2(87)(ii) Subsidiary 0 100 0.10 - (7.73) (7.63) 321.06 328.69 - - (0.01) - (0.01) -
Limited 10 Each
Toff Builders Private 10,000 Share @
288 INDIA U70109DL2006PTC149645 AACCT4815H 2(87)(ii) Subsidiary 0 100 0.10 - (0.34) (0.24) 131.09 131.33 - - (0.01) - (0.01) -
Limited 10 Each
Tome Builders Private 10,000 Share @
289 INDIA U70109DL2006PTC149823 AACCT4825B 2(87)(ii) Subsidiary 0 100 0.10 - (25.12) (25.02) 0.00 25.02 - - (0.01) - (0.01) -
Limited 10 Each
Tomtom Builders Private 10,000 Share @
290 INDIA U70109DL2006PTC150050 AACCT4814G 2(87)(ii) Subsidiary 0 100 0.10 - (3.84) (3.74) 492.21 495.95 - - (0.05) - (0.05) -
Limited 10 Each
Trattoria Properties Private 10,000 Share @
291 INDIA U70109DL2006PTC150109 AACCT4808J 2(87)(ii) Subsidiary 0 100 0.10 - 0.51 0.61 98.43 97.81 - - (0.01) - (0.01) -
Limited 10 Each
Trawler Properties Private 10,000 Share @
292 INDIA U70101DL2006PTC148949 AACCT4812A 2(87)(ii) Subsidiary 0 100 0.10 - (0.25) (0.15) 243.13 243.28 - - (0.01) - (0.01) -
Limited 10 Each
Triad Properties Private 10,000 Share @
293 INDIA U70109DL2006PTC149847 AACCT4809K 2(87)(ii) Subsidiary 0 100 0.10 - (0.60) (0.50) 49.67 50.17 - - (0.01) - (0.01) -
Limited 10 Each
True Value Build-Con 10,200 Share @
294 INDIA U45201DL2003PTC123081 AACCT0103C 2(87)(ii) Subsidiary 0 100 0.10 - (0.90) (0.79) 0.21 1.01 0.20 - (0.01) - (0.01) -
Tushar Projects Private 10,000 Share @
295 INDIA U70101DL2006PTC148782 AACCT4446J 2(87)(ii) Subsidiary 0 100 0.10 - (0.97) (0.87) 54.94 55.81 - - (0.01) - (0.01) -
Limited 10 Each
Utkarsh Buildcon Private 10,000 Share @
296 INDIA U45201DL2005PTC140049 AAACU7708E 2(87)(ii) Subsidiary 0 100 0.10 - 6.86 6.96 279.56 272.60 0.20 0.01 (0.02) - (0.02) -
Limited 10 Each
Versatile Conbuild Private 10,000 Share @
297 INDIA U45400DL2008PTC178042 AACCV7469B 2(87)(ii) Subsidiary 0 100 0.10 - (0.09) 0.01 10.21 10.21 10.20 - (0.01) - (0.01) -
Limited 10 Each
Virasat Buildcon Private 100,000 Share @
298 INDIA U45201DL2006PTC147834 AACCV2188F 2(87)(ii) Subsidiary 0 100 1.00 - (0.55) 0.45 0.45 0.01 - - (0.01) - (0.01) -
Limited 10 Each
Vitality Conbuild Private 10,000 Share @
299 INDIA U70109DL2006PTC150197 AACCV2806L 2(87)(ii) Subsidiary 0 100 0.10 - (0.41) (0.31) 0.01 0.31 - - (0.01) - (0.01) -
Limited 10 Each
Vpg Developers Private 10,000 Share @
300 INDIA U45201DL2005PTC138797 AACCV0997J 2(87)(ii) Subsidiary 0 100 0.10 - (4.88) (4.78) 0.61 5.40 - - (0.96) - (0.96) -
Limited 10 Each
Waif Propbuild Private 10,000 Share @
301 INDIA U45200DL2006PTC157112 AAACW6850H 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 0.01 0.17 - - (0.01) - (0.01) -
Limited 10 Each
Wedge Properties Private 10,000 Share @
302 INDIA U70109DL2006PTC150610 AAACW6853E 2(87)(ii) Subsidiary 0 100 0.10 - (0.16) (0.06) 103.88 103.94 - - (0.01) - (0.01) -
Limited 10 Each
Wembley Estates Private 100,000 Share @
303 INDIA U45201DL2006PTC147839 AAACW6309D 2(87)(ii) Subsidiary 0 100 1.00 - (0.98) 0.02 0.05 0.03 - - (0.01) - (0.01) -
Limited 10 Each
Whelsh Properties Private 10,000 Share @ 1,574.2
304 INDIA U70109DL2006PTC150349 AAACW6474B 2(87)(ii) Subsidiary 0 100 0.10 - (0.14) (0.04) 1,574.26 1,574.30 - (0.01) - (0.01) -
Limited 10 Each 5
Winkle Properties Private 10,000 Share @
305 INDIA U70109DL2006PTC150612 AAACW6854D 2(87)(ii) Subsidiary 0 100 0.10 - (103.80) (103.70) 0.02 103.72 - - (0.01) - (0.01) -
Limited 10 Each
Yeti Properties Private 10,000 Share @
306 INDIA U70109DL2006PTC149865 AAACY2749K 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 118.26 118.43 - - (0.01) - (0.01) -
Limited 10 Each
Yogiraj Promoters Private 10,000 Share @
307 INDIA U70109DL2006PTC152089 AAACY2771P 2(87)(ii) Subsidiary 0 100 0.10 - (199.27) (199.17) 3,400.78 3,599.94 - - (1.42) - (1.42) -
Limited 10 Each
Yukti Projects Private 10,000 Share @
308 INDIA U45201DL2005PTC139361 AAACY2517K 2(87)(ii) Subsidiary 0 100 0.10 - (55.61) (55.51) 246.23 301.74 - - (0.01) - (0.01) -
Limited 10 Each
Zing Properties Private 10,000 Share @
309 INDIA U70109DL2006PTC149804 AAACZ2632G 2(87)(ii) Subsidiary 0 100 0.10 - (0.26) (0.16) 52.45 52.62 - - (0.01) - (0.01) -
Limited 10 Each
Zither Buildwell Private 20,000 Share @
310 INDIA U70109DL2006PTC149495 AAACZ2633H 2(87)(ii) Subsidiary 0 100 0.20 - 97.82 98.02 191.29 93.28 - - (0.01) - (0.01) -
Limited 10 Each
Zonex Developers Private 10,000 Share @
311 INDIA U74899DL2005PTC141559 AAACZ2427M 2(87)(ii) Subsidiary 0 100 0.10 - (0.45) (0.35) 127.43 127.77 - - (0.01) - (0.01) -
Limited 10 Each
Zonex Estates Private 100,000 Share @
312 INDIA U45202DL2001PTC113392 AAACZ1455B 2(87)(ii) Subsidiary 0 100 1.00 - (3.78) (2.78) 233.61 236.39 0.10 - 0.04 0.02 0.02 -
Limited 10 Each
Zulu Properties Private 10,000 Share @
313 INDIA U70101DL2006PTC148785 AAACZ2634A 2(87)(ii) Subsidiary 0 100 0.10 - (1.37) (1.27) 5.93 7.20 - - (0.01) - (0.01) -
Limited 10 Each
Section 1000,000 Share @
314 Acreage Builders Pvt. Ltd. INDIA U70101HR2010PTC047012 AAICA6195P Associates 0 32.55 5.11 - 2,451.48 2,456.60 2,763.39 306.79 - 0.61 (7.21) - (7.21) -
2(6) 10 Each
Leighton Construction
Section Joint 10,000,000 Share
315 (India) Pvt. Ltd. .(under INDIA U45200DL2006PTC155677 AAKCS7967H 0 50 100. (100.00) - -
2(6) Venture @ 10 Each - - - - - (0.28) (0.28) -
strike off) 00
Annexure - 3
Details of companies which have ceased to be subsidiaries, joint venture, or associate company
during the F.Y. 2016-17:
S. No. Name of the Companies CIN Reason of Cessation

1 Eddy Conbuild Private U45400DL2007PTC163093 Transfer of Shares
Limited
2 Estaury Conbuild Private U45400DL2007PTC163090 Transfer of Shares
Limited
Note: All of the above were 100% subsidiaries of the Company. No new joint venture / associate were
formed during the year and no joint venture / associate has ceased to be as such.
Annexure -4
GROVER AHUJA & ASSOCIATES
Company Secretaries
ANNEXURE TO THE DIRECTORS' REPORT
Form No. MR-3

SECRETARIAL AUDIT REPORT
FOR THE FINANICAL YEAR ENDED 31ST MARCH, 2017
[Pursuant to Section 204(1) of the Companies Act, 2013 and rule No. 9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To
The Members,
M/s. Emaar MGF Land Limited,
ECE House, 28,
Kasturba Gandhi Marg,
New Delhi – 110001
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the
adherence to good corporate governance practice by M/s. Emaar MGF Land Limited (hereinafter
called “the Company”). Secretarial Audit was conducted in a manner that provided us a reasonable
basis for evaluating the corporate conducts / statutory compliances and expressing our opinion
thereon.
Based on our verification of the Company’s Books, Papers, Minutes Books, Forms and Returns filed
and other records maintained by the Company and also the information provided by the Company, its
officers, agents and authorized representatives during the conduct of secretarial audit, we hereby
report that in our opinion, the Company has, during the financial year ended 31st March, 2017,
complied with the statutory provisions listed hereunder and also that the Company has proper Board
processes and compliance mechanism in place to the extent, in the manner and subject to the reporting
made hereinafter.
We have examined the books, papers, minute books, forms and returns filed and other records
maintained by the Company for the financial year ended on 31st March, 2017 according to the
provisions of:
(i) The Companies Act, 2013 (the Act) and the Rules made there under;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under
to the extent of Foreign Direct Investment, Overseas Direct Investment, External
Commercial Borrowings;
119, First Floor, Deepshikha Building, Rajendra Place, New Delhi – 110008
Tel: +91 11 49091217
Email: groverahuja@hotmail.com
Grover Ahuja & Associates
Company Secretaries
Secretarial Audit Report-Emaar MGF Land Limited
Page 2 of 4
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange
Board of India Act, 1992 (‘SEBI Act’) were applicable during the financial year:-
i. The Securities and Exchange Board of India (Issue and Listing of Debt Securities)
Regulations, 2008;
ii. The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations,
2015;
iii. The Securities and Exchange Board of India (Listing Obligations And Disclosure
Requirements) Regulations, 2015.
Provisions of the following Regulations and Guidelines prescribed under the Securities and Exchange
Board of India Act, 1992 (‘SEBI Act’) were not applicable to the Company under the financial year
under report:-
i. The Securities and Exchange Board of India (Registrars to a Issue and Share Transfer
Agents) Regulations, 1993, regarding the Companies Act and dealing with client;
ii. The Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011;
iii. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations,
2009;
iv. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
v. The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009;
vi. The Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014.
(vi) The other laws as may be applicable specifically to the company are: - Based on the reports of
the Head of the Departments of the Company and the compliance reports made by such Head
of the Departments submitted to the Board of Directors of the Company, we report that the
company has substantially complied with the provisions of those Acts that are applicable to the
Companies related to Real Estate including Laws related to Human Resource which includes
The Payment of Wages Act, The Minimum Wages Act, The Payment of Gratuity Act, The
Maternity Benefit Act, The Employee’s State Insurance Act, The Employee’s Provident Fund
& Misc. Provisions Act, The Payment of Bonus Act, The Equal Remuneration Act, The
Employment Exchanges Act, The Labor Welfare Act etc.
We have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards with regard to Meeting of Board of Directors (SS-1) and General
Meetings (SS-2) issued by the council of The Institute of Company Secretaries of India and
approved by Central Government;
(ii) RBI Compliances: The requisite “Form for Annual Return on Foreign Liabilities and Assets”
(earlier For FC-GPR - Part-B) has been filed.
Tel: +91 11 49091217
Company Secretaries
Page 3 of 4
During the period under review, the Company has complied with the provisions of the Act, Rules,
Regulations, Guidelines, Standards, etc. mentioned above, subject to that there was a Casual Vacancy
of Chief Finance Officer during the period from 23rd May, 2016 till 8th March, 2017 and as per the
information provided by the management, the Company was not able to find a suitable person during
the period and thereafter appointed Mr. Rahul Bindle as Chief Finance Officer with effect from 9th
March, 2017.
We further report that compliance of applicable financial laws including Direct and Indirect Tax
laws by the Company has not been reviewed in this Audit since the same has been subject to review
by the Statutory Auditors and other designated professionals.
We further report that:
The Board of Directors of the Company is duly constituted with proper balance of Executive
Directors, Non-Executive Directors, Woman Director and Independent Directors.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on
agenda were sent at least seven days in advance, and a system exists for seeking and obtaining further
information and clarifications on the agenda items before the meeting and for meaningful participation
at the meeting.
Majority decision is carried through while the dissenting members' views, if any, are captured and
recorded as part of the minutes.
We further report that there are adequate systems and processes in the Company commensurate
with the size and operations of the Company to monitor and ensure compliance with applicable laws,
rules, regulations and guidelines.
For Grover Ahuja & Associates

Company Secretaries
Sd/-
Akarshika Goel
(Partner)
Place: New Delhi ACS No.: 29525
Date: August 17, 2017 C.P No.: 12770
This report is to be read with our letter of even date which is annexed as 'Annexure A' and forms an
integral part of this report.
Tel: +91 11 49091217
Company Secretaries
Page 4 of 4
Annexure A
To
The Members
M/s. Emaar MGF Land Limited,
ECE House, 28,
Kasturba Gandhi Marg,
New Delhi – 110001
Our report of even date is to be read along with this letter.
1. Maintenance of Secretarial record is the responsibility of the management of the Company.

Our responsibility is to express as opinion on these secretarial records based on our audit.
2. We have followed the audit practices and process as were appropriate to obtain reasonable
assurance about the correctness of the contents of the secretarial records. The verification was
done on test basis to ensure that correct facts are reflected in secretarial records. We believe
that the processes and practices, we followed provide a reasonable basis for our opinion.
3. We have not verified the correctness and appropriateness of financial records and Books of
Accounts of the Company.
4. Where ever required, we have obtained the Management representation about the compliance
of laws, rules and regulations and happening of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations,
standards is the responsibility of management. Our examination was limited to the verification
of procedures on test basis.
The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the
efficacy or effectiveness with which the management has conducted the affairs of the Company.
For Grover Ahuja & Associates

Company Secretaries
Sd/-
Akarshika Goel
(Partner)
Place: New Delhi ACS No.: 29525
Date: August 17, 2017 C.P No.: 12770
Tel: +91 11 49091217
Annexure-5
Form No. MGT-9
EXTRACT OF ANNUAL RETURNAS ON THE FINANCIAL YEAR ENDED ON 2016-2017
[Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the
Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS:
i. CIN U45201DL2005PLC133161
ii. Registration Date February 18, 2005
iii. Name of the Company EMAAR MGF LAND LIMITED
iv. Category / Sub-Category of the Company Company Limited by shares
v. Address of the Registered office and contact details 306-308, Square One, C-2, District Centre,
Saket, New Delhi-110017
Tel : (+91 11) 41521155
(+91 11) 49483100
Fax : (+91 11) 41524619
Email : enquiries@emaar-india.com
Website : www.emaar-india.com
vi. Whether listed company Yes (Debentures of the Company are listed on the BSE Limited, Mumbai).
However, the equity shares are not listed.
vii. Name, Address and Contact details of Registrar and Transfer Karvy Computershare Private Limited
Agent, if any Karvy Selenium Tower No. B,
Plot No.31-32, Gachibowli,
Financial District, Nanakramgud,
Serilingampally,
Hyderabad - 500 032
Tel: (+91 04) 67162222, 33211000, Email : support@karvy.com
Website : www.karvycomputershare.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the company shall be stated:-
Sr. Name and Description of main products / services NIC Code of the Product/ service % to total turnover of the company
No.
1 Construction and development of various residential,

commercial and industrial buildings such as Townships, 410 100%
Hotels, Commercial Malls, SEZ etc
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
Holding /
% of
S. Address of the Corporate Identity Subsidiary Applicable
Name of the Company Shares
No Company Number (CIN) / Section
held
Associate
C/O CIM Corporate
Services LTD., Les
1 Emaar Holding II Cascades Building, Edith Not Applicable Holding 57.33 Section 2(46)
Cavell Street Port Louis,
Mauritius
17-B, MGF House,
2 Arma Buildmore Private Limited Asaf Ali Road, U70109DL2006PTC152668 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

3 Budget Hotels India Private Limited Kasturba Gandhi Marg, U55101DL2006PTC155675 Subsidiary 50.01% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

4 Edenic Propbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC162103 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

5 Educt Propbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC162105 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Emaar MGF Construction Private
6 Kasturba Gandhi Marg, U70109DL2006PTC154556 Subsidiary 100% Section 2(87)(ii)
Limited
New Delhi - 110001
ECE House, 28,

Emaar MGF Services Private
7 Kasturba Gandhi Marg, U74930DL2006PTC154644 Subsidiary 100% Section x`2(87)(ii)
Limited
New Delhi - 110001
ECE House, 28,
8 Enamel Propbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC161948 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

9 Epitome Propbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC162104 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

10 Gurkul Promoters Private Limited Asaf Ali Road, U70109DL2006PTC152221 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

11 Kudos Propbuild Private Limited Kasturba Gandhi Marg, U01403DL2007PTC159832 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

12 Lotus Technobuild Private Limited Kasturba Gandhi Marg, U70100DL2007PTC159590 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

13 Nandita Promoters Private Limited Asaf Ali Road, U45201DL2006PTC147811 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

14 Pratham Promoters Private Limited Asaf Ali Road, U45201DL2006PTC147799 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

15 Prayas Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147831 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

16 Raksha Buildtech Private Limited Asaf Ali Road, U70109DL2006PTC152022 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,
17 Vitality Conbuild Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150197 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

18 Wembley Estates Private Limited Asaf Ali Road, U45201DL2006PTC147839 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

19 Shrey Promoters Private Limited Asaf Ali Road, U45201DL2005PTC141562 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

Aashirwad Conbuild Private
Limited
New Delhi - 110001
ECE House, 28,

21 Abbey Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147705 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

22 Abbot Builders Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147693 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

23 Abhinav Projects Private Limited Asaf Ali Road, U45201DL2005PTC141556 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

24 Abyss Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147453 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

25 Accession Buildwell Private Limited Kasturba Gandhi Marg, U99999DL2006PTC147659 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
Accordion Buildwell Private
Limited
New Delhi - 110001
ECE House, 28,

27 Achates Buildcon Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150711 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

28 Acorn Buildmart Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150714 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

29 Acorn Developers Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150537 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

30 Active Promoters Private Limited Asaf Ali Road, U45201DL2004PTC128384 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

31 Active Securities Limited Asaf Ali Road, U74899DL1995PLC071595 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

32 Acutech Estate Private Limited Asaf Ali Road, U45201DL2006PTC147816 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

33 Adze Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147708 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

34 Allied Realty Private Limited Kasturba Gandhi Marg, U45201DL2005PTC131810 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,
35 Alpine Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147828 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

Amar Gyan Developments Private
36 Asaf Ali Road, U45201DL2005PTC138010 Subsidiary 100% Section 2(87)(ii)
Limited
New Delhi - 110002
17-B, MGF House,

37 Amardeep Buildcon Private Limited Asaf Ali Road, U45201DL2005PTC138136 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

38 Aparajit Promoters Private Limited Asaf Ali Road, U15201DL2006PTC147840 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

39 Archit Promoters Private Limited Asaf Ali Road, U04999DL2006PTC147797 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

40 Ardor Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC161619 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

41 Arman Promoters Private Limited Asaf Ali Road, U45201DL2005PTC138970 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

42 Armour Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147472 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

43 Auspicious Realtors Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147454 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
Authentic Properties Private
Limited
New Delhi - 110001
ECE House, 28,

45 Avinashi Buildtech Private Limited Kasturba Gandhi Marg, U70109DL2006PTC152669 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

46 Bailiwick Builders Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147691 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

47 Balalaika Builders Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147695 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

48 Ballad Conbuild Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147706 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

49 Bhavishya Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147806 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

50 Bhavya Conbuild Private Limited Kasturba Gandhi Marg, U45200DL2008PTC185678 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

Bhumika Promoters Private
Limited
New Delhi - 110002
17-B, MGF House,

52 Brijbasi Projects Private Limited Asaf Ali Road, U70102DL2006PTC149135 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,
53 Brilliant Build tech Private Limited Asaf Ali Road, U70109DL2006PTC152912 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

54 Calypso Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147669 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Camarederie Properties Private
Limited
New Delhi - 110001
ECE House, 28,

56 Camellia Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147698 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

57 Capex Projects Private Limited Asaf Ali Road, U70101DL2006PTC148779 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

58 Casing Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147673 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

59 Cassock Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147702 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

60 Cats Eye Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147468 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Charbhuja Properties Private
Limited
New Delhi - 110001
ECE House, 28,
Charismatic Realtors Private
Limited
New Delhi - 110001
17-B, MGF House,

63 Chhavi Buildtech Private Limited Asaf Ali Road, U70104DL2006PTC152850 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

64 Chintz Conbuild Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147711 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

65 Chirayu Buildtech Private Limited Asaf Ali Road, U45200DL2006PTC154272 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

66 Choir Developers Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147707 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

67 Chum Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147704 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

68 Compact Projects Private Limited Asaf Ali Road, U45201DL2005PTC138812 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

Consummate Properties Private
Limited
New Delhi - 110001
ECE House, 28,

70 Crock Buildwell Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147672 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
71 Crocus Builders Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147703 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

72 Crony Builders Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147694 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

73 Deep Jyoti Projects Private Limited Asaf Ali Road, U45201DL2005PTC138129 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

74 Divit Estates Private Limited Asaf Ali Road, U70109DL2006PTC150764 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

75 Dove Promoters Private Limited Asaf Ali Road, U45201DL2004PTC128386 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

76 Ducat Builders Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147700 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

77 Dumdum Builders Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147699 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

78 Easter Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163140 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

79 Eclogue Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163075 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
80 Ecru Builders Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147709 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

81 Ecstasy Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163144 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

82 Edge Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163138 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

83 Edit Estates Private Limited Asaf Ali Road, U70109DL2006PTC152851 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

84 Elan Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163155 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

85 Elegant Propbuild Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147524 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

86 Elite Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163116 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

87 Eminence Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163134 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

88 Enigma Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147522 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
89 Eternal Buildtech Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147527 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

90 Ethic Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163096 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

91 Ethnic Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147476 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

92 Everwel Estates Private Limited Asaf Ali Road, U45201DL2006PTC147815 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

93 Extremity Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC163098 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

94 Fable Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC161617 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

95 Façade Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC161691 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

96 Facet Estate Private Limited Kasturba Gandhi Marg, U45201DL2004PTC130275 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

97 Flick Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157786 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
98 Fling Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157036 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

99 Flip Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157710 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

100 Floret Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157511 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

101 Flotilla Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157354 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

102 Flounce Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157276 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

103 Flue Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157001 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

104 Fluff Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC156937 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

105 Fluke Propbuild Private Limited Kasturba Gandhi Marg, U70102DL2007PTC157297 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

106 Foal Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157709 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
107 Fondant Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157275 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

108 Foray Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157512 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Forsythia Propbuild Private
Limited
New Delhi - 110001
ECE House, 28,

110 Fount Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157505 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

111 Foyer Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157509 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

112 Fray Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157485 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

113 Frieze Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157993 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

114 Frisson Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157029 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

115 Frond Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157566 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
116 Froth Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157991 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

117 Futuristic Buildwell Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147477 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

118 Gable Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157788 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

119 Gadget Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157107 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

120 Gaff Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157827 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

121 Gaiety Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157207 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

122 Gait Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157825 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

123 Galleon Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157111 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

124 Gallery Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157221 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
125 Gallium Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157143 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

126 Gambit Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157084 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

127 Gamete Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157105 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

128 Gamut Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157216 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

129 Garland Estate Private Limited Kasturba Gandhi Marg, U45201DL2005PTC137476 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

130 Garnet Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158036 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

131 Garuda Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147463 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

132 Gateau Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157200 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

133 Gaucho Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157094 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
134 Gauge Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157208 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

135 Gauntlet Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157145 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

136 Gavel Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147690 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

137 Gems Buildcon Private Limited Asaf Ali Road, U45201DL2005PTC138135 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

138 Genre Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157201 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

139 Gentry Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157083 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

140 Geodesy Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147667 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

141 Gibbon Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157125 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

142 Girder Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157147 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
143 Glade Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157826 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

144 Glaze Estates Private Limited Asaf Ali Road, U45201DL2006PTC147817 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

145 Glen Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157211 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
Glen Propbuild Private Limited-

146 Not Applicable Not Applicable Subsidiary 100% Section 2(87)(ii)
Singapore
ECE House, 28,

147 Glimpse Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157927 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

148 Glitz Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157771 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

149 Globule Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157753 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

150 Gloss Propbuild Private Limited Kasturba Gandhi Marg, U70109DL2007PTC158041 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

151 Glove Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158106 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
152 Godawari Buildwell Private Limited Kasturba Gandhi Marg, U45201DL2005PTC138895 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

153 Godson Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158082 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
154 Golliwog Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158138 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
Gracious Technobuild Private
Limited
New Delhi - 110001
ECE House, 28,

Gradient Developers Private
Limited
New Delhi - 110001
ECE House, 28,

157 Grail Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157204 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

158 Grampus Propbuild Private Limited Kasturba Gandhi Marg, U70101DL2006PTC157059 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

159 Gran Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157694 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

160 Granar Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157469 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
161 Grange Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157438 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

162 Granule Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157419 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Grapeshot Propbuild Private
Limited
New Delhi - 110001
17-B, MGF House,

Grassroot Promoters Private
Limited
New Delhi - 110002
ECE House, 28,

165 Gravel Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157755 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

166 Grebe Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157757 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

167 Griddle Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157758 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

168 Grog Propbuild Private Limited Kasturba Gandhi Marg, U70200DL2007PTC158052 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

169 Grove Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158077 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
170 Grunge Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158457 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

171 Guffaw Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157871 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

172 Gull Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157798 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

Guru Rakha Projects Private
Limited
New Delhi - 110002
17-B, MGF House,

174 Gyan Jyoti Estates Private Limited Asaf Ali Road, U00500DL2005PTC138009 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

175 Gyan Kunj Estates Private Limited Asaf Ali Road, U45200DL2011PTC225431 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

Gyankunj Constructions Private
Limited
New Delhi - 110002
ECE House, 28,

177 Haddock Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157872 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

178 Haft Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157926 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
179 Hake Developers Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147697 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

180 Halibut Developers Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147681 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

181 Hamlet Buildwell Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147692 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Hammock Buildwell Private
Limited
New Delhi - 110001
17-B, MGF House,

183 Hartej Estates Private Limited Asaf Ali Road, U45200DL2006PTC153119 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

184 Hope Promoters Private Limited Asaf Ali Road, U70101DL2006PTC148776 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

185 Immense Realtors Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147526 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

186 Jamb Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158825 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

187 Janitor Propbuild Private Limited Kasturba Gandhi Marg, U70101DL2007PTC157421 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
188 Jasper Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158596 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

189 Jaunt Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158035 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

190 Jay Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157205 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

191 Jemmy Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157800 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

192 Jerkin Propbuild Private Limited Kasturba Gandhi Marg, U70109DL2007PTC158051 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

193 Jetty Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157916 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

194 Jig Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157951 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

195 Jive Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157920 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

196 Juhi Promoters Private Limited Asaf Ali Road, U45201DL2005PTC141553 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,
197 Kamdhenu Projects Private Limited Asaf Ali Road, U70102DL2006PTC149136 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

198 Kartikay Buildwell Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147531 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

199 Kayak Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157824 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

200 Kedge Propbuild Private Limited Kasturba Gandhi Marg, U74999DL2007PTC159935 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

201 Kestrel Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157823 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

202 Kismet Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC159505 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

203 Knoll Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC159869 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

204 Ladle Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157769 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

205 Lavish Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC159241 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,
206 Legend Buildcon Private Limited Asaf Ali Road, U45201DL2005PTC138968 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

207 Legend Buildwell Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147457 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

208 Lifeline Build Tech Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147624 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

209 Locus Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC159219 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

210 Logical Developers Private Limited Asaf Ali Road, U45201DL2004PTC128388 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

211 Logical Estates Private Limited Asaf Ali Road, U45202DL2001PTC113257 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

212 Maestro Estates Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147464 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

213 Mahonia Estate Private Limited Asaf Ali Road, U45201DL1997PTC089985 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

Mansarovar Projects Private
Limited
New Delhi - 110002
17-B, MGF House,
Markwel Promoters Private
Limited
New Delhi - 110002
17-B, MGF House,

Mega City Promoters Private
Limited
New Delhi - 110002
ECE House, 28,

217 MG Colonizers Private Limited Kasturba Gandhi Marg, U45200DL2006PTC155706 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

218 Milky Way Realtors Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147465 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

219 Modular Estates Private Limited Asaf Ali Road, U45201DL2006PTC147838 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

220 Monarch Buildcon Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147466 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

221 Monga Properties Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147461 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Multitude Infrastructures Private
Limited
New Delhi - 110001
17-B, MGF House,

223 Naam Promoters Private Limited Asaf Ali Road, U70109DL2006PTC149830 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,
224 Navrattan Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147807 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

225 Nayas Projects Private Limited Asaf Ali Road, U70101DL2006PTC148774 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

226 Nettle Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157789 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

227 Newt Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157767 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

228 Nipper Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157787 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

229 Nishkarsh Estates Private Limited Asaf Ali Road, U45201DL2006PTC147809 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

230 Notch Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157915 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

231 Pansy Buildcons Private Limited Kasturba Gandhi Marg, U70109DL2006PTC149570 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

232 Paving Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158732 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
233 Perch Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2007PTC161592 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

234 Perpetual Realtors Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147523 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

235 Pipalashray Estate Private Limited Kasturba Gandhi Marg, U74999DL2007PTC160053 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

236 Pragya Buildcon Private Limited Asaf Ali Road, U70109DL2006PTC151794 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

237 Pratiksha Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147821 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

238 Prezzie Buildcon Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157935 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

239 Progeny Buildcon Private Limited Kasturba Gandhi Marg, U45200DL2007PTC158114 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

Prosperous Buildcon Private
Limited
New Delhi - 110002
17-B, MGF House,

Prosperous Constructions Private
Limited
New Delhi - 110002
ECE House, 28,
242 Pukhraj Realtors Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147460 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

243 Pulse Estates Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147462 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

244 Pushkar Projects Private Limited Asaf Ali Road, U70101DL2006PTC148855 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

245 Ram Ban Projects Private Limited Asaf Ali Road, U70102DL2006PTC149076 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

246 Rolex Estates Private Limited Asaf Ali Road, U45201DL2006PTC147824 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

247 Rose Gate Estates Private Limited Asaf Ali Road, U45201DL2005PTC138008 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

248 Rudraksha Realtors Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147471 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

249 Sacred Estates Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147519 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

Sambhavee Projects Private
Limited
New Delhi - 110002
17-B, MGF House,
251 Sandesh Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147825 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

252 Sankalp Buildtech Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147459 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

253 Sankalp Promoters Private Limited Asaf Ali Road, U45201DL2005PTC140047 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

254 Sanskar Buildcon Private Limited Asaf Ali Road, U74899DL2005PTC141539 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

255 Sanskar Buildwell Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147525 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

Sanyukta Promoters Private
Limited
New Delhi - 110002
Sapphire & Sands Private Limited-

Singapore
17-B, MGF House,

258 Sarvodaya Buildcon Private Limited Asaf Ali Road, U45201DL2005PTC138006 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

259 Sarvpriya Realtors Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147520 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,
260 Seriel Build tech Private Limited Asaf Ali Road, U45201DL2006PTC146988 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

261 Sewak Developers Private Limited Asaf Ali Road, U70109DL2006PTC149498 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

262 Sharyans Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147808 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

263 Shaurya Propbuild Private Limited Kasturba Gandhi Marg, U45400DL2008PTC178137 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

264 Shitij Buildcon Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147529 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

265 Shrestha Conbuild Private Limited Kasturba Gandhi Marg, U45200DL2008PTC178044 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

266 Sidhant Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147804 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

Sidhivinayak Buildcon Private
Limited
New Delhi - 110002
ECE House, 28,

Sidhivinayak Durobuild Private
Limited
New Delhi - 110001
ECE House, 28,
269 Signages Properties Private Limited Kasturba Gandhi Marg, U45400DL2008PTC178043 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
Silver Sea Vessel Management

Private Limited-Singapore
ECE House, 28,

Smridhi Technobuild Private
Limited
New Delhi - 110001
17-B, MGF House,

Snow White Buildcon Private
Limited
New Delhi - 110002
17-B, MGF House,

273 Sonex Projects Private Limited Asaf Ali Road, U74899DL2005PTC138134 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

274 Sparsh Promoters Private Limited Asaf Ali Road, U45201DL2006PTC147798 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

275 Spiritual Realtors Private Limited Kasturba Gandhi Marg, U45201DL2006PTC147532 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Sprouting Properties Private
Limited
New Delhi - 110001
17-B, MGF House,

277 Spurt Projects Private Limited Asaf Ali Road, U70101DL2006PTC148770 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,
278 Sriyam Estates Private Limited Asaf Ali Road, U70109DL2006PTC150880 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

279 Stash Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157772 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

280 Stave Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157837 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

281 Stein Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157116 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

282 Stent Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157934 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

283 Strut Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2007PTC157911 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

284 Sukhda Promoters Private Limited Asaf Ali Road, U70109DL2006PTC151924 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

285 Sukhjit Projects Private Limited Asaf Ali Road, U45101DL2006PTC148595 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

286 Sun Buildmart Private Limited Kasturba Gandhi Marg, U45200DL2008PTC184429 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
287 Tacery Builders Private Limited Kasturba Gandhi Marg, U70109DL2006PTC152509 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

288 Tanmay Developers Private Limited Asaf Ali Road, U70109DL2006PTC150818 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

289 Tinnitus Builders Private Limited Kasturba Gandhi Marg, U70109DL2006PTC149765 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

290 Tocsin Builders Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150144 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

291 Toff Builders Private Limited Kasturba Gandhi Marg, U70109DL2006PTC149645 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

292 Tome Builders Private Limited Kasturba Gandhi Marg, U70109DL2006PTC149823 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

293 Tomtom Builders Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150050 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

Trattoria Properties Private
Limited
New Delhi - 110001
ECE House, 28,

295 Trawler Properties Private Limited Kasturba Gandhi Marg, U70101DL2006PTC148949 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
296 Triad Properties Private Limited Kasturba Gandhi Marg, U70109DL2006PTC149847 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

True Value Build-Con Private
Limited
New Delhi - 110002
17-B, MGF House,

298 Tushar Projects Private Limited Asaf Ali Road, U70101DL2006PTC148782 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

299 Utkarsh Buildcon Private Limited Asaf Ali Road, U45201DL2005PTC140049 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

300 Versatile Conbuild Private Limited Kasturba Gandhi Marg, U45400DL2008PTC178042 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

301 Virasat Buildcon Private Limited Asaf Ali Road, U45201DL2006PTC147834 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

302 VPG Developers Private Limited Asaf Ali Road, U45201DL2005PTC138797 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

303 Waif Propbuild Private Limited Kasturba Gandhi Marg, U45200DL2006PTC157112 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

304 Wedge Properties Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150610 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,
305 Whelsh Properties Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150349 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

306 Winkle Properties Private Limited Kasturba Gandhi Marg, U70109DL2006PTC150612 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

307 Yeti Properties Private Limited Kasturba Gandhi Marg, U70109DL2006PTC149865 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

308 Yogiraj Promoters Private Limited Asaf Ali Road, U70109DL2006PTC152089 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

309 Yukti Projects Private Limited Asaf Ali Road, U45201DL2005PTC139361 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,

310 Zing Properties Private Limited Kasturba Gandhi Marg, U70109DL2006PTC149804 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

311 Zither Buildwell Private Limited Kasturba Gandhi Marg, U70109DL2006PTC149495 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
17-B, MGF House,

312 Zonex Developers Private Limited Asaf Ali Road, U74899DL2005PTC141559 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
17-B, MGF House,

313 Zonex Estates Private Limited Asaf Ali Road, U45202DL2001PTC113392 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110002
ECE House, 28,
314 Zulu Properties Private Limited Kasturba Gandhi Marg, U70101DL2006PTC148785 Subsidiary 100% Section 2(87)(ii)
New Delhi - 110001
ECE House, 28,

315 Acreage Builders Private Limited Kasturba Gandhi Marg, U70101DL2010PTC204289 Associate 32.55% Section 2(6)
New Delhi - 110001
ECE House, 28,

Leighton Construction (India)
316 Kasturba Gandhi Marg, U45200DL2006PTC155677 JV 50% Section 2(6)
Private Limited (under strike off)
New Delhi - 110001
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Share Holding
No. of Shares held at the beginning of the year No. of Shares held at the end of the year
% Change
Category of Shareholders During
% of % of the year
Demat Physical Total Demat Physical Total
shares shares
A. PROMOTERS
1) Indian
a) Individual / HUF 254,510,032 - 254,510,032 27.89 254,510,032 - 254,510,032 27.89 -
b) Central Government - - - - - - - - -
c) State Government(s) - - - - - - - - -
d) Bodies Corporate 10,027,918 - 10,027,918 1.10 10,027,918 - 10,027,918 1.10 -
e) Banks / FI - - - - - - - - -
f) Any Other - - - - - - - - -
Sub- Total (A1) 264,366,638 - 264,537,950 28.99 264,537,950 - 264,537,950 28.99 -
2) Foreign
a) NRIs – Individual - - - - - - - - -
b) Other – Individual - - - - - - - - -
c) Bodies Corporate 561,051,069 70,000,000 631,051,069 69.15 638,288,773 - 638,288,773 69.94 -
d) Banks / FI - - - - - - - - -
e) Any Other - - - - - - - -
Sub- Total (A2) 561,051,069 70,000,000 631,051,069 69.15 638,288,773 - 638,288,773 69.94 -
TOTAL SHAREHOLDING
825,417,707 70,000,000 895,589,019 98.13 902,826,723 - 902,826,723 98.93 -
OF PROMOTER (A) = A1 +A2
B. PUBLIC SHAREHOLDING
1) Institutions
a) Mutual Funds - - - - - - - - -
b) Banks / FI - - - - - - - - -
c) Central Government - - - - - - - - -
d) State Government(s) - - - - - - - - -
e) Venture Capital Funds - - - - - - - - -
f) Insurance Companies - - - - - - - - -
g) FIIs - - - - - - - - -
h) FVCI - - - - - - - - -
i) Other - - - - - - - - -
Sub- Total (B1) - - - - - - - - -
2) Non-Institutions
a) Bodies Corporate - - - - - - - - -
i) Indian 549,450 - 549,450 0.06 549,450 - 549,450 0.06 -
ii) Overseas 7,237,704 9,243,672 16,481,376 1.81 - 9,243,672 9,243,672 1.01 -
b) Individuals - - - - - - - - -
Holding nominal share
i) - - - - - - - - -
capital up to Rs. 1 lakh
Holding nominal share
ii) capital in excess of - - - - - - - - -
Rs. 1 lakh
c) Other (Specify) - - - - - - - - -
Sub- Total (B2) 7,787,154 9,243,672 17,030,826 1.87 549,450 9,243,672 9,793,122 1.07 -
TOTAL SHAREHOLDING
7,787,154 9,243,672 17,030,826 1.87 549,450 9,243,672 9,793,122 1.07 -
OF PUBLIC (B) = B1 +B2
C. Shares held by Custodian for GDRs & ADRs

- - - - - - - - -
Grand Total (A+B+C) 833,204,861 79,243,672 912,619,845 100 903,376,173 9,243,672 912,619,845 100 -
(ii) Shareholding of Promoters
Shareholding at the beginning of the year Shareholding at the end of the year
(01-04-2016) (31-03-2017)
% Change in
S. % of Shares % of Shares shareholding
Shareholder's Name % of total % of total
No. pledged / pledged / during the
shares of shares of
No. of shares encumbered No. of shares encumbered year
the the
to total to total
company company
shares shares
1 Emaar Holding II 445,876,032 48.86 - 523,246,949 57.33 - -
2 Ms. Shilpa Gupta 2,54,509,032 27.89 - 2,54,509,032 27.89 - 10.17%
3 Kallarister Trading Ltd. 70,133,213 7.68 - - - - -7.68%
4 Mr. Shravan Gupta 1,000 0.00 - 1,000 0.00 - -
5 Snelvor Holding Ltd 46,471,865 5.09 - 46,471,865 5.09 - -
6 Yulita Consultants Ltd 39,826,863 4.36 - 39,826,863 4.36 - -
7 Loupen Services Ltd. 28,743,096 3.15 - 28,743,096 3.15 - -
8 Coniza Promoters Private Limited 9,593,600 1.05 - 9,593,600 1.05 - -
9 MGF Developments Ltd. 434,318 0.05 - 434,318 0.05 - -
TOTAL 895,589,019 98.13 - 902826723 98.93 -
(iii) Change in Promoters’ Shareholding
S. Shareholding at the beginning of the Shareholding at the end of the Cumulative Shareholding during Date wise Increase /
No. year (As on 01-04-2016) year (31-03-17) the year (01-04-16 to 31-03-17) Decrease in Promoters
Shareholding during the
year specifying the reasons
for increase / decrease (e.g.
% of total allotment / transfer /
% of total shares % of total shares bonus/ sweat equity etc)
No. of shares No. of shares shares of the No. of shares
of the company of the company
company
** As per details of Increase /

1 895,589,019 98.13 902,826,723 98.93 902,826,723 98.93 Decrease in Promoters'
Shareholdings as under
** Details of Increase / Decrease in Promoters' Shareholdings
Shareholding at the
Shareholding at the end of
beginning of the year
the year
(01-04-2016)
(31-03-2017) % Change in
S. Increase / shareholding
Promoters Name Date of Change /Reason
No. (Decrease) during the
% of total % of total
year
No. of shares of No. of shares of
shares the shares the
company company
November 18, 2016 &
1 Emaar Holding II 445,876,032 48.86 77,370,917 523,246,949 57.33 -
March 30, 2017 (Transfers)
2 Ms. Shilpa Gupta 2,54,509,032 27.89 - 2,54,509,032 27.89 - -
3 Kallarister Trading Ltd. 70,133,213 7.68 -70,133,213 - - -7.68% March 30, 2017 (Transfer)
4 Mr. Shravan Gupta 1,000 0.00 - 1,000 0.00 - -
5 Snelvor Holding Ltd 46,471,865 5.09 - 46,471,865 5.09 - -
6 Yulita Consultants Ltd 39,826,863 4.36 - 39,826,863 4.36 - -
7 Loupen Services Ltd. 28,743,096 3.15 - 28,743,096 3.15 - -
8 Coniza Promoters Pvt. Ltd. 9,593,600 1.05 - 9,593,600 1.05 - -
9 MGF Developments Ltd. 434,318 0.05 - 434,318 0.05 - -
TOTAL 895,589,019 98.13 895,589,019 902826723 98.93
(iv) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters and Holders of GDRs and ADRs)
Cumulative
Shareholding at the Shareholding during the
beginning of the year year
(As on 01-04-2016) (01-04-2016 - 31-03-
Increase /
S. 2017)
Name Date Decrease in Reason
No. % of
% of total Shareholding
total
shares of No. of
No. of shares shares of
the shares
the
company
company
1 Elephant Investments Limited 3,831,560 0.42 - - - 3,831,560 0.42
2 ANI Capital Holdings India Limited 3,128,312 0.34 - - - 3,128,312 0.34
3 Abhaar International LLC 1,083,800 0.12 - - - 1,083,800 0.12
4 Pearl India Opportunities 928,020 0.10 - - - 928,020 0.10
5 Bennet Coleman & Co. Limited 549,450 0.06 - - - 549,450 0.06
6 Blue Line India Opportunities 271,980 0.03 - - - 271,980 0.03
Transfer to
SSG
November
7 Indocean Financial Holding Limited 7,237,704 0.79 (7,237,704) Investment - -
11, 2016
Holing India
Limited
Transfer to
November
8 SSG Investment Holing India Limited - - (7,237,704) Emaar - -
18, 2016
Holding II
TOTAL 17,030,826 1.87 - 9,793,122 1.07

(v) Shareholding of Directors and Key Managerial Personnel
Shareholding at the beginning of Cumulative Shareholding during

the year the year
(As on 01-04-2016) Increase / (01-04-2016 - 31-03-2017)
S. No. Name Date Decrease in Reason
% of total % of total
No. of Shareholding No. of
shares of shares of
shares shares
the company the company
Mr. Shravan Gupta

1 1000 0.00 - - - 1000 0.00
(Director)
Ms. Shilpa Gupta

2 2,54,509,032 27.89 - - - 2,54,509,032 27.89
(Director)
TOTAL 2,54,510,032 27.89 - - - 2,54,510,032 27.89
* No other Director or KMP held any shares of the Company.

V. Indebtedness of the Company including interest outstanding/accrued but not due for payment
Particulars Amount (in Rs. millions)
Indebtedness at the beginning of the financial year (01.04.2016) Secured Unsecured Deposit Total Indebtedness
i) Principal Amount* 42,977.34 3,964.41 - 46,941.76

ii) Interest due but not paid 4,681.75 22.44 - 4,704.19
iii) Interest accrued but not due - 1386.87 - 1,386.87
Total [(i) + (ii) + (iii)] 47,659.09 5,373.72 - 53,032.81
Change in Indebtedness
during the financial year
Addition in Loans 13,157 11,428 - 24,584.55
Addition Interest due but not paid 2,602.20 - 2602.196014
Addition Interest accrued but not due** 0.35 - 0.35
Reduction in Loans -13,485.88 -1,303.7 - -14,789.55
Reduction Interest due but not paid** 0.00 -17.33 - -17.33
Reduction Interest accrued but not due 0 -563.11 - -563.1061469

Exchange Difference (if any) - - 0
-
Net Change 2,273.64 9,543.47 - 11,817.11
Indebtedness at the end of the

financial year (31.03.2017)
i) Principal Amount 42,648.43 14,088.32 - 56,736.75
ii) Interest due but not paid 5.11 - 7,289.05
7,283.95
iii) Interest accrued but not due 0.35 823.76 - 824.12
Total [(i) + (ii) + (iii)] 49,932.73 14,917.19 - 64,849.92
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A) Remuneration to Managing Director, Whole-time Directors and/or Manager (Mr. Shravan Gupta):
Name of
S. No. Particulars MD / WTD / Manager Total Amount (Rs.)
Mr. Shravan Gupta (MD)
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the

8,667,001* 8,667,001*
Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of the Income-tax Act,

- -
1961
(c) Profits in lieu of salary under section 17(3) of the Income-

- -
tax Act, 1961
2 Stock Option - -
3 Sweat Equity - -
4 Commission
- as % of profit - -
- others - -
5 Others - -
TOTAL 8,667,001 8,667,001
Rs. 120 lakhs plus 0.02% of the effective capital in excess of Rs. 250 crores
Ceiling as per the Act
(as provided under Section II, Part II of the Schedule V of the Companies Act, 2013)
* Mr. Shravan Gupta had resigned from the post of Managing Director of the Company on May 23, 2016 and the remuneration is for the period from
01.04.2016 till 23.05.2016. Mr. Shravan Gupta is now designated as Non-Executive Director on same date.
B) Remuneration to other directors (Sitting Fee)
Name of Directors
S. No. Particulars Total Amount (Rs.)

H.E.
H.E. Haroon
Abhiram Abhiram Mohamed Ahmed Shilpa
Saeed Shravan
Seth Seth Ali Jamal Jawa Gupta
Siddiqui Gupta
Alabbar
Independent
1
Directors
- Fee for attending
board /committee 14,00,000 14,00,000 - - - - - 28,00,000
meetings
- Commission - - - - - - - -
- Others - - - - - - - -
Sub-Total (1) 14,00,000 14,00,000 - - - - - 28,00,000

Other Non-Executive
2
Directors
- Fee for attending
board - - 1,00,000 2,00,000 12,00,000 1,00,000 1,00,000 17,00,000
/ committee meetings
- Commission - - - - - - -
- Others - - - - - - -
Sub-Total (2) - - 2,00,000 12,00,000 1,00,000 1,00,000 17,00,000
Total [ (1) + (2) ]

45,00,000
Ceiling as per the Act Sitting Fee of Rs. 1,00,000/- is permissible for attending of each meeting of the Board / Committees.
C) Remuneration to Key Managerial Personnel Other Than MD/Manager/WTD
Name of KMPs
S. No. Particulars Bharat Bhushan Garg Sanjay Malhotra Rahul Bindle Total Amount (Rs.)
(Company Secretary) (CEO) (CFO)
1 Gross salary
(a) Salary as per provisions contained in
4,974,150 21,549,615 9,582,822 36,106,587
section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) of the

- - 28,800 28,800
Income-tax Act, 1961
(c) Profits in lieu of salary under section

- - - -
17(3) of the Income-tax Act, 1961
2 Stock Option - - - -
3 Sweat Equity - - - -
4 Commission
(a) as % of profit - - - -
5 Others
- Medical 30,576 30,576 30,576 91,728
- Cars - - - -
- Interest Concession on Loan - - - -
TOTAL 5,004,726 21,580,191 9,642,198 36,227,115
1. Mr. Sanjay Malhotra resigned from the post of Chief Financial Officer on May 23, 2016 and was appointed as Chief Executive Officer of the Company
on the same date.
2. Mr. Rahul Bindle was appointed as Chief Financial Officer of the Company on March 09, 2017.
3. The remuneration given above is for the full financial year 2016-17 as the above KMPs were employed for the whole year, irrespective the date of being
designated as such KMP.
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES
Details of
Penalty
Authority Appeal
/punishment
Section of Companies (RD/ made, if any
Type Brief Description /
Act CLB/NCLT/ (give
compounding
COURT) details)
fees imposed
(In INR )
A.
COMPANY
Penalty - - - - -
Punishment - - - - -
Compounding (FY 2016-2017)
1 192 (4)(C) Delay in filing of Form 23 CLB -
300,000
Transactions with related parties without Central
2 295(1) CLB -
Government approval 50,000
Non-maintenance of proper statutory registers i.e.
3 77A(9) CLB -
maintaining the same in electronic form. 25,000
4 297 CLB -
Transactions with related party without Central
5 314(1B) CLB -
6 292 Granting of laons and advances without Board approval CLB -
400,000
7 152(1) RD -
Non-recovery of excess remuneration paid to executive Tis Hazari
8 Sch XIII r/w 309 -
director 80,000 Court
B.
-
DIRECTOR
Penalty - - - - -
1 192 (4)(c ) Delay in filing of Form 23 CLB -
200,000
2 295(1) CLB -
3 77A(9) CLB -
4 297 CLB -
5 314(1B) CLB -
6 209(1)(a)&(c ) Non-maintainence proper books of accounts CLB -
50,000
7 209(1)(c ) Non-maintainence proper books of accounts CLB -
20,000
8 211(1)&(3A) to (3C) Books of accounts not showing true & fair view
200,000
10 152(1) RD -
Non-recovery of excess remuneration paid to executive Tis Hazari
11 Sch XII r/w 309 -
director 80,000 Court
Tis Hazari
12 305 Non-disclosure of changes in directorship -
8,000 Court
C. OTHER
OFFICER IN -
DEFAULTS
Penalty - - - - -
1 192 (4)(c ) Delay in filing of Form 23 CLB -
50,000
2 295(1) CLB -
3 77A(9) CLB -
4 297 CLB -
5 314(1B) CLB -
6 209(1)(a)&(c ) Non-maintainence proper books of accounts CLB -
25,000
7 209(1)(c ) Non-maintainence proper books of accounts CLB -
10,000
8 211(1)&(3A) to (3C) Books of accounts not showing true & fair view CLB -
50,000
100,000
10 152(1) RD -
Annexure -6
Loans, Guarantees given or Investments made during the Financial Year 2016-17
Purpose for which

Loans Outstanding
the loans,
given/Investment Balance Particulars of loans,
guarantees and
Name of the entity Relation made during the Loans/Investment guarantees given or
investments are
financial year 2016- March 31, 2017 investments made
proposed to be
17 (Rs. million) (Rs. million)
utilized
Active Securities Limited 100 % WOS 45.9 - Loan Business Purpose
Brilliant Buildtech Private Limited 100 % WOS 8.6 1.14 Loan Business Purpose
Emaar MGF Services Private Limited 100 % WOS 12.3 0.37 Loan Business Purpose
Multitude Infrastructures Private Limited 100 % WOS 101.3 148.25 Loan Business Purpose
Accession Buildwell Private Limited 100 % WOS 1,952.08 1,952.08 Loan Business Purpose
Active Securities Limited 100 % WOS 0.75 0.1 Investment/Purchase of To make 100%
Equity Shares subsidiary
Notes
:1 All the above loans are repayable on demand.
2 Interest @ 10 % have been charged on the aforesaid loans.
3 No new guarantees were made during the financial year 2016-17.
4 No loan and advances in the nature of loan have been granted by the Company to any of its Associates during the year ended March 31, 2017.
Annexure -7
PARTICULARS OF EMPLOYEES REQUIRED UNDER SECTION 197 OF THE COMPANIES ACT, 2013, READ WITH THE COMPANIES (APPOINTMENT & REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014, AS
AMENDED AND FORMING PART OF DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH, 2017
(A) EMPLOYED THROUGHOUT THE YEAR IN RECEIPT OF REMUNERATION AGGREGATING Rs. 1,02,00,000/- OR MORE
Last employment Percentage of Equity
Date of
Remunera Experience held before Period of last Shares Held as per Relative of Director/
S.No Name Designation/Nature of duties Qualification commencement Age (Years)
tion (Rs.) (Years) joining the employment Clause (iii) of sub Manager of the Company
of employment
Company rule 2 of Section 197
Chief Financial Officer- Till
1 Sanjay Malhotra 22.05.2016 & Chief Executive 2,28,87,799 B. Com (Hons), C. A. 29 11-Dec-06 52 PVR Ltd 5 Years Nil No
Officer- On or after 23.05.2016
B.E. Civil, Diploma in Mantri Developer
2 Firoze Pothilot Chief of Contracts & Procurements 1,19,99,890 28 4-Jul-2013 53 3 years Nil No
Business Management Pvt Ltd.
Mahindra Holidays
3 Ajay Nambiar Chief Service Officer 1,36,55,132 MBA 26 02-Dec-2009 48 2.5 Years Nil No
Ltd
B.Com, Charted
4 Rahul Bindle Senior General Manager 1,08,01,011 20 12-Feb-2007 43 Ericsson India p ltd 2 years Nil No
Accountant
BBA, MBA, PG Diploma
5 Arman Chaudhary Chief Human Resources Officer 1,26,59,936 13 3-Dec-2007 36 DLF Ltd 10 months Nil No
in training & development
(B) EMPLOYED PARTLY DURING THE YEAR
Date of Last employment held Percentage of Equity Shares Relative of

Remunera Experienc Age Period of last
S.No Name Designation/Nature of duties Qualification commencement before joining the Held as per Clause (iii) of sub Director/ Manager
tion (Rs.) e (Years) (Years) employment
of employment Company rule 2 of Section 197 of the Company
Nataraj & Venkat

1 M Balasubramani Chief Operating Officer 1,12,22,258 B. E. (Civil) 43 13-Dec-07 64 9 Years Nil No
Associates
2 Karan K Mahajan Chief Operating Officer 1,82,62,970 B. Tech, B. E. (Civil) 44 16-Dec-10 66 Unisol Hotels Ltd 2.2 years Nil No
Diploma in Interior
3 Anjali Saluja Vice President 1,17,79,221 26 14-Oct-07 48 Splash Landmark 1.5 Years Nil No
Decoration
Executive Vice Chairman &
4 Shravan Gupta 88,76,033 B. Com. 19 1-Apr-2006 44 MGF Group 8 Years 27.90 Shilpa Gupta
Managing Director- Till 23.05.2016
Graduation Diploma in
5 Anjana Bali Vice President 98,47,374 23 10-Sep-2010 48 DLF group of companies 7 years Nil No
cyber laws ,LLB
NOTES:
(i) The above does not include employees whose salary in the aggregate exceeds Rs. 8,50,000/- per month for the part of the year, by virtue of compensation and terminal benefits given under the Premature Voluntary / Early Retirement Scheme.
(ii) Employment is contractual.
(iii) Remuneration includes salary, allowances, medical expenses, leave travel concession, Company's contribution to provident and superannuation funds, gratuity paid, rent paid in providing residential accommodation and production bonus and commission where
applicable, and when it is not possible to ascertain the actual expenses incurred by the Company in providing a perquisite, the monetary value of such perquisite calculated in accordance with the Income Tax Act, 1961, and rules made thereunder.
(iv) Mr. Shravan Gupta ceased to be Executive Vice Chairman & Managing Director of the Company w.e.f. 23.05.2016. Except Mr. Gupta, none of the employee of the Company was relative of any of the director(s) of the Company. Ms. Shilpa Gupta, Director of the
Company is the wife of Mr. Shravan Gupta.
Annexure -8
Information pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014
(1) Ratio of the remuneration of each Director/KMP to the median remuneration of all
the employees of the Company for the financial year:
Median remuneration of all the employees of the Company for the Rs. 9,27,736
Financial Year 2016-17
The percentage increase in the median remuneration of employees 23.59
in the Financial Year
The number of permanent employees on the rolls of Company as on 507
31 March, 2017
Director Ratio of remuneration to % increase in remuneration in the

median Financial
Remuneration of all employees Year 2016-17
Non-
Executive - -
Directors
Independent
- -
Directors
Executive
64.37 157.17
Directors
Notes:
• The ratio of remuneration to median remuneration is based on following:-

(a) Remuneration paid to employee during the period 1 April, 2016 to 31 March,
2017.
(b) Remuneration paid to Mr. Shravan Gupta (MD) employee during the period 1
April, 2016 to 23 May, 2016.
• Non-Executive and Independent directors have only been paid Sitting Fee for attending
the Board/Committee meetings, which has not been considered for the above.
(2) Average percentage increase in salary of the Company’s employees was 22.84%. The total
managerial remuneration for the Financial Year 2016-17 was Rs. 8.67 Million (For 53
days) as against Rs. 23.21 Million (for 365 days) during the previous year.
Further, we hereby clarify that 157.17% increase in managerial remuneration to Mr.

Shravan Gupta (MD) was due to the amount paid to Mr. Shravan Gupta, as full and final
settlement of dues (including the remuneration for 53 days), upto the date of cessation i.e.
May 23, 2016.
(3) Remuneration is as per the remuneration policy of the Company.
****
STAND ALONE
FINANCIAL STATEMENT
(2016 – 17)
INDEPENDENT AUDITOR’S REPORT
To the Members of Emaar MGF Land Limited
Report on the Ind AS financial statements
We have audited the accompanying standalone Ind AS financial statements of Emaar MGF Land
Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2017, the Statement of
Profit and Loss including the Statement of Other Comprehensive Income, the Cash Flow Statement
and the Statement of Changes in Equity for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management’s Responsibility for the Ind AS financial statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the
Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone Ind AS financial
statements that give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity of the Company in accordance with
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind
AS) specified under section 133 of the Act, read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended. This responsibility includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and the design,
implementation and maintenance of adequate internal financial control that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Ind AS financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on
our audit. We have taken into account the provisions of the Act, the accounting and auditing standards
and matters which are required to be included in the audit report under the provisions of the Act and
the Rules made thereunder. We conducted our audit in accordance with the Standards on Auditing
issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the
Act. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the standalone Ind AS financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the standalone Ind AS
financial statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company’s preparation of the standalone Ind AS
financial statements that give a true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made by the Company’s Directors,
as well as evaluating the overall presentation of the standalone Ind AS financial statements. We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the
standalone Ind AS financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted
in India, of the state of affairs of the Company as at March 31, 2017, its loss including other
comprehensive loss, its cash flows and the changes in equity for the year ended on that date.
Emphasis of Matter
We draw attention to:
(a) Note 30 (c) (xii) to the accompanying standalone Ind AS financial statements which states that the
Company and its development partners are involved in litigations relating to allegations of various
irregularities with respect to a project undertaken in Hyderabad, which are being contested by the
Company and more fully described therein.
(b) Note 30 (c) (xiii) to the accompanying standalone Ind AS financial statements which, describes an
ongoing litigation in relation to a project undertaken by one of the subsidiaries of the Company,
Emaar MGF Construction Private Limited (“EMCPL”) and fully described therein.
(c) Note 42 to the accompanying standalone Ind AS financial statements which, state that the Company
has incurred cash losses in the current year. This along with other matters set forth in the said note,
indicate the existence of a material uncertainty that may cast significant doubt about the Company’s
ability to continue as a going concern.
Our opinion is not qualified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s report) Order, 2016 (“the Order”) issued by the Central
Government of India in terms of sub-section (11) of section 143 of the Act, we give in the
Annexure 1 a statement on the matters specified in paragraphs 3 and 4 of the Order.
2. As required by section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purpose of our audit;
(b) In our opinion, proper books of account as required by law have been kept by the Company so far
as it appears from our examination of those books;
(c) The Balance Sheet, Statement of Profit and Loss including the Statement of Other Comprehensive
Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report
are in agreement with the books of account;
(d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian
Accounting Standards specified under section 133 of the Act, read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended;
(e) The matters described in the Emphasis of Matters paragraph above, in our opinion, may have an
adverse effect on the functioning of the Company;
(f) On the basis of written representations received from the directors as on March 31, 2017, and
taken on record by the Board of Directors, none of the directors is disqualified as on
March 31, 2017, from being appointed as a director in terms of section 164 (2) of the Act;
(g) With respect to the adequacy of the internal financial controls over financial reporting of the
Company and the operating effectiveness of such controls, refer to our separate Report in
“Annexure 2” to this report;
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its
standalone Ind AS financial statements – Refer Note 30 (c) to the standalone Ind AS
financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Company.
iv. The Company has provided requisite disclosures in Note 45 to this standalone Ind AS
financial statements as to the holding of Specified Bank Notes on November 8, 2016 and
December 30, 2016 as well as dealings in Specified Bank Notes during the period from
November 8, 2016 to December 30, 2016. Based on our audit procedures and relying on the
management representation regarding the holding and nature of cash transactions, including
Specified Bank Notes, we report that these disclosures are in accordance with the books of
accounts maintained by the Company and as produced to us by the Management.
For S.R. Batliboi & Co. LLP

Chartered Accountants
ICAI Firm Registration Number: 301003E/E300005
Sd/-
per Naman Agarwal

Partner
Membership Number: 502405
Place of Signature: Gurgaon

Date: 25 May 2017
Annexure 1 referred to in paragraph 1 under the heading “Report on other legal and regulatory requirements” of our
report of even date
Re: Emaar MGF Land Limited (the Company)
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and
situation of property, plant and equipment.
(b) All items of property, plant and equipment have not been physically verified by the management during the
year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the
size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
(c) According to the information and explanations given by the management, the title deeds of immovable
properties included in property, plant and equipment are held in the name of the Company.
(ii) The Company does not hold any inventories of stores, spare parts and raw materials. Inventory comprises of
only projects in progress and some merchandise items in respect of its leisure business. According to the
information and explanations given to us, and also keeping in view the nature of the operations of the
Company, inventory of projects in progress cannot be physically verified. In respect of the merchandise
inventory, the management has conducted physical verification of inventory at reasonable intervals during the
year and no material discrepancies were noticed on physical verification.
(iii) (a) In respect of loans to companies, firms or other parties covered in the register maintained under section 189 of
the Act, the Company has granted loans to some such companies which are also its wholly owned
subsidiaries. In our opinion and according to the information and explanations given to us, the terms and
conditions of the grants and loans not prejudicial to the Company's interest.
(b) The loans granted to such wholly owned subsidiaries, we are informed are re-payable on demand and that the
Company has not demanded repayment of any such loan during the year, and thus, there has been no default
on the part of the parties to whom the money has been lent. The payment of interest has been regular.
(c) There are no amounts of loans granted to such wholly owned subsidiaries, which are outstanding for more
than ninety days from the date they became due for repayment.
(iv) In our opinion and according to the information and explanations given to us, the Company has not advanced
loans to directors or to any company in which the director is interested to which provisions of section 185 of
the Companies Act, 2013 apply and hence not commented upon. In our opinion and according to the
information and explanations given to us, provisions of section 186 of the Companies Act 2013 in respect of
loans and advances given, investments made, and guarantees and securities given, have been complied with
by the Company.
(v) The Company has not accepted any deposits from the public.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by
the Central Government for the maintenance of cost records under section 148(1) of the Act, related to the
Company’s real estate projects, and are of the opinion that prima facie, the prescribed accounts and records
have been made and maintained. We have not, however, made a detailed examination of the same.
(vii) (a) The Company is generally regular in depositing with appropriate authorities undisputed statutory dues
including provident fund, income-tax, sales-tax, service tax, customs duty, value added tax, cess and other
material statutory dues applicable to it. The provisions relating to employees’ state insurance and excise duty
are not applicable to the Company.
(b) According to the information and explanations given to us, no undisputed amounts payable in respect of
provident fund, income-tax, service tax, sales-tax, customs duty, value added tax, cess and other material
statutory dues were outstanding, at the year end, for a period of more than six months from the date they
became payable. The provisions relating to employees’ state insurance and excise duty are not applicable to
the Company.
(c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, service tax, customs
duty, value added tax and cess on account of any dispute, are as follows:
Amount Period of which Forum where dispute is

Name of the Statute Nature of Dues
(Rs. million) amount relates pending
Income Tax Act, 1961 Income Tax 7.15* AY 2006-07 ITAT
Income Tax Act, 1961 Income Tax 26.80** AY 2006-07 CIT (Appeals)
Income Tax Act, 1961 Income Tax 63.65 AY 2010-11 CIT (Appeals)
Company is in the process of
FY 2007-08 to FY
Finance Act, 1994 Service Tax 24.45*** filing an appeal with
2009-10
CESTAT, Delhi
* Includes Rs 6.53 million for which revenue has gone in for an appeal. During the current year, Income Tax Appellate Tribunal has
referred the matter to Assessing Officer.
** Deposited under protest/ adjusted against future demands
***Excluding interest and penalty thereon of Rs. 24.45 million
The provisions relating to excise duty are not applicable to the Company.
(viii) According to the information and explanations given by the management, the Company has delayed in
repayment of dues to financial institutions, banks, debenture holders and government during the year. Of such
delays Rs. 2,324.96 million relating to deferred payment liability (including interest thereon) towards
development charges payable to the Government for the period from January 2009 to March 2017 remained in
arrears as at the balance sheet date.
(ix) According to the information and explanations given by the management, the Company has neither raised any
monies by way of initial public offer / further public offer / debt instruments during the year nor did it have
any such unutilised balances at the beginning of the year and monies raised through term loans were
ultimately applied for the purposes for which they were raised.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial
statements and as per the information and explanations given by the management, we report that no fraud by
the Company or material fraud on the Company by its officers or employees has been noticed or reported
during the year.
(xi) According to the information and explanations given by the management, we report that the managerial
remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions
of section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the Order
are not applicable to the Company and hence not commented upon.
(xiii) According to the information and explanations given by the management, transactions with the related parties
are in compliance with section 177 and 188 of Companies Act, 2013 where applicable and the details have
been disclosed in the notes to the financial statements, as required by the applicable Indian accounting
standards.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet,
the Company has not made any preferential allotment or private placement of shares or fully or partly
convertible debentures during the year under review and hence, reporting requirements under clause 3(xiv) of
the Order are not applicable to the Company and, not commented upon. .
(xv) According to the information and explanations given by the management, the Company has not entered into
any non-cash transactions with directors or persons connected with him as referred to in section 192 of the
Companies Act 2013.
(xvi) According to the information and explanations given to us, the provisions of section 45-IA of the Reserve
Bank of India Act, 1934 are not applicable to the Company.

Sd/-
per Naman Agarwal

Partner

Date: 25 May 2017
Annexure 2 referred to in paragraph 2 (g) under the heading “Report on other legal and regulatory
requirements” of our report of even date on the standalone financial statements of Emaar MGF Land
Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of Emaar MGF Land Limited (“the
Company”) as of March 31, 2017 in conjunction with our audit of the standalone financial statements of the
Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s Management is responsible for establishing and maintaining internal financial controls based on
the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the
design, implementation and maintenance of adequate internal financial controls that were operating effectively
for ensuring the orderly and efficient conduct of its business, including adherence to the Company’s policies, the
safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable financial information, as required under the
Companies Act, 2013.
Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting
based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing as specified
under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial
controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls over financial reporting was established and
maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company's internal financial control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the
financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due to error or
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over
financial reporting and such internal financial controls over financial reporting were operating effectively as at
March 31, 2017, based on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Sd/-
per Naman Agarwal

Partner

Date: 25 May 2017
STANDALONE BALANCE SHEET AS AT 31 MARCH 2017
(Amount in Rupees million, unless otherwise stated)
Notes As at As at As at
31 March 2017 31 March 2016 1 April 2015
ASSETS
Non-current assets
Property, plant and equipment 4 562.60 5,409.23 5,441.11
Capital work-in-progress 4 47.17 1,016.90 1,008.65
Intangible assets 5 3.54 0.83 1.63
Financial Assets
Investments 6 869.83 7,253.61 6,766.32
Others 7 3.39 3.46 3.46
Other non-current assets 8 0.09 1.31 35.15
1,486.62 13,685.34 13,256.32
Current assets
Inventories 12 36,610.07 46,129.69 48,059.82
Financial assets
Investments 9 448.14 275.99 312.01
Loans 10 9,381.41 8,819.26 8,890.24
Trade receivables 13 348.89 589.13 692.90
Cash and cash equivalents 14 296.51 154.46 379.39
Other bank balances 14 815.55 2,449.04 2,804.13
Other financial assets 11 2,195.43 2,710.64 2,799.91
Current tax assets (net of provisions) 306.97 274.82 204.76
Other current assets 8 40,994.23 56,787.21 59,570.66
91,397.20 118,190.24 123,713.82
Assets classified as held for distribution 46 39,015.77 - -
Total Assets 131,899.59 131,875.58 136,970.14
EQUITY AND LIABILITIES

Equity
Equity share capital 15 9,126.20 9,126.20 9,126.20
Other equity 10,438.89 17,985.62 24,382.12
Total equity 19,565.09 27,111.82 33,508.32
LIABILITIES
Non-current liabilities
Financial liabilities
Long term borrowings 16 1,273.75 693.59 693.59
Current liabilities
Short term borrowings 17 20,978.90 13,891.20 15,128.47
Trade payables 18 2,648.52 5,267.83 5,041.83
Other financial liabilities 19 32,897.41 39,745.95 34,890.31
Other current liabilities 20 38,592.90 44,315.28 47,342.50
Provisions 21 2,012.13 849.91 365.12
Total liabilities 98,403.61 104,763.76 103,461.82
Liabilities classified as held for distribution 46 13,930.89 - -
Total Equity and Liabilities 131,899.59 131,875.58 136,970.14
The notes referred to above and notes to accounts form an integral part of the Balance Sheet.
As per our report of even date
For S. R. Batliboi & Co. LLP For and on behalf of the Board of Directors of
Firm registration number: 301003E/E300005 Emaar MGF Land Limited
Sd/- Sd/- Sd/-
per Naman Agarwal Haroon Saeed Siddiqui Ashish Narayan Prasad Kabra
Partner Director Director
Membership No.: 502405 DIN-05250916 DIN-06408748
Sd/- Sd/-
Sanjay Malhotra Rahul Bindle

Chief Executive Officer Chief Financial Officer
Sd/-
Place: Gurgaon Bharat Bhushan Garg

Date: May 25, 2017 Company Secretary
STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2017
Notes 31 March 2017 31 March 2016

Continuing operations
Revenue from operations 22 9,366.72 10,583.62
Other income 23 285.12 440.24
Total Income (I) 9,651.84 11,023.86
EXPENSES
Decrease in inventories 24 140.51 2,008.17
Cost of land and development rights acquired 399.22 1,603.86
Material cost and contractor expense 4,403.42 3,135.48
Employee benefits expense 25 819.58 798.69
Depreciation and amortization expense 27 23.30 36.03
Finance costs 26 6,998.21 7,280.32
Other expenses 28 4,411.21 2,567.80
Total Expenses (II) 17,195.45 17,430.35
Loss before tax (I-II) (7,543.61) (6,406.49)
Income tax expense - -
Loss for the year (7,543.61) (6,406.49)
Other Comprehensive Income

Items that will not be reclassified to profit or loss in subsequent years
Re-measurement gains/(loss) on defined benefit plan (3.12) 9.99
Other comprehensive income/(loss) for the year, net of tax (3.12) 9.99
Total comprehensive loss for the year, net of tax (7,546.73) (6,396.50)
Earnings/(loss) per equity share (computed on the basis of profit/(loss) for the year):
(in Rs.)
(1) Basic 29 (8.27) (7.02)
(2) Diluted 29 (8.27) (7.02)
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

STANDALONE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2017
31 March 2017 31 March 2016

Cash Flows from Operating Activities
(Loss) before tax (7,543.61) (6,406.49)
Adjustments:
Depreciation and amortization expense 23.30 36.03

Unrealised foreign exchange (gain)/loss (net) (4.57) 8.04
Gain on disposal of property, plant and equipment (2.49) (1.06)
Gain on sale of current investments (net) (27.28) (12.79)
Provision/(reversal) for estimated losses on projects in progress (net) 94.92 (227.15)
Interest income (146.92) (161.93)
Interest and finance charges 6,979.26 7,255.08
Provision for bad and doubtful debts (net) 528.27 287.91
Loss on sale of investment in subsidiary company - 0.30
Advances and bad debts written off - 4.11
Provision for impairment in the value of non current investments - 12.91
Fair value loss on financial instruments at fair value through profit & loss - 3.67
Liabilities written back (97.65) (10.25)
(196.77) 788.38
Working capital adjustments :
Decrease in trade payables and other financial liabilities (366.69) (252.19)
Decrease in other current liabilities (2,927.01) (3,027.23)
Increase in short term provisions 1,164.31 643.89
Decrease in inventories 163.13 2,008.17
Decrease in trade receivables 45.66 103.91
(Increase) / decrease in other financial assets and other assets (4,363.55) 2,623.05
Cash (used in) / generated from operations (6,480.92) 2,887.98
Less : Taxes paid (32.15) (70.06)
Net cash (used in)/flow from operating activities (A) (6,513.07) 2,817.92
Cash Flows from Investing Activities:

Payments made for property, plant and equipment (including captial work in progess and capital (24.66) (7.28)
advances)
Proceeds from sale of property, plant and equipments 2.59 1.51
Purchase of intangible assets (3.66) (0.65)
Purchase of long term investments in subsidiaries (79.00) (504.17)
(Purchase of) / proceeds from sale of short term investments (net) (382.08) 48.81
Bank deposits matured (net) (having original maturity of less than three months) 947.78 292.44
Redemption/ maturity of bank deposits (having original maturity of more than three months) 662.37 914.72
Investments in bank deposits (having original maturity of more than three months) (550.01) (852.07)
Interest received 112.08 203.82
Net cash flows from investing activities (B) 685.41 97.13
Cash Flows From Financing Activities:

Proceeds from long term borrowings 21,576.80 1,002.40
Repayments of long term borrowings (9,866.95) (2,296.42)
Proceeds from / (repayments of) short term borrowings (net) 2,490.44 (94.39)
Interest and finance charges paid (7,259.56) (1,610.20)
Net cash generated/(used) in financing activities (C) 6,940.73 (2,998.61)
Net change in cash and cash equivalents (A+B+C) 1,113.07 (83.56)
Cash and cash equivalents as at the beginning of year (1,598.07) (1,514.51)
Cash and cash equivalents as at end of the year (refer note 14) (485.00) (1,598.07)
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2017
For the year ended March 2017
(a) Equity Share Capital
Equity shares of Rs. 10 each issued, subscribed and fully paid No. Amount
At 1 April 2015 912.62 9,126.20
At 31 March 2016 912.62 9,126.20
At 31 March 2017 912.62 9,126.20
(b) Other equity

Equity Reserve and surplus
component of Securities Capital Capital reserve Debenture Retained
convertible premium redemption redemption earnings Total
debentures reserve reserve (c) reserve
(a) (b) (d)
As at 1 April 2015 1,848.75 26,126.72 8,610.25 2,892.78 738.13 (15,834.51) 24,382.12

(Loss) for the year - - - - - (6,406.49) (6,406.49)
Other comprehensive income/(loss) for the year - - - - - 9.99 9.99
Total comprehensive income/(loss) - - - - - (6,396.50) (6,396.50)
As at 31 March 2016 1,848.75 26,126.72 8,610.25 2,892.78 738.13 (22,231.01) 17,985.62

(Loss) for the year - - - - - (7,543.61) (7,543.61)
Other comprehensive income/(loss) for the year - - - - - (3.12) (3.12)
Total comprehensive income/(loss) - - - - - (7,546.73) (7,546.73)
As at 31 March 2017 1,848.75 26,126.72 8,610.25 2,892.78 738.13 (29,777.74) 10,438.89
Other equity comprise of:

(a) Securities premium reserve:
Securities premium reserve is created to record the premium on issue of equity shares. This can be utilised for certain limited purposes in accordance with provisions of the Companies Act, 2013.
(b) Capital redemption reserve:
This reserve can be utilised for certain limited purposes in accordance with provisions of the Companies Act, 2013.
(c) Capital reserve:
Capital reserve was created under the Previous GAAP out of the profit earned from a specific transaction of capital nature. Capital reserve is not available for the distribution to the equity
shareholders.
(d) Debentures redemption reserve:
The Company has issued redeemable non-convertible debentures. Accordingly, the Companies (Share capital and Debentures) Rules, 2014 (as amended), requires the Company to create Debenture
Redemption Reserve ("DRR") out of profits of the Company available for payment of dividend. DRR is required to be created for an amount which is equal to 25% of the value of debentures issued
and would be utilised for redeeming the said debentures. In the absence of adequate profits, DRR to the extent of Rs. 2,861.96 million (March 31, 2016 : 3,884.25 million, April 01, 2015 : Rs.
2,648.38 million) has not been created as at March 31, 2017.
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

NOTES TO STANDALONE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017
1. Corporate information
Emaar MGF Land Limited (‘the Company’), is a Public Limited Company domiciled in India and is
incorporated under the provisions of the Companies Act applicable in India. The Company is 57.33% subsidiary
of Emaar Holding II (Dubai, UAE). Its debentures are listed on Bombay stock exchange in India. The registered
office of the Company is located at ECE House, 28, Kasturba Gandhi Marg, New Delhi- 110001. The principal
place of business of the Company is located at Emaar Business Park, MG Road, Sikanderpur, Sector-28
Gurgaon- 122002, Haryana.
The Company is principally engaged in the business of promotion, construction, development and sale of
integrated townships, residential and commercial multi storied buildings, houses, flats, shopping malls, hotels,
IT parks, SEZs, etc.
The financial statements were authorised for issue in accordance with a resolution of the directors on May 25,
2017.
2. Application of new and revised Indian Accounting Standards

Ministry of Company Affairs in India (MCA) notified Companies (Indian Accounting Standards) (Amendment)
Rules, 2017 to amend Indian Accounting Standard 7- Statement of Cash flows (Ind AS 7). The amendments are
applicable to the Company from April 1, 2017.
Amendment to Ind AS 7:
The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements
to evaluate changes in liabilities arising from financing activities, including both changes arising from cash
flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances
in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirement.
The Company is evaluating the requirements of the amendment and its consequential effects on the financial
statements.
3. Significant accounting policies

3.1 Basis of preparation
The financial statements of the Company have been prepared in accordance with Indian Accounting Standards
(Ind AS) notified under section 133 read with rule 4A of the Companies (Indian Accounting Standards) Rules,
2015 and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016 as amended and the relevant
For all periods up to and including the year ended 31 March 2016, the Company had prepared its financial
statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read
together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Previous GAAP). These financial
statements for the year ended 31 March 2017 are the first financial statements that the Company has prepared in
accordance with Ind AS. The transition to Ind AS was carried out in accordance with Ind AS 101 “First Time
Adoption of Indian Accounting Standards” with the date of transition as April 01, 2015. Refer note 47 for
information on how the Company adopted Ind AS.
The financial statements have been prepared on going concern basis using a historical cost convention, except
certain financial assets and financial liabilities which are measured at fair value (refer 3.2 below).
The financial statements are presented in INR which is assessed to be the functional currency of the Company in
accordance with Ind AS. All values are rounded to the nearest million (INR 000,000), except when otherwise
indicated.
3.2 Summary of significant accounting policies
a. Current versus non-current classification
The Company presents assets and liabilities in the balance sheet based on current / non-current classification.
An asset is treated as current when it is:
• 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, or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
• 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
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and
cash equivalents. The Company has determined its operating cycle, as explained in Schedule III of the
Companies Act, 2013, as sixty months for Construction and Development business and as twelve months for
Leisure and Hospitality business, having regard to the nature of business being carried out by the Company. The
same has been considered for classifying assets and liabilities as ‘current’ and ‘non-current’ while preparing the
b. Fair value measurement
The Company measures financial instruments, such as, short term investments at fair value at each balance sheet
date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability takes place either:
• in the principal market for the asset or liability, or

• in the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Company.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised
within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair
value measurement as a whole:
• Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• Level 2- Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
measurement is unobservable
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company
determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.
The Company’s Board of Directors and Audit Committee determines the policies and procedures for both
recurring fair value measurement, such as unquoted financial assets measured at fair value, and for non-
recurring measurement, such as assets or disposal group held for distribution to shareholders.
External valuers are involved for valuation of significant assets, such as properties and unquoted financial
assets. Involvement of external valuers is decided upon annually by the management. Selection criteria include
market knowledge, reputation, independence and whether professional standards are maintained. Management
decides, after discussions with the Company’s external valuers, which valuation techniques and inputs to use for
each case.
At each reporting date, the Management analyses the movements in the values of assets and liabilities which are
required to be remeasured or re-assessed as per the Company’s accounting policies. For this analysis, the
Management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation
computation to contracts and other relevant documents.
The Management, in conjunction with the Company’s external valuers, also compares the change in the fair
value of each asset and liability with relevant external sources to determine whether the change is reasonable.
At each balance sheet date, the Company measures the fair value of the short term investments in mutual funds
on the basis of market value of the quoted instruments i.e. Net Asset value (NAV) of short term investments
held for trading. The Company uses level 3 measurement technique for the fair valuation of investment in the
compulsory convertible debentures of one of its subsidiary.
c. Property, plant and equipment
Property, plant and equipment and capital work in progress are stated at cost [i.e., cost of acquisition or
construction inclusive of freight, erection and commissioning charges, non-refundable duties and taxes,
expenditure during construction period, borrowing costs (in case of a qualifying asset) upto the date of
acquisition/ installation], net of accumulated depreciation and accumulated impairment losses, if any.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the statement of profit and loss when the asset is derecognised.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets estimated by the
management based on technical evaluation:-
Useful lives estimated by the management (years)

Buildings 60
Plant and Machinery 5
Furniture and fixtures 6.67
Office equipment 5
Vehicles 5
Computers 3
Cost of Model Homes, included under Buildings / Furniture and Fixtures, is depreciated uniformly over the
period of construction of the respective projects .i.e. 3 to 5 years.
Temporary structures, included under Buildings, are fully depreciated in the year of capitalization.
The useful life of the assets is either lower or equal to those indicated in Schedule II to the Companies Act 2013.
Leasehold Improvements are amortized on a straight line basis over the period of the lease of 1-3 years or the
useful life of the asset, whichever is lower.
No amortisation is made for leasehold land which is under perpetual lease.
The useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial
year end and adjusted prospectively, if appropriate.
d. Intangible assets
Intangible assets comprise of computer softwares which are measured on at cost upon initial recognition.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation.
Intangible assets are amortised on a straight line basis over the useful economic life which is assessed to be
between one to three years by the management.
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when
the asset is derecognised.
e. Non-current asset/disposal group held for distribution
Non-current assets and disposal groups are classified as held for distribution if the entity is committed to
distribute the assets or disposal group to the owners. This condition is regarded as met only when the
distribution is highly probable and the asset (or disposal group) is available for immediate distribution in its
present condition. Management must be committed to distribute which should be expected to be completed
within one year from the date of classification.
Non-current assets and disposal groups held for distribution to owners are measured at the lower of their
carrying amount and the fair value less costs to distribute. Assets, liabilities and disposal group classified as held
for distribution are presented separately in the balance sheet.
Property, plant and equipment and intangible assets once classified as held for distribution to owners are not
depreciated or amortised.
f. Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily
takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the
asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of
interest and other borrowing costs that an entity incurs in connection with the borrowing of funds.
Eligible transaction/ ancillary costs incurred in connection with the arrangement of borrowings are adjusted with
the proceeds of the borrowings.
g. Impairment of non-financial assets
The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If
any indication exists, or when annual impairment testing for an asset is required, the Company estimates the
asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s
(CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual
asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or
groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no
such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated
by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.
Impairment losses, including impairment on inventories, are recognised in the statement of profit and loss.
For assets, an assessment is made at each reporting date to determine whether there is an indication that
previously recognised impairment losses no longer exist or have decreased. If such indication exists, the
Company estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is
reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount
since the last impairment loss was recognised. The reversal is limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net
of depreciation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised
in the statement of profit or loss.
h. Inventories
Inventory comprises of Completed Property for Sale, Projects in Progress and Merchandise Stock.
(i) Completed property for sale is valued at lower of cost and net realizable value. Cost includes cost of land /
land development rights, materials, services, borrowing costs and other related overheads, incurred in
bringing the inventories to their present location and condition.
(ii) Projects in progress are valued at lower of cost and net realizable value. Cost includes land and cost of land /
land development rights, materials, services, borrowing costs and other related overheads. Cost incurred /
items made specifically for projects are taken as consumed as and when incurred / received.
(iii) Merchandise stock is valued at lower of cost and net realizable value.
Costs are determined on weighted average basis.
Net realizable value is the estimated selling price in the ordinary course of business based on market price at the
reporting date and discounted for the time value of money if material, less estimated costs of completion and
estimated costs necessary to make the sale.
i. Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Company and
the revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at
the fair value of the consideration received or receivable, taking into account contractually defined terms of
payments.
Sales tax/ value added tax (VAT) and service tax is not received by the Company on its own account. Rather, it
is tax collected on value added to the property by the seller on behalf of the government. Accordingly, it is
excluded from revenue.
The specific recognition criteria describe below must also be met before revenue is recognised.
Revenue from real estate developments
Real Estate projects
i) Revenue is recognized, for projects that are construction type contracts in relation to the sold areas
only, upon transfer of all significant risks and rewards of ownership of such property as per the terms of the
contracts entered into with buyers, which generally coincides with firming up of the legally enforceable buyers’
agreement, on the basis of percentage of completion as and when all of the following conditions are met:
a. All critical approvals necessary for commencement of the project have been obtained;
b. The expenditure incurred on construction and development costs is at least 25 % of the construction
and development costs (without considering land cost);
c. At least 25% of the saleable project area is secured by contracts or agreements with buyers;
d. At least 10 % of the contract consideration as per the agreements of sale or any other legally
enforceable documents are realized at the reporting date in respect of each of the contracts and it is reasonable
to expect parties to such contract will comply with payment terms as defined in contract.
Cost of Construction/ Development (including cost of land /land development rights) is charged to the
statement of profit and loss proportionate to the revenue recognized.
The estimates of the projected revenue, projected profits, projected costs, cost to completion and the
foreseeable loss are reviewed periodically by the management and any effect of changes in estimates is
recognized in the period such changes are determined. However, when the total project cost is estimated to
exceed total revenues from the project, the loss is recognized immediately.
Revenue recognised is net of cancellation accepted by the Company.
Liquidated damages / penalties which are paid or payable pursuant to court’s order or otherwise on the basis of
settlement arrangement done with the customers are recognised as an expense in the statement of profit and
loss.
ii) Revenue from sale of property other than that mentioned under (i) above is recognized upon transfer of all
significant risks and rewards of ownership of such property, as per the terms of the contracts entered into
with buyers, which generally coincides with the firming up of the sales contracts/ agreements.
iii) Gain/Loss from sale of undeveloped unsuitable land is recognized in the financial year in which transfer is
made by registration of sale deeds or otherwise in favour of the buyers.
iv) Revenue from Collaboration Agreements is recognized as and when services are rendered, in accordance
with the terms of the agreements entered with the collaborators, based on the a percentage share of gross
revenue of the collaborators.
v) Revenue recognition for Joint Development Agreement (JDA) executed with land owners:
JDAs entered into with land owners for the exchange of land against consideration in the form of property
or development rights are treated as exchange of dissimilar goods and are accounted for at fair value. The
revenue arising out of the same is measured at the fair value of the goods received. When the fair value of
the goods received cannot be measured reliably, the revenue is measured at the fair value of the goods
given up.
vi) Brokerage and selling commission on real estate sales is accounted for as and when the same accrues in
accordance with the terms of agreement entered into with brokers. Brokerage and selling commission is
charged off to the statement of profit and loss in proportion to the revenue from real estate recognised by
the Company.
Interest due on delayed payments and forfeiture income on cancelled units
Revenue is recognised as and when due to the extent certainty of payments/ realisation is established in relation
to such income.
Income from compulsory acquisition of land
Income in respect of compulsory acquisition (both original and enhanced compensation) of land by the
Government is recognised upon receipt of compensation order from the Government or Court at an amount
equivalent to gross amount received/ receivable, net of the cost of the land acquired by the Government.
Revenue from Hospitality and Leisure Activities
Revenue is recognized as and when services are completely rendered and right to receive money has been
established.
Other interest income
For all debt instruments measured at amortised cost, interest income is recorded using the effective interest rate
(EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life
of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial
asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Company
estimates the expected cash flows by considering all the contractual terms of the financial instrument (for
example, prepayment, extension, call and similar options) but does not consider the expected credit losses.
Interest income is included in other income in the statement of profit and loss.
Income from Registration fees
Amounts received from customers on transfer of ownership of property during the construction period is
accounted for on as and when due basis.
Dividend income
Revenue is recognised when the Company’s right to receive the payment is established, which is generally when
shareholders approve the dividend.
j. Foreign currencies
The Company’s financial statements are presented in INR, which is also its functional currency.
Transactions and balances
Transactions in foreign currencies are initially recorded by the Company at functional currency spot rates at the
date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot
rates of exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss
arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the
gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or
loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).
k. Taxes
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted in India, at the reporting date.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either
in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax
returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Current tax assets is offset against current tax liabilities if, and only if, a legally enforceable right exists to set
off the recognised amounts and there is an intention either to settle on a net basis, or to realise the asset and
settle the liability simultaneously.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilised,
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to
be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the
extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
Sales/ value added taxes paid on acquisition of assets or on incurring expenses

Expenses and assets are recognised net of the amount of sales/ value added taxes paid, except:
• When the tax incurred on a purchase of assets or services is not recoverable from the taxation
authority, in which case, the tax paid is recognised as part of the cost of acquisition of the asset or as
part of the expense item, as applicable
• When receivables and payables are stated with the amount of tax included
The net amount of tax recoverable from, or payable to, the taxation authority is included as part of receivables or
payables in the balance sheet.
l. Retirement and other employee benefits
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the service
rendered by employees are recognised during the period when the employee renders the services.
Retirement benefit in the form of provident fund is a defined contribution scheme. The Company has no
obligation, other than the contribution payable to the provident fund. The Company recognizes contribution
payable to the provident fund scheme as an expense, when an employee renders the related service. If the
contribution payable to the scheme for service received before the balance sheet date exceeds the contribution
already paid, the deficit payable to the scheme is recognized as a liability after deducting the contribution
already paid. If the contribution already paid exceeds the contribution due for services received before the
balance sheet date, then excess is recognized as an asset to the extent that the pre-payment will lead to, for
example, a reduction in future payment or a cash refund.
The Company operates a defined benefit gratuity plan in India, which requires contributions to be made to a
separately administered fund. Gratuity is a defined benefit obligation.
The cost of providing benefits under the defined benefit plan is determined using the projected unit credit
method.
Remeasurements 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 balance sheet with
a corresponding debit or credit to retained earnings through OCI in the period in which they occur.
Remeasurements are not reclassified to profit or loss in subsequent periods.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Company
recognises the following changes in the net defined benefit obligation as an expense in the statement of profit
and loss:
• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-
routine settlements; and
• Net interest expense or income
Accumulated leave, which is expected to be utilized within the next twelve months, is treated as short-term
employee benefit. The Company measures the expected cost of such absences as the additional amount that it
expects to pay as a result of the unused entitlement that has accumulated at the reporting date.
The Company treats accumulated leave expected to be carried forward beyond twelve months, as long-term
employee benefit for measurement purposes. Such long-term compensated absences are provided for based on
the actuarial valuation using the projected unit credit method at the year-end. Actuarial gains/losses are
immediately taken to the statement of profit and loss and are not deferred.
m. Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the
arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the
arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the
asset or assets, even if that right is not explicitly specified in an arrangement.
Company as a lessee
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers
substantially all the risks and rewards incidental to ownership to the Company is classified as a finance lease.
Finance leases are capitalised at the commencement of the lease at the inception date fair value of the leased
property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned
between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the
remaining balance of the liability. Finance charges are recognised in finance costs in the statement of profit and
loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance
with the Company’s general policy on the borrowing costs. Contingent rentals are recognised as expenses in the
periods in which they are incurred.
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that
the Company will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the
estimated useful life of the asset and the lease term.
Premium on lease-hold land (except in case of perpetual lease) is amortised over the period of lease. In case of
perpetual lease, the arrangement is accounted for as a finance lease in the balance sheet and rentals paid are
recognised as finance costs in the statement of profit and loss.
Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis
over the lease term. However, rent expenses are not straight-lined, wherever the escalation in rentals is in line
with expected inflationary cost.
n. 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 an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects
some or all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is
recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a
provision is presented in the statement of profit and loss net of any reimbursement.
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.
o. Earnings per share
Basic earnings per equity share are computed by dividing net profit after tax for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
equity shareholders and the weighted average number of shares outstanding during the period are adjusted for
the effects of all dilutive potential equity shares.
p. Contingent liabilities
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 recognized because it is not probable that an outflow of resources will be required
to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that
cannot be recognized because it cannot be measured reliably. The Company does not recognize a contingent
liability but discloses its existence in the financial statements
q. Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand, cheques on hand and short-
term deposits with an original maturity of three months or less, which are subject to an insignificant risk of
changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the
Company’s cash management.
r. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial assets
Initial recognition and measurement
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair
value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
• Debt instruments at amortised cost

• Debt instruments at fair value through other comprehensive income (FVTOCI)
• Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)
• Equity instruments measured at fair value through other comprehensive income (FVTOCI)
Debt instruments at amortised cost
A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:
(a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows, and
(b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
This category is the most relevant to the Company. After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included in interest income in the profit or loss. Losses arising from
impairment are recognised in the statement of the profit and loss.
Debt instrument at FVTOCI
A ‘debt instrument’ is classified as at the FVTOCI if both of the following criteria are met:
(a) The objective of the business model is achieved both by collecting contractual cash flows and selling the
financial assets, and
(b) The asset’s contractual cash flows represent solely payments of principal and interest.
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date
at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the
Company recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the
statement of profit and loss. On derecognition of the asset, cumulative gain or loss previously recognised in OCI
is reclassified from the equity to statement of profit and loss. Interest earned whilst holding FVTOCI debt
instrument is reported as interest income using the EIR method.
Debt instrument at FVTPL
FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.
In addition, the Company may elect to designate a debt instrument, which otherwise meets amortized cost or
FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a
measurement or recognition inconsistency (referred to as ‘accounting mismatch’). The Company has not
designated any debt instrument as at FVTPL.
Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in
the statement of profit and loss.
Equity investments
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for
trading are classified as at FVTPL. For all other equity instruments, the Company may make an irrevocable
election to present in other comprehensive income subsequent changes in the fair value. The Company makes
such election on an instrument-by-instrument basis. The classification is made on initial recognition and is
irrevocable.
If the Company decides to classify an equity instrument as at FVTOCI, then all fair value changes on the
instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to
the statement of profit and loss, even on sale of investment. However, the Company may transfer the cumulative
gain or loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized
in the statement of profit and loss.
Investments in the equity instruments of subsidiaries, joint venture and associate companies are measured at cost
in accordance with the principles of Ind AS 27- Separate Financial Statements.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Company’s balance sheet) when:
• The rights to receive cash flows from the asset have expired, or
• The Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to
pay the received cash flows in full without material delay to a third party under a ‘pass-through’
arrangement; and either (a) the Company has transferred substantially all the risks and rewards of the asset,
or (b) the Company has neither transferred nor retained substantially all the risks and rewards of the asset,
but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a pass-
through arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When
it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred
control of the asset, the Company continues to recognise the transferred asset to the extent of the Company’s
continuing involvement. In that case, the Company also recognises an associated liability. The transferred asset
and the associated liability are measured on a basis that reflects the rights and obligations that the Company has
retained.
Impairment of financial assets
In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and
recognition of impairment loss on the following financial assets and credit risk exposures:
(a) Financial assets that are debt instruments, and are measured at amortised cost, e.g., loans, debt securities,
deposits, trade receivables and bank balance
(b) Financial assets that are debt instruments and are measured as at FVTOCI
(c) 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 follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables.
The application of simplified approach does not require the Company to track changes in credit risk. Rather, it
recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Company determines that
whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not
increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument
improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity
reverts to recognising impairment loss allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a
financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that
are possible within 12 months after the reporting date.
ECL 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 entity expects to receive (i.e., all cash shortfalls), discounted at the
original EIR. When estimating the cash flows, an entity is required to consider:
• All contractual terms of the financial instrument (including prepayment, extension, call and similar options)
over the expected life of the financial instrument. However, in rare cases when the expected life of the
financial instrument cannot be estimated reliably, then the entity is required to use the remaining
contractual term of the financial instrument
• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual
terms.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in
the statement of profit and loss. This amount is reflected under the head ‘other expenses’ in the statement of
profit and loss. The balance sheet presentation for various financial instruments is described below:
• Financial assets measured as at amortised cost: ECL is presented as an allowance, i.e., as an integral part
of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount.
Until the asset meets write-off criteria, the Company does not reduce impairment allowance from the gross
carrying amount.
For assessing increase in credit risk and impairment loss, the Company combines financial instruments on the
basis of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable
significant increases in credit risk to be identified on a timely basis.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Company’s financial liabilities include trade and other payables, loans and borrowings including bank
overdrafts.
The subsequent measurement of financial liabilities is as under:
Loans and borrowings
This is the category most relevant to the Company. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised
in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit
and loss.
This category generally applies to borrowings. For more information refer Note 16 and 17.
Other financial liabilities such as trade payables, other liabilities, etc. are also subsequently measured at
amortised cost.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net
basis, to realise the assets and settle the liabilities simultaneously.
3.3 Significant accounting judgements, estimates and assumptions
The preparation of the Company’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these judgements, assumptions and
estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods.
a. Significant estimates
i) Project cost estimates
The Company recognizes revenue using the percentage of completion method. This requires forecasts to be
made of total budgeted cost with the outcomes of underlying construction and service contracts, which require
estimates to be made for changes in work scopes, claims (compensation, rebates, etc.), the cost of meeting other
contractual obligations to the customers and other payments to the extent they are probable and they are capable
of being reliably measured. For the purpose of making these estimates, the Company used the available
contractual and historical information and also its expectations of future costs.
ii) Assessment of operating cycle
cash equivalents. The Company has determined its operating cycle as sixty months for Construction and
Development business and as twelve months for Leisure and Hospitality business, having regard to the nature of
business being carried out by the Company. The same has been considered for classifying assets and liabilities
as ‘current’ and ‘non-current’ while preparing the financial statements.
iii) Recoverability of financial assets
The Company estimates the recoverable amount of trade and other receivables where collection of the full
amount is expected to be no longer probable. For individually significant amounts, this estimation is performed
on an individual basis considering the length of time past due, financial condition of the counterparty,
impending legal disputes, if any and other relevant factors (refer note 6,10,11 and 13).
iv) Estimation of net realisable value for inventory property
Inventory property is stated at the lower of cost and net realisable value (NRV).
NRV for completed inventory property is assessed by reference to market conditions and prices existing at the
reporting date and is determined by the Company, based on comparable transactions identified by the Company
for properties in the same geographical market serving the same real estate segment.
NRV in respect of inventory property under construction is assessed with reference to market prices at the
reporting date for similar completed property, less estimated costs to complete construction and an estimate of
the time value of money to the date of completion (refer note 12).
v) Cash flow projections
The Company has prepared these financial statements on going concern basis assuming that it is able to continue
its operations for next one financial year. In making this assumption, the management has made certain
projections relating to cash collections from various projects, fund requirements, asset base, etc. for the next one
financial year as further explained in note 42.
b. Significant judgements
i) Contingencies
In the normal course of business, contingent liabilities may arise from litigation, taxation and other claims
against the Company. A tax provision is recognised when the Company has a present obligation as a result of a
past event; it is probable that the Company will be required to settle that obligation. Where it is management’s
assessment that the outcome cannot be reliably quantified or is uncertain the claims are disclosed as contingent
liabilities unless the likelihood of an adverse outcome is remote. Such liabilities are disclosed in the notes but
are not provided for in the financial statements.
When considering the classification of a legal or tax cases as probable, possible or remote there is judgement
involved. This pertains to the application of the legislation, which in certain cases is based upon management’s
interpretation of country specific tax law, in particular India, and the likelihood of settlement. Management uses
in-house and external legal professionals to inform their decision.
Although there can be no assurance regarding the final outcome of the legal proceedings, the Company does not
expect them to have a materially adverse impact on the Company’s financial position or profitability. The
liabilities which are assessed as possible and hence are not recognised in these financial statements are disclosed
in note 30 (c).
4. Property, plant and equipment
Land -Freehold Land on lease Buildings Leasehold Plant and Office Computers Furniture and Vehicles Capital Work In Total
Improvements Machinery Equipments Fixtures Progress
Cost
As at April 1, 2015 525.30 4,851.75 79.56 54.92 47.74 64.81 128.82 229.20 65.49 1,008.65 7,056.24
Additions - - - - 0.10 - 3.06 - - 8.25 11.41
Less: Disposals - - - - 0.22 1.42 2.75 1.16 9.12 - 14.67
As at March 31, 2016 525.30 4,851.75 79.56 54.92 47.62 63.39 129.13 228.04 56.37 1,016.90 7,052.98
Additions - - - 6.02 - 0.42 18.44 3.33 0.02 16.03 44.26

Less: Classified as held for distribution (note 46) - 4,851.75 - - 0.48 0.58 - 0.86 - 976.60 5,830.27
Less: Transfer to property, plant and equipment - - - - - - - - - 9.16 9.16
Less: Disposals - - 34.56 14.46 0.27 15.85 9.65 21.52 13.85 - 110.16
As at March 31, 2017 525.30 - 45.00 46.48 46.87 47.38 137.92 208.99 42.54 47.17 1,147.67
Depreciation
As at April 1, 2015 - - 53.75 54.91 43.60 59.07 121.59 210.92 62.64 - 606.48
Depreciation charge for the year (note 27) - - 15.13 0.01 2.01 2.27 4.86 8.29 2.02 - 34.59
Less: Disposals - - - - 0.22 1.42 2.73 1.17 8.68 - 14.22
As at March 31, 2016 - - 68.88 54.92 45.39 59.92 123.72 218.04 55.98 - 626.85
Depreciation charge for the year (note 27) - - 7.68 0.49 1.20 1.75 4.80 6.14 0.30 - 22.36
Less: Classified as held for distribution (note 46) - - - - 0.34 0.43 - 0.48 - - 1.25
Less: Disposals - - 34.55 14.46 0.27 15.84 9.64 21.45 13.85 - 110.06
As at March 31, 2017 - - 42.01 40.95 45.98 45.40 118.88 202.25 42.43 - 537.90
Net book value :

As at March 31, 2017 525.30 - 2.99 5.53 0.89 1.98 19.04 6.75 0.11 47.17 609.77
As at March 31, 2016 525.30 4,851.75 10.68 - 2.23 3.47 5.41 10.00 0.39 1,016.90 6,426.13
As at April 1, 2015 525.30 4,851.75 25.81 0.01 4.14 5.74 7.23 18.28 2.85 1,008.65 6,449.76
Particulars 31 March 2017 31 March 2016 1 April 2015

Net book value
Property plant & equipment 562.60 5,409.23 5,441.11
Capital work in progress 47.17 1,016.90 1,008.65
Total 609.77 6,426.13 6,449.76
Notes:-
i) Freehold land includes a small portion of leasehold land, the value for which cannot be separately ascertained.
ii) Land on lease includes land of Rs. 4,851.75 million (March 31, 2016 Rs. 4,851.75 million and April 1, 2015 Rs. 4,851.75 million), which has been acquired under the perpetual lease from Delhi Development Authority and hence no amortisation has
been done for the same.
iii) For the details of property, plant and equipment mortgaged or subject to a charge or lien on Company's borrowings, please refer note 16 and 17.
Capital work in progress

Capital work in progress as at March 31, 2017 comprises expenditure on construction and development of certain project related to hotel operations and sales centre by the Company.
5. Intangible assets
Computer Software
Cost
As at April 1, 2015 62.24
Additions 0.65
Disposals -
As at March 31, 2016 62.89
Additions 3.66
Disposals -
As at March 31, 2017 66.55
Amortisation
As at April 1, 2015 60.61
Charge for the year (note 27) 1.45
As at March 31, 2016 62.06
Charge for the year (note 27) 0.95

Adjustments / deletions
As at March 31, 2017 63.01
Net book value:

As at March 31, 2017 3.54
As at March 31, 2016 0.83
As at April 1, 2015 1.63
6. Financial Assets - Investments (non current)

(a) Investments in equity shares (unquoted)
Investments in wholly owned subsidiaries, at cost
0.01 million (March 31, 2016 : 0.01 million, April 1, 2015 : 0.01 million) Equity shares of Rs.10 each 0.10 0.10 0.10
fully paid up in Arma Buildmore Private Limited
0.01 million (March 31, 2016 : 0.01 million, April 1, 2015 : Nil) Equity shares of Rs.10 each fully paid up 0.10 0.10 -
in Arman Promoters Private Limited
in Avinashi Buildtech Private Limited
in Cassock Properties Private Limited
in Compact Projects Private Limited
in Chhavi Buildtech Private Limited
Nil (March 31, 2016 : Nil, April 1, 2015 : 0.01 million) Equity shares of Rs.10 each fully paid up in Easel - - 0.10
Propbuild Private Limited
in Easter Conbuild Private Limited
in Ecstasy Conbuild Private Limited
fully paid up in Edenic Propbuild Private Limited
fully paid up in Educt Propbuild Private Limited
fully paid up in Emaar MGF Construction Private Limited
Nil (March 31, 2016 : Nil, April 1, 2015 : 0.01 million) Equity shares of Rs.10 each fully paid up in - - 0.10
Emaar MGF Hospitality Private Limited
Nil (March 31, 2016 : Nil, April 1, 2015 : 0.01 million) Equity shares of Rs.10 each fully paid up in - - 0.10
Emaar MGF Projects Private Limited
fully paid up in Emaar MGF Services Private Limited
fully paid up in Enamel Propbuild Private Limited
fully paid up in Epitome Propbuild Private Limited
in Ethic Conbuild Private Limited
in Gait Propbuild Private Limited
in Glimpse Propbuild Private Limited
in Godson Propbuild Private Limited
fully paid up in Gurkul Promoters Private Limited
fully paid up in Glen Propbuild Private Limited
in Gran Propbuild Private Limited
in Grapeshot Propbuild Private Limited
fully paid up in Kudos Propbuild Private Limited
fully paid up in Lotus Technobuild Private Limited
in Lifeline Buildtech Private Limited
in Locus Propbuild Private Limited
in Mega City Promoters Private Limited
in MG Colonizers Private Limited
0.10 million (previous year - March 31, 2016 : 0.10 million, April 1, 2015 : 0.10 million) Equity shares of 1.00 1.00 1.00
Rs.10 each fully paid up in Nandita Promoters Private Limited
0.01 million (March 31, 2016 : 0.01 million, April 1, 2015 : 0.01 million) Equity shares of Rs.10 each 0.10 0.10 -
fully paid up in Pipalashray Estate Private Limited
fully paid up in Pratham Promoters Private Limited
fully paid up in Prayas Buildcon Private Limited

fully paid up in Raksha Buildtech Private Limited
in Shrey Promoters Private Limited
in Spiritual Realtors Private Limited
in Sukhda Promoters Private Limited
0.075 million (March 31, 2016 : Nil, April 1, 2015 : Nil) Equity shares of Rs.10 each fully paid up in 79.00 - -
Active Securities Limited
in Tushar Projects Private Limited
fully paid up in Vitality Conbuild Private Limited
fully paid up in Wembley Estates Private Limited
1,188.23 1,109.23 609.03
Investment in joint venture (unquoted), at cost

fully paid up in Budget Hotels India Private Limited
Less: Provision for impairment in the value of investment (63.11) (63.11) (51.73)
33.73 33.73 45.11
Investment in associate (unquoted), at cost

fully paid up in Acreage Builders Private Limited
772.00 772.00 772.00
Investments in equity instruments of other companies at fair value through profit and loss (FVTPL)
0.0015 million (March 31, 2016 : 0.0015 million, April 1, 2015 : 0.0015 million) Equity shares of AED - - -
1,000 each fully paid up in Dubai Real Estate Institute FZ-LLC
1,993.96 1,914.96 1,426.14
(b) Investments in debenture at fair value through profit and loss (FVTPL)*
Investment in subsidiary company (unquoted)
9.24 million (March 31, 2016 : 9.24 million, April 1, 2015 : 9.24 million) 0.10% Fully Convertible - 5,338.63 5,340.16
Debentures (FCD) of Rs.640 each fully paid up in Accession Buildwell Private Limited (refer note 36 F)
- 5,338.63 5,340.16
(c) Government and trust securities (unquoted), at amortised cost

National saving certificate* 0.02 0.02 0.02
0.02 0.02 0.02
Assets classified as held for distribution (note 46) (1,124.15) - -
Total 869.83 7,253.61 6,766.32
* Pledged with Sales Tax Authority for obtaining VAT registration.
Aggregate value of unquoted investments 869.83 7,253.61 6,766.32
7. Financial Assets - Others (non-current), at amortised cost
Security deposits
Unsecured, considered good 3.67 3.46 3.46
3.67 3.46 3.46
Assets classified as held for distribution (note 46) (0.28) - -
3.39 3.46 3.46
Total 3.39 3.46 3.46

8. Other assets
Non Current Current

31 March 2017 31 March 2016 1 April 2015 31 March 2017 31 March 2016 1 April 2015
Capital advances
Unsecured, considered good 0.09 1.31 35.15 - - -
Doubtful 846.44 846.44 814.74 - - -
846.53 847.75 849.89 - - -
Provision for doubtful capital advances (846.44) (846.44) (814.74) - - -
0.09 1.31 35.15 - - -
Security Deposit - - - 371.39 91.40 66.64
Compensation recoverable* - - - 51.38 1.40 1.40
Advances to related parties

Unsecured, considered good - - - 51,093.51 47,149.40 49,713.07
Doubtful - - - 2,829.74 2,705.07 2,713.61
- - - 53,923.25 49,854.47 52,426.68
Provision for doubtful loans and advances to related parties - - - (2,829.74) (2,705.07) (2,713.61)
- - - 51,093.51 47,149.40 49,713.07
Advances for land and land development rights**

Doubtful - - - 467.48 393.57 420.66
- - - 5,408.36 5,321.20 5,410.12
Provision for doubtful advances - - - (467.48) (393.57) (420.66)
- - - 4,940.88 4,927.63 4,989.46
Advances recoverable***
Doubtful - - - 1.00 1.00 25.09
- - - 3,284.04 3,099.08 3,296.37
Provision for doubtful advances recoverable from vendors - - - (1.00) (1.00) (25.09)
- - - 3,283.04 3,098.08 3,271.28
Advances to employees
Unsecured, considered good - - - 3.21 3.97 2.35
Doubtful - - - 0.03 0.03 0.03
- - - 3.24 4.00 2.38
Provision for doubtful advances to employees - - - (0.03) (0.03) (0.03)
- - - 3.21 3.97 2.35
Other Advances (Unsecured, considered good)

Prepaid expenses - - - 1,079.66 1,105.72 1,186.49
Balance with statutory authorities - - - 439.91 409.61 339.97
- - - 1,519.57 1,515.33 1,526.46
0.09 1.31 35.15 61,262.98 56,787.21 59,570.66
Assets classified as held for distribution (note 46) - - - (20,268.75) - -
Total 0.09 1.31 35.15 40,994.23 56,787.21 59,570.66
* Compensation recoverable represents amount receivable from the Government of the States where land owned by the Company has been aquired by them.
**Includes Rs. 2,008.94 million (March 31, 2016 - Rs. 1,946.34 million, April 1, 2015 - Rs. 1,945.92 million) representing partial payments made towards purchase of land, and Rs. 3,399.42 million (March
31, 2016 - Rs. 3,374.86 million, April 1, 2015 - Rs. 3,464.20 million) representing contribution towards joint development / collaboration rights.
*** Includes Rs. 439.20 million (March 31, 2016 - Rs. 605.00 million, April 1, 2015 - Rs. 632.47 million) towards licence fee, for which application have been withdrawn and refund / adjustments have
been applied for.
9. Financial Assets - Investments (Current)

(a) Investments in equity instruments of other Company at fair value through profit
and loss (FVTPL)
Nil (March 31, 2016 : Nil, April 1, 2015 : 2.60 million) Equity shares of Rs. 10.00 each - - 26.00
fully paid up in Fabworth Promoters Private Limited
- - 26.00
(b) Investments in mutual fund at fair value through profit and loss (quoted):
4.37 million (March 31, 2016 : 2.44 million, April 1, 2015 : 2.096 million) of Rs. 10 184.01 70.17 79.98
each in JM High Liquidity Fund - Growth
Nil (March 31, 2016 : 0.03 million, April 1, 2015 : Nil) units face value of Rs. 1000.00 - 54.09 -
each in Baroda Pioneer Liquid Fund Plan A- Growth
Nil (March 31, 2016 : 0.16 million, April 1, 2015 : Nil) units of Rs. 100.00 each in - 16.12 -
Birla Liquid Fund- Growth
Nil (March 31, 2016 : 0.04 million, April 1, 2015 : Rs. 0.0457 million) units of Rs. - 59.30 69.01
1000.00 each in Tauras Liquid Fund- Growth
Nil (March 31, 2016 : Nil, April 1, 2015 : 0.0364 million) units of Rs. 1000.00 each in - - 93.88
Tata Mutual Fund- Growth
0.10 million (March 31, 2016 : Rs. 0.08 million, April 1, 2015 : Rs, 0.0318 million) units 159.10 76.31 43.14
of Rs. 1000.00 each in Indiabulls Mutual Fund- Growth
6.87 million (March 31, 2016 : Nil, April 1, 2015 : Nil) units of Rs. 1000.00 each in 182.85 - -
Pramerica Mutual Fund- Growth
0.07 million (March 31, 2016 : Nil, April 1, 2015 : Nil) units of Rs. 1000.00 each in 159.39 - -
Invesco India Liquid Mutual Fund
685.35 275.99 286.01
685.35 275.99 312.01

Total 448.14 275.99 312.01
Aggregate book value of quoted investments 448.14 275.99 286.01

Aggregate market value of quoted investments 448.14 275.99 286.01
Aggregate value of unquoted investments - - 26.00
10. Financial Assets - Loans, at amortised cost 31 March 2017 31 March 2016 1 April 2015
Loans and advances to related parties (refer Note 36)

Unsecured, considered good 10,469.08 8,819.26 8,890.24
Doubtful 3,517.15 2,650.48 2,388.35
13,986.23 11,469.74 11,278.59
Provision for doubtful advances (3,517.15) (2,650.48) (2,388.35)
10,469.08 8,819.26 8,890.24
Total 9,381.41 8,819.26 8,890.24

11. Financial Assets - others, at amortised cost 31 March 2017 31 March 2016 1 April 2015
Security Deposit 22.00 22.89 22.61
Advances recoverable
Doubtful 200.00 200.00 200.00
283.80 286.80 385.00
Provision for doubtful advances (200.00) (200.00) (200.00)
83.80 86.80 185.00
Unbilled revenues 1,498.40 2,152.66 2,036.19

VAT recoverable from customers * 631.84 12.45 3.61
Compensation recoverable from subsidiaries** 294.00 387.14 461.91
Interest accrued on loans to subsidiaries 25.50 7.62 3.03
Interest accrued on bank deposits 58.04 41.08 87.56
2,613.58 2,710.64 2,799.91
Total 2,195.43 2,710.64 2,799.91
Loans and Receivables are non-derivative financial assets which generate a fixed or variable interest income for the Company. The carrying value may be affected
by changes in the credit risk of the counterparties.
* VAT recoverable from customer represents company's contractual rights to recover additional taxes levied by the government which are either secured against
deposits received from customers or the Company intends to recover the same prior to hand over of possession of the property.
** Compensation recoverable from subsidiaries represents amount receivable in relation to cancellation of development rights.
12．Inventories (at lower of cost and net realisable value)

Projects in progress 45,966.34 46,129.50 48,137.63
Merchandise stock 0.22 0.19 0.23
45,966.56 46,129.69 48,137.86
Provision for diminution in inventories (87.37) - (78.04)
45,879.19 46,129.69 48,059.82
Total 36,610.07 46,129.69 48,059.82
Note: The aggregate amount of costs incurred and profits recognised (less recognised losses) to date for project in progress.
Cost incurred 65,244.74 58,964.85 51,214.08
Profit 27,997.63 28,851.90 26,676.99
13. Trade receivables at amortised cost
Unsecured, considered good* 543.64 589.13 692.90

Doubtful 2.33 2.50 2.64
545.97 591.63 695.54
Provision for doubtful receivables (2.33) (2.50) (2.64)
543.64 589.13 692.90
Total 348.89 589.13 692.90
No trade or other receivable are due from director or other officer of the Company either severally or jointly with any other person. Nor any trade or other receivable
are due from firms or private companies respectively in which any director is a partner, a director or a member.
*includes dues from subsidiaries or other companies where directors or other officers are interested (refer note 36)
The average credit period on sales of goods is 30 days from the date of demand as per contract. No interest is charged on trade receivables for first 60 days from date of
the demand. Thereafter, interest is charged @ 12% per annum.
Age of receivables 31 March 2017 31 March 2016 1 April 2015
0-180 days past due 71.64 164.99 198.80

More than 180 days past due 474.33 426.64 496.74
14. Cash and Bank Balances
Cash and cash equivalents

On current accounts 279.25 115.95 277.92
On short term deposit accounts 4.90 4.90 4.90
Cash on hand 0.38 0.15 0.10

Cheques on hand 25.31 33.46 96.47
309.84 154.46 379.39
296.51 154.46 379.39

Other bank Balances
Restricted bank deposits 168.80 299.70 273.89
Margin Money deposit (under lien) 1,220.10 2,149.34 2,530.24
1,388.90 2,449.04 2,804.13
815.55 2,449.04 2,804.13
Total 1,112.06 2,603.50 3,183.52
Balances held in deposit account earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of upto three months
depending on the immediate cash requirements of the Company, and earn interest at the respective short-term deposit rates.
Notes:
1) Restricted bank deposits includes:
a) Rs. 168.80 million (March 31, 2016 : Rs. 108.60 million, April 1, 2015 : Rs. 76.30 million) held in Escrow account under a Development Agreement, to be utilized
for the payments of a project specified in the said agreement.
b) Nil (March 31, 2016 : Nil, April 1, 2015 : Rs. 18.79 million) held in Escrow account under a Development Agreement, to be utilized for the payments of a project
specified in the said agreement and is after adjustment of 50% share of a third party.
c) Nil (March 31, 2016 : Nil, April 1, 2015 : Rs.15 million) held for the purpose of Interest Reserve account under a lien with a lender.
d) Nil (March 31, 2016 : Rs. 191.10 million, April 1, 2015 : Rs. 163.80 million) kept as deposit from amounts received from customers as security deposit.
2) Margin Money Deposit Nil (March 31, 2016 : Nil, April 1, 2015 : Rs. 16.06 million) included above is after adjustment of 50% share of a third party, held in Escrow
account under a Development Agreement, to be utilized for the payments of a project specified in the said agreement.
For the purpose of statement of cash flows, cash and cash equivalents comprises the following :

Balance with banks :
On deposit accounts 4.90 4.90 4.90
Cash on hand 0.38 0.15 0.10
Cheques on hand 25.31 33.46 96.47
309.84 154.46 379.39
Less : Bank overdraft (note 17) (794.84) (1,752.53) (1,893.90)
Total (485.00) (1,598.07) (1,514.51)
15. Share Capital
Authorised share capital :

3,000 million (March 31, 2016: 3,000 million, April 1, 2015: 3,000 million) equity shares of Rs 10 each 30,000.00 30,000.00 30,000.00
3,000 million (March 31, 2016: 3,000 million, April 1, 2015: 3,000 million) preference shares of Rs 10 each 30,000.00 30,000.00 30,000.00
Issued subscribed and paid up equity share capital:

912.62 million (March 31, 2016: 912.62 million, April1, 2015: 912.62 million) equity shares of Rs. 10 each 9,126.20 9,126.20 9,126.20
Total 9,126.20 9,126.20 9,126.20
A. Reconciliation of the shares outstanding at the beginning and at the end of the year
No. million Rs. in million No. million Rs. in million No. million Rs. in million
At the beginning of the year 912.62 9,126.20 912.62 9,126.20 912.62 9,126.20
Issued during the year - - - - - -
Outstanding at the end of the year 912.62 9,126.20 912.62 9,126.20 912.62 9,126.20
Equity component of Compulsory Convertible Debenture

At the beginning of the year 39.06 390.63 39.06 390.63 39.06 390.63
Outstanding at the end of the year 39.06 390.63 39.06 390.63 39.06 390.63
This note covers the equity component of the issued compulsorily convertible debentures. The liability component is reflected in note 17.
B. Terms/Rights attached to equity shares

The Company has only one class of equity shares having par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive assets of the Company remaining after settlement of all liabilities. The distribution will be in proportion to the number of equity shares held by the
shareholders.
C. Shares held by holding company*
Name of Shareholder 31 March 2017 31 March 2016 1 April 2015
Emaar Holding II, the holding company 523.25 million (March 31, 2016: 445.88
million, April 1, 2015: 445.88 million) equity shares of Rs. 10 each fully paid 523.25 445.88 445.88
* Emaar Holding II became the holding company w.e.f. March 27, 2017.
D. Details of shareholders holdings more than 5% shares

Number of shares held (No. Number of shares held Number of shares held
% of holding in
million) % of holding in class (No. million) (No. million)
class
Equity shares of Rs. 10 each fully paid
Emaar Holding II 523.25 57.33% 445.88 48.86% 445.88 48.86%
Ms. Shilpa Gupta 254.51 27.89% 254.51 27.89% 161.54 17.70%
Snelvor Holding Ltd 46.47 5.09% 46.47 5.09% 46.47 5.09%
Kallarister Trading Limited - 0.00% 70.13 7.68% 70.13 7.68%
Mr. Shravan Gupta - 0.00% - 0.00% 68.79 7.54%
E. Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

(No. million) (No. million) (No. million)
Preference shares bought back by the Company in 2010-11 - - 829.08
F. Terms of conversion of Compulsory Convertible Debenture (CCD)
During an earlier year, the Company had issued 0.0025 million compulsory convertible debenture at par value of Rs. 1.00 million each. The subscriber of CCD has an option to convert CCD into equity shares @ Rs. 64 each
anytime starting from 21 September 2012 till 20 March 2022. The debentures carry a interest of 5% per annum, payable monthly on the last day of the month. The debentures rank ahead of the equity shares in the event of a
liquidation.
16. Long Term Borrowings at amortised cost Demerge Nos

Non-current portion Current maturities
Secured
Debentures
- - 0.00 24,063.42 23,827.40 23,441.79
0.0226 million (March 31, 2016: 0.0226 million, April 1, 2015: 0.0226 million) 11.25% (March 31, 2016:
12%, April 1, 2015: 13.90%) Non Convertible Debentures of Rs. 1.00 million each redeemable at premium
22.50% IRR (net of withholding tax) Non Convertible Debentures:

- Nil (March 31, 2016: 0.0009 million, April 1, 2015: 0.0009 million) of 1 million (March 31, 2016: 1
million, April 1, 2015: 1 million) (Series 6) - 0.90 0.90 - 1,307.45 1,037.33
million, April 1, 2015: 1 million) (Series 5) - - - - 654.83 519.63
million, April 1, 2015: 1 million) (Series 3) - - - - 1,891.74 1,501.16
- Nil (March 31, 2016: 0.002 million, April 1, 2015: 0.002 million) of 1 million (March 31, 2016: 0.79
million, April 1, 2015: 0.80 million) (Series 2) - - - - 2,589.28 2,333.49
Term Loans
From Banks 680.00 - - 4,320.00 - -
Obligations under finance lease 692.69 692.69 692.69 624.21 485.56 356.29
Unsecured
Term Loans
From Banks 593.75 - - 4,143.87 - -
1,966.44 693.59 693.59 33,151.50 32,356.96 30,459.90
Liabilities associated with the assets classified as held for distribution (note 46) (692.69) - - (7,918.10) - -
1,273.75 693.59 693.59 25,233.40 32,356.96 30,459.90
The above amount includes

Secured borrowings 680.00 693.59 693.59 29,007.63 32,356.96 30,459.90
Unsecured borrowings 593.75 - - 4,143.87 - -
Amount clubbed under the head "Other financial liabilities" in current maturities of borrowings (refer note 19) - - - (33,151.50) (32,356.96) (30,459.90)
1,273.75 693.59 693.59 - - -
Type and Nature of Borrowings Amount Outstanding Effective interest rate Nature of Borrowings Security Details Repayment Terms
Secured, Non Convertible Debentures** 24,063.42 23,827.40 23,441.79 8.94% Secured Secured by equitable mortgage of certain Balance outstanding as at March 31, 2017 is redeemable in
immovable property, project land one instalments as follows:
(including those related to wholly owned Rs. 22,600.00 million due on 31 December 2019.
subsidiaries) and construction thereupon
along with charge over the said project
receivables.
Secured, Non Convertible Debentures - Series 1 - 873.11 692.84 22.50% Secured Secured by first and second charge of Balance outstanding on March 31, 2016 has been repaid
certain project receivables. Further secured during the current year
by Second charge by way of hypothecation
on the "NCD Account" & "Interest Service
Reserve Account".*
Secured, Non Convertible Debentures - Series 2 - 2,589.28 2,333.49 22.50% Secured Secured by first and second charge of Balance outstanding on March 31, 2016 has been repaid
Reserve Account".*
Reserve Account".*
Reserve Account".*
Reserve Account".*
Reserve Account".*
Term Loan 5,000.00 - - 0.75% above Bank's 3 Secured Secured by equitable mortgage of certain Balance outstanding as at March 31, 2017 is repayable as
month margin cost of land owned by subsidiaries and under:
lending rate (Presently construction thereupon and coprorate Rs. 80 million per month from Oct'18- Mar'19
7.80 %). gaurantee by ultimate holding company Rs. 100 million per month from April'19- Mar'20
Rs. 100 million per month from April'20-Mar'21
Rs. 120 million per month from April'21- Mar'22
Rs. 120 million per month from April'22- Aug'22
Rs. 80 million for the month of Sep'22
Finance lease obligations 1,316.90 1,178.25 1,048.98 14.03% Secured Secured by the assets leased The Company has entered into a perpetual lease with Delhi
Development Authority. As per the said arrangement,
Company is required to pay lease rentals at half yearly rests.
The amounts of lease payment are in default.
Term Loan 4,737.62 - - Fixed rate (Present Unsecured Unsecured Balance outstanding as on March 31, 2017 is repayable in
average rate 9.33 %) sixteen equal quarterly instalments of Rs. 296.875 million
starting from Dec 2018.
35,117.94 33,050.55 31,153.49

- - 0.00
* The security has been released during the year.

**Interest of Rs. 7,242.24 million on debentures, which was payable as on March 31, 2017 has been extended upto December 31, 2019 by the debenture holders. As on April 01, 2015, Interest amounting to Rs. 1,566.40 million was in arrears.
17. Short Term Borrowings, at amortised cost
31 March 2017 31 March 2016 April 1, 2015
Secured:
Debentures
Nil (March 31, 2016: 0.00575 million, April 1, 2015: 0.00575 million)
13.00% (net of withholding tax) Non Convertible Debentures of Rs. - 2,486.88 2,860.63
432,500 each redeemable at par
Term loans
From banks 8,772.00 989.70 1,412.90
From financial institutions 2,270.68 3,193.00 3,426.40
From non banking financial company - 54.54 227.26
Bank overdraft 644.88 1,752.53 1,893.90

Cash credit from banks 580.55 1,450.14 1,388.76
Unsecured:
Liability component of compound financial instrument

Compulsorily convertible debentures 426.87 593.65 534.04
Term loan from banks 2,790.00 - -
Bank overdraft 149.96 - -

Working capital demand loan 3,750.00 - -
Deferred payment liability 2,233.87 3,370.76 3,384.58
21,618.81 13,891.20 15,128.47

Liabilities associated with the disposal group classified as held for
(639.91)
distribution(note 46) - -
20,978.90 13,891.20 15,128.47

Secured borrowings 12,268.11 9,926.79 11,209.85
Unsecured borrowings 9,350.70 3,964.41 3,918.62
Compulsory Convertible Debentures

During an earlier year, the Company had issued 0.0025 million compulsory convertible debenture at par value of Rs. 1.00 million each. The subscriber of CCD has an
option to convert CCD into equity shares @ Rs. 64 each anytime starting from 21 September 2012 till 20 March 2022. The debentures carry a interest of 5% per
annum, payable monthly on the last day of the month.
The convertible debenture contain two components: liability and equity elements. The equity element is presented in other equity in the statement of changes in equity.
The effective interest rate of the liability element on initial recognition is 14.03%.
Proceeds of issue 2,500.00

Liability component on the date of issue (651.25)
Equity component 1,848.75
Liability component (included in short term borrowings) as at March 31,

2017 426.87
Interest expenses calculated at an effective rate of interest of 14.03% 67.90

Interest paid 67.90
Interest accrued as at March 31, 2017 -
Part of Note 17
Type of Nature of Borrowings Amount Outstanding Effective Interest Rate Security Details Repayment Terms
Borrowings (Rupees million)
March 31, 2017 March 31, 2016 April 1, 2015
Secured Non-convertible - 2,486.88 2,860.63 13.72%-13.74% Secured by equitable mortgage of certain land & construction thereupon Balance outstanding on March 31, 2016 has been repaid during the current year
debentures including those related to wholly owned subsidiaries and is also secured
by a charge over certain project receivables, both present and future.
Further secured by first charge by way of hypothecation on the "NCD
Account" & "Interest Service Reserve Account".
Secured Term Loan 4,000.00 - - 9.75% Fixed Secured by equitable mortgage of certain land owned by subsidiaries and Balance outstanding as on March 31, 2017 is repayable in May 2018.
construction thereupon. This is further backed by corporate gaurnatee of
Emaar properties PJSC
Secured Term Loan 4,772.00 - - 0.75% above Bank's 3 Secured by equitable mortgage of certain land owned by subsidiaries and Out of the sanctioned facility of Rs. 5,000 million, Rs. 4,772 million has been drawn
month marginal cost of construction thereupon. This is backed by corporate gaurnatee of Emaar till March 31, 2017 . The repayment schedule of sanctioned facility is as under:
lending rate (Presently properties PJSC Rs. 100 million per month from Aug'18- Mar'19
7.80 %). Rs. 150 million per month from April'19- Mar'20
Rs. 150 million per month from April'21- July'21
Secured Term Loan 196.98 353.49 587.53 10.50% [HDFC CPLR as Secured by equitable mortgage of fixed asset and certain project land & Principal amount is to be repaid by adjusting 40% of the sales receipts from certains
reduced by 715 basis construction thereupon along with charge over the said project project receivables and remaining amount outstanding if any, is repayable as under:
points] receivables. (includes assets of wholly owned subsidiaries). Rs. 38.09 million due by 30 September 2017,
Two equal quarterly instalments of Rs. 80.00 million from 31 December 2017 till 31
March 2018.
Secured Term Loan - 230.61 481.45 10.50% [HDFC CPLR as Secured by equitable mortgage of fixed asset and certain project land & Balance outstanding on March 31, 2016 has been repaid during the current year
reduced by 715 basis construction thereupon along with charge over the said project
points] receivables. (includes assets of wholly owned subsidiaries).
Secured Term Loan - 253.31 505.31 14.90 % [HDFC CPLR as Secured by equitable mortgage of fixed asset and certain project land & Balance outstanding on March 31, 2016 has been repaid during the current year
reduced by 275 basis construction thereupon along with charge over the said project
reduced by 715 basis construction thereupon along with charge over the said project project receivables and remaining amount outstanding if any, is repayable in
points] receivables. (includes assets of wholly owned subsidiaries). maximum instalments as given hereunder:
Rs. 18.83 million on 30 April, 2017, and balance one instalment of Rs. 65.00 million
due on 31 July 2017.
reduced by 715 basis construction thereupon along with charge over the said project project receivables and remaining amount outstanding if any, is repayable in
points] receivables. (includes assets of wholly owned subsidiaries). maximum 8 equal quarterly instalments of Rs. 62.50 million each, starting from 30
June 2017 till 31 March 2019.
Secured Term Loan 389.22 449.37 496.16 10.50% [HDFC CPLR as Secured by equitable mortgage of fixed asset and certain project land & Balance outstanding as at March 31, 2017 is repayable in 23 monthly instalments of
reduced by 715 basis construction thereupon along with charge over the said project Rs. 17 million each starting from 30 April 2017 till 31 March 2019.
Secured Term Loan 248.66 248.26 247.68 10.50% [HDFC CPLR as Secured by equitable mortgage of fixed asset and certain project land & Principal amount is to be repaid by adjusting 40% of the Sales receipts from certains
reduced by 715 basis construction thereupon along with charge over the said project project receivables and remaining amount outstanding if any, is repayable in 1
points] receivables. (includes assets of wholly owned subsidiaries). instalment of Rs. 37.50 million on 31 December 2017 and 5 quarterly instalments of
Rs. 42.50 million starting from 31 March 2018 to 31 March 2019.
Secured Term Loan 298.05 297.73 297.17 10.50% [HDFC CPLR as Secured by equitable mortgage of certain project land & construction Balance outstanding as at March 31, 2017 is repayable in 32 variable monthly
reduced by 715 basis thereupon along with charge over the said project receivables. (includes instalments starting from 31 May 2017 till 31 December 2019.
points] assets of wholly owned subsidiaries). 18 instalments of 3 million
4 instalments of 4 Million
10 instalments of 23 million
Secured Term Loan 207.25 248.02 - 10.50% [HDFC CPLR as Secured by equitable mortgage of fixed asset and certain project land & Balance outstanding as at March 31, 2017 is repayable in six quarterly instalments as
reduced by 715 basis construction thereupon along with charge over the said project given hereunder:
points] receivables. (includes assets of wholly owned subsidiaries). 1 instalment of 28.39 million and balance by 4 instalments of Rs. 35.00 million
starting from 30 Sep 2017 to 30 June 2018 and 1 instalment of Rs. 40.00 million on
30 September 2018.
Secured Term Loan 349.13 291.28 - 10.50% [HDFC CPLR as Secured by equitable mortgage of certain project land & construction Principal amount is to be repaid by adjusting 50% of the sales receipts from certains
reduced by 715 basis thereupon along with charge over the said project receivables. (includes project receivables and amount outstanding is repayable in maximum instalments as
points] assets of wholly owned subsidiaries). given hereunder:
Rs. 51.83 million by 31 December 2017, and balance by five quarterly instalments of
Rs. 60.00 million each starting from 31 March 2018 till 31 March 2019.
Secured Term Loan - - 109.67 17.75% Secured by equitable mortgage of certain project land and construction Balance outstanding on March 31, 2015 has been repaid during the previous year
thereupon along with charge over the said project receivables and is also
secured by mortgage over certain project inventory relating to wholly
owned subsidiaries.
Secured Term Loan - 54.54 117.58 17.75% Secured by equitable mortgage of certain project land and construction Balance outstanding on March 31, 2016 has been repaid during the current year
owned subsidiaries.
Secured Term Loan - 599.70 867.30 At Negotiated Rates Secured by equitable mortgage of certain land owned by subsidiaries and Balance outstanding on March 31, 2016 has been repaid during the current year
presently 16.00 % to construction thereupon.
16.40%
Secured Cash Credit 580.56 639.94 742.71 11% (linked to 6 months Secured by equitable mortgage of certain land & construction thereupon Payable on demand
marginal cost of lending including those related to wholly owned subsidiaries and to be secured
rate + 250 basis points by first charge over certain project receivables.
spread)
Secured OD 32.89 212.62 302.01 4.60% above Bank's Secured by equitable mortgage of certain land owned by subsidiaries and Payable on demand
overnight marginal cost of construction thereupon.
lending rate (Presently 7.6
%)
Secured Cash Credit - 500.22 493.49 4.75% above SBOP base Pari passu charge over the entire current assets of the Company, present Payable on demand
rate (Presently 9.65%) and future and equitable mortgage of certain project land & construction
thereupon (including assets of wholly owned subsidiaries).
Secured OD 611.99 1,539.91 1,591.90 1% above Fixed deposit Pledge of Fixed Deposits Payable on demand
rate
Secured Cash Credit - 699.98 698.16 7 % above SBI's Base rate Pari passu charge over the entire current assets of the Company, present Payable on demand
(Presently 9.30%) and future and equitable mortgage of certain project land & construction
Unsecured Compulsory Convertible 426.87 593.65 534.04 14.03% Unsecured Subscriber has an option to convert CCDs into equity shares @ Rs 64 each anytime
Debentures starting 21 September 2012 till 20 March 2022. On 20 March 2022, CCDs are to be
mandatorily converted into equity shares of the Company.
Unsecured Term Loan 2,790.00 - - Bank's one month Unsecured Balance outstanding as on March 31, 2017 is repayable in thirty six equal monthly
marginal cost of lending instalments of Rs. 77.50 million starting from Dec 2018.
rate (Presently 8.10 %)
Unsecured OD 149.96 - - Bank's one month Unsecured Payable on demand

marginal cost of lending
rate (Presently 9.60 %)
Unsecured WCDL 3,750.00 - - 0.1% above Bank's one Unsecured Payable on demand
year marginal cost of
lending rate (Presently
8.15 %). Negotiated rates
in case of WCDL booking
Unsecured Deferred payment liability 2,233.87 3,370.76 3,384.58 12% to 15% excluding Unsecured 10 to 12 equal quarterly or half yearly instalments from the date of grant of license
relating to Government penal interest 3%
dues*
21,618.81 13,891.20 15,128.47
* Deferrred payment liability of Rs. 1,502.41 million (31 March 2016: Rs. 1,707.13 million, 1 April 2015: Rs. 1,306.70 million) is overdue as at 31 March 2017.
Loan Covenants
Non convertible debentures and certain Bank loans contain certain debt covenants relating to limitation on indebtedness i.e. debt-equity ratio . The limitation on indebtedness covenant gets complied if the Company meets certain prescribed criteria. The debt covenant related to limitation on
indebtedness remained complied as of the date of the authorisation of the financial statements. The Company has also satisfied all other debt covenants prescribed in the terms of non convertibe debentures and bank loans.
18. Trade payables
Trade payables*
-total outstanding dues of micro and small enterprises - - -
-total outstanding dues other than micro and small enterprises 2,756.58 5,267.83 5,041.83
2,756.58 5,267.83 5,041.83

Liabilities associated with the disposal group classified as held for distribution (note 46) (108.06) - -
Total 2,648.52 5,267.83 5,041.83
* includes retention money payable amounting to Rs. 789.32 million (March 31, 2016: Rs. 879.53 million and April 1, 2015: Rs. 676.03 million)
Terms and conditions of the above financial liabilities:

1) Trade payables are non-interest bearing and are normally settled on 30 to 60 days terms
2) For terms and conditions with related parties, refer note 36
19. Other financial liabilities 31 March 2017 31 March 2016 1 April 2015
Current maturities of long term borrowings (refer note 16) 33,151.50 32,356.96 30,459.90
Interest accrued but not due on borrowings 7,289.05 4,704.19 42.70
Interest accrued and due on borrowings 824.12 1,386.87 2,625.18
Payable for fixed assets 12.52 3.31 5.51
Revenue share payable under collaboration agreement 295.03 294.91 294.90
Excess amount received from customers 578.94 450.96 1,069.12
Interest payable to customers 51.46 - -
Book overdraft 4.95 15.87 6.33
Security deposits 371.94 532.88 386.67
42,579.51 39,745.95 34,890.31
Liabilities associated with the disposal group classified as held for distribution (note 46) (9,682.10) - -
Total 32,897.41 39,745.95 34,890.31
20. Other current liabilities

Advance received towards collaboration agreements 5,167.03 5,274.60 5,400.08

Collections in excess of revenue 29,257.76 32,138.94 32,976.99
Unearned revenue 6,455.34 6,572.91 8,762.55
Statutory dues payable 508.14 328.83 202.88
41,388.27 44,315.28 47,342.50
Liabilities associated with the disposal group classified as held for distribution (note 46) (2,795.37) - -
Total 38,592.90 44,315.28 47,342.50

21. Short term provisions
Provision for employee benefits

Provision for gratuity (refer note 31) 57.02 52.52 48.13
Provision for compensated absences 82.36 117.83 124.00
Other provisions
Provision for claims and compensation* 1,841.48 643.08 7.40
Provision for estimated losses on projects in progress** 44.03 36.48 185.59
2,024.89 849.91 365.12
Liabilities associated with the disposal group classified as held for distribution (12.76) - -
(note 46)
Total 2,012.13 849.91 365.12
* Provision for claims and compensation 31 March 2017 31 March 2016
Opening balance 643.08 7.40

Additions for the year 2,213.22 1,045.35
Paid during the year (1,014.82) (409.67)
Closing balance 1,841.48 643.08
Provision for claims and compensation is recognised on the basis of management estimates of expected claim or compensation which the Company is required to
pay to the customers against the settlement of disputes.
** Provision for estimated losses on projects in progress

31 March 2017 31 March 2016

Additions for the year 7.55 -
Reversed during the year - (149.11)
Closing balance 44.03 36.48
Provision for estimated losses in project on progress is recognised on the basis of management estimates of expected losses to be incurred on some of the projects
where the total cost of the project is expected to exceed the total realisations therefrom.
22. Revenue from operations

31 March 2017 31 March 2016
Sale of products
Income from property development 5,545.45 10,152.13
Income from joint development agreement - 146.33
Income from collaboration agreement 2.63 3.06
5,548.08 10,301.52
Sale of services
Income from leisure business 30.63 31.65
Other operating revenues

Interest Income on delayed payments by customers 41.02 60.71
Income from forfeiture of customer advances 121.66 19.29
Income from transfer fees 18.58 19.45
Income from holding charges 9.52 4.86
Gain on compulsory acquisition of land (net) 1,917.47 146.14
Gain on exchange of land (net) 1,015.09 -
Income from termination of collaboration agreement 664.67 -
3,788.01 250.45
Total 9,366.72 10,583.62
23. Other income

31 March 2017 31 March 2016
Interest income on:
Bank deposits 111.37 143.54
Long term investments in subsidiaries 5.91 5.91
Loans to subsidiaries 29.06 8.47
Others 0.58 4.01
Other non operating income

Net gain arising on current investment measured at fair value through profit or loss* 27.28 12.79
Exchange differences, (net) 3.65 -
Net gain on disposal of property, plant and equipment 2.49 1.06
Reversal of provision for estimated losses on projects in progress - 227.15
Liabilities written back 97.65 10.25
Miscellaneous income 7.13 27.06
Total 285.12 440.24
* The amount represent gain on sale of investment and remeasurement gain on investment in mutual fund which are mandatorily measured at fair
value.
24. (Increase)/decrease in inventories

31 March 2017 31 March 2016
Opening projects in progress 46,129.50 48,137.63

Opening merchandise stock 0.19 0.23
Inventory transferred pursuant to compulsory acquisition of land (22.62) -
46,107.07 48,137.86
Less: Closing projects in progress 45,966.34 46,129.50

Less: Closing merchandise stock 0.22 0.19
140.51 2,008.17
25. Employee benefits expense

31 March 2017 31 March 2016
Salaries, wages and bonus 731.13 699.47

Contribution to provident fund 34.22 37.27
Gratuity expenses (refer note 31) 16.20 16.13
Compensated absences 3.45 16.65
Staff welfare expenses 34.58 29.17
Total 819.58 798.69
26. Finance costs

31 March 2017 31 March 2016
Interest on effective interest rate 6,840.62 7,125.81

Finance charges under finance lease 138.64 129.27
Bank charges 18.95 25.24
Total 6,998.21 7,280.32
Note: Interest includes Rs. 590.05 million (March 31, 2016 Rs. 463.24 million) and Bank charges include Rs. 15.60 million (March 31, 2016 Rs. 22.18
million) transferred to project in progress, of which some part has been subsequently charged off as per IND AS -11, Construction Contracts.
27. Depreciation and amortization expense

31 March 2017 31 March 2016
Depreciation of property, plant and equipments (refer note 4) 22.36 34.59

Amortization of intangible assets (refer note 5) 0.95 1.45
Less: debited to a third party pursuant to a collaboration agreement (0.01) (0.01)
23.30 36.03
28. Other expenses

31 March 2017 31 March 2016
Claim and compensation 2,213.22 1,045.35

Provision for bad and doubtful advances (net) 528.27 287.91
Legal and professional charges 317.51 260.25
Government dues and fees 311.51 33.17
Fair value loss on financial instruments at fair value through profit and loss - 3.67
Security and maintenance expenses 190.37 209.91
Selling commission (other than to sole selling agents) 117.93 161.70
Architect and technical fees 104.30 38.55
Provision for estimated losses on projects in progress 94.92 -
Rent 91.97 102.97
Rates and taxes 77.69 53.01
Electricity and water expenses 65.16 79.20
Exchange differences, (net) - 8.14
Insurance expenses 31.73 33.16
Payment to auditors 27.19 18.24
Advertising and sales promotion 26.82 28.91
Repairs and maintenance
- Plant and machinery 8.98 9.04
- Buildings 3.33 1.59
- Others 3.61 3.82
Charity and donations-other than political party 1.59 2.15
Loss on Sale of investment in subsidiary companies - 0.30
Provision for diminution in the value of long term investment - 12.91
Miscellaneous expenses 195.11 169.74
4,411.21 2,567.80
Payment to Auditors
As Auditor
Audit fee 15.50 12.00
Limited review 2.50 -
Audit fees for interim condensed financial statements - 5.50
Reporting for promoter company consolidation 8.50 0.50
Certification work 0.04 -
Reimbursement of expenses 0.65 0.24
27.19 18.24
29. Earnings Per Share (EPS)
Basic EPS is calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted average number of Equity
shares outstanding during the year.
Diluted EPS is calculated by dividing the profit for the year attributable to the equity holders of the parent after considering the effect of dilution
by weighted average number of Equity shares outstanding during the year plus the weighted average number of equity shares that would be issued
on conversion of all the dilutive potential equity shares into equity shares.
The following reflects the income and share data used in the basic and diluted EPS computations:
Particulars 31 March 2017 31 March 2016
Profit / (loss) for the year as per statement of profit and loss (7,543.61) (6,406.49)
Effect of dilution:
Add: Debenture interest on Compulsory convertible debenture 61.26 60.81
(7,482.35) (6,345.68)
Profit / ( loss) attributable to equity holders for basic earnings
No. million No. million

Weighted average numbers of equity shares in calculating basic EPS 912.62 912.62
Effect of dilution:
Add; Weighted numbers of potential equity shares outstanding during the year 39.06 39.06
Weighted average number of equity shares in calculating diluted EPS 951.68 951.68
Earnings per equity share

Basic (Rs.) (8.27) (7.02)
Diluted* (Rs.) (8.27) (7.02)
Face Value of shares (Rs.) 10 10
* Potential equity shares are anti-dilutive as their conversion to equity shares would decrease loss per equity shares form ordinary business
activities. Therefore the effect of anti-dilutive potential equity has been ignored in computing dilutive earning per share.
30. Commitments and contingencies
a) Leases
Operating lease commitments - Company as lessee
The Company has obtained office premises on operating leases. Few of the leases for office premises
were non- cancellable.
Future minimum rentals payable under non-cancellable operating leases are as follows:

Not later than one year - 4.55 2.62
Later than one year but not later than five - 4.41 4.84
year
Later than five years - - -
Lease payments of Rs. 91.97 million (31 March 2016 – Rs. 102.97 million) have been recognized as an
expense in the statement of profit and loss during the year.
For other cancellable leases, there is no contingent rent in the lease agreements. The lease term is for 1-30
years and is renewable at mutual agreement of both the parties. There is no escalation clause in the lease
agreements. There are no restrictions imposed by lease arrangements. There are no subleases.
Finance lease commitments
In 2007- 2008, the Company had entered into perpetual lease with President of India for grant of
leasehold rights of certain hotel plots in Delhi. The Company had paid Rs. 4,159.51 million (March 31,
2016 Rs. 4,159.51 million) on account of initial lease premium which has been classified as Land (on
lease) under Property, plant and equipment in the financial statements. As per the agreement, the
Company had to pay to Delhi Development Authority an annual lease rental of 2.5% of the initial lease
premium payable half yearly with effect from March 27, 2011. Till March 31, 2017, the Company has
accrued finance lease amounting to Rs. 487.52 million (31 March 2016 – Rs. 390.34 million, 1 April
2015 – Rs. 292.88 million) excluding interest in the financial statements. Besides there are other capital
advances of Rs. Nil (31 March 2016 – Nil, 1 April 2015 – Rs. 0.11 million) and capital work in progress
of Rs. 976.60 million (31 March 2016 – Rs. 976.60 million, 1 April 2015 – Rs. 976.60 million) which are
being carried in these financial statements in connection with the said project. Though the project is
temporarily suspended, the management is confident of recovering the full value of the assets being
carried in the financial statements. The details of future lease payments are as below:

Minimum Present Minimum Present Minimum Present
lease value of lease value of lease value of
payments MLP payments MLP payments MLP
Not later than one year 97.19 97.19 97.19 97.19 97.19 97.19
Later than one year but not
388.74 388.74 388.74 388.74 388.74 388.74
later than five year
Later than five years 97.19 per 97.19 per 97.19 per 97.19 97.19 per 97.19
year year year per year year per year
b) Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of
advances) are Rs. 159.68 million (March 31, 2016 - Rs. 177.75 million, April 1, 2015 - Rs. 179.89
million).
The Company has entered into certain agreements with possessors / lessees of land to develop properties
on such land and operate such properties. In lieu of the same, the Company has agreed to share certain
percentage of future revenues arising from the operations of the same, as assignment cost to these parties.
Since the estimated future revenues and consequential assignment cost cannot be ascertained as on date,
the amount payable in exchange of getting such development and operating rights is not being separately
disclosed in the financial statements.
c) Contingent Liabilities
Claim against the Company not acknowledged as debts
(i.) Corporate guarantees given by the Company to banks for facilities availed by Subsidiary company
outstanding as at Rs. 16.15 million (March 31, 2016, Rs. 97.12 million and April 1, 2015 - Rs. 139.86
million).
(ii.) Claims received from vendors / contractors, not accepted by the Company Rs. 69.62 million (March 31,
2016 - Rs. 75.73 million and April 1, 2015 Rs. - 70.46 million). The Company has been advised that
these claims are not tenable.
(iii.) Claim for expenses by a promoter Company, not accepted by the Company Rs. Nil (March 31, 2016 - Rs.
25.38 million and April 01, 2015 - Rs. 23.96 million).
(iv.) Claims sought by customers, not accepted by the Company are Rs. 117.79 million (March 31, 2016 -
Rs.112.42 million and April 1, 2015– Rs. 41.67 million).
(v.) There are various claims against the Company, by vendors/sellers aggregating to Rs. 281.21 million
(March 31, 2016 - Rs. 185.06 million April 1, 2015 – Rs. 60.80 million), against which the Company is
in litigation, against which no material liability is expected.
(vi.) The Company had received a demand order u/s 34 and u/s 16 of HVAT Act 2003 for levy of works
contracts tax in earlier years which is settled by opting for the Haryana Alternative Tax Compliance
Scheme for Contractors, 2016 (hereinafter referred to as “Amnesty Scheme”), for the financial years
2007-08 to 2013-14. The Amnesty Scheme has given an option to the developer to pay VAT liability @
1.05% on the entire amount received / receivable from the customers, without any interest and penalty
and resultantly, all pending assessments / revisions / litigations before any forum / court for the period up
to financial year 2013-14, will come to an end. The Company has opted for the said scheme and
ascertained a total liability of Rs.745.69 million for all periods up to financial year 2013-14. The
Company had already deposited a sum of Rs. 241.75 million under protest in earlier years, which has
been adjusted with total liability under Amnesty Scheme. The balance liability of Rs. 503.93 million is to
be deposited in four equal quarterly installments. Out of balance liability, the Company has deposited Rs.
251.96 million till April 15, 2017 in two installments and balance 50% amounting to Rs. 251.97 million
is to be deposited into two equal quarterly installments which are due on July 15, 2017 and October 15,
2017. Wherever, the Company had handed over the possession to the customers and does not have any
security from the customers the same has been provided for in the financial statements and for all the
other cases the same is treated as recoverable from its customers and the process of recovery has been
initiated.
For all periods starting April 01, 2014 the Company is depositing VAT amount based on purchase
method and based on contractual terms with customers the same has been treated as recoverable in these
(vii.) The Company has received a demand notice of Rs.7.15 million including interest (March 31, 2016 - Rs.
7.15 million) on account of various additions to the income tax return filed for the Assessment Year
2006-07 and penalty of Rs. 26.80 million (March 31, 2016 - Rs. 26.80 million), which has been adjusted
against subsequent tax refunds. The said demand of Rs. 7.15 million was reduced to Rs. 0.75 million
including interest by CIT (Appeals). Both the tax department and the Company have filed an appeal with
the Income Tax Appellate Tribunal (ITAT) against the order of CIT (Appeals). During the year, ITAT
had set aside all above matters and has referred back the same to Assessing Officer for fresh assessment.
Further the Company’s appeal against the penalty demand of Rs. 26.80 million is pending with CIT
(Appeals).
(viii.) The Company has received an order dated March 31, 2017 on May 17, 2017 confirming the validity of
show cause notice ('SCN') issued on account of alleged improper utilization of cenvat credit of Rs. 24.45
million (excluding interest and penalty) for the period 2007-08 to 2009-10. As per the said order, the
Company’s business activity falls under ‘Construction of Complex’ service category which was not
taxable before July 1, 2010, but the Company had collected service tax from its customers and availed
/utilized cenvat credit for paying the service tax so collected. The department's contention is that as the
service tax has been collected under a non-taxable service category, it ought to be paid in cash and should
not be adjusted with the cenvat credit. The Company's contention is that the Company is under ‘Works
Contract’ service category and not under ‘Construction of Complex’ service category for these projects
and hence is eligible for cenvat credit. Further, the Company is in process of filing an appeal against the
order before CESTAT.
(ix.) On September 12, 2007, the Company was subjected to search and seizure operations under Section 132
and surveys under Section 133A of the Income Tax Act, 1961 (the “Act”). The search and seizure
operations were conducted at various locations of the Company and on the premises of certain Executive
Directors and employees of the Company and certain Promoters, companies of Promoters, members of
the Promoter Company, and relatives of the Promoters and employees of the Promoter companies.
During the course of the search and seizure operations, the Income Tax authorities have taken custody of
certain materials such as documents, records, computer files and hardware, and recorded statements of
certain officials of these entities. Subsequently, the income tax authorities had sought further
information/documents and explanations from time to time. In connection with the search and seizure
operations, the Company received a notice dated October 8, 2008 under Section 153A of the Act, from
the Assistant Commissioner of Income Tax, Central Circle – 7, New Delhi (the “Assistant
Commissioner”) requiring it to furnish returns of income for the assessment years 2002-03 to 2007-08,
which the Company complied with. Further, pursuant to the search conducted by Enforcement
Directorate under Section 37 of the Foreign Exchange Management Act, 1999 on December 12, 2009,
consequential proceedings u/s 132 A of the Income Tax Act, 1961 were initiated by the Income Tax
department, resulting into abatement of pending proceedings to be reinitiated u/s 153 A / 153 C of the
Income Tax Act, 1961. Pending completion of above referred proceedings, the tax liability, if any, that
may ultimately arise on this account cannot presently be ascertained.
On June 19, 2014, the Company was subjected to search and seizure operation u/s 132 of the Income Tax
Act, 1961. The Company also received the notice u/s153A/143(3) of the Income Tax Act, 1961 for
Assessment Year 2009-10 to Assessment Year 2015-16 on February 3, 2015 to file the Income Tax
Return (ITR) within 30 days of receipt of notice. The Company duly filed the ITR u/s 153A for the
Assessment Year 2009-10 to Assessment Year 2014-15 within stipulated time mentioned in the notice.
On December 28, 2016, the Company has received assessment orders u/s 153A/143(3) for Assessment
Year 2009-10 to Assessment Year 2015-16, whereby the Assessing Officer has made disallowances on
certain matters amounting to Rs 4,506.58 million. The said disallowances resulted in reducing the
brought forward business losses and capital losses of the Company, however did not have any impact on
the normal tax liability of the Company. Further, due to the aforesaid assessments, the Assessing Officer
has computed additional MAT liability of Rs. 63.64 million (including interest of Rs. 28.48 million) for
Assessment year 2010-11. The Company based on its assessment is of the view that the said demand
would not sustain and no additional liability would devolve on the Company.
Accordingly, the Company has filed an appeal before CIT (Appeals) for the Assessment Years 2009-10
to 2015-16 w.r.t. the above mentioned disallowances.
(x.) In December 2009, the Company and certain of its directors, employees, an independent real estate
broker of the Company and other persons were subjected to search and seizure operations conducted by
the Enforcement Directorate under Section 37 of the Foreign Exchange Management Act, 1999, as
amended (“FEMA”), read with Section 132 of the Income Tax Act, 1961, as amended. During the search
at the Company’s offices, the Enforcement Directorate took custody of certain documents and recorded
the statements of certain directors/officers of the Company. Subsequently, the Enforcement Directorate
had also sought further information/documents and explanations from time to time, which were duly
furnished by the Company.
Pursuant to the aforementioned search and seizure operations, a complaint was filed by the Assistant
Director, Enforcement Directorate under Section 16(3) of FEMA on May 17, 2013, and subsequently the
Enforcement Directorate, on June 4, 2013, issued Show Cause Notices (“SCN”) under FEMA to the
Company, some its directors and its four subsidiaries namely Accession Buildwell Pvt. Ltd., Emaar MGF
Construction Pvt. Ltd., Shrestha Conbuild Pvt. Ltd. and Smridhi Technobuild Pvt. Ltd. The SCN alleges
contravention of the provisions of Section 6(3) (b) of FEMA read with provisions relating to receipt of
Foreign Direct Investment (“FDI”) in Construction Development Projects and the Foreign Exchange
Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, by the
Company and the said subsidiaries, by utilizing the FDI aggregating to approximately Rs. 86,000.00
million (including Rs. 75,645.80 million in respect of the Company) in purchase of land, including
agricultural land. The Enforcement Directorate has also initiated Adjudication Proceedings in the said
matter.
On January 8, 2014, the Company and its subsidiaries have filed its replies to the SCN with the
Enforcement Directorate and have also challenged initiation of Adjudication Proceedings against the
Company and its subsidiaries. The Company, basis available legal opinions and clarifications obtained
from the Reserve Bank of India and Department of Industrial Policy & Promotion (Government of India),
believes that the purchase of land, including agricultural land, for the conduct of its business of
construction & development is in compliance of applicable provisions of law, including the FEMA and
FDI.
Further, on April 8 2014, the Adjudicating Authority directed the Enforcement Directorate to provide
certain documents to the Company. The Enforcement Directorate vide its letter dated July 22, 2015 had
asked the Company to take the documents from the office of the relevant Enforcement Directorate
department and the Company had vide its letter dated August 6, 2015 requested the relevant department
to provide the requisite documents, which the Company is yet to receive. However, no formal demand
has been received by the Company till date.
(xi.) Loans and advances includes amounts paid to certain parties directly or through the subsidiaries of the
Company, for acquiring land/ land development rights for development of real estate projects, either on
collaboration basis or self – development basis. Of these, with respect to advances of Rs. 2,594.62 million
(March 31, 2016 - Rs. 689.83 million and April 1, 2015 - Rs. 599.09 million) for land or development
rights associated with the land, the matters are currently under litigation for which necessary legal
proceedings are on.
(xii.) The Company, vide a Development Agreement dated November 3, 2006 (subsequently amended by the
agreement dated July 25, 2007) entered into with Emaar Hills Township Private Limited (hereinafter
referred to as ‘EHTPL’), had undertaken the development of land in Hyderabad, sold to EHTPL by
Andhra Pradesh Industrial Infrastructure Corporation (APIIC) based on various Government Orders and
through a duly registered Conveyance Deed dated December 28, 2005. EHTPL being the absolute owner
of the said land, had appointed the Company as the project developer via Development Agreement cum
General Power of Attorney (GPA) dated July 25, 2007 and an Addendum to Development Agreement
cum GPA dated July 23, 2008 whereby and in consideration thereof, the Company had to share 25% of
the Gross Revenue derived through sale and/or lease proceeds from building and structures proposed to
be constructed thereon with EHTPL.
The Company also, vide an Assignment Deed dated November 3, 2006 entered into with Boulder Hills
Leisure Private Limited (hereinafter referred to as ‘BHLPL’), had undertaken the development and
operation of a ‘Golf Course’ in Hyderabad for a lease period of 66 years and in consideration thereof,
agreed to share 5% of gross annual revenue during the first 33 years and 6% of gross annual revenue for
remaining 33 years of the lease term with BHLPL.
During the earlier years, in a dispute between the APIIC and Emaar Properties PJSC (shareholders of
EHTPL and BHLPL), APIIC had issued a legal notice to the other shareholder Emaar Properties PJSC
(Emaar) for termination of the collaboration agreement (entered between APIIC and Emaar), which has
been stayed by Hon’ble A.P. High Court. APIIC also issued legal notice to the BHLPL, inter-alia alleging
that the Assignment Deed and other contracts signed by BHLPL with the Company have been entered
into without obtaining permission from APIIC and had requested BHLPL to terminate the said
Assignment Deed.
Further, APIIC had issued letters to the Joint Sub Registrar to stop the registrations of plots, villas and
apartments in the project being developed under the aforesaid Development Agreement, which had been
contested by EHTPL vide a Writ Petition in the Hon’ble A.P. High Court. Subsequently, a Government
Order was issued banning registrations of properties owned by the Company, which was suspended by a
Single Judge bench of the Hon’ble A.P. High Court on an application filed by the flat owners welfare
association. However, upon an application made by APIIC, division bench of Hon’ble A.P. High Court
suspended the aforesaid judgment.
APIIC had filed another suit against the Company before City Civil Court for rendition of accounts,
permanent injunction against the Company to restrain any transfer of properties to third parties and
carrying out any work or activity on the project. However, as there was no privity of contract between
APIIC and the Company, the said proceedings have been stayed by the Hon’ble A.P. High Court. The
matter is now listed on July 11, 2017.
The Company, based on legal advice, is of the opinion that all the aforesaid disputes shall be settled
amicably by the parties under the Arbitration and Conciliation Act, 1996 or as per the Dispute Redressal
Mechanism provided under AP Infrastructure Development Enabling Act, 2001.
Further, there have been certain legal proceedings initiated against the Company, EHTPL & Emaar, as
detailed hereunder-
i. A Public Interest Litigation (PIL) was filed by an individual with the Hon’ble A. P. High Court
making allegations, inter alia, of irregularities in the Development Agreement cum General Power
of Attorney entered into by the Company with EHTPL. Subsequently, the Hon’ble A.P. High Court
had ordered Central Bureau of Investigation (CBI) to conduct an inquiry into the allegations. CBI
had filed charge sheets against various persons including the Company, former Managing Director
and few officers of the Company. Among other things CBI has alleged that development agreement
cum GPA and addendum thereto and agency agreement was executed in violation of collaboration
agreement and without following proper procedures. CBI has also alleged that certain plots sold
were not accurately reflected in the books of the Company and has alleged irregularities in allotment
of project land. CBI has also alleged that APIIC has incurred loss to the tune of Rs. 435.00 million
on the deal. As on date, CBI has now filed a fresh charge sheet dated October 25, 2012 and trial is
proceeding in its due course. During the investigation by CBI in respect of the Project in Hyderabad,
CBI had also referred the matter to the Enforcement Directorate (ED). The Company received a
provisional attachment order from the ED on approx. 4.8 acres of land in Delhi, owned by one of the
subsidiaries of the Company costing Rs. 88.60 million and a complaint before the Adjudicating
Authority (PMLA) was also filed by ED. The Adjudicating Authority confirmed the attachment
order of ED. The Company has now filed an appeal before the Appellate Tribunal against the said
order.
ii. A criminal complaint was filed by another individual before Special Judge, Anti-Corruption Bureau
(ACB) Cases, Hyderabad, in which, various companies having operations in Hi-Tech City of
Hyderabad during various periods were made accused parties including Emaar, EHTPL and the
Company, alleging irregularities in allocation of land to these parties. The said Court passed order
directing DG, ACB to conduct investigation into the allegations of the complaint. The said order has
however been stayed by the Hon’ble A. P. High Court on filing Criminal Revision Cases by the
Company and Emaar. Subsequently Hon’ble A.P. High Court disposed off all these criminal
proceedings with directions that all the complaints filed by the said individual will be forwarded to
CBI as additional material for their consideration.
In an another litigation, the ownership of project land under EHTPL and BHLPL along with other Land
Parcels are being disputed by various parties stating that the land belongs to Dargah and consequently
should be administered by the Wakf Board. The Hon’ble A.P. High Court in its ruling has passed an
order in favour of the petitioners. However, subsequently on an appeal made by one of the aggrieved
parties, who was also a respondent to the aforesaid suits, Hon’ble Supreme Court has stayed the order on
assurance given by the State that it will compensate plaintiff in the suit by money or by providing
alternative land.
Until March 31, 2017, with respect to the development agreement, with EHTPL, the Company has
collected Rs. 3,423.21 million (March 31, 2016 - Rs. 3,423.21 million) from customers on account of
various real estate projects launched and has spent Rs. 3,852.80 million (March 31, 2016 - Rs. 3,852.80
million) on development of various projects being undertaken. Out of the said amounts, cumulative
revenue of Rs. 1,447.86 million (March 31, 2016 - Rs. 1,447.86 million) [excluding EHTPL’s share of
Rs. 482.62 million (March 31, 2016 - Rs. 482.62 million)] and cumulative costs of Rs. 980.46 million
(March 31, 2016 - Rs. 980.46 million) have been recognised in the statement of profit and loss until the
Balance Sheet date. Outstanding balances as at year end includes trade receivables of Rs. 67.30 million
(March 31, 2016 - Rs. 67.30 million), recoverable of Rs. 53.25 million (March 31, 2016 - Rs. 27.97
million), accrued revenue of Rs. 26.96 million (March 31, 2016 - Rs. 26.96 million), trade payables of
Rs. 220.40 million (March 31, 2016 - Rs. 234.75 million), outstanding revenue share payable to EHTPL
of Rs. 294.81 million (March 31, 2016 – Rs. 294.81 million), other liabilities of Rs. 1,586.99 million
(March 31, 2016 - Rs. 1,586.99 million), inventories of Rs. 2,872.34 million (March 31, 2016-
Rs.2,872.28 million) and capital work in progress of Rs. 18.97 million (March 31, 2016 - Rs. 18.97
million). In view of the aforesaid litigations, the management believes that the amounts payable to
EHTPL under the Development Agreement is disputed and is neither due nor payable until the disposal
of the said litigations.
Further, with respect to the assignment deed with BHLPL, the Company has collected Rs. 401.02 million
(March 31, 2016 – Rs. 361.99 million) from customers of which Rs. 338.76 million (March 31, 2016 -Rs.
308.13 million) [excluding BHLPL’s share of Rs. 14.76 million (March 31, 2016 – Rs. 13.64 million)]
has been recognized as revenue upto the balance sheet date.
Pending completion of above referred proceedings and based on the legal advices received, management
of the Company believes that the allegations/matters raised are contrary to the factual position and hence
not tenable.
(xiii.) As at March 31, 2017, the Company has investments of Rs. 603.53 million (March 31, 2016 - Rs. 603.53
million) in the form of equity share capital in one of its subsidiary companies, Emaar MGF Construction
Private Limited (‘EMCPL’) and a recoverable of Rs. 2,266.22 million (March 31, 2016 - Rs. 2,098.40).
During the current year, EMCPL has made a loss of Rs. 3.56 million (March 31, 2016 - Rs. 48.22
million) and has accumulated losses of Rs. 575.76 million (March 31, 2016 - Rs. 572.20 million) as at the
year end.
EMCPL is under various litigations with respect to the Commonwealth Games (CWG) Village project
undertaken by it, including with –
• Delhi Development Authority (DDA) under Project Development Agreement for the development and
construction of the project, whereby EMCPL has raised claims over DDA aggregating to Rs. 14,182.38
million (March 31, 2016 - Rs. 14,182.38 million), against which DDA has raised counter claims
aggregating to Rs. 14,460.44 million (March 31, 2016 - Rs. 14,460.44 million) on EMCPL. DDA is also
alleging extra usage of Floor Area Ratio (FAR) by EMCPL; and
• M/s Ahluwalia Contracts (India) Limited, contractor appointed for the construction of the project,
wherein claims by the contractor and counter claims by EMCPL aggregating to Rs. 4,200.19 million
(excluding interest) (March 31, 2016 - Rs. 4,200.19 million) and Rs. 11,702.55 million (March 31, 2016 -
Rs. 11,702.55 million) respectively are pending for decision with the arbitration tribunal.
Unfavourable outcome of the outstanding litigations may result in the said subsidiary not being able to
meet its obligations fully and may lead to a diminution, other than temporary, in the value of the
investment that the Company holds in EMCPL besides non recovery of the aforesaid advance. Further,
the Company has undertaken to provide continued financial support to EMCPL as part of its business
strategy for meeting its operating and capital funding requirements for the next financial year and in the
near future.
(xiv.) Balance with statutory authorities includes Rs. Nil (March 31, 2016 - 20.27 million) paid under protest
towards service tax on transfer on joint development rights.
Regarding the liabilities stated above from (i) to (xiv), the Company believes that the matters are possible
but not probable, that outflow of economic resources are required, and hence no provisions has been
made in these financial statements.
31. Employee benefit plan
Defined contribution plan
The Company contributed a total of Rs. 34.22 million for the year ended March 31, 2017 and Rs. 37.27
million for the year ended March 31, 2016 to the defined contribution plan described below.
Central provident fund
In accordance with The Employees Provident Funds Act, 1952 employees are entitled to receive benefits
under the provident fund. Both the employee and the employer make monthly contributions to the plan at
a predetermined rate (12% for fiscal year 2017 and 2016) of an employee’s basic salary. All employees
have an option to make additional voluntary contributions. These contributions are made to the fund
administered and managed by the Government of India (GOI). The Company has no further obligations
under the fund managed by the GOI beyond its monthly contributions which are charged to the statement
of profit and loss in the period they are incurred.
Defined benefit plan
Gratuity:
The Company has a defined benefit gratuity plan for its employees. Under the plan, employee who has
completed five years of service is entitled to specific benefit. The level of benefits provided depends on
the member’s length of service and salary at retirement age. The scheme is funded with an insurance
Company in the form of qualifying insurance policy.
The Company is maintaining a fund with the Life Insurance Corporation of India (LIC) to meet its
gratuity liability. The present value of the plan assets represents the balance available with the LIC as at
the end of the year. The total value of plan assets is as certified by the LIC.
The following tables summarise the components of net benefit expense recognised in the statement of
profit or loss and the funded status and amounts recognised in the balance sheet for the gratuity plan:
Changes in the present value of the defined benefit obligation are, as follows:

Defined benefit obligation at the beginning of the 76.80 80.82
year
Current service cost 12.05 12.38
Interest cost 6.04 6.30
Benefits paid (18.08) (12.75)
Actuarial (gain) / loss on obligations 1.51 (9.95)
Defined benefit obligation at the end of the year 78.32 76.80
Changes in the fair value of plan assets are, as follows:

Fair value of plan assets at the beginning of the year 24.28 32.69
Contribution by employer 14.82 1.75
Fund management charges (FMC) (0.03) -
Return on plan assets 1.92 2.55
Actuarial gain / (loss) on plan asset (1.61) 0.04
Fair value of plan assets at the end of the year 21.30 24.28
Percentage allocation of plan assets LIC

As at 31 March As at 31 March
Assets by category
2017 2016
Government Securities 64.78% 64.70%
Debentures / bonds 25.72% 25.62%
Equity instruments 6.28% 6.52%
Fixed deposits 2.55% 2.49%
Money market instruments 0.67% 0.67%
Reconciliation of fair value of plan assets and defined benefit obligation:

Fair value of plan assets 21.30 24.28 32.69
Defined benefit obligation 78.32 76.80 80.82
Amount recognised in the Balance 57.02 52.52 48.13
Sheet
Amount recognised in Statement of Profit and Loss:

Net interest expense 4.15 3.75
Amount recognised in statement of Profit and 16.20 16.13
Loss
Amount recognised in Other Comprehensive Income:

Actuarial changes arising from changes in - -
demographic assumptions
Actuarial changes arising from changes in financial (1.51) 9.95
assumptions
Return on plan assets (excluding amounts included (1.61) 0.04
in net interest expense)
Experience adjustments - -
Amount recognised in Other Comprehensive (3.12) 9.99
Income
The major categories of plan assets of the fair value of the total plan assets are as follows:
Particulars 31 March 31 March 1 April 2015

2017 2016
Gratuity
Investment details Funded Funded Funded
Investment with Insurer (LIC) 100% 100% 100%
The principal assumptions used in determining gratuity liability for the Company’s plans are
shown below:
Particulars 31 March 31 March 2016 1 April 2015

2017
Discount rate 7.50% 7.90% 7.80%
Future salary increases 8.00% 8.00% 8.00%
Withdrawal rate
Up to 30 years 3.00% 3.00% 3.00%
From 31 to 44 years 2.00% 2.00% 2.00%
Above 44 years 1.00% 1.00% 1.00%
Mortality rate IALM (2006- IALM (2006- IALM (2006-
08) 08) 08)
A quantitative sensitivity analysis for significant assumption shown above as at 31 March is as

shown below:
Gratuity Plan Impact on DBO

31 March 2017 31 March 2016
Assumptions
Discount rate
Increase by 0.50% (5.21) (5.09)
Decrease by 0.50% 5.72 5.59
Future salary increases
Increase by 0.50% 5.66 5.56
Decrease by 0.50% (5.21) (5.11)
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 shown above occurring at
the end of the reporting period.
Sensitivities due to mortality and withdrawals are insignificant and hence ignored.
Sensitivities as to rate of inflation, rate of increase of pensions in payments, rate of increase of pensions
before retirement and life expectancy are not applicable being a lump sum benefit on retirement.
The expected contribution to the defined benefit plan during the next financial year is Rs. 19.66 million.
Maturity Profile of Defined Benefit Obligation

Within the next 12 months (next annual reporting 1.44 5.01
period)
Between 2 and 5 years 10.67 4.93
Total expected payments 78.35 76.80
The average duration of the defined benefit plan obligation at the end of the reporting period is 23.44
years (31 March 2016: 23.10 years).
Risk analysis
Company is exposed to a number of risks in the defined benefit plan. Most significant risks pertaining to
defined benefits plan, and management’s estimation of the impact of these risks are as follows:
Interest risk
A decrease in the interest rate on plan assets will increase the plan liability.
Longevity risk/ Life expectancy
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the
mortality of plan participants both during and at the end of the employment. An increase in the life
expectancy of the plan participants will increase the plan liability.
Salary growth risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of
plan participants. An increase in the salary of the plan participants will increase the plan liability.
Investment risk
The Gratuity plan is funded with Life Insurance Corporation of India (LIC). Company does not have any
liberty to manage the fund provided to LIC. The present value of the defined benefit plan liability is
calculated using a discount rate determined by reference to Government of India bonds. If the return on
plan asset is below this rate, it will create a plan deficit.
32. As at March 31, 2017, 145.41 acres (March 31, 2016 - 166.37 acres April 1, 2015 - 170.69 acres) of land
parcels held by the various subsidiaries of the Company have been notified by the various State
Governments to be acquired by the development authority under compulsory acquisition. In some cases,
the subsidiaries have filed applications with the relevant authorities against such acquisition notifications
of the Government while in some other cases; the award is not yet received. Pending final
order/settlement or announcement of such award, no accounting there against has been considered in
these financial statements. Management believes that the expected award value would be greater than the
book value of such land parcels.
33. The Company has not made any provision as at March 31, 2017, for Minimum Guaranteed / Enhanced
Minimum Guaranteed / Fixed / Enhanced Fixed Return as per the terms of its agreement dated July 9,
2008 entered with Emaar Properties PJSC, Dubai (‘EPJSC’), pursuant to which EPJSC has invested Rs.
4,253.55 million (March 31, 2016 - Rs. 4,253.55 million and April 01, 2015 - Rs. 4,253.55 million) in
certain subsidiary companies, since, as per a legal opinion obtained by the Company during an earlier
year, it is not liable to pay such returns in terms of the provisions of the applicable laws in India.
34. Income Tax
The major components of income tax expense for the year ended March 31 2017 are indicated below:
a) Statement of profit or loss for the year ended
March 31, 2017 March 31, 2016

Current tax:
Current tax on profit for the year - -
Total current tax - -
Deferred tax: - -
Origination and reversal of temporary differences - -
Total deferred tax - -
Tax expense / (credit) for the year - -
Effective income tax rate (%) - -
b) Statement of other comprehensive income for the year ended
March 31, 2017 March 31, 2016

Deferred tax (credit) / charge on:
Re-measurement of defined benefit obligations - -
Total - -
A reconciliation of income tax expense applicable to accounting profits / (loss) before tax at the statutory
income tax rate to recognised income tax expense for the year indicated are as follows:
Particulars March 31, March 31,

2017 2016
Accounting profit / (loss) before tax for the year ended (7,543.61) (6,406.49)
Statutory income tax rate (%) 34.61% 34.61%
Tax at Indian statutory income tax rate (2,610.69) (2,217.16)
Disallowable expenses 15.31 11.12
Loss in respect of which deferred tax assets not recognized for the 2,595.38 2,206.04
year*
Tax charge for the year - -
*Deferred tax assets on unabsorbed depreciation/business loss have been recognised only to the extent of
deferred tax liabilities on taxable temporary differences available.
There are certain income-tax related legal proceedings which are pending against the Company. Potential
liabilities, if any have been adequately provided for, and the Company does not currently estimate any
probable material incremental tax liabilities in respect of these matters.
Deferred tax assets / (liabilities):
The Company has not recognised net deferred tax assets on deductible temporary differences as at March
31, 2017, March 31, 2016 and April 1, 2015 as there is no probability that taxable profit will be available
against which the deductible temporary differences can be utilised. The tax effect of temporary
differences, unused tax credits/unused tax losses are as under:
Significant components of Deferred tax March 31, March 31, April 01,
assets/(liabilities) 2017 2016 2015
Property, Plant and Equipment (78.63) 14.45 21.18
Employee benefits 80.48 58.95 59.57
Provision for dimunition in the value of asset 2,856.30 2,628.27 2,578.38

Provision for claim & Compensation 765.95 - -
Business losses 7,831.28 6,182.00 3,869.98
Unabsorbed depreciation 257.30 234.44 210.47
Capital losses 384.34 384.34 384.14
Premium on redemption of debentures yet to be allowed 521.10 521.10 572.00
for tax purposes
Fair value accounting of compound financial 147.73 167.49 184.82
instruments
Fair value accounting of barter transactions (773.40) (773.40) (654.16)
Total 11,992.45 9,417.64 7,226.38
The Unused tax losses as at March 31, 2017 expire, if unutilize, based on the year of origination as
follows:
Particulars Within one Greater the one Greater than No expiry Total
year year, less than five Years date
five years
Unutilize business - 7,614.40 15,014.14 - 22,628.54
losses
Unabsorbed - - - 743.47 743.47

depreciation
Unutilize capital 1,109.97 - 0.59 1,110.56
losses
Total 1,109.97 7,614.40 15,014.73 743.47 24,482.57
The Company has unused MAT credit amounting to Rs. 199.71 million as at March 31, 2017. Such tax
credits have not been recognised on the basis that recovery is not probable in the foreseeable future.
Unrecognised MAT credit, if unutilized, will expire after March 31, 2025.
35. Expenditure on Corporate Social Responsibility (CSR) activity
As per requirement of sub section 5 of section 135 of the Companies Act 2013, the Company was
required to spend at least two percent of its average net profit for the three immediately preceding
financial years. Since, the Company has been incurring losses in immediately three preceding financial
years; therefore the Company is not required to spend any amount during the current financial year
towards CSR activities.
36. Related Party Disclosures
A. List of related parties:-
I Ultimate holding / Holding company:-

1. Emaar Properties, PJSC, Dubai*
2. Emaar Holding II*
II Entities substantially owned directly or indirectly by the Company, irrespective of

whether transactions have occurred or not:-
1. Aashirwad Conbuild Private Limited
2. Abbey Properties Private Limited
3. Abbot Builders Private Limited
4. Abhinav Projects Private Limited
5. Abyss Properties Private Limited
6. Accession Buildwell Private Limited
7. Accordion Buildwell Private Limited

8. Achates Buildcons Private Limited
9. Acorn Buildmart Private Limited
10. Acorn Developers Private Limited
11. Active Promoters Private Limited
12. Active Securities Limited
13. Acutech Estates Private Limited
14. Adze Properties Private Limited
15. Allied Realty Private Limited
16. Alpine Buildcon Private Limited
17. Amar Gyan Developments Private Limited
18. Amardeep Buildcon Private Limited
19. Aparajit Promoters Private Limited
20. Archit Promoters Private Limited
21. Ardor Conbuild Private Limited
22. Arma Buildmore Private Limited
23. Arman Promoters Private Limited
24. Armour Properties Private Limited
25. Auspicious Realtors Private Limited
26. Authentic Properties Private Limited
27. Avinashi Buildtech Private Limited
28. Bailiwick Builders Private Limited
29. Balalaika Builders Private Limited
30. Ballad Conbuild Private Limited
31. Bhavishya Buildcon Private Limited
32. Bhavya Conbuild Private Limited
33. Bhumika Promoters Private Limited
34. Brijbasi Projects Private Limited
35. Brilliant Build Tech Private Limited
36. Camarederie Properties Private Limited
37. Calypso Properties Private Limited
38. Camellia Properties Private Limited
39. Capex Projects Private Limited
40. Casing Properties Private Limited
41. Cassock Properties Private Limited
42. Cats Eye Properties Private Limited
43. Charbhuja Properties Private Limited
44. Charismatic Realtors Private Limited
45. Chhavi Buildtech Private Limited
46. Chintz Conbuild Private Limited
47. Chirayu Buildtech Private Limited
48. Choir Developers Private Limited
49. Chum Properties Private Limited
50. Compact Projects Private Limited
51. Consummate Properties Private Limited
52. Crock Buildwell Private Limited
53. Crocus Builders Private Limited
54. Crony Builders Private Limited
55. Deep Jyoti Projects Private Limited
56. Divit Estates Private Limited
57. Dove Promoters Private Limited
58. Ducat Builders Private Limited
59. Dumdum Builders Private Limited
60. Easel Propbuild Private Limited (Till 23-Mar-2016)

61. Easter Conbuild Private Limited
62. Ecliptic Conbuild Private Limited (Till 23-Feb-2016)
63. Eclogue Conbuild Private Limited
64. Ecru Builders Private Limited
65. Ecstasy Conbuild Private Limited (Till 22-Jun-2016)
66. Eddy Conbuild Private Limited (Till 22-Jun-2016)
67. Edenic Propbuild Private Limited
68. Edge Conbuild Private Limited
69. Edit Estates Private Limited
70. Educt Propbuild Private Limited
71. Elan Conbuild Private Limited
72. Elegant Propbuild Private Limited
73. Elite Conbuild Private Limited
74. Elver Conbuild Private Limited (Till 16-Jun-2015)
75. Emaar MGF Constructions Private Limited
76. Emaar MGF Hospitality Private Limited (Till 23-Mar-2016)
77. Emaar MGF Projects Private Limited (Till 23-Mar-2016)
78. Emaar MGF Services Private Limited
79. Eminence Conbuild Private Limited
80. Enamel Propbuild Private Limited
81. Enigma Properties Private Limited
82. Epitome Propbuild Private Limited
83. Estuary Conbuild Private Limited
84. Eternal Buildtech Private Limited
85. Ethic Conbuild Private Limited
86. Ethnic Properties Private Limited
87. Everwel Estates Private Limited
88. Extremity Conbuild Private Limited
89. Fable Conbuild Private Limited
90. Façade Conbuild Private Limited
91. Facet Estate Private Limited
92. Flick Propbuild Private Limited
93. Fling Propbuild Private Limited
94. Flip Propbuild Private Limited
95. Floret Propbuild Private Limited
96. Flotilla Propbuild Private Limited
97. Flounce Propbuild Private Limited
98. Flue Propbuild Private Limited
99. Fluff Propbuild Private Limited
100. Fluke Propbuild Private Limited
101. Foal Propbuild Private Limited
102. Fondant Propbuild Private Limited
103. Foray Propbuild Private Limited
104. Forsythia Propbuild Private Limited
105. Fount Propbuild Private Limited
106. Foyer Propbuild Private Limited
107. Fray Propbuild Private Limited
108. Frieze Propbuild Private Limited
109. Frisson Propbuild Private Limited
110. Frond Propbuild Private Limited
111. Froth Propbuild Private Limited
112. Futuristic Buildwell Private Limited
113. Gable Propbuild Private Limited

114. Gadget Propbuild Private Limited
115. Gaff Propbuild Private Limited
116. Gaiety Propbuild Private Limited
117. Gait Propbuild Private Limited
118. Galleon Propbuild Private Limited
119. Gallery Propbuild Private Limited
120. Gallium Propbuild Private Limited
121. Gambit Propbuild Private Limited
122. Gamete Propbuild Private Limited
123. Gamut Propbuild Private Limited
124. Garland Estate Private Limited
125. Garnet Propbuild Private Limited
126. Garuda Properties Private Limited
127. Gateau Propbuild Private Limited
128. Gaucho Propbuild Private Limited
129. Gauge Propbuild Private Limited
130. Gauntlet Propbuild Private Limited
131. Gavel Properties Private Limited
132. Gems Buildcon Private Limited
133. Genre Propbuild Private Limited
134. Gentian Propbuild Private Limited (Till 21-Dec-2015)
135. Gentry Propbuild Private Limited
136. Geodesy Properties Private Limited
137. Gibbon Propbuild Private Limited
138. Girder Propbuild Private Limited
139. Glade Propbuild Private Limited
140. Glaze Estates Private Limited
141. Glen Propbuild Private Limited
142. Glen Propbuild Private Limited (Singapore)
143. Glimpse Propbuild Private Limited
144. Glitz Propbuild Private Limited
145. Globule Propbuild Private Limited
146. Gloss Propbuild Private Limited
147. Glove Propbuild Private Limited
148. Godawari Buildwell Private Limited
149. Godson Propbuild Private Limited
150. Golliwog Propbuild Private Limited
151. Gracious Technobuild Private Limited
152. Gradient Developers Private Limited
153. Grail Propbuild Private Limited
154. Grampus Propbuild Private Limited
155. Gran Propbuild Private Limited
156. Granar Propbuild Private Limited
157. Grange Propbuild Private Limited
158. Granule Propbuild Private Limited
159. Grapeshot Propbuild Private Limited
160. Grassroot Promoters Private Limited
161. Gravel Propbuild Private Limited
162. Grebe Propbuild Private Limited
163. Griddle Propbuild Private Limited
164. Grog Propbuild Private Limited
165. Grove Propbuild Private Limited
166. Grunge Propbuild Private Limited

167. Guffaw Propbuild Private Limited
168. Gull Propbuild Private Limited
169. Guru Rakha Projects Private Limited
170. Gurkul Promoters Private Limited
171. GyanJyoti Estates Private Limited
172. Gyankunj Constructions Private Limited
173. Gyankunj Estates Private Limited
174. Haddock Propbuild Private Limited
175. Haft Propbuild Private Limited
176. Hake Developers Private Limited
177. Halibut Developers Private Limited
178. Hamlet Buildwell Private Limited
179. Hammock Buildwell Private Limited
180. Hartej Estates Private Limited
181. Hope Promoters Private Limited
182. Immense Realtors Private Limited
183. Jamb Propbuild Private Limited
184. Janitor Propbuild Private Limited
185. Jasper Propbuild Private Limited
186. Jaunt Propbuild Private Limited
187. Jay Propbuild Private Limited
188. Jemmy Propbuild Private Limited
189. Jerkin Propbuild Private Limited
190. Jetty Propbuild Private Limited
191. Jig Propbuild Private Limited
192. Jive Propbuild Private Limited
193. Juhi Promoters Private Limited
194. Kamdhenu Projects Private Limited
195. Kartikay Buildwell Private Limited
196. Kayak Propbuild Private Limited
197. Kedge Propbuild Private Limited
198. Kestrel Propbuild Private Limited
199. Kismet Propbuild Private Limited
200. Knoll Propbuild Private Limited
201. Kudos Propbuild Private Limited
202. Ladle Propbuild Private Limited
203. Lavish Propbuild Private Limited
204. Legend Buildcon Private Limited
205. Legend Buildwell Private Limited
206. Lifeline Build Tech Private Limited
207. Locus Propbuild Private Limited
208. Logical Developers Private Limited
209. Logical Estates Private Limited
210. Lotus Technobuild Private Limited
211. Maestro Estates Private Limited
212. Mahonia Estate Private Limited
213. Mansarovar Projects Private Limited
214. Markwel Promoters Private Limited
215. Mega City Promoters Private Limited
216. M G Colonizers Private Limited
217. Milky Way Realtors Private Limited
218. Modular Estates Private Limited
219. Monarch Buildcon Private Limited

220. Monga Properties Private Limited
221. Multitude Infrastructures Private Limited
222. Naam Promoters Private Limited
223. Nandita Promoters Private Limited
224. Navrattan Buildcon Private Limited
225. Nayas Projects Private Limited
226. Nettle Propbuild Private Limited
227. Newt Propbuild Private Limited
228. Nipper Propbuild Private Limited
229. Nishkarsh Estates Private Limited
230. Notch Propbuild Private Limited
231. Pansy Buildcons Private Limited
232. Paving Propbuild Private Limited
233. Perch Conbuild Private Limited
234. Perpetual Realtors Private Limited
235. Pipalashray Estate Private Limited
236. Potential Propbuild Private Limited (Till 21-Dec-2015)
237. Pragya Buildcon Private Limited
238. Pratham Promoters Private Limited
239. Pratiksha Buildcon Private Limited
240. Prayas Buildcon Private Limited
241. Prezzie Buildcon Private Limited
242. Progeny Buildcon Private Limited
243. Prosperous Constructions Private Limited
244. Prosperus Buildcon Private Limited
245. Pukhraj Realtors Private Limited
246. Pulse Estates Private Limited
247. Pushkar Projects Private Limited
248. Raksha Buildtech Private Limited
249. Ram Ban Projects Private Limited
250. Rolex Estates Private Limited
251. Rose Gate Estates Private Limited
252. Rudraksha Realtors Private Limited
253. Sacred Estates Private Limited
254. Sambhavee Projects Private Limited
255. Sandesh Buildcon Private Limited
256. Sankalp Buildtech Private Limited
257. Sankalp Promoters Private Limited
258. Sanskar Buildcon Private Limited
259. Sanskar Buildwell Private Limited
260. Sanyukta Promoters Private Limited
261. Sapphire & Sands Private Limited (Singapore)
262. Sarvodaya Buildcon Private Limited
263. Sarvpriya Realtors Private Limited
264. Seriel Build Tech Private Limited
265. Sewak Developers Private Limited
266. Sharyans Buildcon Private Limited
267. Shaurya Propbuild Private Limited
268. Shitij Buildcon Private Limited
269. Shrestha Conbuild Private Limited
270. Shrey Promoters Private Limited
271. Sidhivinayak Durobuild Private Limited
272. Sidhant Buildcon Private Limited

273. Sidhivinayak Buildcon Private Limited
274. Signages Properties Private Limited
275. Silver Sea Vessel Management Private Limited (Singapore)
276. Smridhi Technobuild Private Limited
277. Snow White Buildcon Private Limited
278. Sonex Projects Private Limited
279. Sparsh Promoters Private Limited
280. Spiritual Realtors Private Limited
281. Sprouting Properties Private Limited
282. Spurt Projects Private Limited
283. Sriyam Estates Private Limited
284. Stash Propbuild Private Limited
285. Stave Propbuild Private Limited
286. Stein Propbuild Private Limited
287. Stent Propbuild Private Limited
288. Strut Propbuild Private Limited
289. Sukhda Promoters Private Limited
290. Sukhjit Projects Private Limited
291. Sun Buildmart Private Limited
292. Tacery Builders Private Limited
293. Tanmay Developers Private Limited
294. TCI Project Management Private Limited (Till 10-Mar-2016)
295. Tinnitus Builders Private Limited
296. Tocsin Builders Private Limited
297. Toff Builders Private Limited
298. Tome Builders Private Limited
299. Tomtom Builders Private Limited
300. Trattoria Properties Private Limited
301. Trawler Properties Private Limited
302. Triad Properties Private Limited
303. True Value Build-Con Private Limited
304. Tushar Projects Private Limited
305. Utkarsh Buildcon Private Limited
306. Versatile Conbuild Private Limited
307. Virasat Buildcon Private Limited
308. Vitality Conbuild Private Limited
309. VPG Developers Private Limited
310. Waif Propbuild Private Limited
311. Wedge Properties Private Limited
312. Wembley Estates Private Limited
313. Whelsh Properties Private Limited
314. Winkle Properties Private Limited
315. Yeti Properties Private Limited
316. Yogiraj Promoters Private Limited
317. Yukti Projects Private Limited
318. Zing Properties Private Limited
319. Zither Buildwell Private Limited
320. Zonex Developers Private Limited
321. Zonex Estates Private Limited
322. Zulu Properties Private Limited
III Investing party or venturer in respect of which the reporting entity is an Associate or Joint
Venture:-
1. MGF Developments Limited
IV Joint ventures of the reporting entity:-

1. Leighton Construction (India) Private Limited
2. Budget Hotels India Private Limited
V Associate of the reporting entity:-

1. Acreage Builders Private Limited
VI Fellow subsidiary of the reporting entity:-

1. The Address Dubai Marina LLC, Dubai*
VII Enterprise owned by Key Management Personnel or major shareholders of the reporting
enterprise and enterprises that have a member of key management in common with the
reporting enterprise:-
1 Boulder Hills Leisure Private Limited

2 Cyberabad Convention Centre Private Limited
3 New Era Impex (India) Private Limited
4 Emaar Hills Township Private Limited
5 Oriole Exports Private Limited
6 SSP Aviation Limited
7 Vishnu Apartments Private Limited
8 Capital Vehicles Sales Limited
9 Moonlight Continental Private Limited
10 Sareen Estates Private Limited
11 The City Square Mall Management
12 Aryan Life Style Private Limited
13 MGF Event Management
14 Emaar Malls Company PJSC
*W.e.f. March 27, 2017, Emaar Holding II and Emaar Properties PJSC became the holding company and
ultimate holding company respectively. Consequently, The Address Dubai Marina LLC, Dubai became
fellow subsidiary of the Company. The said companies were earlier disclosed as investing party or
venturer in respect of which the reporting entity is an Associate or Joint Venture.
--------------------------------This space has been intentionally left blank.------------------------------------

B. Related Party Transactions during the year:
S. Particulars Enterprise that directly or indirectly Enterprises that directly or indirectly Investing party or venturer in Enterprise owned by Key Management Associates and joint ventures of the Fellow Subsidiary Total
No. through one or more intermediaries through one or more intermediaries respect of which the reporting entity Personnel or major shareholders of the reporting entity
control the reporting entity are owned/controlled by the reporting is an Associate or Joint Venture reporting enterprise and enterprises that
enterprise have a member of key management in
common with the reporting enterprise
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016
A Transactions during the year
1 Investment purchased from:
Nandita Promoters Pvt Ltd - - - 93.58 - - - - - - - - - 93.58

Pratham Promoters Pvt Ltd - - - 93.58 - - - - - - - - - 93.58
Prayas Buildcon Pvt Ltd - - - 93.58 - - - - - - - - - 93.58
Wembley Estates Pvt Ltd - - - 93.58 - - - - - - - - - 93.58
Camarederie Properties Pvt Ltd - - 17.67 - - - - - - - - - 17.67 -
Logical Developers Pvt Ltd - - 21.04 - - - - - - - - - 21.04 -
Active Promoters Pvt Ltd - - 40.29 - - - - - - - - - 40.29 -
Others - - - 126.18 - - - - - - - - - 126.18
- - 79.00 500.50 - - - - - - - - 79.00 500.50
2 Liability Written Back:
Leighton Construction (India) Private Limited - - - - - - - - - 6.82 - - - 6.82

SSP Aviation Limited - - - - - - - 1.40 - - - - - 1.40
- -
- - - - - - 1.40 - 6.82 - - - 8.22
3 Interest Income:
Accession Buildwell Private Limited - - 22.18 5.91 - - - - - - - - 22.18 5.91

Active Securities Limited - - 0.36 1.92 - - - - - - - - 0.36 1.92
Brilliant Build Tech Private Limited - - 0.15 0.09 - - - - - - - - 0.15 0.09
Emaar MGF Services Private Limited - - 0.72 0.09 - - - - - - - - 0.72 0.09
Multitude Infrastructures Private Limited - - 11.55 6.36 - - - - - - - - 11.55 6.36
- - 34.96 14.37 - - - - 34.96 14.37
4 Interest Expense:
The Address, Dubai Marina LLC (Dubai) * - - - - - - - - - - 67.90 74.93 67.90 74.93
- - - - - - - 67.90 74.93 67.90 74.93
5 Loans and Advances given (Including amounts paid on behalf of

the related parties):
Edenic Propbuild Private Limited - - 361.66 132.00 - - - - - - - - 361.66 132.00

Emaar Hills Township Private Limited - - - - - - 0.03 0.05 - - - - 0.03 0.05
Granule Propbuild Private Limited - - 34.84 - - - - - - - - 34.84 -
Sparsh Promoters Private Limited - - 341.86 - - - - - - - - - 341.86 -
Kamdhenu Projects Private Limited - - 203.70 20.15 - - - - - - - - 203.70 20.15
Accession Buildwell Private Limited - - - 355.18 - - - - - - - - - 355.18
Others - - 2,080.27 232.87 - - - - - - - - 2,080.27 232.87
- - 3,022.33 740.20 - 0.03 0.05 - - 3,022.36 740.25
6 Loans and Advances received/ received back :
Pratham Promoters Private Limited - - - 93.54 - - - - - - - - - 93.54

Wembley Estates Private Limited - - - 93.52 - - - - - - - - - 93.52
Nandita Promoters Private Limited - - - 93.54 - - - - - - - - - 93.54
Prayas Buildcon Private Limited - - - 93.45 - - - - - - - - - 93.45
Yukti Projects Private Limited - - - 297.69 - - - - - - - - - 297.69
Tocsin Builders Private Limited - - 116.09 - - - - - - - - - 116.09 -
Chirayu Buildtech Private Limited - - 31.43 - - - - - - - - - 31.43 -
Active Promoters Private Limited - - 39.96 1.61 - - - - - - - - 39.96 1.61
Others - - 218.00 692.59 - - - - - - - - 218.00 692.59
- - 405.48 1,365.94 - - - - 405.48 1,365.94

7 Purchase of Land Development Rights:

Logical Developers Private Limited - - - 237.03 - - - - - - - - - 237.03
Rose Gate Estates Private Limited - - - 262.22 - - - - - - - - - 262.22
Sonex Projects Private Limited - - - 312.36 - - - - - - - - - 312.36
Utkarsh Buildcon Private Limited - - - 113.14 - - - - - - - - - 113.14
Zonex Estates Private Limited - - - 255.49 - - - - - - - - - 255.49
Chintz Conbuild Private Limited - - 63.28 - - - - - - - - - 63.28 -
Others - - 1.41 150.86 - - - - - - - - 1.41 150.86
- - 64.69 1,457.76 - - - - 64.69 1,457.76
8 Expenses reimbursed/paid by the Company:
Cyberabad Convention Centre Private Limited - - - - - - 1.28 0.44 - - - - 1.28 0.44

Emaar MGF Construction Private Limited - - 98.14 5.97 - - - - - - - - 98.14 5.97
- - 98.14 5.97 - 1.28 0.44 - - - - 99.42 6.41
9 Expenses recovered by the Company:
MGF Developments Limited - - - - - 1.37 - - - - - - 1.37
- - - - - 1.37 - - - - - - - 1.37
10 Lease Rent paid by the company:
Active Securities Limited - - 62.30 64.40 - - - - - - - - 62.30 64.40

Emaar Malls Group PJSC - - - - - - 1.64 1.20 - - - - 1.64 1.20
- - 62.30 64.40 - - 1.64 1.20 - - - - 63.94 65.60
11 Revenue earned pursuant to Joint Development Agreement:
Cyberabad Convention Centre Private Limited - - - - - - - - - - - - - -

Emaar MGF Construction Private Limited - - 2.63 3.06 - - - - - - - - 2.63 3.06
- - 2.63 3.06 - - - - - - - - 2.63 3.06
12 Revenue transferred pursuant to Revenue Sharing Agreement:
Boulder Hills Leisure Private Limited - - - - - - 1.32 1.37 - - - - 1.32 1.37
- - - - - - 1.32 1.37 - - - - 1.32 1.37
13 Provision for doubtful loans and advances:
Edenic Propbuild Private Limited - - 241.19 239.65 - - - - - - - - 241.19 239.65

Elite Conbuild Private Limited - - 182.42 0.22 - - - - - - - 182.42 0.22
Accession Buildwell Private Limited - - 14.04 - - - - - - - - - 14.04 -
SSP Aviation Limited - - - - - - - 31.70 - - - - - 31.70
Others - - 16.43 29.26 - - - - - - - - 16.43 29.26
- - 460.14 295.68 - - - 31.70 - - - - 460.14 327.38

14 Reversal of Provision for doubtful advances:
Active Promoters Private Limited - - 15.60 - - - - - - - - - 15.60 -

Camarederie Properties Private Limited - - 5.79 0.08 - - - - - - - - 5.79 0.08
Divit Estates Private Limited - - - 14.51 - - - - - - - - - 14.51
Logical Developers Private Limited - - 11.91 0.48 - - - - - - - - 11.91 0.48
Others - - 7.32 14.13 - - - - - - - - 7.32 14.13
- - 46.18 42.09 - - - - - - - - 46.18 42.09
15 Fair value loss on financial instruments at fair value
- - - 3.67 - - - - - - - - - 3.67
16 Provision for diminution in investments:
Budget Hotels India Private Limited - - - - - - - - - 11.38 - - - 11.38
- - - - - - - - - 11.38 - - - 11.38
17 Corporate guarantee revoked:
- - 80.97 42.74 - - - - - - - - 80.97 42.74
18 Income Received:
Budget Hotels India Private Limited - - - - - - - - - 11.00 - - - 11.00

Emaar MGF Services Private Limited - - 1.60 1.27 - - - - - - - - 1.60 1.27
- - 1.98 2.04 - - - - - 11.00 - - 1.98 13.04
19 Corporate guarantee received:
Emaar Properties PJSC, Dubai 13,772.00 - - - - - - - - - - - 13,772.00 -
13,772.00 - - - - - - - - - - - 13,772.00 -
*Due to fair value accounting of compulsory convertible debentures (CCD), interest pertaining to liability component of CCDs is included in related party disclosures, but contarctual interest during the year is Rs. 125 million. Similarly the face value of CCDs outstanding as at March 31, 2017 amounts to Rs. 2,500 million (March 31, 2016 Rs. 2,500 million
and April 1, 2015 Rs. 2,500 million).
B. Related Party Transactions during the year: (Rupees million)
S. Particulars Enterprise that directly or indirectly through one or Enterprises that directly or indirectly through one or Enterprise owned by Key Management Personnel or Associates and joint ventures of the reporting entity Fellow Subsidiary Total
No. more intermediaries control the reporting entity more intermediaries are owned/controlled by the major shareholders of the reporting enterprise and
reporting enterprise enterprises that have a member of key management in
As at As at March 31, As at As at As at March 31, As at As at As at March 31, As at As at As at March 31, As at As at As at March 31, As at As at As at March 31, As at
March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015
B Balances Outstanding as at year end
1 Loans and advances given :
Acreage Builders Private Limited - - - - - - - - - 0.24 0.24 0.24 - - - 0.24 0.24 0.24
Edenic Propbuild Private Limited - - - 2,294.65 1,932.99 - - - - - - - - - 2,294.65 1,932.99 -
Emaar MGF Construction Private Limited - - - 2,263.35 2,093.74 - - - - - - - - - 2,263.35 2,093.74 -
Godawari Buildwell Private Limited - - - - - - - - - - - - - - - -
Logical Developers Private Limited - - - 3,355.78 3,361.29 3,585.57 - - - - - - - - - 3,355.78 3,361.29 3,585.57
SSP Aviation Limited - - - - - - 846.44 846.44 846.44 - - - - - - 846.44 846.44 846.44
Vishnu Apartments Private Limited - - - - - - 20.00 20.00 20.00 - - - - - - 20.00 20.00 20.00
Whelsh Properties Private Limited - - - - - - - - - - - - - - - - - -
Yogiraj Promoters Private Limited - - - 3,598.23 3,596.45 3,595.14 - - - - - - - - - 3,598.23 3,596.45 3,595.14
Others - - - 56,397.23 50,339.51 56,524.36 - - - - - - - - - 56,397.23 50,339.51 56,524.36
- - - 67,909.24 61,323.98 63,705.07 866.44 866.44 866.44 0.24 0.24 0.24 - - - 68,775.92 62,190.66 64,571.75
2 Compensation recoverable:
Prosperus Buildcon Private Limited - - - 20.05 20.05 25.56 - - - - - - - - - 20.05 20.05 25.56
Legend Buildcon Private Limited - - - 12.17 23.30 26.98 - - - - - - - - - 12.17 23.30 26.98
Gyan Jyoti Estates Private Limited - - - 7.10 20.70 17.90 - - - - - - - - - 7.10 20.70 17.90
Juhi Promoters Private Limited - - - 31.04 39.89 44.07 - - - - - - - - - 31.04 39.89 44.07
Active Promoters Private Limited - - - 12.43 22.84 23.19 - - - - - - - - - 12.43 22.84 23.19
Logical Developers Private Limited - - - 25.39 30.08 42.90 - - - - - - - - - 25.39 30.08 42.90
Logical Estates Private Limited - - - 21.41 24.81 26.96 - - - - - - - - - 21.41 24.81 26.96
Rose Gate Estates Private Limited - - - 0.36 19.32 21.17 - - - - - - - - - 0.36 19.32 21.17
Prosperous Constructions Private Limited - - - 10.38 13.26 - - - - - - - - - - 10.38 13.26 -
Sonex Projects Private Limited - - - 36.01 36.01 42.96 - - - - - - - - - 36.01 36.01 42.96
Zonex Estates Private Limited - - - 25.11 25.67 30.09 - - - - - - - - - 25.11 25.67 30.09
Others - - - 92.55 111.21 160.13 - - - - - - - - - 92.55 111.21 160.13
- - - 294.00 387.14 461.91 - - - - - - - - - 294.00 387.14 461.91
Accession Buildwell Private Limited - - - 440.12 - - - - - - - - - - - 440.12 - -

Edenic Propbuild Private Limited - - - 1,254.19 1,013.00 773.36 - - - - - - - - 1,254.19 1,013.00 773.36
Elan Conbuild Private Limited - - - 702.21 701.20 699.61 - - - - - - - - - 702.21 701.20 699.61
Elite Conbuild Private Limited - - - 420.22 237.80 237.58 - - - - - - - - - 420.22 237.80 237.58
Multitude Infrastructures Private Limited - - - 308.68 302.62 276.07 - - - - - - - - - 308.68 302.62 276.07
SSP Aviation Limited - - - - - - 846.44 846.44 814.74 - - - - - - 846.44 846.44 814.74
Whelsh Properties Private Limited - - - 1,517.88 1,517.74 1,517.61 - - - - - - - - - 1,517.88 1,517.74 1,517.61
Others - - - 1,703.65 1,583.20 1,597.74 - - - - - - - - - 1,703.65 1,583.20 1,597.74
- - - 6,346.95 5,355.56 5,101.97 846.44 846.44 814.74 - - - - - - 7,193.39 6,202.00 5,916.71
4 Investment in Equity Shares:
Budget Hotels India Private Limited - - - - - - - - - 96.84 96.84 96.84 - - - 96.84 96.84 96.84
Shrey Promoters Pvt Ltd - - - 389.90 389.90 - - - - - - - - - - 389.90 389.90 -
Emaar MGF Constructions Private Limited - - - 603.53 603.53 603.53 - - - - - - - - - 603.53 603.53 603.53
Others - - - 194.79 115.79 5.50 - - - - - - - - - 194.79 115.79 5.50
- - - 1,188.22 1,109.22 609.03 - - - 868.84 868.84 868.84 - - - 2,057.06 1,978.06 1,477.87
5 Investment in debentures:
Accession Buildwell Private Limited (refer note F below) - - - - 5,338.63 5,340.16 - - - - - - - - - - 5,338.63 5,340.16
- - - - 5,338.63 5,340.16 - - - - - - - - - - 5,338.63 5,340.16
6 Debt component of Compulsory Convertible Debentures issued :
The Address, Dubai Marina LLC (Dubai) * - - - - - - - - - - - - 426.87 593.65 534.04 426.87 593.65 534.04
- - - - - - - - - - - - 426.87 593.65 534.04 426.87 593.65 534.04
- - - - - - - - - 63.11 63.11 51.73 - - - 63.11 63.11 51.73

B. Related Party Transactions during the year: (Rupees million)
S. Particulars Enterprise that directly or indirectly through one or Enterprises that directly or indirectly through one or Enterprise owned by Key Management Personnel or Associates and joint ventures of the reporting entity Fellow Subsidiary Total
No. more intermediaries control the reporting entity more intermediaries are owned/controlled by the major shareholders of the reporting enterprise and
reporting enterprise enterprises that have a member of key management in
As at As at March 31, As at As at As at March 31, As at As at As at March 31, As at As at As at March 31, As at As at As at March 31, As at As at As at March 31, As at
March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015
8 Corporate guarantees given:
Multitude Infrastructures Private Limited - - - 16.15 97.12 139.86 - - - - - - - - - 16.15 97.12 139.86
- - - 16.15 97.12 139.86 - - - - - - - - - 16.15 97.12 139.86
9 Advance received from subsidiaries towards collaboration

agreements:
Shrestha Conbuild Private Limited - - - 2,152.50 2,152.50 2,152.50 - - - - - - - - - 2,152.50 2,152.50 2,152.50
Smridhi Technobuild Private Limited - - - 2,097.00 2,097.00 2,097.00 - - - - - - - - - 2,097.00 2,097.00 2,097.00
- - - 4,249.50 4,249.50 4,249.50 - - - - - - - - - 4,249.50 4,249.50 4,249.50
10 Trade receivable (including unbilled revenue):
Cyberabad Convention Centre Private Limited - - - - - - 4.25 5.40 5.92 - - - - - - 4.25 5.40 5.92
Emaar MGF Construction Private Limited - - - 2.87 4.65 8.13 - - - - - - - - - 2.87 4.65 8.13
Oriole Exports Private Limited - - - - - - - 5.03 8.57 - - - - - - - 5.03 8.57
Others 0.08 0.10 0.01
- - - 2.87 4.65 8.13 4.33 10.53 14.50 479.14 479.14 479.14 - - - 486.26 494.22 501.76
11 Corporate guarantees received:
Emaar Properties PJSC, Dubai 13,772.00 - - - - - - - - - - - - - - 13,772.00 - -
13,772.00 - - - - - - - - - - - - - - 13,772.00 - -
12 Trade payable and other liabilities:
Accession Buildwell Private Limited - - - - 1,909.69 2,138.21 - - - - - - - - - - 1,909.69 2,138.21

Boulder Hills Leisure Private Limited - - - - - - 0.22 0.10 0.09 - - - - - - 0.22 0.10 0.09
Emaar Hills Township Private Limited - - - - - - 324.81 324.86 324.90 - - - - - - 324.81 324.86 324.90
Emaar Properties PJSC , Dubai 41.32 42.80 40.40 - - - - - - - - - - - - 41.32 42.80 40.40
Glen Propbuild Private Limited - Singapore - - - - - - - - - - - - - - - - - -
Leighton Construction (India) Private Limited - - - - - - - - - - - 6.82 - - - - - 6.82
Brilliant Buildtech Pvt Ltd - - - - - - - - - - - - - - - - - -
SSP Aviation Limited - - - - - - - - 5.32 - - - - - - - - 5.32
Aparajit Promoters Private Limited - - - 78.50 78.51 78.51 - - - - - - - - - 78.50 78.51 78.51
Ducat Builders Private Limited - - - 19.07 19.07 19.07 - - - - - - - - - 19.07 19.07 19.07
Extremity Conbuild Private Limited - - - 31.11 31.13 31.13 - - - - - - - - - 31.11 31.13 31.13
Virasat Buildcon Private Limited - - - - - - - - - - - - - - - - -
Others - - - 56.90 58.85 59.97 9.05 9.05 9.71 - - - - - - 65.95 67.90 69.68
41.32 42.80 40.40 185.58 2,097.25 2,326.89 334.21 334.14 340.25 - - 6.82 - - - 561.11 2,474.19 2,714.36
*Due to fair value accounting of compulsory convertible debentures (CCD), interest pertaining to liability component of CCDs is included in related party disclosures, but contarctual interest during the year is Rs. 125 million. Similarly the face value of CCDs outstanding as at March 31, 2017 amounts to Rs. 2,500 million (March 31, 2016 Rs. 2,500 million and April 1, 2015 Rs. 2,500 million).
C. Remuneration to Key Managerial Personnel

Short-term employee benefits 23.95 26.44
Post employment benefits 3.60 0.78
Other long-term employee benefits 2.40 1.63
Termination benefits 10.35 9.77
Sitting fees to directors 4.53 1.60
D. The Company, vide a revenue sharing agreement dated April 7, 2008 entered into with Emaar MGF
Constructions Private Limited (‘EMCPL’), had agreed to collaborate and develop the project through
pooling of financial resources. On account of the same and as per the terms of the arrangement, the
Company w.e.f July 1, 2009 was entitled to 24% (up to June 30, 2009 - 25%) of the Gross Revenue
derived by EMCPL through sale proceeds from building and structures proposed to be constructed in
Commonwealth Games Village 2010 project, except in the case of sale of flats to Delhi Development
Authority, wherein the Company was entitled to 17% of the Gross Revenue derived by EMCPL.
Accordingly revenue amounting to Rs. 2.63 million (March 31, 2016 - Rs. 23.17 million) has been
accounted for by the Company during the year.
E. During earlier years, the Company had entered into joint development agreements, as amended, with two
of its subsidiaries for co-development of certain land parcels. Pursuant to the said joint development
agreements, the two subsidiaries have acquired right to undertake co-development of projects on the said
land parcels and have accordingly made an aggregate advance of Rs. 4,249.50 million (March 31, 2016 -
Rs. 4,249.50 million and April 1, 2015 – Rs. 4,249.50 million) to the Company. The said joint
development agreements provided for sharing of revenue from such projects in the ratio of 80:20 between
the Company and subsidiaries respectively. The Company is under discussions with the other shareholder
of the two subsidiaries for a revised arrangement and joint development of alternate land parcels. As at
March 31, 2017, the Company has not recognized any revenue on the said projects and consequently, no
amount has been shared with the two subsidiaries.
F. During the financial year 2012-13, the Company had entered into an agreement for purchase of 9,235,434
Fully Convertible Debentures (FCDs) of Rs. 640 each issued by one of its subsidiary- “Accession
Buildwell Private Limited” . These FCDs were convertible into 9,235,434 equity shares of Rs. 10 each
subject to certain conditions mentioned in the agreement therein. The FCDs carried interest at 0.1% p.a.
payable yearly and convertible in December 2022. Considering the nature of investments, the same has
been fair valued through profit and loss as at April 01, 2015 and as at March 31, 2016 in accordance with
Ind AS 109.
As per the terms of above agreement (as amended), the subsidiary was required to obtain license and
develop certain land parcels by February 28, 2017. Since the subsidiary was not able to fulfill the said
obligation within the stipulated time period, the amount invested in FCDs became repayable on demand
as per the terms mentioned in the agreement. Accordingly, the said amount has been disclosed as
receivable from subsidiary company and the amount invested in FCDs has been reduced to nil as at
March 31, 2017.
Consequently, on March 1, 2017 both the parties executed a settlement agreement whereby the subsidiary
company agreed to assign advances aggregating to Rs. 2,115.65 million and also adjusted the amount
receivable from the Company aggregating to Rs 1,842.95 million resulting in a net receivable of Rs.
1,952.08 million from the subsidiary company which would be repaid by February 28, 2018 alongwith
10% p.a. interest.
37. Financial Instruments
This section gives an overview of the significance of financial instruments for the Company and provides
additional information on the balance sheet. Details of significant accounting policies, including the
criteria for recognition, the basis of measurement and the basis on which income and expenses are
recognised, in respect of each class of financial asset, financial liability and equity instrument are
disclosed in Note 3.
Financial assets and liabilities
The accounting classification of each category of financial instruments, their carrying amounts and their
fair values are set out below:
As at 31 March 2017
Financial assets Fair Value Fair Value Amortised Total Total fair
through through other Cost Carrying value
profit & comprehensiv Value
loss e income
Investments in mutual funds 685.35 - - 685.35 685.35
Investment in government and - - 0.02 0.02 0.02
trust securities
Loans 10,469.08 10,469.08 10,469.08
Trade receivables - - 543.64 543.64 543.64
Cash and cash equivalents - - 309.84 309.84 309.84
Other bank balances - - 1,388.90 1,388.90 1,388.90
Other financial assets - - 2,617.25 2,617.25 2,617.25
Total 685.35 - 15,328.73 16,014.08 16,014.08
Financial liabilities Fair Value Fair Value Amortised Total Total fair
loss e income
Long term borrowings including - - 35,117.94 35,117.94 35,117.94
current maturities
Short term borrowings - - 21,618.81 21,618.81 21,618.81
Interest accrued on borrowings - - 8,113.17 8,113.17 8,113.17
Trade payables - - 2,756.58 2,756.58 2,756.58
Other financial liabilities - - 1,314.84 1,314.84 1,314.84
Total - - 68,921.34 68,921.34 68,921.34
As at 31 March 2016
loss e income
Investment in debentures 5,338.63 5,338.63 5,338.63
trust securities
Loans 8,819.26 8,819.26 8,819.26
Total 5,614.62 - 14,726.01 20,340.63 20,340.63
loss e income
current maturities
Trade payables - - 5,267.83 5,267.83 5,267.83
Total - - 59,598.57 59,598.57 58,382.48
As at 01 April 2015
loss e income
Investment in debentures 5,340.16 5,340.16 5,340.16
Investments in equity shares 26.00 26.00 26.00
trust securities
Loans 8,890.24 8,890.24 8,890.24
Total 5,652.17 - 15,570.05 21,222.22 21,222.22
loss e income
current maturities
Trade payables - - 5,041.83 5,041.83 5,041.83
Total - - 55,754.20 55,754.20 55,341.00
Note: Investments in equity of subsidiaries, associates and joint venturers which are carried at cost are not
covered under Ind AS 107 and hence not been included above.
The management assessed that fair value of financial assets such as cash and cash equivalent, other bank
balances, trade receivables, loans and advances, etc. and all the financial liabilities excluding long term
borrowings significantly approximate their carrying amounts due to their short term maturity profiles.
The Company determines fair values of financial assets or liabilities by discounting the contractual cash
inflows / outflows using prevailing interest rates of financial instruments with similar terms. The initial
measurement of financial assets and financial liabilities is at fair value. The fair value of investments in
mutual funds is determined using quoted net assets value of the funds at each reporting date.
The following methods and assumptions were used to estimate the fair values:
(i) The fair value of the Company's interest bearings borrowings, which are measured at amortised cost,
determined using discount rate that reflects the entity's discount rate at the end of the reporting
period. The own non-performance risk as at the reporting period is assessed to be insignificant, a
level 2 technique.
(ii) Fair value of quoted mutual funds is based on the quoted net asset value as at the reporting date, a
level 1 technique.
(iii) The fair value of unquoted instruments and other financial assets and liabilities is estimated either by
reference to the net assets value as at the reporting date or by discounting future cash flows using
rates using rates currently applicable for debt on similar terms, credit risk and remaining maturities,
a level 3 technique.
38. Fair value disclosures of investment in fully convertible debentures
During the financial year 2012-13, the Company had entered into an agreement for purchase of certain
Fully Convertible Debentures (FCDs) of Rs.640 each issued by one of its subsidiary as more fully
described in note 36F.
The subsidiary owned certain unlicensed land parcels and therefore the valuation has been determined
based on fair value of its net assets.
Reconciliation of fair value is presented as under:
Particulars Amount
Fair value as at 1 April 2015 5,340.16
Fair value difference (1.53)
Fair value as at 31 March 2016 5,338.63
Description of valuation techniques used and key inputs to valuation of FCDs:
Fully convertible Valuation technique Significant Assumption used

debentures unobservable Inputs 31 March 01 April
2016 2015
Investment in FCDs Fair value of net assets Fair value of net assets 5,338.63 5,340.16
method based on cost + Rs.
(refer below) 25,000 per acre of land
measuring 271.15 acres
Determination of share valuation by using fair value of nets assets method (FNAV method) requires all
assets and liabilities (including off-balance sheet, intangible and contingent liability) to be adjusted to
reflect its estimated market value and to be netted off and the fair value of net value arrived is the
indicated fair value of the equity.
The subsidiary company owns 271.15 acress of unlicensed land parcels and as per the agreement with the
Company, it is obliged to transfer these land parcels to the Company at a predetermined price upon
obtaining the land licenses. Therefore management believes that FNAV is the most appropriate method of
valuation.
During the year, there were no transfers between Level 1 and Level 2 fair value measurements, and no
transfers into and out Level 3 fair value measurements.
39. Financial risk management objectives and policies
The Company’s business is subject to several risks and uncertainties including financial risks
The Company’s principal financial liabilities comprise of loans and borrowings, trade and other payables,
security deposits and employee liabilities. The main purpose of the Company’s financial liabilities is to
finance the acquisition and development of the Company’s property portfolio. The Company’s principal
financial assets include loans and advances, trade and other receivables, and cash and short-term deposits
that derive directly from its operations. The Company also holds short term investments in mutual funds.
The Company is exposed to market risk, credit risk and liquidity risk. The Company’s senior
management is guided by a Risk Management Compliance Policy that describes the key financial risks
and the appropriate financial risk governance framework for the Company. Regular review of the policy
by the Company’s senior management ensures that the policies and procedures are in line and that
financial risks are identified, measured and managed. The Board of Directors reviews and agrees policies
for managing each of these risks, which are summarised below.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate
because of changes in market prices. Market risk comprises two types of risk: interest rate risk and
currency risk. Financial instruments affected by market risk include trade receivables, unbilled
receivables, borrowings, bank deposits and investments measured at fair value through profit and loss
account. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters while optimising the return.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate
because of change in market interest rates. The Company's exposure to the risk of changes in market
interest rates relates primarily to the Company's long and short term debt obligations with floating
interest rate.
During the past two financial years, the Company has not experienced significant increase (i.e. more than
200 basis points) in floating interest rates and therefore has not purchased any formal interest rate swaps
and derivatives for the floating interest rate borrowings. The Company’s treasury department manages
the interest rate risk by regularly monitoring the requirement to hedge any of its floating interest rate
debts.
At 31 March 2017, approximately 57.19% of the Company's borrowing are at fixed rate of interest (31
March 2016: 84.28% 1st April 2015: 82.45%).
The maximum exposure in relation to Company’s floating rate borrowings is Rs. 23,882.35 million as at
31 March 2017(March 31, 2016 Rs. 7,380.53 million and April 01, 2015 Rs. 8,121.95 million).
The sensitivity analysis presented below exclude the impact of movements in market variables on the
carrying values of gratuity and other post-retirement obligations; provisions; fixed rate borrowings and
the non-financial instruments. The sensitivity of the relevant profit or loss item is the effect of the
assumed changes in respective market risks. This is based on the financial assets and financial liabilities
held at 31 March 2017 and 31 March 2016.
The below mentioned table demonstrates the sensitivity to a reasonably possible changes in interest rates,
with all variables held constant, of the Company's profit before tax (through the impact on floating rate
borrowings)
Particulars Increase/Decrease in Basis Points Effect on profit before tax

Rs. in million
31 March 2017
INR +50 72.72
31 March 2017
INR -50 (72.72)

Rs. in million
31 March 2016
INR +50 29.28
31 March 2016
INR -50 (29.28)
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently
observable market environment.
Foreign currency risk
Fluctuations in foreign currency exchange rates may have an impact on the statement of profit and loss,
the statement of change in equity, where any transaction references more than one currency or where
assets/liabilities are denominated in a currency other than the functional currency of the Company.
Considering the economic environment in which the Company operates, its operations are subject to risks
arising from the fluctuations primarily in the USD, SGD, AED, GBP and Euro against the functional
currency of the Company:
Particulars As at March 31, 2017 As at March 31, 2016 As at April 01, 2015
Foreign Amount Foreign Amount (Rs. Foreign Amount (Rs.
Currency (Rs. Currency Million) Currency Million)
Million)
Foreign trade
payables:
USD in million 0.55 36.19 0.56 37.96 0.45 28.49
GBP in million 0.05 4.19 0.05 4.90 0.05 4.75
SGD in million 0.88 42.07 1.02 51.36 0.99 46.12
AED in million 2.28 41.32 2.38 44.25 2.30 40.36
Foreign
Advances:
EUR in million - - - - 0.01 0.55
The increase/ (decrease) in foreign currency exchange rates are not expected to have any significant
impact in these financial statements.
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or
customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating
activities (primarily trade receivables, unbilled receivables and advances given under collaboration
agreement for land development).
Concentration of credit risk
Concentrations arise when a number of counterparties are engaged in similar business activities, or
activities in the same geographical region, or have economic features that would cause their ability to
meet contractual obligations to be similarly affected by changes in economic, political or other
conditions. Concentrations indicate the relative sensitivity of the Company’s performance to
developments affecting a particular industry.
In order to avoid excessive concentrations of risk, the Company’s policies and procedures include
specific guidelines to focus on the maintenance of a diversified portfolio. Identified concentrations of
credit risks are controlled and managed accordingly.
The carrying value of the financial assets represents the maximum credit exposure. The Company’s
maximum credit exposure to credit risk is Rs. 18,008.04 million as at March 31, 2017 (March 31, 2016
Rs. 22,255.59 million and April 01, 2015 Rs. 22,648.36 million). For the details of trade receivables that
are past due as at March 31, 2017, March 31, 2016 and April 01, 2015 please refer note no. 13.
Regarding trade receivables, loans and other financial assets (both current and non-current), there were
no indications as at March 31, 2017, that defaults in payment obligations will occur except as described
in note 6, 10, 11 and 13 on allowance for impairment of trade receivables and other financial assets.
Trade receivables and unbilled receivables
The Company's exposure to credit risk is influenced mainly by the individual characteristics of each
customer. The demographics of the Company's customer base, including the default risk of the industry
and country, in which customers operate, has less influence on credit risk. The Company earns its
revenue form a large number of customer spread across a single geographical segment. Geographically,
the entire Company's trade and unbilled receivables are based in India.
The Company has entered into contracts for sale of residential and commercial units and plots of land on
an installment basis. The installments are specified in the contracts. The Company is exposed to credit
risk in respect of installment due. However the legal ownership of residential, commercial units and plots
of land is transferred to the buyer only after all installments are recovered. In addition installment dues
are monitored on an ongoing basis with the result that Company exposure to bad debts is not significant.
An impairment analysis is performed at each reporting date that represents its estimate of expected losses
in respect of trade, unbilled and other receivables. The main components of this allowance are a specific
loss component that relates to individually significant exposures and a collective loss component
established for Company's of similar assets in respect of losses that have been expected but not yet
identified. The collective loss allowance is determined based on historical data of payment statistics for
similar financial assets. The exposure to credit risk at reporting date is not significant.
Credit risk on receivables is limited as all sales are secured against Company’s contractual right of
forfeiture of customer’s advances and cancellation of contract under which property is sold.
Moreover, given the nature of the Company’s businesses, trade receivables are spread over a number of
customers with no significant concentration of credit risk. No single customer accounted for 10.0% or
more of revenue on a consolidated basis in any of the years presented. The history of trade receivables
shows a negligible provision for bad and doubtful debts. Therefore, the Company does not expect any
material risk on account of non-performance by any of the Company’s counterparties.
Financial guarantee
The Company has provided a financial guarantee to bank in respect of a loan facility availed by one of its
subsidiary. Maximum exposure of the Company in respect of financial guarantee is the outstanding loan
balance i.e. Rs. 16.15 million as on March 31, 2017 (March 31, 2016: Rs. 96.81 million and April 1,
2015: Rs. 139.86 million).
Liquidity risk
Liquidity risk is the risk the Company will not be able to meet its financial obligation as they fall due.
The Company monitors its risk of a shortage of funds using a fund management plan approved by the
Board of Directors. The Company’s strategy is to invest in highly liquid investments which can be
encashed on demand. This plan considers the maturity of financial assets (e.g. trade receivables and other
financial assets), business requirements and projected cash flow from operations and accordingly
decisions regarding purchase and sale of highly liquid funds are made by the centralized Company
treasury team.
The cash flows, funding requirements and liquidity of Company are monitored on a centralised basis
under the control of Company Treasury. The objective of this centralised system is to optimise the
efficiency and effectiveness of the management of the Company's capital resources. The Company’s
objective is to maintain a balance between continuity of funding and flexibility through the use of bank
overdrafts, bank loans, debentures and finance leases. Approximately 12.00% of the Company’s debt will
mature in less than one year at 31 March 2017 (31 March 2016: 15.60%, 1 April 2015: 16.00%) based on
the carrying value of borrowings reflected in the financial statements. 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 and debt maturing within 12 months can be rolled over
with existing lenders.
The table below summarises the maturity profile of the Company’s financial liabilities based on
contractual undiscounted payments.
On demand Less than 3 to 12 1 to 5 years > 5 years Total

3 months months
As at 31
March 2017
Trade payables 2,756.58 - - - - 2,756.58
Interest
Bearing 8,642.74 1,190.42 4,772.07 61,196.79 1,983.55 77,785.57
Borrowings*
Other financial
1,314.84 - - - - 1,314.84
liabilities**
Total 12,714.16 1,190.42 4,772.07 61,196.79 1,983.55 81,856.99
As At 31
March 2016
Trade payables 5,267.83 5,267.83
Interest
Bearing 7,405.72 1,412.33 7,677.23 53,725.53 981.15 71,201.96
Borrowings*
Other financial
1,297.93 1,297.93
liabilities**
Total 13,971.48 1,412.33 7,677.23 53,725.53 981.15 77,767.72
As at 1 April
2015
Trade payables 5,041.83 5,041.83
Interest
Bearing 8,138.35 1,619.19 4,027.13 55,463.20 1,656.13 70,904.00
Borrowings*
Other financial
1,762.53 1,762.53
liabilities**
Total 14,942.71 1,619.19 4,027.13 55,463.20 1,656.13 77,708.36
* Includes non-current borrowings, current borrowings, current maturities of long term borrowings and
accrued interest obligations and future interest obligations.
**Includes both non-current and current financial liabilities and excludes current maturities of long term
borrowings.
At 31 March 2017, the Company had available Rs. 228.00 million (March 31, 2016: Rs. 75.00 million,
April 1, 2015: Nil) of undrawn committed borrowing facilities.
40. Segment Reporting
The Company publishes these financial statements along with its consolidated financial statements. In
accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information
in the consolidated financial statements.
41. Capital Management
Net debts comprises of non-current and current debts (including trade payables and other financial
liabilities) as reduced by cash and cash equivalents, other bank balances and current investments. Equity
comprises all components of equity including other comprehensive income.
The objective of the Company’s capital management structure is to ensure that there remains sufficient
liquidity within the Company to carry out committed work programme requirements. The Company
monitors the long term cash flow requirements of the business in order to assess the requirement for
changes to the capital structure to meet that objective and to maintain flexibility. The Company also
ensures that it remains within the quantitative debt covenants and maintains a strong credit rating.
Breaches in meeting the financial covenants would permit the debt issuers to immediately call loans and
borrowings. There have been no breaches in the financial covenants of any interest bearing loans and
borrowings in the current year.
The Company manages its capital structure and makes adjustments to it, in light of changes to economic
conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to
shareholders, return capital, issue new shares for cash, repay debt, put in place new debt facilities or
undertake other such restructuring activities as appropriate.
No changes were made in the objectives, policies or processes during the year ended 31 March 2017 and
31 March 2016.
There is Rs. 228.00 million amount of undrawn borrowing available at 31 March 2017 (March 31, 2016 –
Rs. 75.00 million, April 01, 2015 – Nil).

Borrowings 23,585.25 14,584.79 15,822.06
Trade payables 2,756.58 5,267.83 5,041.83
Other financial 42,579.51 39,745.95 34,890.32
liabilities
Cash and cash (309.84) (154.46) (379.39)
equivalents
Other bank balances (1,388.90) (2,449.04) (2,804.13)
Current investments (685.35) (275.99) (312.01)
Net debts (a) 66,537.25 56,719.08 52,258.68
Total equity (b) 19,565.09 27,111.82 33,508.32
Capital and net debt 86,102.34 83,830.90 85,767.00
(c=a+b)
Gearing ratio (%) 77.28% 67.66% 60.93%

(d=a/c)
42. The Company has incurred a book loss of Rs. 7,546.73 million (March 31, 2016 -Rs. 6,396.50
million), besides, also incurring cash loss primarily on account of finance costs and has overdue
liabilities. Further, as at March 31, 2017 the Company has debts of Rs. 1,298.66 million (March 31,
2016 - Rs. 3,469.91 million) which are due for repayment in the next one year. As per the present
business plans the Company would require additional capital either in the form of long term
debts/equity for an aggregate of Rs. 8,000.00 million (March 31, 2016 - Rs. 19,750.00 million) to be
able to meet its financial obligations in the next one year. The Company along with its ultimate
holding Company, Emaar Properties PJSC, has been exploring options for raising additional funds to
meet its financial obligations and is working with certain lenders to re-schedule the principal and
interest payment terms in line with its expected cash flows. As more fully described in note 46, the
Company and its promoters have also filed a Scheme of Arrangement before the Hon’ble High Court
of Delhi for reorganizing its business and demerging part of the same to a separate entity to better
manage its fund requirements. The management also has considered the fact that the Company has
significant asset base, including land inventories or land development rights, which can yield values
in excess of their book values and can hence be used for raising additional capital, if and when
required. In view of the same, the management of the Company is hopeful of generating sufficient
cash flows in the future to meet the Company's financial obligations. Hence, these financial
statements have been prepared on a going concern basis.
43. The Company is engaged in the business of promotion, construction, development and sale of
integrated townships, residential and commercial multistoried buildings, houses, flats, shopping malls,
hotels, IT parks etc. The Company has acquired various land parcels and is into initial stage of project
implementation. Since it is not possible at this stage to identify separately the amounts to be shown
under ‘property plant and equipments’ and ‘inventories’, the cost incurred on development of projects
is included under the head ‘Projects in Progress’.
44. Details of dues to Micro, Small and Medium Enterprises as per MSMED Act, 2006
(Based on the information, to the extent available with the Company)
S. Particulars 31 March 2017 31 March 2016

No.
1 The principal amount and the interest due thereon (to be
shown separately) remaining unpaid to any supplier as at the
end of each accounting year Nil Nil
2 The amount of interest paid by the buyer in terms of section
16, of the Micro Small and Medium Enterprise Development
Act, 2006 along with the amounts of the payment made to
the supplier beyond the appointed day during each
accounting year Nil Nil
3 The amount of interest due and payable for the period of
delay in making payment (which have been paid but beyond
the appointed day during the year) but without adding the
interest specified under Micro Small and Medium Enterprise
Development Act, 2006. Nil Nil
4 The amount of interest accrued and remaining unpaid at the
end of each accounting year; and Nil Nil
5 The amount of further interest remaining due and payable
even in the succeeding years, until such date when the
interest dues as above are actually paid to the small
enterprise for the purpose of disallowance as a deductible
expenditure under section 23 of the Micro Small and
Medium Enterprise Development Act, 2006 Nil Nil
45. Details of Specified Bank Notes held and transacted during period from 8 November 2016 to 30
December 2016
(Amount in Rs.)
Particulars SBNs* Other denomination Total
notes
Closing cash in hand as at 08 November 164,000 34,258 198,258
2016
Transaction between 09 November 2016
and 30 December 2016
Add: Withdrawal from bank accounts - 550,000 550,000

Add: Receipts for permitted transactions - 99,263 99,263
Less: Paid for permitted transactions - 490,907 490,907
Less: Deposited in Bank accounts 164,000 90,937 254,937
Closing cash in hand as at 30 December - 101,677 101,677
2016
* For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided
in the notification of the Government of India, in the Ministry of Finance, Department of Economic
Affairs number S.O. 3407(E), dated the 8 November, 2016.
46. Disposal group held for distribution
In order to lend greater focus on the operation of the Company's businesses/projects and for the purpose of
developing the potential for further growth and expansion, the Board of Directors of the Company have
decided to demerge some of the assets and liabilities of the Company into a separate undertaking, pursuant
to a Scheme of Arrangement entered between the Company and MGF Developments Ltd (“Resulting
Company”) and their respective shareholders and creditors under Section 391 and 394 of the Companies Act
1956 read with sections 100 to 103 of the Companies Act 2013. The scheme was approved by the
shareholders of the Company on 12 July 2016 and is pending for approval before the Hon’ble National
Company Law Tribunal (“NCLT”).
The major classes of assets and liabilities of the disposal group as at March 31, 2017 to be demerged into a
separate undertaking have been disclosed as held for distribution as under and may be further revised based
on changes/adjustments upto the Effective Date, being the date of approval by NCLT.
Particulars Amount
Assets
Non-current assets
Property, plant and equipment 4,852.41
Capital work-in-progress 976.60
Financial assets
Investments 1,124.15
Others 0.28
Non current assets (A) 6,953.44
Current assets
Inventories 9,269.12
Financial assets
Investments 237.21
Loans 1,087.67
Trade receivables 194.75
Cash and cash equivalents 13.33
Other bank balances 573.35
Other financial assets 418.15
Other current assets 20,268.75
Current assets (B) 32,062.33
Total assets (A+B) 39,015.77
Liabilities
Non current liabilities
Long term borrowings 692.69
Non current liabilities (C) 692.69
Current liabilities
Short term borrowings 639.91
Trade payables 108.06
Other financial liabilities 9,682.10
Other current liabilities 2,795.37
Provisions 12.76
Current liabilities (D) 13,238.20
Total liabilities (C+D) 13,930.89
The Scheme further provides that cash flows not exceeding Rs. 11,500.00 million, arising out of the cash
flows from the Marbella and Emerald Hills extension projects of the Company, are to be paid to the
resulting company and the Company shall accrue such liability after completion of the demerger process
and on realisation of such cash flows from the projects. Accordingly, no impact of the same has been
given in these financial statements.
The above demerger is expected to be completed by 31 December 2017. No gain or loss is recognised in
the statement of profit and loss in relation to the accounting of the assets and liabilities of the disposal
group.
47. First time adoption of Ind AS
The financial statements for the year ended March 31, 2017 are the Company’s first financial statements
prepared in accordance with Ind AS. The accounting policies set out in note 3 have been applied in
preparing the financial statements for the year ended March 31, 2017 and the comparative period
information.
For all periods upto and including the year ended March 31, 2016, the Company prepared its financial
statements in accordance with Generally Accepted Accounting Principles (GAAP) in India and complied
with the accounting standards as notified under Section 133 of the Companies Act, 2013 read together
with Rule 7 of the Companies (Accounts) Rules, 2014, to the extent applicable, and the presentation
requirements of the Companies Act, 2013 (Previous GAAP).
The transition to Ind AS was carried out in accordance with Ind AS 101, with April 1, 2015 being the
date of transition. This note explains the mandatory exceptions on the first- time adoption of Ind AS
availed in accordance with Ind AS 101 and an explanation of how the transition from Previous GAAP to
Ind AS has affected the Company’s financial position and financial performance resulting from principal
adjustments made under IND AS.
Mandatory exceptions
a) Accounting estimates
An entity’s estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent
with estimates made for the same date in accordance with Previous GAAP (after adjustments to reflect
any difference in accounting policies), unless there is objective evidence that those estimates were in
error.
Ind AS estimates as at April 1, 2015 are consistent with the estimates as at the same date made in
conformity with Previous GAAP except in case of investment in a compound financial instrument
measured at fair value through profit and loss account where application of Previous GAAP did not
required estimation.
b) Classification and measurement of financial assets
Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and
circumstances existing as on the date of transition. Further, the standard permits measurement of
financial assets accounted at amortised cost based on facts and circumstances existing at the date of
transition if retrospective application is impracticable.
Accordingly, the Company has determined the classification of financial assets bases on facts and
circumstances that exist on the date of transition. Measurement of the financial assets accounted at
amortised cost has been done retrospectively except where the same is impracticable.
The following reconciliations provide the effect of transition to Ind AS from Previous GAAP in
accordance with Ind AS 101.
(1) Equity reconciliation as at April 01, 2015
Particulars Note Previous GAAP Effects of Ind AS

transition to Ind
AS
Assets
Non-current assets
Property, plant and equipment (i.) 4,748.45 692.66 5,441.11
Capital work-in-progress 1,008.65 - 1,008.65
Intangible assets 1.63 - 1.63
Financial Assets
Investments 6,762.33 3.99 6,766.32
Others 3.46 - 3.46
Other non-current assets 35.15 - 35.15
Total non-current assets (A) 12,559.67 696.65 13,256.32
Current assets
Inventories (ii.) 39,316.18 8,743.64 48,059.82
Financial assets
Investments (iii.) 308.61 3.40 312.01
Loans (iv.) 9,035.78 (145.54) 8,890.24
Trade receivables (ii.) 695.06 (2.16) 692.90
Cash and cash equivalents 379.39 - 379.39
Other bank balances 2,804.13 - 2,804.13
Other financial assets (ii.) 2,675.87 124.04 2,799.91
Current tax assets (net) 204.76 - 204.76
Other current assets (ii.) & 58,682.19 888.47 59,570.66
(vii.)
Total current assets (B) 114,101.97 9,611.85 123,713.82
Total assets (A+B) 126,661.64 10,308.50 136,970.14

Equity
Equity share capital 9,126.20 - 9,126.20
Other equity 20,119.98 4,262.14 24,382.12
Total equity (C) 29,246.18 4,262.14 33,508.32
Liabilities
Borrowings (i.) 0.90 692.69 693.59
Total non-current liabilities 0.90 692.69 693.59
(D)
Current liabilities
Borrowings (vi.) & 17,121.28 (1,992.81) 15,128.47
(vii.)
Trade payables (ii.) 5,040.62 1.21 5,041.83
Other financial liabilities (vii.) 35,437.79 (547.48) 34,890.31
Other current liabilities (ii.) 39,118.73 8,223.77 47,342.50
Provisions (ii.) 696.14 (331.02) 365.12
Total current liabilities (E) 97,414.56 5,353.67 102,768.23
Total equity and liabilities 126,661.64 10,308.50 136,970.14

(C+D+E)
(2) Equity reconciliation as at March 31, 2016

transition to Ind
AS
Assets
Non-current assets
Property, plant and (i.) 4,716.52 692.71 5,409.23
equipment
Financial Assets
Investments 7,247.48 6.13 7,253.61
Others 3.46 - 3.46
Other non-current assets 1.31 1.31
Total non-current assets 12,986.50 698.84 13,685.34
(A)
Current assets
Inventories (ii.) 40,202.71 5,926.98 46,129.69
Financial assets
Investments (iii.) 272.29 3.70 275.99
Loans (iv.) 8,982.92 (163.66) 8,819.26
Trade receivables (ii.) 494.32 94.81 589.13
Cash and cash 154.46 - 154.46
equivalents
Other financial assets (ii.) 2,289.27 421.37 2,710.64
Current tax assets (net) 274.82 - 274.82
Other current assets (ii.) & 55,884.40 902.81 56,787.21
(vii.)
Total current assets (B) 111,004.23 7,186.01 118,190.24
Total assets (A+B) 123,990.73 7,884.85 131,875.58
EQUITY AND
LIABILITIES
Equity
Other equity 13,099.33 4,886.29 17,985.62
Total equity (C) 22,225.53 4,886.29 27,111.82
Liabilities
Borrowings (i.) 0.98 692.61 693.59
Total non-current 0.98 692.61 693.59
liabilities (D)
Current liabilities
Borrowings (vi.) & 15,819.30 (1,928.10) 13,891.20
(vii.)
Trade payables (ii.) 5,267.47 0.36 5,267.83
Other financial (vii.) 40,646.55 (900.60) 39,745.95
liabilities
Other current liabilities (ii.) 38,680.67 5,634.61 44,315.28
Provisions (ii.) 1,350.23 (500.32) 849.91
Total current liabilities 101,764.22 2,305.95 104,070.17
(E)
Total equity and 123,990.73 7,884.85 131,875.58

liabilities (C+D+E)
(3) Reconciliation of Statement of Profit and loss as per Previous GAAP to total comprehensive
income/(loss) as per IND AS for the year ended 31 March 2016:

transition to Ind
AS
Income
Revenue from operations (ii.) 7,402.88 3,180.74 10,583.62
Other income (iii.) 437.94 2.30 440.24
Total Revenue (I) 7,840.82 3,183.04 11,023.86
Expenses
(Increase)/decrease in (ii.) (823.22) 2,831.39 2,008.17
inventories
Cost of land and development (ii.) 1,466.03 137.83 1,603.86
rights
Material cost and contractor 3,135.38 0.10 3,135.48
expenses
Employee benefits expense (v.) 788.70 9.99 798.69
Depreciation and amortization 50.86 (14.83) 36.03
expense
Finance costs (i.), (vi.) 5,175.70 2,104.62 7,280.32

& (vii.)
Other expenses (i.) & 2,759.44 (191.64) 2,567.80
(ii.)
Total Expenses (II) 12,552.99 4,877.46 17,430.35
Loss before tax (I)-(II) (4,712.07) (1,694.42) (6,406.49)
Total tax expense - - -
Loss after tax for the year (A) (4,712.07) (1,694.42) (6,406.49)
Other comprehensive income

Items that will not be recycled
to profit or loss:
Remeasurement of the defined (v.) - 9.99 9.99
benefit liabilities / (asset)
Other comprehensive income - 9.99 9.99
for the year (B)
Total comprehensive loss for (4,712.07) (1,684.43) (6,396.50)

the year (A + B)
Footnotes to the reconciliation of equity as at 1 April 2015 and 31 March 2016 and profit or loss for the
year ended 31 March 2016:
(i.) Property Plant and Equipment
Under Previous GAAP, no specific accounting treatment for land taken on perpetual lease was required,
as the same was outside the scope of AS-19. However, as per Ind AS 17, land taken on perpetual lease is
treated as a lease and is generally classified as a finance lease. At initial recognition, finance lease asset is
recognised as property, plant and equipment with a corresponding obligation which is disclosed as a
finance lease obligation.
Accordingly, on the transition date, the Company has increased the value of property, plant and
equipment by Rs. 692.69 million with a further corresponding recognition of finance lease obligation.
Accordingly, rental payments of Rs. 97.45 million made during the year ended March 31, 2016 have also
been reclassified from rent expenses to finance cost.
(ii.) Inventories and Revenue from operations
Under Previous GAAP, no specific accounting treatment for barter transactions of dissimilar goods was
required. However, under Ind AS, Company is required to account for barter transactions for dissimilar
goods on fair value.
The Company has entered into Joint development agreements (‘JDA’) with the third parties i.e.
landowners for jointly developing the projects on land parcels owned by them against which the
Company is required to allot developed plots/units either in the said projects or some other projects. Due
to fair value accounting of these transactions under Ind AS, there is an increase in the inventory by
Rs.8,743.65 million (net of charge off of Rs. 2,002.17 million) and Rs. 5,926.98 million (net of charge off
of Rs. 4,969.81 million) as at April 1, 2015 and March 31, 2016 respectively. The effect of increase in the
cost also has an effect of increase in revenue. The cumulative revenue as at April 1, 2015 has increased
by Rs. 3,897.96 million resulting into overall increase in the retained earnings by Rs. 1895.79 million.
The impact of the above adjustment on statement of profit and loss for the year ended March 31, 2016
amounted to Rs. 213.10 million (representing difference of increase in revenue and inventory charge off
amounting to Rs. 3,180.74 million and Rs. 2,967.64 million respectively). Further, unearned revenue,
trade receivables, unbilled revenue, loans to related parties, prepaid brokerage expenses and collections in
excess of revenue have been reinstated/made as at April 1, 2015 and March 31, 2016 in the financial
statements on account of impact of above mentioned adjustments.
Further, under Ind AS, revenue is to be recognised at fair value of consideration received or receivable
taking into account the amount of any trade discounts or volume rebate or additional credit allowed by
seller of goods. The Company has considered compensation paid/accrued on delayed possession of
units/plots while calculating the fair value of consideration. Accordingly, the said cost which was
included under other expenses in Previous GAAP has now been reduced from revenue. Consequently, the
provision created has also been adjusted with the collections received from customers.
(iii.) Current Investments
Under Previous GAAP, current investments in mutual funds are accounted for at cost or market price,
whichever is lower. Under Ind AS, such investments are required to be accounted for at fair value
through profit and loss. Accordingly, Investments in mutual funds have been fair valued as at 1 April
2015 and 31 March 2016 resulting into increase in investments and retained earnings by Rs. 3.40 million
and Rs. 3.70 million respectively.
(iv.) Financial Assets – Loans (Current)
Under the Previous GAAP, interest free security deposits are recorded and carried at their transaction
value less any provision for impairment. Under Ind AS, all such financial assets are initially required to
be recognised at fair value. Accordingly, one of the company’s subsidiary has fair valued the security
deposit under Ind AS. Difference between fair value of security deposits and the carrying value
(transaction value) as per Previous GAAP has been recognised as deferred lease expenditure.Total equity
has decreased by Rs. 160.55 million on account of amortisation of deferred lease expenditure which is
partially off-set by the income arising on unwinding of the security deposit of Rs. 15.01 million as at
April 01, 2015 with a corresponding impact on the retained earnings. The net impact of the above
adjustment on statement of profit and loss for the year ended March 31, 2016 amounted to Rs. 18.12
million.
(v.) Defined benefit liabilities
Under Previous GAAP, the entire cost, including actuarial gains and losses, was charged to profit or loss.
Under Ind AS, re-measurements comprising of actuarial gains and losses are recognised immediately in
the balance sheet with a corresponding debit or credit to retained earnings through other comprehensive
income. Thus the employee benefit cost is increased and other income is reduced and remeasurements
gains/ losses on defined benefit plan have been recognized in the other comprehensive income net of tax.
There is no impact on total equity as on March 31, 2016 on account of the same.
(vi.) Compulsory convertible debentures
The Company had issued compulsory convertible debentures. The debentures carry fixed interest rate
which is non-discretionary. Under Previous GAAP, the debentures were classified as borrowings and
interest payable thereon was treated as finance cost.
Under Ind AS, compulsory convertible debentures are treated as compound financial instrument and
separated into liability and equity components based on the terms of the contract. Accordingly, borrowing
is reduced by Rs. 1,848.75 million on the transition date (March 31, 2016: Rs. 1,848.75 million) with a
corresponding increase in other equity as equity component of compulsory convertible debenture. Interest
cost on liability component is recognized on effective interest method resulting into increase of Rs.
117.21 million and Rs. 50.07 millon in the retained earnings as at April 1, 2015 and statement of profit
and loss account for year ended March 31, 2016 respectively.
(vii.) Borrowings
Under Previous GAAP, transaction costs incurred in connection with borrowings were amortised in the
year in which borrowings were taken or alternatively amortised in statement of profit and loss account
over the tenure of borrowings on straight line basis. Under Ind AS amortised cost of borrowings have
been calculated using effective interest rate (EIR) method by taking into account the transaction costs.
The impact of the above adjustment on the total equity amounted to Rs.538.52 million and Rs. 788.34
million as at April 1, 2015 and as at March 31, 2016 respectively.
(viii.) Reconciliation of cash flows for the year ended March 31, 2016
The adjustments as explained above are of non-cash nature and accordingly, there are no material
differences in cash flows from operating, investing and financing activities as per the Previous GAAP
and as per Ind AS.
As per our repot of even date.
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

CONSOLIDATED
FINANCIAL STATEMENT
(2016 – 17)
INDEPENDENT AUDITOR’S REPORT
To the Members of Emaar MGF Land Limited
Report on the Consolidated Ind AS Financial Statements
We have audited the accompanying consolidated Ind AS financial statements of Emaar MGF Land
Limited (hereinafter referred to as “the Holding Company” or “EMLL”), its subsidiaries (the Holding
Company and its subsidiaries together referred to as “the Group”), associate and joint controlled
entity, comprising of the consolidated Balance Sheet as at March 31, 2017, the consolidated Statement
of Profit and Loss including the consolidated Statement of Other Comprehensive Income, the
consolidated Cash Flow Statement, the consolidated Statement of Changes in Equity for the year then
ended, and a summary of significant accounting policies and other explanatory information
(hereinafter referred to as “the consolidated Ind AS financial statements”).
Management’s Responsibility for the Consolidated Financial Statements
The Holding Company’s Board of Directors is responsible for the preparation of these consolidated
Ind AS financial statements in terms of the requirement of the Companies Act, 2013 (“the Act”) that
give a true and fair view of the consolidated financial position, consolidated financial performance
including other comprehensive income, consolidated cash flows and consolidated statement of
changes in equity of the Group including its associate and jointly controlled entity in accordance with
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind
AS) specified under Section 133 of the Act, read with the Companies (Indian Accounting Standard)
Rules, 2015, as amended. The respective Board of Directors of the companies included in the Group
and of its associate and jointly controlled entity are responsible for maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the
Group and of its associate and jointly controlled entity and for preventing and detecting frauds and
other irregularities; the selection and application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of
the financial statements that give a true and fair view and are free from material misstatement,
whether due to fraud or error, which have been used for the purpose of preparation of the consolidated
Ind AS financial statements by the Directors of the Holding Company, as aforesaid.
Our responsibility is to express an opinion on these consolidated Ind AS financial statements based on
our audit. While conducting the audit, we have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required to be included in the audit report
under the provisions of the Act and the Rules made thereunder. We conducted our audit in accordance
with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified
under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the consolidated financial statements. The procedures selected depend on the auditor’s judgment,
including the assessment of the risks of material misstatement of the consolidated financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal financial control relevant to the Holding Company’s preparation of the consolidated Ind AS
financial statements that give a true and fair view in order to design audit procedures that are
appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made by the Holding Company’s
Board of Directors, as well as evaluating the overall presentation of the consolidated financial
statements. We believe that the audit evidence obtained by us and the audit evidence obtained by the
other auditors in terms of their reports referred to in sub-paragraph (a) of the Other Matters paragraph
below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated
Opinion
In our opinion and to the best of our information and according to the explanations given to us and
based on the consideration of reports of other auditors on separate financial statements and on the
other financial information of the subsidiaries, associate and jointly controlled entity, the aforesaid
consolidated Ind AS financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally accepted
in India of the consolidated state of affairs of the Group, its associate and jointly controlled entities as
at March 31, 2017, their consolidated loss including other comprehensive loss, their consolidated cash
flows and consolidated statement of changes in equity for the year ended on that date.
Emphasis of Matter
We draw attention to:
(a) note no. 34 (c) (xiv) to the accompanying consolidated financial statements which states that the
Holding Company and its development partners are involved in litigations relating to allegations of
various irregularities with respect to a project undertaken in Hyderabad, which is being contested by
EMLL and more fully described therein.
(b) note no. 34 (c) (xv) to the accompanying consolidated financial statements, which describes an
ongoing litigation in relation to a project undertaken, by one of the components of the Group, Emaar
MGF Construction Private Limited (“EMCPL”),with the Delhi Development Authority and more
fully described therein.
(c) note no. 34 (c) (xvi) to the accompanying consolidated financial statements which describe an
ongoing litigation between the EMCPL and a contractor with respect to certain claims on, and
counterclaims by, EMCPL and more fully described therein.
(d) note no. 45 to the accompanying consolidated financial statements, wherein it has been stated that
EMLL has incurred cash losses in the current year. This along with other matters as set forth in the
said note indicate the existence of a material uncertainty that may cast significant doubt about
EMLL’s ability to continue as a going concern.
Our opinion is not qualified in respect of these matters.

Report on Other Legal and Regulatory Requirements
As required by section 143 (3) of the Act, based on our audit and on the consideration of report of the
other auditors on separate financial statements and the other financial information of subsidiaries, its
associate and jointly controlled entity, as noted in the ‘other matter’ paragraph we report, to the extent
applicable, that:
(a) We / the other auditors whose reports we have relied upon, have sought and obtained all the
information and explanations which to the best of our knowledge and belief were necessary for
the purpose of our audit of the aforesaid consolidated Ind AS financial statements;
(b) In our opinion proper books of account as required by law relating to preparation of the aforesaid
consolidation of the financial statements have been kept so far as it appears from our examination
of those books and reports of the other auditors;
(c) The consolidated Balance Sheet, consolidated Statement of Profit and Loss including the
Statement of Other Comprehensive Income, the consolidated Cash Flow Statement and
consolidated Statement of Changes in Equity dealt with by this Report are in agreement with the
books of account;
(d) In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Indian
Accounting Standards specified under section 133 of the Act, read with the Companies (Indian
Accounting Standard) Rules, 2015, as amended;
(e) The matters described under the Emphasis of Matters paragraph above, in our opinion, may have
an adverse effect on the functioning of the group;
(f) On the basis of the written representations received from the directors of the Holding Company as
on March 31, 2017 taken on record by the Board of Directors of the Holding Company and the
reports of the statutory auditors who are appointed under Section 139 of the Act, of its subsidiary
companies, its associate and jointly controlled entity incorporated in India, none of the directors
of the Group’s companies, its associates and jointly controlled entity incorporated in India is
disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164 (2)
of the Act;
(g) With respect to the adequacy and the operating effectiveness of the internal financial controls over
financial reporting of the Holding Company and its subsidiary companies, associate company and
jointly controlled entity incorporated in India, refer to our separate report in “Annexure 1” to this
report;
(h) With respect to the other matters to be included in the Auditor’s Report in accordance with
Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us and based on the consideration of the
report of the other auditors on separate financial statements as also the other financial information
of the subsidiaries, associates and joint ventures, as noted in the ‘Other matter’ paragraph:
i. The consolidated Ind AS financial statements disclose the impact of pending litigations on
its consolidated financial position of the Group, its associate and jointly controlled entity-
Refer Note 34 (c) to the consolidated Ind AS financial statements;
ii. The Group, its associate and joint controlled entity did not have any material foreseeable
losses in long-term contracts including derivative contracts during the year ended March 31,
2017.
iii. There were no amounts which were required to be transferred to the Investor Education and
Protection Fund by the Holding Company, its subsidiaries, associate and jointly controlled
entity incorporated in India during the year ended March 31, 2017.
iv. The Holding Company, subsidiaries, its associate and jointly controlled entity incorporated
in India, have provided requisite disclosures in Note no. 47 to these consolidated Ind AS
financial statements as to the holding of Specified Bank Notes on November 8, 2016 and
December 30, 2016 as well as dealings in Specified Bank Notes during the period from
November 8, 2016 to December 30, 2016. Based on our audit procedures and based on the
consideration of reports of the auditors of the subsidiaries, associate and jointly controlled
entity and relying on the management representation of the Holding Company regarding the
holding and nature of cash transactions, including Specified Bank Notes, we report that
these disclosures are in accordance with the books of accounts maintained by the Group
including its associate and jointly controlled entity and as produced to us by the
management of the Holding Company.
Other Matter
(a) We did not audit the financial statements and other financial information, in respect of 38
subsidiaries, an associate and a jointly controlled entity, whose Ind AS financial statements
include total assets of Rs. 69,859.66 million and net assets of Rs. 2,622.20 million as at March 31,
2017, and total revenues of Rs. 340.53 million and net cash outflows of Rs. 5.37 million for the
year ended on that date. These financial statement and other financial information have been
audited by other auditors, which financial statements, other financial information and auditor’s
reports have been furnished to us by the management. The consolidated Ind AS financial
statements also include the Group’s share of net loss of Rs. 2.58 million for the year ended March
31, 2017, as considered in the consolidated financial statements, in respect of associate and joint
venture, whose financial statements, other financial information have been audited by other
auditors and whose reports have been furnished to us by the management. Our opinion on the
consolidated financial statements, in so far as it relates to the amounts and disclosures included in
respect of these subsidiaries, joint ventures and associates, and our report in terms of sub-sections
(3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, jointly controlled
entities and associate, is based solely on the reports of such other auditors.
Our above opinion on the consolidated Ind AS financial statements, and our report on Other Legal
and Regulatory Requirements above, is not modified in respect of the above matters with respect
to our reliance on the work done and the reports of the other auditors.

Sd/-
per Naman Agarwal

Partner

Date: 25 May 2017
Annexure 1 referred to in paragraph (g) under the heading “Report on other legal and regulatory
requirements” of our report of even date on the consolidated financial statements of Emaar MGF Land
Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated financial statements of Emaar MGF Land Limited as of and for
the year ended March 31, 2017, we have audited the internal financial controls over financial reporting of Emaar
MGF Land Limited (hereinafter referred to as the “Holding Company”) and its subsidiary companies, its
associate company and its jointly controlled company, which are companies incorporated in India, as of that
date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the of the Holding Company, its subsidiary companies, its associate
company and its jointly controlled company, which are companies incorporated in India, are responsible for
establishing and maintaining internal financial controls based on the internal control over financial reporting
criteria established by the Holding Company considering the essential components of internal control stated in
the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct
of its business, including adherence to the respective company’s policies, the safeguarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the
timely preparation of reliable financial information, as required under the Act.
Our responsibility is to express an opinion on the internal financial controls over financial reporting for the
Holding Company, its subsidiary companies, its associate company and its jointly controlled company, based on
our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, both, issued by Institute of
Chartered Accountants of India, and deemed to be prescribed under section 143(10) of the Act, to the extent
applicable to an audit of internal financial controls. Those Standards and the Guidance Note require that we
comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial
controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls
over financial reporting included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating
effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors in
terms of their reports referred to in the Other Matters paragraph below, is sufficient and appropriate to provide a
basis for our audit opinion on the internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company's internal financial control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A company's internal financial control
over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records
that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the
company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of management and
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of
unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the
possibility of collusion or improper management override of controls, material misstatements due to error or
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
Opinion
In our opinion, the Holding Company, its subsidiary companies, its associate companies and its jointly
controlled company, which are companies incorporated in India, have, maintained in all material respects, an
adequate internal financial controls system over financial reporting and such internal financial controls over
financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial
reporting criteria established by the respective companies considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India.
Other Matters
Our report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
financial controls over financial reporting of the Holding Company, insofar as it relates to these 38 subsidiary
companies, an associate company and a jointly controlled company, which are companies incorporated in India,
is based on the corresponding reports of the auditors of such subsidiaries, associate and jointly controlled
company incorporated in India.

Sd/-
per Naman Agarwal

Partner

Date: 25 May 2017
EMAAR MGF LAND LIMITED ('EMGF Group')
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2017
As at As at As at
Notes 31 March 2017 31 March 2016 1 April 2015
ASSETS
Non-current assets
Property, plant and equipment 4 1,885.58 7,313.64 7,377.93
Capital work-in-progress 4 1,185.24 2,337.39 2,329.15
Investment property 5 75.60 64.49 65.57
Intangible assets 6 3.96 1.09 1.89
Financial Assets
Investments 7
Investment in an associate and joint ventures 33.21 794.01 812.58
Other investments 0.02 0.02 0.02
Others 8 38.03 35.22 31.87
Income tax assets (net) 277.00 460.83 458.02
Other non-current assets 9 1,646.76 2,576.73 2,632.82
5,145.40 13,583.42 13,709.85
Current assets
Inventories 10 71,164.12 97,115.86 100,691.26
Financial assets
Investments 11 483.73 292.48 343.02
Trade receivables 12 518.15 730.66 804.67
Cash and cash equivalents 13 391.60 242.94 448.57
Other bank balances 13 884.40 2,522.13 2,876.53
Other financial assets 14 1,927.76 2,374.35 2,408.09
Income tax assets (net) 380.38 340.40 278.47
Other current assets 9 12,121.87 12,905.05 13,138.48
87,872.01 116,523.87 120,989.09
Assets classified as held for distribution 49 38,934.06 - -
Total assets 131,951.47 130,107.29 134,698.94

Equity
Equity share capital 15 9,126.20 9,126.20 9,126.20
Other equity 10,494.81 18,077.03 24,575.08
Equity attributable to equity shareholders of the parent 19,621.01 27,203.23 33,701.28
Non-controlling interests 2,032.09 2,032.08 2,032.09
Total equity 21,653.10 29,235.31 35,733.37
Liabilities
Borrowings 16 1,273.75 709.15 774.70
Deferred tax liabilities (net) 37 10.92 8.73 4.29
1,284.67 717.88 778.99
Current liabilities
Borrowings 17 20,978.90 13,891.20 15,128.47
Trade payables 18 3,373.87 4,171.97 3,448.19
Other financial liabilities 19 33,157.39 40,066.14 35,190.49
Other current liabilities 20 35,349.66 41,161.00 44,045.24
Income tax liabilities (net) 2.50 7.43 1.86
Provisions 21 2,016.37 856.36 372.33
94,878.69 100,154.10 98,186.58
Total Liabilities 96,163.36 100,871.98 98,965.57
Liabilities classified as held for distribution 49 14,135.01 - -
Total Equity and Liabilities 131,951.47 130,107.29 134,698.94
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31 MARCH 2017
Notes 31 March 2017 31 March 2016

Continuing operations
Revenue from operations 22 9,789.82 10,953.82
Other income 23 297.56 546.50
Total income 10,087.38 11,500.32
EXPENSES
(Increase)/decrease in inventories of project in progress 24 (743.30) 3,534.21
Cost of land and development rights acquired 1,292.35 174.01
Material cost and contractor expenses 4,431.91 3,169.35
Employee benefits expense 25 874.97 851.30
Depreciation and amortization expense 26 56.60 73.32
Impairment expense 4 182.41 -
Finance costs 27 7,007.14 7,299.04
Other expenses 28 4,539.89 2,874.33
Total expenses 17,641.97 17,975.56
Loss before share of loss of an associate and joint ventures and tax (7,554.59) (6,475.24)
Share in losses of associates and joint ventures (2.25) (18.58)
Loss before tax (7,556.84) (6,493.82)
Tax expense: 37
Current tax 20.63 10.68
Deferred tax 2.19 4.44
Loss after tax for the year (7,579.66) (6,508.94)
Other comprehensive income/(loss)

Items that will not be reclassified to profit or loss in subsequent periods
Re-measurement gains (loss) on defined benefit plan (2.58) 10.89
Other comprehensive income/(loss), net of tax (2.58) 10.89
Total comprehensive income/(loss) for the year, net of tax attributable to: (7,582.24) (6,498.05)
(Loss) for the year (7,579.66) (6,508.94)

Attributable to:
Equity holder of the parent (7,579.65) (6,508.95)
Non-controlling interest (0.01) 0.01
Total comprehensive income/(loss) for the year (7,582.24) (6,498.05)

Attributable to:
Equity holder of the parent (7,582.23) (6,498.06)
Non-controlling interest (0.01) 0.01
Earnings/(loss) per equity share (computed on the basis of profit/(loss) for the year): (in Rs.) 29
(1) Basic (8.31) (7.13)

(2) Diluted (8.31) (7.13)
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2017
31 March 2017 31 March 2016

Cash Flows from Operating Activities
(Loss) before tax (7,556.84) (6,493.82)
Adjustments for :
Depreciation and amortization expense 56.60 73.32

Unrealized foreign exchange (gain)/loss (net) (11.27) 26.17
Impairment expense 182.41 -
Provision for dimunition in value of investments 3.42 -
Gain on fixed assets sold / discarded, (net) (2.49) (1.28)
Gain on sale of current investments (net) (28.83) (15.06)
Dividend income - (0.34)
Provision / (reversal) for estimated losses on projects in progress (net) 94.92 (227.15)
Provision / (Reversal) for Doubtful Debt and Advances (net) 98.10 (46.52)
Gain on disposal of investment in subsidiaries (net) (0.29) (5.35)
Interest income (136.97) (210.05)
Interest and finance charges 6,988.00 7,273.61
Liabilities written back (111.52) (10.25)
Working capital adjustments :

(Decrease)/ Increase in trade payables and other financial liabilities (1,616.12) 228.20
Increase in short term provisions 1,163.61 644.03
(Decrease) in other current liabilities (2,938.94) (2,884.24)
(Increase) / decrease in trade receivables (812.68) 74.01
(Increase) / decrease in other financial assets and other assets (2,093.41) 292.74
Decrease in inventories 304.11 3,653.44
Cash (used in) / generated from operations (6,418.19) 2,378.99
Less : Taxes paid (66.67) (69.85)
Net Cash (used in) / flow from Operating Activities (A) (6,484.86) 2,309.14
Cash Flows from Investing Activities:

Payments made for property, palnt and equipment (including captial work in progress and capital advances) (25.32) (15.26)
Payments made for intanigible property (including capital advances) (3.85) (0.65)
Proceeds from sale of property, plant and equipments 2.49 1.75
(Purchase of) / proceeds from sale of current investments (net) (399.63) 65.60
Sale of long term investment in subsidiary company 0.29 5.35
(Purchase) / sale of long term investments (net) (1.18) 18.57
Bank deposits matured (net) (having original maturity of less than three months) 947.45 292.44
Redemption/ maturity of bank deposits (having original maturity of more than three months) (610.91) (917.06)
Investments in bank deposits (having original maturity of more than three months) 727.84 979.02
Interest income received 119.02 255.76
Dividend received - 0.34
Net Cash generated from Investing Activities (B) 756.20 685.86
Cash Flows From Financing Activities:

Proceeds from long term borrowings 21,576.80 1,002.40
Repayment of long term borrowings (9,947.62) (2,339.46)
Proceeds from short term borrowings (net) 2,490.47 (94.40)
Interest and finance charges paid (7,269.04) (1,627.80)
Net cash generated from / (used in) financing activities (C) 6,850.61 (3,059.26)
Net change in Cash & cash equivalents (A+B+C) 1,121.95 (64.26)
Cash and cash equivalents as at the beginning of year (1,509.59) (1,445.33)
Cash and cash equivalents as at end of the year (refer note 13) (387.64) (1,509.59)
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2017
For the year ended March 2017
(a) Equity Share Capital
Equity shares of Rs. 10 each issued, subscribed and fully paid

No. Amount
At 1 April 2015 912.62 9,126.20
At 31 March 2016 912.62 9,126.20
At 31 March 2017 912.62 9,126.20
(b) Other equity
Equity component of Reserve and surplus Total equity

convertible Unrealised gain on Securities Capital Capital reserve Debenture Retained Earnings
debentures dilution of stake in premium redemption (d ) redemption
subsidiaries reserve (b) reserve (c ) reserve (e)
(a)
As at 1 April 2015 1,848.75 2,271.21 26,126.71 8,610.25 2,892.78 738.13 (17,912.74) 24,575.09
(Loss) for the year ended - - - - - (6,508.95) (6,508.95)
Other comprehensive income (loss) for the year - - - - - 10.89 10.89
Total comprehensive income - - - - - - (6,498.06) (6,498.06)
As at 31 March 2016 1,848.75 2,271.21 26,126.71 8,610.25 2,892.78 738.13 (24,410.79) 18,077.03
(Loss) for the year ended - - - - - (7,579.65) (7,579.65)
Other comprehensive income (loss) for the year - - - - - (2.58) (2.58)
Total comprehensive income/(loss) - - - - - - (7,582.23) (7,582.23)
As at 31 March 2017 1,848.75 2,271.21 26,126.71 8,610.25 2,892.78 738.13 (31,993.02) 10,494.81
(a) Unrealised gain on dilution of stake in subsidiaries reserve has been created at the time of gain on dilution of equity interest in some of the Company’s subsidiary companies. This gain will be transferred to the income statement at the time of transfer
of such subsidiary companies outside the Group
(b) Securities premium reserve is created to record the premium on issue of equity shares. This can be utilised for certain limited purposes in accordance with provisions of the Companies Act, 2013.
(c) Capital redemption reserve can be utilised for certain limited purposes in accordance with provisions of the Companies Act, 2013
(d ) Capital reserve was created under the Previous GAAP out of the profit earned from a specific transaction of capital nature. Capital reserve is not available for the distribution to the equity shareholders.
(e) The Group has issued redeemable non-convertible debentures. Accordingly, the Companies (Share capital and Debentures) Rules, 2014 (as amended), require the Group to create Debenture Redemption Reserve ("DRR") out of profits of the Group
available for payment of dividend. DRR is required to be created for an amount which is equal to 25% of the value of debentures issued and would be utilised for redeeming the said debenture. In the absence of adequate profits, DRR to the extent of
Rs. 2,861.96 million (March 31, 2016 : 3,884.25 million, April 01, 2015 : Rs. 2,648.38 million) has not been created as at March 31, 2017.
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

EMAAR MGF LAND LIMITED (‘EMGF Group’)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017
1. Corporate information
Emaar MGF Land Limited (‘the Company’ or ‘the Parent company’), and its subsidiaries (hereinafter
collectively referred to as ‘the Group’ or ‘EMGF Group’) are primarily engaged in the business of promotion,
construction, development and sale of integrated townships, residential and commercial multi-storeyed
buildings, houses, flats, shopping malls, hotels, IT parks, SEZs, etc.
The Company is a public company domiciled in India and is incorporated under the provisions of the
Companies Act applicable in India. The Company is 57.33% subsidiary of Emaar Holding II (Dubai, UAE). Its
debentures are listed on Bombay stock exchange in India. The registered office of the Company is located at
ECE House, 28, Kasturba Gandhi Marg, New Delhi- 110001. The principal place of business of the Company is
located at Emaar Business Park, MG Road, Sikanderpur, Sector-28 Gurgaon- 122002, Haryana.
The consolidated financial statements were authorised for issue in accordance with a resolution of the directors
on May 25, 2017.
2. Application of new and revised Indian Accounting Standards

Ministry of Company Affairs in India (MCA) notified Companies (Indian Accounting Standards) (Amendment)
Rules, 2017 to amend Indian Accounting Standard 7- Statement of Cash flows (Ind AS 7). The amendments are
applicable to the Group from April 1, 2017.
Amendment to Ind AS 7:
The amendment to Ind AS 7 requires the entities to provide disclosures that enable users of financial statements
to evaluate changes in liabilities arising from financing activities, including both changes arising from cash
flows and non-cash changes, suggesting inclusion of a reconciliation between the opening and closing balances
in the balance sheet for liabilities arising from financing activities, to meet the disclosure requirement.
The Group is evaluating the requirements of the amendment and its consequential effects on the consolidated
3. Significant accounting policies

3.1 Basis of preparation
The financial statements of the Group have been prepared in accordance with Indian Accounting Standards (Ind
AS) notified under section 133 read with rule 4A of the Companies (Indian Accounting Standards) Rules, 2015
and the Companies (Indian Accounting Standards) (Amendment) Rules, 2016 as amended and the relevant
For all periods up to and including the year ended 31 March 2016, the Group had prepared its financial
statements in accordance with accounting standards notified under section 133 of the Companies Act 2013, read
together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Previous GAAP). These financial
statements for the year ended 31 March 2017 are the first financial statements that the Group has prepared in
accordance with Ind AS. The transition to Ind AS was carried out in accordance with Ind AS 101 “First Time
Adoption of Indian Accounting Standards” with the date of transition as April 01, 2015. Refer note 50 for
information on how the Group adopted Ind AS.
The financial statements have been prepared on going concern basis using a historical cost convention, except
certain financial assets and financial liabilities which are measured at fair value (refer 3.3 below).
The consolidated financial statements are presented in INR which is also assessed to be the functional currency
of the parent company in accordance with Ind AS for each entity the Group determines the functional currency
and items included in the financial statements of each entity are measured using that functional currency. All
values are rounded to the nearest million (INR 000,000), except wherever otherwise indicated.
3.2 Basis of consolidation
The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as
at 31 March 2017. Control is achieved when the Group is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
• Power over the investee (i.e. existing rights that give it the current ability to direct the relevant
activities of the investee)
• Exposure, or rights, to variable returns from its involvement with the investee, and
• The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights result in control. To support this presumption
and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers
all relevant facts and circumstances in assessing whether it has power over an investee, including:
• The contractual arrangement with the other vote holders of the investee
• Rights arising from other contractual arrangements
• The Group’s voting rights and potential voting rights
• The size of the group’s holding of voting rights relative to the size and dispersion of the holdings of
the other voting rights holders
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are
changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group
obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets,
liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the
consolidated financial statements from the date the Group gains control until the date the Group ceases to
control the subsidiary.
Consolidated financial statements are prepared using uniform accounting policies for like transactions and
other events in similar circumstances. If a member of the group uses accounting policies other than those
adopted in the consolidated financial statements for like transactions and events in similar circumstances,
appropriate adjustments are made to that group member’s financial statements in preparing the consolidated
financial statements to ensure conformity with the group’s accounting policies.
The financial statements of all entities used for the purpose of consolidation are drawn up to same reporting
date as that of the parent Group, i.e., year ended on 31 March. When the end of the reporting period of the
parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional
financial information as of the same date as the financial statements of the parent to enable the parent to
consolidate the financial information of the subsidiary, unless it is impracticable to do so.
Consolidation procedures:
(a) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the parent with those
of its subsidiaries. For this purpose, income and expenses of the subsidiary are based on the amounts of the
assets and liabilities recognised in the consolidated financial statements at the acquisition date.
(b) Offset (eliminate) the carrying amount of the parent’s investment in each subsidiary and the parent’s
portion of equity of each subsidiary.
(c) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to
transactions between entities of the group (profits or losses resulting from intragroup transactions that are
recognised in assets, such as inventory and fixed assets, are eliminated in full). Intragroup losses may
indicate an impairment that requires recognition in the consolidated financial statements. Ind AS 12
Income Taxes applies to temporary differences that arise from the elimination of profits and losses
resulting from intragroup transactions.
Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of
the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests
having a deficit balance.
3.3 Summary of significant accounting policies
a. Investment in associates and joint ventures
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee, but is not control or joint control over
those policies.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have
rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an
arrangement, which exists only when decisions about the relevant activities require unanimous consent of the
parties sharing control.
The considerations made in determining whether significant influence or joint control are similar to those
necessary to determine control over the subsidiaries.
The statement of profit and loss reflects the Group’s share of the results of operations of the associate or joint
venture. Any change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there
has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its
share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses
resulting from transactions between the Group and the associate or joint venture are eliminated to the extent of
the interest in the associate or joint venture.
If an entity’s share of losses of an associate or a joint venture equals or exceeds its interest in the associate or
joint venture (which includes any long term interest that, in substance, form part of the Group’s net investment
in the associate or joint venture), the entity discontinues recognising its share of further losses. Additional losses
are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments
on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, the entity
resumes recognising its share of those profits only after its share of the profits equals the share of losses not
recognised.
The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of
the statement of profit and loss.
The financial statements of the associate or joint venture are prepared for the same reporting period as the
Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment
loss on its investment in its associate or joint venture. At each reporting date, the Group determines whether
there is objective evidence that the investment in the associate or joint venture is impaired. If there is such
evidence, the Group calculates the amount of impairment as the difference between the recoverable amount of
the associate or joint venture and its carrying value, and then recognises the loss as ‘Share of profit of an
associate and a joint venture’ in the statement of profit or loss.
b. Current versus non-current classification
The Group presents assets and liabilities in the balance sheet based on current / non-current classification. An
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, or
• Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least
twelve months after the reporting period
All other assets are classified as non-current.
A liability is current when:
• 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
The Group classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively.
cash equivalents. The Group has determined its operating cycle, as explained in Schedule III of the Companies
Act, 2013, as sixty months for Construction and Development business and as twelve months for Leisure and
Hospitality business, having regard to the nature of business being carried out by the Group. The same has been
considered for classifying assets and liabilities as ‘current’ and ‘non-current’ while preparing the consolidated
c. Fair value measurement
The Group measures financial instruments, such as, short term investments at fair value at each balance sheet
date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based on the
presumption that the transaction to sell the asset or transfer the liability takes place either:
• in the principal market for the asset or liability, or

• in the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use
when pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate
economic benefits by using the asset in its highest and best use or by selling it to another market participant that
would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are
available to measure fair value, maximising the use of relevant observable inputs and minimising the use of
unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements
are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
significant to the fair value measurement as a whole:
• Level 1- Quoted (unadjusted) market prices in active markets for identical assets or liabilities
measurement is directly or indirectly observable
measurement is unobservable
For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the
Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.
The Group’s Board of Directors and Audit Committee determines the policies and procedures for both recurring
fair value measurement, such as unquoted financial assets measured at fair value, and for non-recurring
measurement, such as assets or disposal group held for distribution to shareholders.
External valuers are involved for valuation of significant assets, such as properties and unquoted financial
assets. Involvement of external valuers is decided upon annually by the management. Selection criteria include
market knowledge, reputation, independence and whether professional standards are maintained. Management
decides, after discussions with the Group’s external valuers, which valuation techniques and inputs to use for
each case.
At each reporting date, the Management analyses the movements in the values of assets and liabilities which are
required to be remeasured or re-assessed as per the Group’s accounting policies. For this analysis, the
Management verifies the major inputs applied in the latest valuation by agreeing the information in the valuation
computation to contracts and other relevant documents.
The Management, in conjunction with the Group’s external valuers, also compares the change in the fair value
of each asset and liability with relevant external sources to determine whether the change is reasonable.
At each balance sheet date, the Group measures the fair value of the short term investments in mutual funds on
the basis of market value of the quoted instruments i.e. Net Asset value (NAV) of short term investments held
for trading.
d. Property, plant and equipment
Property, plant and equipment and capital work in progress are stated at cost [i.e., cost of acquisition or
construction inclusive of freight, erection and commissioning charges, non-refundable duties and taxes,
expenditure during construction period, borrowing costs (in case of a qualifying asset) upto the date of
acquisition/ installation], net of accumulated depreciation and accumulated impairment losses, if any.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on
de-recognition of the asset (calculated as the difference between the net disposal proceeds and the carrying
amount of the asset) is included in the statement of profit and loss when the asset is derecognised.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets estimated by the
management based on technical evaluation:-
Useful lives estimated by the management (years)

Buildings 60
Plant and Machinery 5- 10
Furniture and fixtures 6.67
Office equipment 5
Vehicles 5
Computers 3
Cost of Model Homes, included under Buildings / Furniture and Fixtures, is depreciated uniformly over the
period of construction of the respective projects .i.e. 3 to 5 years.
Temporary structures, included under Buildings, are fully depreciated in the year of capitalization.
The useful life of the assets is either lower or equal to those indicated in Schedule II to the Companies Act 2013.
Leasehold improvements are amortized on straight line basis over the period of the lease of 1 to 90 years or the
useful life of the asset, whichever is lower.
No amortisation is made for leasehold land which is under perpetual lease.
The useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial
year end and adjusted prospectively, if appropriate.
e. Intangible assets
Intangible assets comprise of computer softwares which are measured on at cost upon initial recognition.
Following initial recognition, intangible assets are carried at cost less any accumulated amortisation.
Intangible assets are amortised on a straight line basis over the useful economic life which is assessed to be
between one to three years by the management.
Gains or losses arising from de-recognition of an intangible asset are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are recognised in the statement of profit or loss when
the asset is derecognised.
f. Investment properties
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial
recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment
loss, if any.
The Group based on technical assessment made by it, depreciates building component of investment property on
a straight line basis over a period of 60 years from the date of original purchase.
Though the Group measures investment property using cost based measurement, the fair value of investment
property is disclosed in the note 5. Fair values are determined based on an annual evaluation performed by an
accredited external independent valuer.
Investment properties are derecognised either when they have been disposed of or when they are permanently
withdrawn from use and no future economic benefit is expected from their disposal. The difference between the
net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in the period of de-
recognition.
g. Non-current asset/disposal group held for distribution
Non-current assets and disposal groups are classified as held for distribution if the entity is committed to
distribute the assets or disposal group to the owners. This condition is regarded as met only when the
distribution is highly probable and the asset (or disposal group) is available for immediate distribution in its
present condition. Management must be committed to distribute which should be expected to be completed
within one year from the date of classification.
Non-current assets and disposal groups held for distribution to owners are measured at the lower of their
carrying amount and the fair value less costs to distribute. Assets, liabilities and disposal group classified as
held for distribution are presented separately in the balance sheet.
Property, plant and equipment and intangible assets once classified as held for distribution to owners are not
depreciated or amortised.
h. Borrowing Costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset (that necessarily
takes a substantial period of time to get ready for its intended use or sale) are capitalised as part of the cost of the
asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of
interest and other borrowing costs that an entity incurs in connection with the borrowing of funds.
Eligible transaction/ ancillary costs incurred in connection with the arrangement of borrowings are adjusted with
the proceeds of the borrowings.
i. Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s
recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cash-generating unit’s (CGU)
fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset,
unless the asset does not generate cash inflows that are largely independent of those from other assets or groups
of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered
impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the
asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no
such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated
by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.
Impairment losses, including impairment on inventories, are recognised in the statement of profit and loss.
For assets, an assessment is made at each reporting date to determine whether there is an indication that
previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group
estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if
there has been a change in the assumptions used to determine the asset’s recoverable amount since the last
impairment loss was recognised. The reversal is limited so that the carrying amount of the asset does not exceed
its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation,
had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the statement
of profit or loss.
j. Inventories
Inventory comprises of Completed Property for Sale, Projects in Progress and Merchandise Stock.
(i) Completed property for sale is valued at lower of cost and net realizable value. Cost includes cost of land /
land development rights, materials, services, borrowing costs and other related overheads, incurred in
bringing the inventories to their present location and condition.
(ii) Projects in progress are valued at lower of cost and net realizable value. Cost includes land and cost of land /
land development rights, materials, services, borrowing costs and other related overheads. Cost incurred /
items made specifically for projects are taken as consumed as and when incurred / received.
(iii) Merchandise stock is valued at lower of cost and net realizable value.
Costs are determined on weighted average basis.
Net realizable value is the estimated selling price in the ordinary course of business based on market price at the
reporting date and discounted for the time value of money if material, less estimated costs of completion and
estimated costs necessary to make the sale.
k. Revenue Recognition
Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the
fair value of the consideration received or receivable, taking into account contractually defined terms of
payments.
Sales tax/ value added tax (VAT) and service tax is not received by the Group on its own account. Rather, it is
tax collected on value added to the property by the seller on behalf of the government. Accordingly, it is
excluded from revenue.
The specific recognition criteria describe below must also be met before revenue is recognised.
Revenue from real estate developments
Real Estate projects
(i) Revenue is recognized, for projects that are construction type contracts in relation to the sold areas only,
upon transfer of all significant risks and rewards of ownership of such property as per the terms of the
contracts entered into with buyers, which generally coincides with firming up of the legally enforceable
buyers’ agreement, on the basis of percentage of completion as and when all of the following conditions are
met:
a. All critical approvals necessary for commencement of the project have been obtained;
b. The expenditure incurred on construction and development costs is at least 25 % of the construction
and development costs (without considering land cost);
c. At least 25% of the saleable project area is secured by contracts or agreements with buyers;
d. At least 10 % of the contract consideration as per the agreements of sale or any other legally
enforceable documents are realized at the reporting date in respect of each of the contracts and it is reasonable
to expect parties to such contract will comply with payment terms as defined in contract.
Cost of Construction/ Development (including cost of land /land development rights) is charged to the
statement of profit and loss proportionate to the revenue recognized.
The estimates of the projected revenue, projected profits, projected costs, cost to completion and the
foreseeable loss are reviewed periodically by the management and any effect of changes in estimates is
recognized in the period such changes are determined. However, when the total project cost is estimated to
exceed total revenues from the project, the loss is recognized immediately.
Revenue recognized is net of cancellation accepted by the Group.
Liquidated damages / penalties which are paid or payable pursuant to court’s order or otherwise on the basis of
settlement arrangement done with the customers are recognised as an expenses in the statement of profit and
loss.
(ii) Revenue from sale of property other than that mentioned under (i) above is recognized upon transfer of all
significant risks and rewards of ownership of such property, as per the terms of the contracts entered into
with buyers, which generally coincides with the firming up of the sales contracts/ agreements.
(iii) Gain/Loss from sale of undeveloped unsuitable land is recognized in the financial year in which transfer is
made by registration of sale deeds or otherwise in favour of the buyers.
(iv) Revenue from Collaboration Agreements is recognized as and when services are rendered, in accordance
with the terms of the agreements entered with the collaborators, based on the a percentage share of gross
revenue of the collaborators.
(v) Revenue recognition for Joint Development Agreement (JDA) executed with land owners:
JDAs entered into with land owners for the exchange of land against consideration in the form of property
or development rights are treated as exchange of dissimilar goods and are accounted for at fair value. The
revenue arising out of the same is measured at the fair value of the goods received. When the fair value of
the goods received cannot be measured reliably, the revenue is measured at the fair value of the goods
given up.
(vi) Brokerage and selling commission on real estate sales is accounted for as and when the same accrues in
accordance with the terms of agreement entered into with brokers. Brokerage and selling commission is
charged off to the statement of profit and loss in proportion to the revenue from real estate recognised by
the Group.
Interest due on delayed payments and forfeiture income on cancelled units
Revenue is recognised as and when due to the extent certainty of payments/ realisation is established in relation
to such income.
Income from compulsory acquisition of land
Income in respect of compulsory acquisition (both original and enhanced compensation) of land by Government
is recognised upon receipt of compensation order from the Government or Court at an amount equivalent to
gross amount received/ receivable, net of the cost of the land acquired by the Government.
Revenue from Hospitality and Leisure Activities
Revenue is recognized as and when services are completely rendered and right to receive money has been
established.
Other interest income
For all debt instruments measured at amortised cost, interest income is recorded using the effective interest rate
(EIR). EIR is the rate that exactly discounts the estimated future cash payments or receipts over the expected life
of the financial instrument or a shorter period, where appropriate, to the gross carrying amount of the financial
asset or to the amortised cost of a financial liability. When calculating the effective interest rate, the Group
estimates the expected cash flows by considering all the contractual terms of the financial instrument (for
example, prepayment, extension, call and similar options) but does not consider the expected credit losses.
Interest income is included in other income in the statement of profit and loss.
Income from Registration fees
Amounts received from customers on transfer of ownership of property during the construction period is
accounted for on as and when due basis.
Dividend income
Revenue is recognised when the Group’s right to receive the payment is established, which is generally when
shareholders approve the dividend.
l. Foreign currencies
The Group’s consolidated financial statements are presented in INR.
Transactions and balances
Transactions in foreign currencies are initially recorded by the Group entity’s at their respective functional
currency spot rates at the date the transaction first qualifies for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot
rates of exchange at the reporting date.
Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss
arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the
gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or
loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).
m. Taxes
Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or
substantively enacted at the reporting date, in the countries where the Group operates and generates taxable
income.
Current income tax relating to items recognised outside profit or loss is recognised outside profit or loss (either
in other comprehensive income or in equity). Current tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity. Management periodically evaluates positions taken in the tax
returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Current tax assets is offset against current tax liabilities if, and only if, a legally enforceable right exists to set
off the recognised amounts and there is an intention either to settle on a net basis, or to realise the asset and
settle the liability simultaneously.
Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
• When the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the
accounting profit nor taxable profit or loss
• In respect of taxable temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled
and it is probable that the temporary differences will not reverse in the foreseeable future
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable
profit will be available against which the deductible temporary differences, and the carry forward of unused tax
credits and unused tax losses can be utilised, except:
• When the deferred tax asset relating to the deductible temporary difference arises from the initial
recognition of an asset or liability in a transaction that is not a business combination and, at the time of the
transaction, affects neither the accounting profit nor taxable profit or loss
• In respect of deductible temporary differences associated with investments in subsidiaries, associates and
interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the
temporary differences will reverse in the foreseeable future and taxable profit will be available against
which the temporary differences can be utilised
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to
be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the
extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
substantively enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss (either in other
comprehensive income or in equity). Deferred tax items are recognised in correlation to the underlying
transaction either in OCI or directly in equity.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
Sales/ value added taxes paid on acquisition of assets or on incurring expenses
Expenses and assets are recognised net of the amount of sales/ value added taxes paid, except:
• When the tax incurred on a purchase of assets or services is not recoverable from the taxation
authority, in which case, the tax paid is recognised as part of the cost of acquisition of the asset or as
part of the expense item, as applicable
• When receivables and payables are stated with the amount of tax included
The net amount of tax recoverable from, or payable to, the taxation authority is included as part of receivables or
payables in the balance sheet.
n. Retirement and other employee benefits
The undiscounted amount of short-term employee benefits expected to be paid in exchange for the service
rendered by employees are recognised during the period when the employee renders the services.
Retirement benefit in the form of provident fund is a defined contribution scheme. The Group has no obligation,
other than the contribution payable to the provident fund. The Group recognizes contribution payable to the
provident fund scheme as an expense, when an employee renders the related service. If the contribution payable
to the scheme for service received before the balance sheet date exceeds the contribution already paid, the
deficit payable to the scheme is recognized as a liability after deducting the contribution already paid. If the
contribution already paid exceeds the contribution due for services received before the balance sheet date, then
excess is recognized as an asset to the extent that the pre-payment will lead to, for example, a reduction in future
payment or a cash refund.
The Group operates a defined benefit gratuity plan in India, which requires contributions to be made to a
separately administered fund. Gratuity is a defined benefit obligation.
The cost of providing benefits under the defined benefit plan is determined 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 balance sheet with
a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Re-
measurements are not reclassified to profit or loss in subsequent periods.
Net interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group
recognises the following changes in the net defined benefit obligation as an expense in the statement of profit
and loss:
• Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-
routine settlements; and
• Net interest expense or income
Accumulated leave, which is expected to be utilized within the next twelve months, is treated as short-term
employee benefit. The Group measures the expected cost of such absences as the additional amount that it
expects to pay as a result of the unused entitlement that has accumulated at the reporting date.
The Group treats accumulated leave expected to be carried forward beyond twelve months, as long-term
employee benefit for measurement purposes. Such long-term compensated absences are provided for based on
the actuarial valuation using the projected unit credit method at the year-end. Actuarial gains/losses are
immediately taken to the statement of profit or loss and are not deferred.
Past service costs are recognised in profit or loss on the earlier of:
• The date of the plan amendment or curtailment, and

• The date that the Group recognises related restructuring costs
o. Leases
The determination of whether an arrangement is (or contains) a lease is based on the substance of the
arrangement at the inception of the lease. The arrangement is, or contains, a lease if fulfilment of the
arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the
asset or assets, even if that right is not explicitly specified in an arrangement.
Group as a lessee
A lease is classified at the inception date as a finance lease or an operating lease. A lease that transfers
substantially all the risks and rewards incidental to ownership to the Group is classified as a finance lease.
Finance leases are capitalised at the commencement of the lease at the inception date fair value of the leased
property or, if lower, at the present value of the minimum lease payments. Lease payments are apportioned
between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the
remaining balance of the liability. Finance charges are recognised in finance costs in the statement of profit and
loss, unless they are directly attributable to qualifying assets, in which case they are capitalized in accordance
with the Group’s general policy on the borrowing costs. Contingent rentals are recognised as expenses in the
periods in which they are incurred.
A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that
the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the
estimated useful life of the asset and the lease term.
Premium on lease-hold land (except in case of perpetual lease) is amortised over the period of lease. In case of
perpetual lease, the arrangement is accounted for as a finance lease in the balance sheet and rentals paid are
recognised as finance costs in the statement of profit and loss.
Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis
over the lease term. However, rent expenses are not straight-lined, wherever the escalation in rentals is in line
with expected inflationary cost.
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are
classified as operating leases. The respective leased assets are included in the balance sheet based on their
nature. Rental income is recognized on straight-line basis over the lease term except where scheduled increase in
rent compensates the Group with expected inflationary costs.
p. Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
event, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation. When the Group expects some or
all of a provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognised
as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is
presented in the statement of profit and loss net of any reimbursement.
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.
q. Earnings per share
Basic earnings per equity share are computed by dividing net profit after tax for the year attributable to equity
shareholders by the weighted average number of equity shares outstanding during the year.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
equity shareholders and the weighted average number of shares outstanding during the period are adjusted for
the effects of all dilutive potential equity shares.
r. Contingent liabilities
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 Group or a
present obligation that is not recognized because it is not probable that an outflow of resources will be required
to settle the obligation. A contingent liability also arises in extremely rare cases where there is a liability that
cannot be recognized because it cannot be measured reliably. The Group does not recognize a contingent
liability but discloses its existence in the consolidated financial statements
s. Cash and cash equivalents
Cash and cash equivalent in the balance sheet comprise cash at banks and on hand, cheques on hand and short-
term deposits with an original maturity of three months or less, which are subject to an insignificant risk of
changes in value.
For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the
Group’s cash management.
t. Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial assets
All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair
value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
For purposes of subsequent measurement, financial assets are classified in four categories:
• Debt instruments at amortised cost

• Debt instruments at fair value through other comprehensive income (FVTOCI)
• Debt instruments, derivatives and equity instruments at fair value through profit or loss (FVTPL)
• Equity instruments measured at fair value through other comprehensive income (FVTOCI)
Debt instruments at amortised cost

A ‘debt instrument’ is measured at the amortised cost if both the following conditions are met:
(a) The asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows, and
(b) Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding.
This category is the most relevant to the Group. After initial measurement, such financial assets are
subsequently measured at amortised cost using the effective interest rate (EIR) method. Amortised cost is
calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included in interest income in the profit or loss. The losses arising from
impairment are recognised in the statement of the profit or loss.
Debt instrument at FVTOCI
A ‘debt instrument’ is classified as at the FVTOCI if both of the following criteria are met:
(a) The objective of the business model is achieved both by collecting contractual cash flows and selling the
financial assets, and
(b) The asset’s contractual cash flows represent solely payments of principal and interest.
Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date
at fair value. Fair value movements are recognized in the other comprehensive income (OCI). However, the
Group recognizes interest income, impairment losses & reversals and foreign exchange gain or loss in the
statement of profit or loss. On de-recognition of the asset, cumulative gain or loss previously recognised in OCI
is reclassified from the equity to the statement of profit or loss. Interest earned whilst holding FVTOCI debt
instrument is reported as interest income using the EIR method.
Debt instrument at FVTPL
FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.
In addition, the Group may elect to designate a debt instrument, which otherwise meets amortized cost or
FVTOCI criteria, as at FVTPL. However, such election is allowed only if doing so reduces or eliminates a
measurement or recognition inconsistency (referred to as ‘accounting mismatch’). The Group has not designated
any debt instrument as at FVTPL.
Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in
the statement of profit or loss.
Equity investments
All equity investments in scope of Ind AS 109 are measured at fair value. Equity instruments which are held for
trading are classified as at FVTPL. For all other equity instruments, the Group may make an irrevocable election
to present in other comprehensive income subsequent changes in the fair value. The Group makes such election
on an instrument-by-instrument basis. The classification is made on initial recognition and is irrevocable.
If the Group decides to classify an equity instrument as at FVTOCI, then all fair value changes on the
instrument, excluding dividends, are recognized in the OCI. There is no recycling of the amounts from OCI to
statement of profit or loss, even on sale of investment. However, the Group may transfer the cumulative gain or
loss within equity.
Equity instruments included within the FVTPL category are measured at fair value with all changes recognized
in the statement of profit or loss.
Investments in the equity instruments of joint venture and associate companies are measured at cost in
accordance with the principles of Ind AS 27- Separate Financial Statements.
De-recognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e. removed from the Group’s balance sheet) when:
• The rights to receive cash flows from the asset have expired, or
• The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to
pay the received cash flows in full without material delay to a third party under a ‘pass-through’
arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or
(b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through
arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has
neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of
the asset, the Group continues to recognise the transferred asset to the extent of the Group’s continuing
involvement. In that case, the Group also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and obligations that the Group has retained.
Impairment of financial assets
In accordance with Ind AS 109, the Group applies expected credit loss (ECL) model for measurement and
recognition of impairment loss on the following financial assets and credit risk exposures:
(a) Financial assets that are debt instruments, and are measured at amortised cost, e.g., loans, debt securities,
deposits, trade receivables and bank balance
(b) Financial assets that are debt instruments and are measured as at FVTOCI
(c) 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 Group follows ‘simplified approach’ for recognition of impairment loss allowance on trade receivables.
The application of simplified approach does not require the Group to track changes in credit risk. Rather, it
recognises impairment loss allowance based on lifetime ECLs at each reporting date, right from its initial
recognition.
For recognition of impairment loss on other financial assets and risk exposure, the Group determines that
whether there has been a significant increase in the credit risk since initial recognition. If credit risk has not
increased significantly, 12-month ECL is used to provide for impairment loss. However, if credit risk has
increased significantly, lifetime ECL is used. If, in a subsequent period, credit quality of the instrument
improves such that there is no longer a significant increase in credit risk since initial recognition, then the entity
reverts to recognising impairment loss allowance based on 12-month ECL.
Lifetime ECL are the expected credit losses resulting from all possible default events over the expected life of a
financial instrument. The 12-month ECL is a portion of the lifetime ECL which results from default events that
are possible within 12 months after the reporting date.
ECL is the difference between all contractual cash flows that are due to the Group in accordance with the
contract and all the cash flows that the entity expects to receive (i.e., all cash shortfalls), discounted at the
original EIR. When estimating the cash flows, an entity is required to consider:
• All contractual terms of the financial instrument (including prepayment, extension, call and similar options)
over the expected life of the financial instrument. However, in rare cases when the expected life of the
financial instrument cannot be estimated reliably, then the entity is required to use the remaining
contractual term of the financial instrument
• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual
terms.
ECL impairment loss allowance (or reversal) recognized during the period is recognized as income/ expense in
the statement of profit and loss. This amount is reflected under the head ‘other expenses’ in the statement of
profit and loss. The balance sheet presentation for various financial instruments is described below:
• Financial assets measured as at amortised cost: ECL is presented as an allowance, i.e., as an integral part
of the measurement of those assets in the balance sheet. The allowance reduces the net carrying amount.
Until the asset meets write-off criteria, the Group does not reduce impairment allowance from the gross
carrying amount.
For assessing increase in credit risk and impairment loss, the Group combines financial instruments on the basis
of shared credit risk characteristics with the objective of facilitating an analysis that is designed to enable
significant increases in credit risk to be identified on a timely basis.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank
overdrafts.
The subsequent measurement of financial liabilities is as under:
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings
are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or
loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit
and loss.
This category generally applies to borrowings. For more information refer Note 16 and Note 17.
Other financial liabilities such as trade payables, other liabilities, etc. are also subsequently measured at
amortised cost.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the
de-recognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net
basis, to realise the assets and settle the liabilities simultaneously.
3.4 Significant accounting judgements, estimates and assumptions
The preparation of the Group’s financial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities. Uncertainty about these judgements, assumptions and
estimates could result in outcomes that require a material adjustment to the carrying amount of assets or
liabilities affected in future periods.
a. Significant Estimates
i) Project cost estimates
The Group recognizes revenue using the percentage of completion method (refer note 21 and 22). This requires
forecasts to be made of total budgeted cost with the outcomes of underlying construction and service contracts,
which require estimates to be made for changes in work scopes, claims (compensation, rebates, etc.), the cost of
meeting other contractual obligations to the customers and other payments to the extent they are probable and
they are capable of being reliably measured. For the purpose of making these estimates, the Group used the
available contractual and historical information and also its expectations of future costs.
ii) Assessments of operating cycle
cash equivalents. The Group has determined its operating cycle as sixty months for Construction and
Development business and as twelve months for Leisure and Hospitality business, having regard to the nature of
business being carried out by the Group. The same has been considered for classifying assets and liabilities as
‘current’ and ‘non-current’ while preparing the consolidated financial statements.
iii) Recoverability of financial assets
The Group estimates the recoverable amount of trade and other receivables where collection of the full amount
is expected to be no longer probable. For individually significant amounts, this estimation is performed on an
individual basis considering length of time past due, financial condition of the counterparty, impending legal
disputes, if any and other relevant factors (refer note 7,8, and 14)
iv) Estimation of net realisable value for inventory property
Inventory property is stated at the lower of cost and net realisable value (NRV).
NRV for completed inventory property is assessed by reference to market conditions and prices existing at the
reporting date and is determined by the Group, based on comparable transactions identified by the Group for
properties in the same geographical market serving the same real estate segment.
NRV in respect of inventory property under construction is assessed with reference to market prices at the
reporting date for similar completed property, less estimated costs to complete construction and an estimate of
the time value of money to the date of completion (refer note 10).
v) Cash flow projections
The Group has prepared these financial statements on going concern basis assuming that it will be able to
continue its operations for next one financial year. In making this assumption, the management has made certain
projections relating to cash collections from various projects, fund requirements, asset base, etc. for the next one
financial year as further explained in note 45.
b. Significant judgements
i) Contingencies
In the normal course of business, contingent liabilities may arise from litigation, taxation and other claims
against the Group. A tax provision is recognised when the Group has a present obligation as a result of a past
event; it is probable that the Group will be required to settle that obligation. Where it is management’s
assessment that the outcome cannot be reliably quantified or is uncertain the claims are disclosed as contingent
liabilities unless the likelihood of an adverse outcome is remote. Such liabilities are disclosed in the notes but
are not provided for in the financial statements.
When considering the classification of a legal or tax cases as probable, possible or remote there is judgement
involved. This pertains to the application of the legislation, which in certain cases is based upon management’s
interpretation of country specific tax law, in particular India, and the likelihood of settlement. Management uses
in-house and external legal professionals to inform their decision.
Although there can be no assurance regarding the final outcome of the legal proceedings, the Group does not
expect them to have a materially adverse impact on the Group’s financial position or profitability. The liabilities
which are assessed as possible and hence are not recognised in these financial statements are disclosed in note
34 (c).
4. Property, plant and equipment
Particulars Land -Freehold Land Buildings Leasehold Plant and Office Computers Furniture and Vehicles Capital work in Total
(on lease) improvements machinery equipments fixtures progess
Cost
As at 1 April 2015 1,167.90 5,342.64 1,004.13 56.42 210.79 87.55 145.32 408.16 83.28 3,029.49 11,535.68
Additions - - 0.25 - 1.35 0.28 3.09 2.01 - 8.24 15.22
Less: Disposals - - - - 0.22 1.42 2.75 1.17 9.79 - 15.35
As at 31 March 2016 1,167.90 5,342.64 1,004.38 56.42 211.92 86.41 145.66 409.00 73.49 3,037.73 11,535.55
Additions - - - 6.04 0.24 0.49 18.48 3.47 0.06 16.02 44.80

Less: Classified as held for distribution (refer note 49) 550.05 4,851.75 - - 0.72 1.94 - 1.00 - 976.60 6,382.06
Less: Transfer to Property, plant and equipment - - - - - - - - - 9.16 9.16
Less: Disposals - - 76.24 14.46 0.33 17.45 9.73 - 24.29 - 142.50
As at 31 March 2017 617.85 490.89 928.14 48.00 211.11 67.51 154.41 411.47 49.26 2,067.99 5,046.63
Depreciation and impairment

As at 1 April 2015 - 32.01 186.23 56.16 168.78 81.56 137.97 385.17 80.38 700.34 1,828.60
Charge for the year (refer note 26) - 5.46 29.57 0.26 13.29 2.42 4.93 12.85 2.02 - 70.80
Less: Disposals - - - - 0.22 1.42 2.73 1.17 9.34 - 14.88
As at 31 March 2016 - 37.47 215.80 56.42 181.75 82.56 140.17 396.85 73.06 700.34 1,884.52
Charge for the year (refer note 26) - 5.46 22.08 0.49 12.54 1.92 4.86 6.70 0.30 - 54.35
Less: Classified as held for distribution (refer note 49) - - - - 0.56 1.80 - 0.61 - - 2.97
Less: Disposals - - 76.24 14.46 0.33 17.45 9.73 - 24.29 - 142.50
Add: Impairment losses recognised - - - - - - - - - 182.41 182.41
As at 31 March 2017 - 42.93 161.64 42.45 193.40 65.23 135.30 402.94 49.07 882.75 1,975.81
Net Block:
As at 31 March 2017 617.85 447.95 766.49 5.55 17.71 2.28 19.11 8.53 0.19 1,185.24 3,070.82
As at 31 March 2016 1,167.90 5,305.17 788.58 - 30.17 3.85 5.49 12.15 0.43 2,337.39 9,651.03
As at 1 April 2015 1,167.90 5,310.63 817.90 0.26 42.01 5.99 7.35 22.99 2.90 2,329.15 9,707.08

Net book value
Property, plant and equipment 1,885.58 7,313.64 7,377.93
Capital work in progress 1,185.24 2,337.39 2,329.15
Total 3,070.82 9,651.03 9,707.08
- - -
Notes:
i) Freehold land includes a small portion of leasehold land, the value for which cannot be separately ascertained.
ii) Land on lease includes land of Rs. 4,851.75 million (31 March 2016 Rs. 4,851.75 million and 1 April 2015 Rs. 4,851.75 million), which has been acquired under the perpetual lease from Delhi Development Authority and hence no amortisation has
been done for the same.
iii) During the year ended 31 March 2017, impairment loss of Rs. 182.41 million was recognised on an under construction to bring the carrying value of the asset to its recoverable amount. The recoverable amount of Rs. 701.00 million as at March 31,
2017 was based on independent valuation carried out on discounted cash flow apporach, a level 3 valuation technique.
iv) For the details of property plant and equipment mortgaged or subject to a charge or lien on Group's borrowings, please refer note 16 and 17.
Capital work in progress

Capital work in progress as at 31 March 2017 comprises expenditure on construction and development of certain project related to hotel, leisure operations and sale centre by the Group.
5. Investment Property
Particulars Amount
Cost
As at 1 April 2015 66.23
As at 31 March 2016 66.23
Additions 12.39
As at 31 March 2017 78.62
Depreciation and impairement

As at 1 April 2015 0.66
Charge for the year (refer note 26) 1.08
As at 31 March 2016 1.74
As at 31 March 2017 3.02
Net Block:
As at 31 March 2017 75.60
As at 31 March 2016 64.49
As at 1 April 2015 65.57
Information regarding income and expenditure of investment property

31 March 2017 31 March 2016
Rental income derived from investment property (refer note 22) 11.93 11.73
Maintenance income derived from investment property 30.33 30.14
Direct operating expenses (including repairs and maintenance) generating rental income (31.03) (29.88)
Direct operating expenses (including repairs and maintenance) that did not generate rental income (0.01) (0.01)
Profit arising from investment properties before depreciation and indirect expenses 11.22 11.98
Depreciation (refer note 26) (1.28) (1.08)
Profit arising from investment properties before indirect expenses 9.94 10.90
The Group’s investment properties consist of commercial properties (shops) rented to retail customers in India. The management has determined that the
investment properties consist of retail properties based on the nature, characteristics and risks of property.
As at 31 March 2017 and 31 March 2016, the fair values of the properties are Rs. 135.09 million and Rs. 113.82 million respectively. These valuations
are based on valuations performed by Knight Frank India Private Limited, an accredited independent valuer. Knight Frank India Private Limited is a
specialist in valuing these types of investment properties. A valuation model in accordance with that recommended by the International Valuation
Standards Committee has been applied.
The Group 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.
Fair value hierarchy disclosures for investment properties have been provided in note 43.
Reconciliation of fair value :

Particulars Amount
Opening balances as at 1 April 2015 113.82
Fair Value Difference -
Opening balances as at 1 April 2016 113.82
Additions 12.39
Fair Value Difference 8.90
Closing balances as at 31 March, 2017 135.11
Description of valuation techniques used and key inputs to valuation on investment properties:
Investment Properties Valuation technique Significant Assumption used

unobservable Inputs
31 March 2017 31 March 2016
Market value method Basic sale price per Rs. 19,500/- Rs. 19,500/-
Retail properties (refer below) square feet
Under the market value method, the market value of the freehold interest in the property in its current physical condition is the basis of valuation. The market value is defined as, 'the estimated
amount for which an asset or liability can be exchanged on the valuation date between a willing buyer and a willing seller in an arm’s length transaction after proper marketing and where the each
parties has acted knowledgably, prudently and without compulsion.’
Significant increases / (decreases) in estimated basic sale price and annual escalation in isolation would result in a significantly higher / (lower) fair value of the properties. Significant increases /
(decreases) in discount rate in isolation would result in a significantly lower / (higher) fair value.
6. Intangible assets
Particulars Amount
Cost
As at 1 April 2015 65.48
Additions 0.65
As at 31 March 2016 66.13
Additions 3.85
As at 31 March 2017 69.98
Amortisation and impairment

As at 1 April 2015 63.59
As at 31 March 2016 65.04
As at 31 March 2017 66.02
Net book value :

As at 31 March 2017 3.96
As at 31 March 2016 1.09
As at 1 April 2015 1.89

(a) Investments in equity shares (unquoted)
Investment in joint venture (unquoted) (refer note 33)

5.00 million (31 March 2016: 5.00 million, 1 April 2015: 5.00 million) equity shares of Rs.10 each fully 50.00 50.00 50.00
paid up in Leighton Construction (India) Private Limited
Less: Share in losses in joint venture (50.00) (49.86) (46.44)

- 0.14 3.56
9.68 million (31 March 2016: 9.68 million, 1 April 2015: 9.68 million) equity shares of Rs.10 each fully 96.85 96.85 96.85
paid up in Budget Hotels India Private Limited
Less: Share in losses in joint venture (63.64) (63.42) (50.48)
33.21 33.43 46.37
Subtotal 33.21 33.57 49.93
Investment in associate (unquoted) (refer note 32)

0.164 million (31 March 2016: 0.164 million, 1 April 2015: 0.164 million) equity shares of Rs.10 each 772.00 772.00 772.00
fully paid up in Acreage Builders Private Limited
Less: Share in losses in associates (13.44) (11.56) (9.35)
Subtotal 758.56 760.44 762.65
Investments in equity instruments of other companies at fair value through profit and loss
0.0015 million (31 March 2016: 0.0015 million, 1 April 2015: 0.0015 million) Equity shares of AED - - -
1,000 each fully paid up in Dubai Real Estate Institute FZ-LLC
Total 791.77 794.01 812.58
(b) Government and trust securities (unquoted) at amortised cost

National saving certificate* 0.02 0.02 0.02
0.02 0.02 0.02
Total (a + b) 791.79 794.03 812.60
Assets classified as held for distribution (refer note 49) (758.56) - -
33.23 794.03 812.60
* Pledged with Sales Tax Authority for obtaining VAT registration
8. Financial Assets - Others (non-current), at amortised cost

Security Deposits
39.39 35.22 31.87
38.03 35.22 31.87

9. Other assets
Non Current Current

Capital advances
Unsecured, considered good 230.36 231.47 265.31 - - -
Doubtful 846.44 846.44 814.74 - - -
1,076.80 1,077.91 1,080.05 - - -
Provision for doubtful capital advances (846.44) (846.44) (814.74) - - -
230.36 231.47 265.31 - - -
Security deposits - - - 376.63 91.40 66.64
Compensation recoverable* 2,679.37 1,328.46 1,325.98
Advances to related parties - - - 0.24 0.24 0.24

Unsecured, considered good - - - - - -
Doubtful - - - 0.24 0.24 0.24
Provision for doubtful loans and advances to related parties - - - - - -
- - - 0.24 0.24 0.24
Advances for land and land development rights **

Doubtful - - - 1,503.97 1,437.84 1,491.01
- - - 8,393.56 8,144.95 8,273.94
Provision for doubtful advances for land and land development rights - - - (1,503.97) (1,437.84) (1,491.01)
- - - 6,889.59 6,707.11 6,782.93
Advances recoverable***
Unsecured, considered good 1,830.01 1,830.32 1,831.04 3,409.89 3,237.80 3,399.39
Doubtful - - - 1,009.52 1,009.52 1,033.61
1,830.01 1,830.32 1,831.04 4,419.41 4,247.32 4,433.00
Provision for doubtful advances recoverable from vendors (1,009.52) (1,009.52) (1,033.61)
1,830.01 1,830.32 1,831.04 3,409.89 3,237.80 3,399.39
Advances to employees
Unsecured, considered good - - - 3.55 4.36 2.64
Doubtful - - - 0.03 0.03 0.03
- - - 3.58 4.39 2.67
Provision for doubtful loans and advances to employees - - - (0.03) (0.03) (0.03)
- - - 3.55 4.36 2.64
Other Advances (Unsecured, considered good)

Prepaid expenses - - - 1,082.91 1,107.82 1,189.70
Balance with statutory authorities 89.31 0.82 0.93 450.83 406.44 349.48
Deferred lease expense 492.70 514.12 535.54 21.42 21.42 21.48
582.01 514.94 536.47 1,555.16 1,535.68 1,560.66
Assets classified as held for distribution (refer note 49) (995.62) - - (2,792.56) - -
1,646.76 2,576.73 2,632.82 12,121.87 12,905.05 13,138.48
* Compensation recoverable represent amount receivable from Government of the States where land owned by the Group has been acquired by them.
** Includes Rs. 4,403.18 million (31 March 2016 - Rs. 3,921.13 million, 1 April 2015 - Rs. 3,967.48 million) representing partial payments made towards purchase of land, and Rs. 3,990.39 million (31 March 2016 - Rs. 4,223.82
million, 1 April 2015 - Rs. 4,306.46 million) representing contribution towards joint development / collaboration rights.
*** Includes Rs. 439.29 million (31 March 2016 - Rs. 605.00 million, 1 April 2015 - Rs. 632.47 million) towards licence fee, for which application have been withdrawn and refund / adjustments have been applied for.
10．Inventories (at lower of cost and net realisable value)

Projects in progress 96,835.29 97,138.05 100,792.87
Merchandise stock 4.33 5.70 4.32
Finished goods (Shops & banquet hall) 119.34 131.71 131.71
96,958.96 97,275.46 100,928.90
Provision for diminution in inventory (246.97) (159.60) (237.64)
96,711.99 97,115.86 100,691.26
Assets classified as held for distribution (refer note 49) (25,547.87) - -
Total 71,164.12 97,115.86 100,691.26
Note: The aggregate amount of costs incurred and profits recognised (less recognised losses) to date for Project in progress
Cost incurred 80,615.93 74,324.59 66,539.12
Profit 33,247.54 34,085.86 31,933.13
11. Financial Assets - Investments (current)
(a) Investments in equity shares (unquoted), at fair value through profit and loss
Investments in other companies
Nil (31 March 2016: Nil, 1 April 2015: Rs. 2.60 million) Equity shares of Rs. 10.00 each fully paid up in Fabworth Promoters - - 26.00
Private Limited
Nil (31 March 2016: Nil, 1 April 2015: Rs. 0.01 million) Equity shares of Rs. 10.00 each fully paid up in Edict Conbuild Private - - 0.10
Limited
Nil (31 March 2016: Nil, 1 April 2015: Rs. 0.01 million) Equity shares of Rs. 10.00 each fully paid up in Incredible Infrastructure - - 0.10
Private Limited
Nil (31 March 2016: Nil, 1 April 2015: Rs. 0.01 million) Equity shares of Rs. 10.00 each fully paid up in Effusion Conbuild - - 0.10
Private Limited
Nil (31 March 2016: Nil, 1 April 2015: Rs. 0.01 million) Equity shares of Rs. 10.00 each fully paid up in Elixir Conbuild Private - - 0.10
Limited
- -
- - 26.40
(b) Investments in mutual funds carried at fair value through profit and loss (quoted)
4.46 million (31 March 2016: 2.73 million, 1 April 2015: 2.77 million) units of Rs. 10.00 each in JM High Liquidity Fund Growth 188.04 81.92 105.58
0.08 million (31 March 2016: Nil, 1 April 2015: Nil) units of Rs. 1000 each in Invesco India Liquid Mutual Fund 186.40 - -
6.87 million (31 March 2016: Nil, 1 April 2015: Nil) units of Rs. 1000 each in Pramerica Liquid Fund- Growth 182.85 - -
0.10 million (31 March 2016: 0.08 million, 1 April 2015: 0.03 million) units of Rs. 1000 each in Indiabulls Mutual Fund- Growth 163.65 76.31 43.14
Nil (31 March 2016: 0.04 million, 1 April 2015: 0.05 million) units of Rs. 1000 each in Taurus Liquid Plus Collection Short Term - 59.30 74.02
Fund
Nil (31 March 2016: 0.16 million, 1 April 2015: Nil) units of Rs.100 each in Birla Liquid Fund- Growth - 16.12 -
Nil (31 March 2016: 0.03 million, 1 April 2015: Nil) units face value of Rs. 1000 each in Baroda Pioneer Liquid Fund Plan A- - 58.83 -
Growth
Nil (31 March 2016: Nil, 1 April 2015: 0.04 million) units face value of Rs.1000 each in Tata mutual fund - - 93.88
720.94 292.48 316.62
483.73 292.48 343.02
Aggregate amount of quoted investments 483.73 292.48 316.62

Aggregate market value of quoted investments 483.73 292.48 316.62
12. Trade receivables, at amortised cost
31 March 2017 31 March 2016 31 March 2015
Unsecured, considered good* 1,543.34 730.66 804.67

Doubtful 18.28 18.45 18.59
1,561.62 749.11 823.26
Provision for doubtful receivables (18.28) (18.45) (18.59)
1,543.34 730.66 804.67
Assets classified as held for distribution (refer note 49) (1,025.19) - -
Total 518.15 730.66 804.67
* No trade or other receivable are due from directors or other officers of the Group either severally or jointly with any other person. Nor any trade or other receivable are due from firms or private companies respectively in which
any director is a parnter, a director or a member.
*includes Rs. 827.00 million (31 March 2016: Nil, 1 April 2015: Nil) amount receivable in relation to excahnge of land with other developer.
The average credit period on sales of property is 30 days from the date of demand as per contract. No interest is charged on trade receivables for first 60 days from date of the demand. Thereafter, interest is charged @ 12% per
annum.
Age of receivables 31 March 2017 31 March 2016 1 April 2015

0-180 days past due 960.45 207.20 223.75
More than 180 days past due 601.17 541.91 599.51
13. Cash and bank balances
Cash and cash equivalent:

Deposits with original maturity of less than 3 months 4.90 4.90 4.90
Cheques on hand 26.06 33.46 96.48

Cash in hand 0.62 0.56 0.32
407.20 242.94 448.57
391.60 242.94 448.57
Other bank balances

Restricted bank deposits 220.50 351.40 325.59
Margin money deposit (under lien) 1,237.25 2,170.73 2,550.94
1,457.75 2,522.13 2,876.53
884.40 2,522.13 2,876.53
Total 1,276.00 2,765.07 3,325.10
Balances held in deposit accounts earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months,
depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
Notes:-
1) Restricted bank deposits includes:
a) Rs. 168.80 million (March 31, 2016 : Rs. 108.60 million, April 1, 2015 : Rs. 76.30 million) held in Escrow account under a Development Agreement, to be utilized for the payments of a
project specified in the said agreement.
b) Nil (March 31, 2016: Nil, April 1, 2015: Rs. 18.79 million) held in Escrow account under a Development Agreement, to be utilized for the payments of a project specified in the said
agreement and is after adjustment of 50% share of a third party.
c) Nil (March 31, 2016 : Nil, April 1, 2015 : Rs. 15 million) held for the purpose of Interest Reserve account under a lien with a lender.
d) Rs. 51.70 million (31 March 2016: Rs. 242.80 million, 1 April 2015: Rs. 215.50 million) kept as deposit from amounts received from customers as security deposit.
2) Margin Money Deposit of Nil (March 31, 2016 : Nil, April 1, 2015 : Rs. 16.06 million) included above is after adjustment of 50% share of a third party, held in Escrow account under a
Development Agreement, to be utilized for the payments of a project specified in the said agreement.
For the purpose of statement of cash flows, cash and cash equivalents comprises the following :

Balances with banks :
Deposits with original maturity of less than 3 months 4.90 4.90 4.90
Cash on hand 26.06 33.46 96.48
Cheques on hand 0.62 0.56 0.32
407.20 242.94 448.57
Bank overdraft (note 17) (794.84) (1,752.53) (1,893.90)
Total (387.64) (1,509.59) (1,445.33)
14. Financial Assets - Others, at amortised cost

Security deposits
Doubtful - - 63.05
22.40 23.18 97.45
Provision for doubtful deposits - - (63.05)
22.40 23.18 34.40
Advances recoverable
Doubtful 200.00 200.00 200.00
329.26 332.26 430.46
Provision for doubtful advances (200.00) (200.00) (200.00)
129.26 132.26 230.46
Unbilled revenues 1,499.83 2,154.65 2,038.45

VAT recoverable from customers (net of provision)* 637.24 20.49 15.30
2,198.79 2,218.91 2,143.23
1,927.76 2,374.35 2,408.09
Loans and Receivables are non-derivative financial assets which generate a fixed or variable interest income for the Group. The carrying value may be affected by changes in the credit risk of
the counterparties.
* VAT recoverable from customer represents Group's contractual rights to recover addition taxes levied by the Government authorities which are secured against deposit received from customer
or the Group intends to recover the same prior to hand over of the possession of the property.
15. Share Capital
Authorised share capital :

3,000 million (31 March 2016: 3,000 million, 1 April 2015: 3,000 million) equity shares of Rs 10 each 30,000.00 30,000.00 30,000.00
3,000 million (31 March 2016: 3,000 million, 1 April 2015: 3,000 million) preference shares of Rs 10 each 30,000.00 30,000.00 30,000.00
Issued, subscribed and paid up:

912.62 million (31 March 2016: 912.62 million, 1 April 2015: 912.62 million) equity shares of Rs. 10 each 9,126.20 9,126.20 9,126.20
9,126.20 9,126.20 9,126.20
A. Reconciliation of the shares outstanding at the beginning and at the end of the year

No. million Rs. million No. million Rs. million No. million Rs. million
At the beginning of the year 912.62 9,126.20 912.62 9,126.20 912.62 9,126.20
Outstanding at the end of the year 912.62 9,126.20 912.62 9,126.20 912.62 9,126.20
Equity component of Compulsory Convertible Debenture

At the beginning of the year 39.06 390.63 39.06 390.63 39.06 390.63
Outstanding at the end of the year 39.06 390.63 39.06 390.63 39.06 390.63
This note covers the equity component of the issued compulsorily convertible debentures. The liability component is reflected in note 17.
B. Terms/Rights attached to equity shares

The Group has only one class of equity shares having par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Compnay declares and pays dividend in Indian Rupees. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive assets of the Company remaining after settlement of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
C. Shares held by holding company*
Emaar Holding II, the holding company 523.25 million (31 March 2016: 445.88 million, 31 March 2015: 445.88 million) equity 523.25 445.88 445.88
shares of Rs. 10 each fully paid
* Emaar Holding II became the holding company w.e.f. 27 March 2017.
D. Details of shareholders holdings more than 5% shares in the Company

Number of
Number of shares held Number of shares % of holding in
% of holding in class shares held (No. % of holding in class
(No. million) held (No. million) class
million)
Equity shares of Rs. 10 each fully paid
Emaar Holding II 523.25 57.33% 445.88 48.86% 445.88 48.86%
Ms. Shilpa Gupta 254.51 27.89% 254.51 27.89% 161.54 17.70%
Snelvor Holding Ltd 46.47 5.09% 46.47 5.09% 46.47 5.09%
Kallarister Trading Limited - 0.00% 70.13 7.68% 70.13 7.68%
Mr. Shravan Gupta - 0.00% - 0.00% 68.79 7.54%
E. Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

(No. million) (No. million) (No. million)
Preference shares bought back by the Company in 2010-11 - - 829.08
F. Terms of conversion of Compulsory Convertible Debenture (CCD)
During an earlier year, the Group had issued 0.0025 million compulsoryconvertible debenture at par value of Rs. 1.00 million each. The subscriber of CCD has an option to convert CCD into equity shares @ Rs. 64 each anytime starting from 21
September 2012 till 20 March 2022. The debentures carry a interest of 5% per annum, payable monthly on the last day of the month. The debentures rank ahead of the equity shares in the event of a liquidation.
16. Borrowings (Secured, unless otherwise stated), at amortised cost

Non-current portion Current maturities
Debentures
0.0226 million (31 March 2016: 0.0226 million, 1 April 2015: 0.0226 million) 11.25% (31 March 2016: 12%, - - - 24,063.43 23,827.40 23,441.79
1 April 2015: 13.90%) Non Convertible Debentures of Rs. 1.00 million each redeemable at premium
22.50% IRR (net of withholding tax) Non Convertible Debentures:

- Nil (31 March 2016: 0.0009 million, 1 April 2015: 0.0009 million) of 1 million - 0.90 0.90 - 1,307.45 1,037.32
(31 March 2016: 1 million, 1 April 2015: 1 million) (Series 6)
- - - - 654.83 519.63
- Nil (31 March 2016: 0.0005 million, 1 April 2015: 0.0005 million) of 1 million
- - - - 727.59 577.37
- - - - 873.11 692.84
- - - - 1,891.74 1,501.16
- - - - 2,589.28 2,333.49
(31 March 2016: 0.79 million, 1 April 2015: 0.80 million) (Series 2)
Term loans
From Banks* 680.00 15.56 81.11 4,336.15 81.25 58.75
Obligations under finance lease 692.69 692.69 692.69 624.20 485.56 356.29
UNSECURED
Term loans
From banks 593.75 - - 4,143.87 - -
1,966.44 709.15 774.70 33,167.65 32,438.21 30,518.64
(692.69) - - (7,918.10) - -
Liabilities associated with the disposal group classified as held for distribution (refer note 49)
1,273.75 709.15 774.70 25,249.55 32,438.21 30,518.64
Secured borrowings 1,372.69 709.15 774.70 29,023.78 32,438.21 30,518.64

Unsecured borrowings 593.75 - - 4,143.87 - -
Amount clubbed under the head "Other financial liabilities" in current maturities of borrowings (refer note 19) (33,167.65) (32,438.21) (30,518.64)
1,966.44 709.15 774.70 - - -

Part of Note 16
Type and Nature of Borrowings Amount Outstanding as at Effective interest Nature of Security Details Repayment Terms
31 March 2017 31 March 2016 1 April 2015 rate Borrowings
Secured, Non Convertible Debentures** 24,063.43 23,827.40 23,441.79 8.94% Secured Secured by equitable mortgage of certain Balance outstanding as at March 31, 2017 is
immovable property, project land (including those redeemable in one instalments as follows:
related to wholly owned subsidiaries) and Rs. 22,600.00 million due on 31 December
construction thereupon along with charge over the 2019.
said project receivables.
Secured, Non Convertible Debentures - - 873.11 692.84 22.50% Secured Secured by first and second charge of certain projec Balance outstanding on March 31, 2016 has
Series 1 receivables. Further secured by Second charge by been repaid during the current year
way of hypothecation on the "NCD Account" &
"Interest Service Reserve Account". *
Secured, Non Convertible Debentures - - 2,589.28 2,333.49 22.50% Secured Secured by first and second charge of certain projec Balance outstanding on March 31, 2016 has
"Interest Service Reserve Account". *
Secured, Non Convertible Debentures - - 1,891.74 1,501.16 22.50% Secured *Secured by first and second charge of certain Balance outstanding on March 31, 2016 has
Series 3 project receivables. Further secured by Second been repaid during the current year
charge by way of hypothecation on the "NCD
"Interest Service Reserve Account".*
Secured, Non Convertible Debentures - - 1,308.35 1,038.22 22.50% Secured Secured by first and second charge of certain projec Balance outstanding on March 31, 2016 has
Secured, Rupee Term Loan 16.15 96.81 139.86 12.08% Secured Secured by equitable mortgage of immovable Balance outstanding as at March 31, 2017 is
property. Further secured by way of hypothecation repayble on 22 June 2017.
of utilities/ furniture and fixtures
Secured, Rupee Term Loan 5,000.00 - - 0.75% above Bank's Secured Secured by equitable mortgage of certain land Balance outstanding as at March 31, 2017 is
3 month mclr owned by subsidiaries and construction thereupon repayable as under:
(Presently 7.80 %). and coprorate gaurantee by ultimate holding Rs. 80 million per month from Oct'18- Mar'19
company Rs. 100 million per month from April'19-
Mar'20
Rs. 100 million per month from April'20-
Mar'21
Mar'22
Aug'22
Rs. 80 million for the month of Sep'22
Finance lease obligations 1,316.89 1,178.25 1,048.98 14.03% Secured Secured by leased assets The Company has entered into a perpetual lease
with Delhi Development Authority. As per the
said arrangement, Company is required to pay
lease rentals at half yearly rests. The amounts of
lease payment are in default.
Term Loan 4,737.62 - - Fixed rate (Present Unsecured Unsecured Balance outstanding as on March 31, 2017 is
average rate 9.33 repayable in sixteen equal quarterly
%) installments of Rs. 296.875 million starting
from Dec 2018.
35,134.09 33,147.36 31,293.34
*The security has been released during the year.

**Interest of Rs. 7,242.24 million on debentures, which was payable as on March 31, 2017 has been extended upto December 31, 2019 by the debenture holders. As on April 01, 2015, Interest amounting to Rs. 1,566.40 million was in arrears.
17. Short term borrowings, at amortised cost
SECURED
Debentures
Nil (31 March 2016: 0.00575 million, 1 April 2015: 0.00575 million) 13.00% (net of withholding tax) Non Convertible - 2,486.88 2,860.63
Debentures of Rs. 432,500 each redeemable at par
Term loans
From banks 8,772.00 989.70 1,412.90
From financials institutions 2,270.68 3,193.00 3,426.40
From non banking financial company - 54.54 227.26
Bank overdraft 644.88 1,752.53 1,893.90

Cash credit from banks 580.55 1,450.14 1,388.76
UNSECURED
Liability component of compund financial instrument

Compulsory convertible debentures 426.87 593.65 534.04
Term loan from banks 2,790.00 - -
Bank overdraft 149.96 - -

Working capital demand loan 3,750.00 - -
Deferred payment liability 2,233.87 3,370.76 3,384.58
21,618.81 13,891.20 15,128.47
Liabilities associated with the disposal group classified as held for distribution (refer note 49) (639.91) - -
20,978.90 13,891.20 15,128.47

Secured borrowings 12,268.11 9,926.79 11,209.85
Unsecured borrowings 9,350.70 3,964.41 3,918.62
21,618.81 13,891.20 15,128.47
Compulsory Convertible Debentures:

During an earlier year, the Parent Company had issued 0.0025 million compulsory convertible debenture (CCD) at par value of Rs. 1.00 million each. The subscriber of CCD has an option to convert
CCD into equity shares @ Rs. 64 each anytime starting from 21 September 2012 till 20 March 2022. The debentures carry a interest of 5% per annum, payable monthly on the last day of the month.
The convertible debenture contain two components: liability and equity elements. The equity elements is presented in statement of changes in equity under the heading of equity component of
Compulsory convertible debenture. The effective interest rate of the liability element on initial recognition is 14.03%.
Proceeds of issue 2,500.00

Liability component on the date of issue (651.25)
Equity component 1,848.75
Liability component (included in short term borrowings) as at 31 March 2017 426.87
Interest calculated at an effective rate of interest of 14.03% 67.90

Interest paid 67.90
Interest accrued as at 31 March 2017 -
Part of note 17
Type of Nature of Borrowings Amount Outstanding Effective Interest Rate Security Details Repayment Terms
Borrowings
Secured Non-convertible - 2,486.88 2,860.63 13.72%-13.74% Secured by equitable mortgage of certain land & construction thereupon Balance outstanding on March 31, 2016 has been repaid during the current year
debentures including those related to wholly owned subsidiaries and is also secured
by a charge over certain project receivables, both present and future.
Further secured by first charge by way of hypothecation on the "NCD
Secured Term Loan 4,000.00 - - 9.75% Fixed Secured by equitable mortgage of certain land owned by subsidiaries Balance outstanding as on March 31, 2017 is repayable in May 2018.
and construction thereupon. This is furtherbacked by corporate
gaurnatee of Emaar properties PJSC.
Secured Term Loan 4,772.00 - - 0.75% above Bank's 3 month marginal Secured by equitable mortgage of certain land owned by subsidiaries Out of the sanctioned facility of Rs. 5,000 million, Rs. 4,772 million has been drawn
cost of lending rate (Presently 7.80 %). and construction thereupon. This is further backed by corporate till March 31, 2017 . The repayment schedule of sanctioned facility is as under:
gaurnatee of Emaar properties PJSC. Rs. 100 million per month from Aug'18- Mar'19
Rs. 150 million per month from April'19- Mar'20
Rs. 150 million per month from April'21- July'21
Secured Term Loan 196.98 353.49 587.53 10.50% [HDFC CPLR as reduced by Secured by equitable mortgage of fixed asset and certain project land & Principal amount is to be repaid by adjusting 40% of the sales receipts from certains
715 basis points] construction thereupon along with charge over the said project project receivables and remaining amount outstanding if any, is repayable as under:
receivables. (includes assets of wholly owned subsidiaries). Rs. 38.09 million due by 30 September 2017,
Two equal quarterly instalments of Rs. 80.00 million from 31 December 2017 till 31
March 2018.
Secured Term Loan - 230.61 481.45 10.50% [HDFC CPLR as reduced by Secured by equitable mortgage of fixed asset and certain project land & Balance outstanding on March 31, 2016 has been repaid during the current year.
715 basis points] construction thereupon along with charge over the said project
receivables. (includes assets of wholly owned subsidiaries).
Secured Term Loan - 253.31 505.31 14.90 % [HDFC CPLR as reduced by Secured by equitable mortgage of fixed asset and certain project land & Balance outstanding on March 31, 2016 has been repaid during the current year.
275 basis points] construction thereupon along with charge over the said project
715 basis points] construction thereupon along with charge over the said project project receivables and remaining amount outstanding if any, is repayable in maximum
receivables. (includes assets of wholly owned subsidiaries). instalments as given hereunder:
Rs. 18.83 million on 30 April, 2017, and balance one instalment of Rs. 65.00 million
due on 31 July 2017.
715 basis points] construction thereupon along with charge over the said project project receivables and remaining amount outstanding if any, is repayable in maximum
receivables. (includes assets of wholly owned subsidiaries). 8 equal quarterly instalmentsof Rs. 62.50 million each, starting from 30 June 2017 till
31 March 2019.
Secured Term Loan 389.22 449.37 496.15 10.50% [HDFC CPLR as reduced by Secured by equitable mortgage of fixed asset and certain project land & Balance outstandingas at March 31, 2017 is repayable in 23 monthly instalmentsof Rs.
715 basis points] construction thereupon along with charge over the said project 17 million each starting from 30 April 2017 till 31 March 2019.
Secured Term Loan 248.66 248.26 247.68 10.50% [HDFC CPLR as reduced by Secured by equitable mortgage of fixed asset and certain project land & Principal amount is to be repaid by adjusting 40% of the Sales receipts from certains
715 basis points] construction thereupon along with charge over the said project project receivables and remaining amount outstanding if any, is repayable in 1
receivables. (includes assets of wholly owned subsidiaries). instalment of Rs. 37.50 million on 31 December 2017 and 5 quarterly instalments of
Rs. 42.50 million starting from 31 March 2018 to 31 March 2019.
Secured Term Loan 298.05 297.73 297.17 10.50% [HDFC CPLR as reduced by Secured by equitable mortgage of certain project land & construction Balance outstanding as at March 31, 2017 is repayable in 32 variable monthly
715 basis points] thereupon along with charge over the said project receivables. (includes instalments starting from 31 May 2017 till 31 December 2019.
assets of wholly owned subsidiaries). 18 instalments of 3 million
4 instalments of 4 Million
10 instalments of 23 million
Secured Term Loan 207.25 248.02 - 10.50% [HDFC CPLR as reduced by Secured by equitable mortgage of fixed asset and certain project land & Balance outstanding as at March 31, 2017 is repayable in six quarterly instalments as
715 basis points] construction thereupon along with charge over the said project given hereunder:
receivables. (includes assets of wholly owned subsidiaries). 1 instalment of 28.39 million and balance by 4 instalmentsof Rs. 35.00 million starting
from 30 Sep 2017 to 30 June 2018 and 1 instalment of Rs. 40.00 million on 30
September 2018.
Secured Term Loan 349.13 291.28 - 10.50% [HDFC CPLR as reduced by Secured by equitable mortgage of certain project land & construction Principal amount is to be repaid by adjusting 50% of the sales receipts from certains
715 basis points] thereupon along with charge over the said project receivables. (includes project receivables and amount outstanding is repayable in maximum instalments as
assets of wholly owned subsidiaries). given hereunder:
Rs. 51.83 million by 31 December 2017, and balance by five quarterly instalments of
Rs. 60.00 million each starting from 31 March 2018 till 31 March 2019.
Secured Term Loan - - 109.67 17.75% Secured by equitable mortgage of certain project land and construction Balance outstanding on March 31, 2015 has been repaid during the previous year.
owned subsidiaries.
Secured Term Loan - 54.54 117.58 17.75% Secured by equitable mortgage of certain project land and construction Balance outstanding on March 31, 2015 has been repaid during the previous year.
owned subsidiaries.
Secured Term Loan - 599.70 867.30 At Negotiated Rates presently 16.00 % Secured by equitable mortgage of certain land owned by subsidiaries Balance outstanding on March 31, 2015 has been repaid during the previous year.
to 16.40% and construction thereupon.
Secured Cash Credit 580.56 639.94 742.71 11% (linked to 6 months marginal cost ofSecured by equitable mortgage of certain land & construction thereupon Payable on demand
lending rate + 250 basis points spread) including those related to wholly owned subsidiaries and to be secured
by first charge over certain project receivables.
Secured OD 32.90 212.62 302.02 4.60% above Bank's overnight marginal Secured by equitable mortgage of certain land owned by subsidiaries Payable on demand.
cost of lending rate (Presently 7.6 %) and construction thereupon.
Secured Cash Credit - 500.22 493.49 4.75% above SBOP base rate (Presently Pari passu charge over the entire current assets of the Company, present Payable on demand.
9.65%) and future and equitable mortgage of certain project land & construction
Secured OD 612.01 1,539.91 1,591.90 1% above Fixed deposit rate Pledge of Fixed Deposits Payable on demand.
Secured Cash Credit - 699.98 698.16 7 % above SBI's Base rate (Presently Pari passu charge over the entire current assets of the Company, present Payable on demand.
9.30%) and future and equitable mortgage of certain project land & construction
Unsecured Compulsory 426.87 593.65 534.04 14.03% Unsecured Subscriber has an option to convert CCDs into equity shares @ Rs 64 each anytime
Convertible Debentures starting 21 September 2012 till 20 March 2022. On 20 March 2022, CCDs are to be
mandatorily converted into equity shares of the Company.
Unsecured Term Loan 2,790.00 - - Bank's one month marginal cost of Unsecured Balance outstanding as on March 31, 2017 is repayable in thirty six equal monthly
lending rate (Presently 8.10 %) instalments of Rs. 77.50 million starting from Dec 2018.
Unsecured OD 149.96 - - Bank's one month marginal cost of Unsecured Payable on demand
lending rate (Presently 9.60 %)
Unsecured WCDL 3,750.00 - - 0.1% above Bank's one year marginal Unsecured Payable on demand
cost of lending rate (Presently 8.15 %).
Negotiated rates in case of WCDL
booking.
Unsecured Deferred payment 2,233.87 3,370.76 3,384.58 12% to 15% excluding penal interest Unsecured 10 to 12 equal quarterly or half yearly instalments from the date of grant of license
liability relating to 3%
Government dues*
21,618.81 13,891.20 15,128.47
* Deferrred payment liability of Rs. 1,502.41 million (31 March 2016: Rs. 1,707.13 million, 1 April 2015: Rs. 1,306.70 million) is overdue as at 31 March 2017.
Loan Covenants
Non convertible debentures and certain Bank loans contain certain debt covenants relating to limitation on indebtedness i.e. debt-equity ratio . The limitation on indebtedness covenant gets complied if the Company meets certain prescribed criteria. The debt covenant related to limitation on indebtedness
remained complied as of the date of the authorisation of the financial statements. The Company has also satisfied all other debt covenants prescribed in the terms of non convertibe debentures and bank loan.
18. Trade payables, at amortised cost
Trade payables* 3,586.40 4,171.97 3,448.19
3,586.40 4,171.97 3,448.19
Liabilities associated with the disposal group classified as held for distribution (refer note 49) (212.53) - -
TOTAL 3,373.87 4,171.97 3,448.19
* includes retention money payable amounting Rs. 838.64 million (31 March 2016: Rs. 927.16 million and 1 April 2015: Rs. 725.06 million)
Terms and conditions of the above financial liabilities:
1) Trade payables are non-interest bearing and are normally settled on 30 to 60 days terms.
2) For terms and conditions with related parties, refer note 39.
19. Other financial liabilities, at amortised cost
Current maturities of long term debt (refer note 16) 33,167.65 32,438.21 30,518.64
Interest accrued but not due on borrowings 7,289.20 4,704.26 42.69
Interest accrued and due on borrowings 927.85 1,491.45 2,728.90
Payable for fixed assets 12.52 3.31 5.51
Revenue share payable under collaboration agreement 295.03 294.91 294.90
Excess amount received from customers 630.29 490.94 1,108.45
Advance from related parties - - 4.41
Interest payable to customers 51.46 - -
Book overdraft 6.23 18.28 6.84
Security deposits 480.91 624.78 480.15
42,861.14 40,066.14 35,190.49
Liabilities associated with the disposal group classified as held for distribution (refer note 49) (9,703.75) - -
TOTAL 33,157.39 40,066.14 35,190.49
20. Other current liabilities
Advance received towards collaboration agreements 1,195.10 1,279.60 1,266.28

Collections in excess of revenue 30,054.38 32,967.28 33,806.35
Unearned revenue 6,455.34 6,572.92 8,762.55
Statutory dues payable 517.24 341.20 210.06
38,222.06 41,161.00 44,045.24
Liabilities associated with the disposal group classified as held for distribution (refer note 49) (2,872.40) - -
35,349.66 41,161.00 44,045.24

21. Provisions
Current
Provision for employee benefits

Provision for gratuity (refer note 41) 59.80 55.07 50.82
Provision for compensated absences 84.79 121.73 128.42
Other provisions
Provision for wealth tax - - 0.10
Provision for claims and compensation* 1,841.48 643.08 7.40
Provision for estimated losses on projects in progress** 44.03 36.48 185.59
2,030.10 856.36 372.33
Liabilities associated with the disposal group classified as held for distribution (refer (13.73) - -
note 49)
Total 2,016.37 856.36 372.33
*Provision for claims and compensation

31 March 2017 31 March 2016
Additions for the year 2,213.22 1,046.05
Paid during the year (1,014.82) (410.37)
Closing balance 1,841.48 643.08
Provision for claims and compensation is recognised on the basis of management estimates of expected claim or compensation which the Group is required to pay to the
customers against the settlement of disputes.
** Provision for estimated losses on projects in progress

31 March 2017 31 March 2016

Additions for the year 7.55 -
Reversed during the year - (149.11)
Closing balance 44.03 36.48
Provision for estimated losses in project on progress is recognised on the basis of management estimates of expected losses to be incurred on some of the projects where the
total cost of the project is expected to exceed the total realisations therefrom.
22. Revenue from operations
31 March 2017 31 March 2016

Sale of products
Income from property development 5,560.70 10,222.90
Income from joint development agreement 86.19 228.49
5,646.89 10,451.39
Sale of services
Income from hospitality, maintenance and leisure business 340.14 302.31
Rental income 11.93 11.73
352.07 314.04
Other operating revenues
Income on delayed payments by customers 50.14 66.78
Income from forfeiture of customer advances 124.53 19.29
Income from transfer fees 21.12 20.50
Income from holding charges 11.29 8.09
Gain on compulsory acquisition of land (net) 1,904.02 73.73
Gain on exchange of land (net) 1,015.09 -
Income from termination of collaboration agreement 664.67 -
3,790.86 188.39
Total 9,789.82 10,953.82
23. Other income
31 March 2017 31 March 2016

Interest income on:
Bank deposits 117.32 149.84
Compensation from compulsory acquisition of land 13.45 51.73
Others 6.20 8.48
Other non operating income

Dividend income from current investments - 0.34
Exchange difference, (net) 11.27 -
Net gain arising on current investment measured at fair value through profit or loss* 28.83 15.06
Net gain on disposal of property, plant and equipment 2.49 1.28
Gain on disposal of investment in subsidiaries (net) 0.29 5.35
Reversal of provision for doubtful advances (net) - 46.52
Reversal of provision for estimated losses on projects in progress - 227.15
Liabilities written back 111.52 10.25
Others 6.19 30.50
Total 297.56 546.50
* The amount represent gain on sale of investment and remeasurement gain on investment in mutual fund which are mandatorily measured at fair value.
24. (Increase)/decrease in inventories
31 March 2017 31 March 2016
Opening projects in progress 97,138.05 100,792.87

Opening merchandise stock 5.70 4.32
Opening finished goods (Shops) 131.71 131.71
97,275.46 100,928.90
Inventory transferred pursuant to Compulsory acquistion of land (170.34) (6.22)

Inventory transferred to investment properties (12.38) -
Inventory transferred pursuant to exchange of land (797.39) -
Inventory transferred pursuant to joint development agreement (79.69) (113.01)
96,215.66 100,809.67
Closing projects in progress (96,835.29) (97,138.05)

Closing merchandise stock (4.33) (5.70)
Closing finished goods (Shops) (119.34) (131.71)
Total (743.30) 3,534.21
25. Employee benefits expense
31 March 2017 31 March 2016
Salaries, wages and bonus 782.56 747.07

Contribution to provident fund 37.04 40.20
Gratuity expenses (refer note 41) 17.10 17.03
Compensated absences 2.91 17.23
Staff welfare expenses 35.36 29.77
Total 874.97 851.30

26. Depreciation and amortization expense
31 March 2017 31 March 2016
Depreciation on property, plant and equipment (refer note 4) 54.35 70.80

Amortization of intangible assets (refer note 6) 0.98 1.45
Depreciation on investment properties (refer note 5) 1.28 1.08
Less: Debited to a third party pursuant to a collaboration agreement (0.01) (0.01)
Total 56.60 73.32
27. Finance costs
31 March 2017 31 March 2016
Interest on effective interest rate 6,849.36 7,144.34

Finance charges under finance lease 138.64 129.27
Bank charges 19.14 25.43
Total 7,007.14 7,299.04
Note: Interest includes Rs. 590.05 million (March 31, 2016: Rs. 463.24 million) and Bank charges include Rs. 15.60 million (March 31, 2016: Rs. 22.18
million) transferred to project in progress, of which some part has been subsequently charged off as per IND AS -11, Construction Contracts.
28. Other expenses
31 March 2017 31 March 2016
Claim and compensation 2,213.22 1,046.05

Legal and professional charges 378.45 300.73
Rent 356.98 372.15
Government dues and fees 311.51 33.17
Security and maintenance expenses 261.62 269.39
Electricity and water expenses 170.08 161.86
Selling commission (other than to sole selling agents) 122.50 167.08
Architect and technical fees 104.30 39.49
Provision for doubtful debts, recoverables and advances (net) 98.10 -
Provision for estimated losses on projects in progress 94.92 -
Rates and taxes 82.78 127.12
Insurance expenses 32.93 34.40
Advertising and sales promotion 29.58 29.93
Repairs and maintenance
- Plant and machinery 23.65 19.65
- Buildings 10.88 8.13
- Others 4.10 4.09
Charity & donations- other than political party 1.58 14.90
Exchange difference (net) - 26.17
Miscellaneous expenses 242.71 212.49
Total 4,539.89 2,874.33

29. Earnings Per Share (EPS)
Basic EPS is calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted average number of equity shares outstanding
during the year.
Diluted EPS is calculated by dividing the profit for the year attributable to the equity holders of the parent after considering the effect of dilution by weighted
average number of equity shares outstanding during the year plus the weighted average number of equity shares that would be issued on conversion of all the
dilutive potential equity shares into equity shares.
The following reflects the income and share data used in the basic and diluted EPS computations:
Loss for the year as per statement of profit and loss (7,579.65) (6,508.95)
Loss attributable to equityholders of the parent for basic earnings (7,579.65) (6,508.95)
Add: Interest on liability component of convertible debentures 61.26 60.81

Loss attributable to equityholders of the parent adjusted for the effects of dilution (7,518.39) (6,448.14)
No. million No. million

Weighted average number of equity shares in calculating basic EPS 912.62 912.62
Add: Weighted average number of potential equity shares outstanding during the year* (No. million) 39.06 39.06
Weighted average number of equity shares in calculating diluted EPS 951.68 951.68
Earnings / (loss) per equity share

Basic (Rs.) (8.31) (7.13)
Diluted (Rs.) (8.31) (7.13)
Face Value of shares (Rs.) 10.00 10.00
* Potential equity shares are anti-dilutive as their conversion to equity shares would decrease loss per equity share from ordinary business activities. Therefore, the
effect of anti-dilutive potential equity has been ignored in computing the dilutive earning per share.
30. The Group, in addition to the Company, comprises of the following entities:
a) Subsidiaries owned directly by the Company:
S. No. Name of the Company Principal Country % of equity interest

activities of
31 March 31 March 1 April
Incorpora
2017 2016 2015
tion
1. Active Securities Limited (w.e.f. Real India 100% 100% 100%

09-March-2017)$ Estate
2. Arma Buildmore Private Limited Real India 100% 100% 100%
Estate
3. Arman Promoters Private Limited Real India 100% 100% 100%
# Estate
4. Avinashi Buildtech Private Limited Real India 100% 100% 100%
# Estate
5. Cassock Properties Private Limited Real India 100% 100% 100%
# Estate
6. Compact Projects Private Limited Real India 100% 100% 100%
# Estate
7. Chhavi Buildtech Private Limited Real India 100% 100% 100%
# Estate
8. Easel Propbuild Private Limited Real India - - 100%
(Till 23-Feb-2016) Estate
9. Easter Conbuild Private Limited # Real India 100% 100% 100%
Estate
10. Ecstasy Conbuild Private Limited Real India 100% 100% 100%
# Estate
11. Edenic Propbuild Private Limited Real India 100% 100% 100%
Estate
12. Educt Propbuild Private Limited Real India 100% 100% 100%
Estate
13. Emaar MGF Constructions Private Real India 100% 100% 100%
Limited Estate
14. Emaar MGF Hospitality Private Real India - - 100%
Limited (Till 23-Mar-2016) Estate
15. Emaar MGF Projects Private Real India - - 100%
Limited (Till 23-Mar-2016) Estate
16. Emaar MGF Services Private Maintena India 100% 100% 100%
Limited nce
Service
17. Enamel Propbuild Private Limited Real India 100% 100% 100%
Estate
18. Epitome Propbuild Private Limited Real India 100% 100% 100%
Estate
19. Ethic Conbuild Private Limited # Real India 100% 100% 100%
Estate
20. Gait Propbuild Private Limited # Real India 100% 100% 100%
Estate
21. Glimpse Propbuild Private Limited Real India 100% 100% 100%
# Estate
22. Godson Propbuild Private Limited Real India 100% 100% 100%
# Estate
23. Gurkul Promoters Private Limited Real India 100% 100% 100%
Estate
24. Gran Propbuild Private Limited # Real India 100% 100% 100%
Estate
25. Grapeshot Propbuild Private Real India 100% 100% 100%

Limited # Estate
26. Kudos Propbuild Private Limited Real India 100% 100% 100%
Estate
27. Lotus Technobuild Private Limited Real India 100% 100% 100%
Estate
28. Lifeline Buildtech Private Limited Real India 100% 100% 100%
# Estate
29. Locus Propbuild Private Limited # Real India 100% 100% 100%
Estate
30. Mega City Promoters Private Real India 100% 100% 100%
Limited # Estate
31. MG Colonizers Private Limited # Real India 100% 100% 100%
Estate
32. Nandita Promoters Private Limited Real India 100% 100% 100%
Estate
33. Pipalashray Estate Private Limited Real India 100% 100% 100%
# Estate
34. Pratham Promoters Private Limited Real India 100% 100% 100%
Estate
35. Prayas Buildcon Private Limited Real India 100% 100% 100%
Estate
36. Raksha Buildtech Private Limited Real India 100% 100% 100%
Estate
37. Shrey Promoters Private Limited # Real India 100% 100% 100%
Estate
38. Spiritual Realtors Private Limited Real India 100% 100% 100%
# Estate
39. Sukhda Promoters Private Limited Real India 100% 100% 100%
# Estate
40. Tushar Projects Private Limited # Real India 100% 100% 100%
Estate
41. Vitality Conbuild Private Limited Real India 100% 100% 100%
Estate
42. Wembley Estates Private Limited Real India 100% 100% 100%
Estate
b) Entities substantially owned indirectly by the Company:
S. No. Name of the Company Principal Country % of equity interest

activities of
Incorpor 31 March 31 March 1 April
ation 2017 2016 2015
1. Aashirwad Conbuild Private Limited* Real India 100% 100% 100%
Estate
2. Abbey Properties Private Limited* Real India 100% 100% 100%
Estate
3. Abbot Builders Private Limited* Real India 100% 100% 100%
Estate
4. Abhinav Projects Private Limited* Real India 100% 100% 100%
Estate
5. Abyss Properties Private Limited* Real India 100% 100% 100%
Estate
6. Accession Buildwell Private Limited* Real India 100% 100% 100%
Estate
7. Accordion Buildwell Private Limited* Real India 100% 100% 100%
Estate
8. Achates Buildcons Private Limited* Real India 100% 100% 100%

Estate
9. Acorn Buildmart Private Limited* Real India 100% 100% 100%
Estate
10. Acorn Developers Private Limited* Real India 100% 100% 100%
Estate
11. Active Promoters Private Limited* Real India 100% 100% 100%
Estate
12. Acutech Estates Private Limited* Real India 100% 100% 100%
Estate
13. Adze Properties Private Limited* Real India 100% 100% 100%
Estate
14. Allied Realty Private Limited* Real India 100% 100% 100%
Estate
15. Alpine Buildcon Private Limited* Real India 100% 100% 100%
Estate
16. Amardeep Buildcon Private Limited* Real India 100% 100% 100%
Estate
17. Amar Gyan Developments Private Real India 100% 100% 100%
Limited* Estate
18. Aparajit Promoters Private Limited* Real India 100% 100% 100%
Estate
19. Archit Promoters Private Limited* Real India 100% 100% 100%
Estate
20. Ardor Conbuild Private Limited* Real India 100% 100% 100%
Estate
21. Armour Properties Private Limited* Real India 100% 100% 100%
Estate
22. Auspicious Realtors Private Limited* Real India 100% 100% 100%
Estate
23. Authentic Properties Private Limited* Real India 100% 100% 100%
Estate
24. Bailiwick Builders Private Limited* Real India 100% 100% 100%
Estate
25. Balalaika Builders Private Limited* Real India 100% 100% 100%
Estate
26. Ballad Conbuild Private Limited* Real India 100% 100% 100%
Estate
27. Bhavishya Buildcon Private Limited* Real India 100% 100% 100%
Estate
28. Bhavya Conbuild Private Limited * Real India 100% 100% 100%
Estate
29. Bhumika Promoters Private Limited* Real India 100% 100% 100%
Estate
30. Brijbasi Projects Private Limited* Real India 100% 100% 100%
Estate
31. Brilliant Build tech Private Limited* Real India 100% 100% 100%
Estate
32. Calypso Properties Private Limited* Real India 100% 100% 100%
Estate
33. Camarederie Properties Private Real India 100% 100% 100%
Limited* Estate
34. Camellia Properties Private Limited* Real India 100% 100% 100%
Estate
35. Capex Projects Private Limited* Real India 100% 100% 100%
Estate
36. Casing Properties Private Limited* Real India 100% 100% 100%
Estate
37. Cats Eye Properties Private Limited* Real India 100% 100% 100%
Estate
38. Charbhuja Properties Private Limited* Real India 100% 100% 100%
Estate
39. Charismatic Realtors Private Limited* Real India 100% 100% 100%
Estate
40. Chintz Conbuild Private Limited* Real India 100% 100% 100%
Estate
41. Chirayu Buildtech Private Limited* Real India 100% 100% 100%
Estate
42. Choir Developers Private Limited* Real India 100% 100% 100%
Estate
43. Chum Properties Private Limited* Real India 100% 100% 100%
Estate
44. Consummate Properties Private Real India 100% 100% 100%
Limited* Estate
45. Crock Buildwell Private Limited* Real India 100% 100% 100%
Estate
46. Crocus Builders Private Limited* Real India 100% 100% 100%
Estate
47. Crony Builders Private Limited* Real India 100% 100% 100%
Estate
48. Deep Jyoti Projects Private Limited* Real India 100% 100% 100%
Estate
49. Divit Estates Private Limited* Real India 100% 100% 100%
Estate
50. Dove Promoters Private Limited* Real India 100% 100% 100%
Estate
51. Ducat Builders Private Limited* Real India 100% 100% 100%
Estate
52. Dumdum Builders Private Limited* Real India 100% 100% 100%
Estate
53. Ecliptic Conbuild Private Limited (Till Real India - - 100%
23-Feb-2016)* Estate
54. Eclogue Conbuild Private Limited* Real India 100% 100% 100%
Estate
55. Ecru Builders Private Limited* Real India 100% 100% 100%
Estate
56. Eddy Conbuild Private Limited (Till 22- Real India - 100% 100%
Jun-2016)* Estate
57. Edge Conbuild Private Limited* Real India 100% 100% 100%
Estate
58. Edit Estates Private Limited* Real India 100% 100% 100%
Estate
59. Elan Conbuild Private Limited* Real India 100% 100% 100%
Estate
60. Elegant Propbuild Private Limited* Real India 100% 100% 100%
Estate
61. Elite Conbuild Private Limited* Real India 100% 100% 100%
Estate
62. Elver Conbuild Private Limited (Till 16- Real India - - 100%
Jun-2015)* Estate
63. Eminence Conbuild Private Limited* Real India 100% 100% 100%
Estate
64. Enigma Properties Private Limited* Real India 100% 100% 100%
Estate
65. Estuary Conbuild Private Limited (Till Real India - 100% 100%
22-Jun-2016)* Estate
66. Eternal Buildtech Private Limited* Real India 100% 100% 100%
Estate
67. Ethnic Properties Private Limited* Real India 100% 100% 100%
Estate
68. Everwel Estates Private Limited* Real India 100% 100% 100%
Estate
69. Extremity Conbuild Private Limited* Real India 100% 100% 100%
Estate
70. Fable Conbuild Private Limited* Real India 100% 100% 100%
Estate
71. Façade Conbuild Private Limited* Real India 100% 100% 100%
Estate
72. Facet Estate Private Limited* Real India 100% 100% 100%
Estate
73. Flick Propbuild Private Limited* Real India 100% 100% 100%
Estate
74. Fling Propbuild Private Limited* Real India 100% 100% 100%
Estate
75. Flip Propbuild Private Limited* Real India 100% 100% 100%
Estate
76. Floret Propbuild Private Limited* Real India 100% 100% 100%
Estate
77. Flotilla Propbuild Private Limited* Real India 100% 100% 100%
Estate
78. Flounce Propbuild Private Limited* Real India 100% 100% 100%
Estate
79. Flue Propbuild Private Limited* Real India 100% 100% 100%
Estate
80. Fluff Propbuild Private Limited* Real India 100% 100% 100%
Estate
81. Fluke Propbuild Private Limited* Real India 100% 100% 100%
Estate
82. Foal Propbuild Private Limited* Real India 100% 100% 100%
Estate
83. Fondant Propbuild Private Limited* Real India 100% 100% 100%
Estate
84. Foray Propbuild Private Limited* Real India 100% 100% 100%
Estate
85. Forsythia Propbuild Private Limited* Real India 100% 100% 100%
Estate
86. Fount Propbuild Private Limited* Real India 100% 100% 100%
Estate
87. Foyer Propbuild Private Limited* Real India 100% 100% 100%
Estate
88. Fray Propbuild Private Limited* Real India 100% 100% 100%
Estate
89. Frieze Propbuild Private Limited* Real India 100% 100% 100%
Estate
90. Frisson Propbuild Private Limited* Real India 100% 100% 100%
Estate
91. Frond Propbuild Private Limited* Real India 100% 100% 100%
Estate
92. Froth Propbuild Private Limited* Real India 100% 100% 100%
Estate
93. Futuristic Buildwell Private Limited* Real India 100% 100% 100%
Estate
94. Gable Propbuild Private Limited* Real India 100% 100% 100%
Estate
95. Gadget Propbuild Private Limited* Real India 100% 100% 100%
Estate
96. Gaff Propbuild Private Limited* Real India 100% 100% 100%
Estate
97. Gaiety Propbuild Private Limited* Real India 100% 100% 100%
Estate
98. Galleon Propbuild Private Limited* Real India 100% 100% 100%
Estate
99. Gallery Propbuild Private Limited* Real India 100% 100% 100%
Estate
100. Gallium Propbuild Private Limited* Real India 100% 100% 100%
Estate
101. Gambit Propbuild Private Limited* Real India 100% 100% 100%
Estate
102. Gamete Propbuild Private Limited* Real India 100% 100% 100%
Estate
103. Gamut Propbuild Private Limited* Real India 100% 100% 100%
Estate
104. Garland Estate Private Limited* Real India 100% 100% 100%
Estate
105. Garnet Propbuild Private Limited* Real India 100% 100% 100%
Estate
106. Garuda Properties Private Limited* Real India 100% 100% 100%
Estate
107. Gateau Propbuild Private Limited* Real India 100% 100% 100%
Estate
108. Gaucho Propbuild Private Limited* Real India 100% 100% 100%
Estate
109. Gauge Propbuild Private Limited* Real India 100% 100% 100%
Estate
110. Gauntlet Propbuild Private Limited* Real India 100% 100% 100%
Estate
111. Gavel Properties Private Limited* Real India 100% 100% 100%
Estate
112. Gems Buildcon Private Limited* Real India 100% 100% 100%
Estate
113. Genre Propbuild Private Limited* Real India 100% 100% 100%
Estate
114. Gentian Propbuild Private Limited (Till Real India - - 100%
21-Dec-2015)* Estate
115. Gentry Propbuild Private Limited* Real India 100% 100% 100%
Estate
116. Geodesy Properties Private Limited* Real India 100% 100% 100%
Estate
117. Gibbon Propbuild Private Limited* Real India 100% 100% 100%
Estate
118. Girder Propbuild Private Limited* Real India 100% 100% 100%
Estate
119. Glade Propbuild Private Limited* Real India 100% 100% 100%
Estate
120. Glaze Estates Private Limited* Real India 100% 100% 100%
Estate
121. Glen Propbuild Private Limited* Real India 100% 100% 100%
Estate
122. Glen Propbuild Private Limited* Real Singapore 100% 100% 100%
Estate
123. Glitz Propbuild Private Limited* Real India 100% 100% 100%
Estate
124. Globule Propbuild Private Limited* Real India 100% 100% 100%
Estate
125. Gloss Propbuild Private Limited* Real India 100% 100% 100%
Estate
126. Glove Propbuild Private Limited* Real India 100% 100% 100%
Estate
127. Godawari Buildwell Private Limited * Real India 100% 100% 100%
Estate
128. Golliwog Propbuild Private Limited* Real India 100% 100% 100%
Estate
129. Gracious Technobuild Private Limited* Real India 100% 100% 100%
Estate
130. Gradient Developers Private Limited* Real India 100% 100% 100%
Estate
131. Grail Propbuild Private Limited* Real India 100% 100% 100%
Estate
132. Grampus Propbuild Private Limited* Real India 100% 100% 100%
Estate
133. Granar Propbuild Private Limited* Real India 100% 100% 100%
Estate
134. Grange Propbuild Private Limited* Real India 100% 100% 100%
Estate
135. Granule Propbuild Private Limited* Real India 100% 100% 100%
Estate
136. Grassroot Promoters Private Limited* Real India 100% 100% 100%
Estate
137. Gravel Propbuild Private Limited* Real India 100% 100% 100%
Estate
138. Grebe Propbuild Private Limited* Real India 100% 100% 100%
Estate
139. Griddle Propbuild Private Limited* Real India 100% 100% 100%
Estate
140. Grog Propbuild Private Limited* Real India 100% 100% 100%
Estate
141. Grove Propbuild Private Limited* Real India 100% 100% 100%
Estate
142. Grunge Propbuild Private Limited* Real India 100% 100% 100%
Estate
143. Guffaw Propbuild Private Limited* Real India 100% 100% 100%
Estate
144. Gull Propbuild Private Limited* Real India 100% 100% 100%
Estate
145. Guru Rakha Projects Private Limited* Real India 100% 100% 100%
Estate
146. Gyan Jyoti Estates Private Limited* Real India 100% 100% 100%
Estate
147. Gyankunj Constructions Private Real India 100% 100% 100%
Limited* Estate
148. GyanKunj Estates Private Limited* Real India 100% 100% 100%
Estate
149. Haddock Propbuild Private Limited* Real India 100% 100% 100%
Estate
150. Haft Propbuild Private Limited* Real India 100% 100% 100%
Estate
151. Hake Developers Private Limited* Real India 100% 100% 100%
Estate
152. Halibut Developers Private Limited* Real India 100% 100% 100%
Estate
153. Hamlet Buildwell Private Limited* Real India 100% 100% 100%
Estate
154. Hammock Buildwell Private Limited* Real India 100% 100% 100%
Estate
155. Hartej Estates Private Limited* Real India 100% 100% 100%
Estate
156. Hope Promoters Private Limited* Real India 100% 100% 100%
Estate
157. Immense Realtors Private Limited* Real India 100% 100% 100%
Estate
158. Jamb Propbuild Private Limited* Real India 100% 100% 100%
Estate
159. Janitor Propbuild Private Limited* Real India 100% 100% 100%
Estate
160. Jasper Propbuild Private Limited* Real India 100% 100% 100%
Estate
161. Jaunt Propbuild Private Limited* Real India 100% 100% 100%
Estate
162. Jay Propbuild Private Limited* Real India 100% 100% 100%
Estate
163. Jemmy Propbuild Private Limited* Real India 100% 100% 100%
Estate
164. Jerkin Propbuild Private Limited* Real India 100% 100% 100%
Estate
165. Jetty Propbuild Private Limited* Real India 100% 100% 100%
Estate
166. Jig Propbuild Private Limited* Real India 100% 100% 100%
Estate
167. Jive Propbuild Private Limited* Real India 100% 100% 100%
Estate
168. Juhi Promoters Private Limited* Real India 100% 100% 100%
Estate
169. Kamdhenu Projects Private Limited* Real India 100% 100% 100%
Estate
170. Kartikay Buildwell Private Limited* Real India 100% 100% 100%
Estate
171. Kayak Propbuild Private Limited* Real India 100% 100% 100%
Estate
172. Kedge Propbuild Private Limited* Real India 100% 100% 100%
Estate
173. Kestrel Propbuild Private Limited* Real India 100% 100% 100%
Estate
174. Kismet Propbuild Private Limited* Real India 100% 100% 100%
Estate
175. Knoll Propbuild Private Limited* Real India 100% 100% 100%
Estate
176. Ladle Propbuild Private Limited* Real India 100% 100% 100%
Estate
177. Lavish Propbuild Private Limited* Real India 100% 100% 100%
Estate
178. Legend Buildcon Private Limited* Real India 100% 100% 100%
Estate
179. Legend Buildwell Private Limited* Real India 100% 100% 100%
Estate
180. Logical Developers Private Limited* Real India 100% 100% 100%
Estate
181. Logical Estates Private Limited* Real India 100% 100% 100%
Estate
182. Maestro Estates Private Limited* Real India 100% 100% 100%
Estate
183. Mahonia Estate Private Limited* Real India 100% 100% 100%
Estate
184. Mansarovar Projects Private Limited* Real India 100% 100% 100%
Estate
185. Markwel Promoters Private Limited* Real India 100% 100% 100%
Estate
186. Milky Way Realtors Private Limited* Real India 100% 100% 100%
Estate
187. Modular Estates Private Limited* Real India 100% 100% 100%
Estate
188. Monarch Buildcon Private Limited* Real India 100% 100% 100%
Estate
189. Monga Properties Private Limited* Real India 100% 100% 100%
Estate
190. Multitude Infrastructures Private Hospitalit India 100% 100% 100%
Limited * y
191. Naam Promoters Private Limited* Real India 100% 100% 100%
Estate
192. Navrattan Buildcon Private Limited* Real India 100% 100% 100%
Estate
193. Nayas Projects Private Limited* Real India 100% 100% 100%
Estate
194. Nettle Propbuild Private Limited* Real India 100% 100% 100%
Estate
195. Newt Propbuild Private Limited* Real India 100% 100% 100%
Estate
196. Nipper Propbuild Private Limited* Real India 100% 100% 100%
Estate
197. Nishkarsh Estates Private Limited* Real India 100% 100% 100%
Estate
198. Notch Propbuild Private Limited* Real India 100% 100% 100%
Estate
199. Pansy Buildcons Private Limited* Real India 100% 100% 100%
Estate
200. Paving Propbuild Private Limited* Real India 100% 100% 100%
Estate
201. Perch Conbuild Private Limited* Real India 100% 100% 100%
Estate
202. Perpetual Realtors Private Limited* Real India 100% 100% 100%
Estate
203. Potential Propbuild Private Limited (Till Real India - - 100%
21-Dec-2015)* Estate
204. Pragya Buildcon Private Limited* Real India 100% 100% 100%
Estate
205. Pratiksha Buildcon Private Limited* Real India 100% 100% 100%
Estate
206. Prezzie Buildcon Private Limited* Real India 100% 100% 100%
Estate
207. Progeny Buildcon Private Limited* Real India 100% 100% 100%
Estate
208. Prosperus Buildcon Private Limited* Real India 100% 100% 100%
Estate
209. Prosperous Constructions Private Real India 100% 100% 100%
Limited* Estate
210. Pukhraj Realtors Private Limited* Real India 100% 100% 100%
Estate
211. Pulse Estates Private Limited* Real India 100% 100% 100%
Estate
212. Pushkar Projects Private Limited* Real India 100% 100% 100%
Estate
213. Ram Ban Projects Private Limited* Real India 100% 100% 100%
Estate
214. Rolex Estates Private Limited* Real India 100% 100% 100%
Estate
215. Rose Gate Estates Private Limited* Real India 100% 100% 100%
Estate
216. Rudraksha Realtors Private Limited* Real India 100% 100% 100%
Estate
217. Sacred Estates Private Limited* Real India 100% 100% 100%
Estate
218. Sambhavee Projects Private Limited* Real India 100% 100% 100%
Estate
219. Sandesh Buildcon Private Limited* Real India 100% 100% 100%
Estate
220. Sankalp Buildtech Private Limited* Real India 100% 100% 100%
Estate
221. Sankalp Promoters Private Limited* Real India 100% 100% 100%
Estate
222. Sanskar Buildcon Private Limited* Real India 100% 100% 100%
Estate
223. Sanskar Buildwell Private Limited* Real India 100% 100% 100%
Estate
224. Sanyukta Promoters Private Limited* Real India 100% 100% 100%
Estate
225. Sarvodaya Buildcon Private Limited* Real India 100% 100% 100%
Estate
226. Sarvpriya Realtors Private Limited* Real India 100% 100% 100%
Estate
227. Seriel Build tech Private Limited* Real India 100% 100% 100%
Estate
228. Sewak Developers Private Limited* Real India 100% 100% 100%
Estate
229. Sharyans Buildcon Private Limited* Real India 100% 100% 100%
Estate
230. Shaurya Propbuild Private Limited * Real India 100% 100% 100%
Estate
231. Shitij Buildcon Private Limited* Real India 100% 100% 100%
Estate
232. Shrestha Conbuild Private Limited * Real India 51% 51% 51%
Estate
233. Sidhant Buildcon Private Limited* Real India 100% 100% 100%
Estate
234. Sidhivinayak Buildcon Private Limited* Real India 100% 100% 100%
Estate
235. Sidhivinayak Durobuild Private Real India 100% 100% 100%
Limited* Estate
236. Signages Properties Private Limited * Real India 100% 100% 100%
Estate
237. Sapphire & Sands Private Limited * Real Singapore 100% 100% 100%
Estate
238. Silver Sea Vessel Management Private Real Singapore 100% 100% 100%
Limited* Estate
239. Smridhi Technobuild Private Limited * Real India 51% 51% 51%
Estate
240. Snow White Buildcon Private Limited* Real India 100% 100% 100%
Estate
241. Sonex Projects Private Limited* Real India 100% 100% 100%
Estate
242. Sparsh Promoters Private Limited* Real India 100% 100% 100%
Estate
243. Sprouting Properties Private Limited* Real India 100% 100% 100%
Estate
244. Spurt Projects Private Limited* Real India 100% 100% 100%
Estate
245. Sriyam Estates Private Limited* Real India 100% 100% 100%
Estate
246. Stash Propbuild Private Limited* Real India 100% 100% 100%
Estate
247. Stave Propbuild Private Limited* Real India 100% 100% 100%
Estate
248. Stein Propbuild Private Limited* Real India 100% 100% 100%
Estate
249. Stent Propbuild Private Limited* Real India 100% 100% 100%
Estate
250. Strut Propbuild Private Limited* Real India 100% 100% 100%
Estate
251. Sukhjit Projects Private Limited* Real India 100% 100% 100%
Estate
252. Sun Buildmart Private Limited* Real India 100% 100% 100%
Estate
253. Tacery Builders Private Limited* Real India 100% 100% 100%
Estate
254. Tanmay Developers Private Limited* Real India 100% 100% 100%
Estate
255. TCI Project Management Private Real India - - 100%
Limited (Till 10-Mar-2016)* Estate
256. Tinnitus Builders Private Limited* Real India 100% 100% 100%
Estate
257. Tocsin Builders Private Limited* Real India 100% 100% 100%
Estate
258. Toff Builders Private Limited* Real India 100% 100% 100%
Estate
259. Tome Builders Private Limited* Real India 100% 100% 100%
Estate
260. Tomtom Builders Private Limited* Real India 100% 100% 100%
Estate
261. Trattoria Properties Private Limited* Real India 100% 100% 100%
Estate
262. Trawler Properties Private Limited* Real India 100% 100% 100%
Estate
263. Triad Properties Private Limited* Real India 100% 100% 100%
Estate
264. True Value Build-con Private Limited* Real India 100% 100% 100%
Estate
265. Utkarsh Buildcon Private Limited* Real India 100% 100% 100%
Estate
266. Versatile Conbuild Private Limited * Real India 100% 100% 100%
Estate
267. Virasat Buildcon Private Limited* Real India 100% 100% 100%
Estate
268. VPG Developers Private Limited* Real India 100% 100% 100%
Estate
269. Waif Propbuild Private Limited* Real India 100% 100% 100%
Estate
270. Wedge Properties Private Limited * Real India 100% 100% 100%
Estate
271. Whelsh Properties Private Limited* Real India 100% 100% 100%
Estate
272. Winkle Properties Private Limited* Real India 100% 100% 100%
Estate
273. Yeti Properties Private Limited* Real India 100% 100% 100%
Estate
274. Yogiraj Promoters Private Limited* Real India 100% 100% 100%
Estate
275. Yukti Projects Private Limited* Real India 100% 100% 100%
Estate
276. Zing Properties Private Limited* Real India 100% 100% 100%
Estate
277. Zither Buildwell Private Limited* Real India 100% 100% 100%
Estate
278. Zonex Developers Private Limited* Real India 100% 100% 100%
Estate
279. Zonex Estates Private Limited* Real India 100% 100% 100%
Estate
280. Zulu Properties Private Limited* Real India 100% 100% 100%
Estate
$ Converted from indirect holding to direct holding in the current year.

* Subsidiaries (direct and indirect) of Shrey Promoters Private Limited.
# Converted from indirect holding to direct holding in the financial year 2015-16.
31. Material partly-owned subsidiaries
Financial information of subsidiaries that have material non-controlling interests is provided below:
(a) Proportion of equity interest held by non-controlling interests:
S. No. Name of the subsidiaries Principal Country % of equity interest

activities of As on 31 As on 31 As on 1
Incorpora March March April
tion 2017 2016 2015
1. Shrestha Conbuild Private Limited Real Estate India 49.00% 49.00% 49.00%
2. Smridhi Technobuild Private Limited Real Estate India 49.00% 49.00% 49.00%
(b) Information regarding non-controlling interest
Particulars As on 31 As on 31 As on 1 April
March 2017 March 2016 2015
Accumulated balances of material non-
controlling interest:
Shrestha Conbuild Private Limited 1,029.29 1,029.28 1,029.29
Smridhi Technobuild Private Limited 1,002.80 1,002.80 1,002.80
Loss allocated to material non-controlling
interest during the year:
Shrestha Conbuild Private Limited - - 0.01
Smridhi Technobuild Private Limited - - 0.01
The summarised financial information of these subsidiaries is provided below. This information is based on
amounts before inter-Group eliminations.
(a) Summarised statement of profit and loss:

Shrestha Conbuild Private Limited

Revenue - -
Other expense (0.01) (0.01)
Loss before tax (0.01) (0.01)
Income tax - -
Loss for the year / Total comprehensive loss (0.01) (0.01)
Attributable to non-controlling interests (0.00) (0.00)
Dividends paid to non-controlling interests - -
Smridhi Technobuild Private Limited

Revenue - -
Income tax - -
Attributable to non-controlling interests - -
Dividends paid to non-controlling interests - -
(b) Summarised balance sheet:


Cash and cash equivalents (current) 0.62 0.75 0.75
Financial assets (non-current) 2,152.50 2,152.50 2,152.50
Trade and other payable (current) (52.54) (52.66) (52.65)
Total equity 2,100.58 2,100.59 2,100.60
Attributable to:
Equity holders of parent 1,071.30 1,071.30 1,071.31
Non-controlling interest 1,029.29 1,029.28 1,029.29

Cash and cash equivalents (current) 0.73 0.86 0.86
Financial assets (non-current) 2,097.00 2,097.00 2,097.00
Trade and other payable (current) (51.19) (51.31) (51.30)
Total equity 2,046.54 2,046.55 2,046.56
Attributable to:
Equity holders of parent 1,043.74 1,043.74 1,043.76
Non-controlling interest 1,002.80 1,002.80 1,002.80
(c) Summarised cash flow information:


Operating activities (0.13) (0.00)
Investing activities - -
Financing activities - -
Net decrease in cash and cash equivalents (0.13) (0.00)

Operating activities (0.13) (0.00)
Investing activities - -
Financing activities - -
Net decrease in cash and cash equivalents (0.13) (0.00)
32. Interest in associate
The Group has entered into an agreement with Acreage Builders Private Limited to own 26.00% interest, which is
involved in the real estate business in India. Acreage Builders Private Limited is a private entity that is not listed on
any public exchange. The Group’s interest in Acreage Builders Private Limited is accounted for using the equity
method in the consolidated financial statements. As of the reporting date the Group’s legal ownership in Acreage
Builders Private Limited is 30.88% which would get diluted to 26.00% once additional equity is issued to the other
shareholder by the associate Company. The following table illustrates the summarised financial information of the
Group’s investment in Acreage Builders Private Limited:
(a) Summarised balance sheet:

Current assets 2.01 9.37 9.38
Non-current assets 2,761.39 2,758.21 2,733.85
Current liabilities (4.29) (1.26) (1.38)
Non-current liabilities (302.50) (302.50) (302.50)
Equity 2,456.61 2,463.82 2,439.35
Carrying amount of the investment 758.56 760.44 762.65
(b) Summarised statement of profit and loss:

Revenue 0.61 0.72
Income tax expense - -
Group’s share of loss for the year (1.88) (2.22)
The associate has no contingent liabilities or capital commitments as at 31 March 2017, 31 March 2016 or 1 April
2015.
33. Interest in joint ventures
The Group has 50.00% interest in Leighton Construction (India) Private Limited, a joint venture company involved
in real estate activities in India. The Group has 50.01% interest in Budget Hotels India Private Limited, a joint
venture company involved in hospitality activities in India. The Group’s interest in above joint venture companies
is accounted for using the equity method in the consolidated financial statements. Summarised financial
information of these joint ventures, based on their Ind AS financial statements, and reconciliation with the carrying
amount of the investment in consolidated financial statements are set out below:
(a) Summarised balance sheet:

Leighton Construction (India) Private Limited

Current assets - 0.29 7.12
Current liabilities - (0.01) (0.01)
Equity - 0.28 7.11
Proportion of the Group’s ownership 50% 50% 50%

Carrying amount of the investment - 0.14 3.56
Budget Hotels India Private Limited

Current assets 3.34 3.90 29.90
Non-current assets 63.13 63.13 63.13
Current liabilities (0.08) (0.18) (0.29)
Equity 66.39 66.85 92.74
Proportion of the Group’s ownership 50.01% 50.01% 50.01%

Carrying amount of the investment 33.21 33.43 46.37
(b) Summarised statement of profit and loss:

Leighton Budget Leighton Budget
Construction Hotels India Construction Hotels India
(India) Private Private (India) Private Private
Limited Limited Limited Limited
Revenue 0.35 0.31 0.00 0.67
Other expense (0.62) (0.77) (6.84) (26.55)
Loss before tax (0.27) (0.46) (6.84) (25.88)
Income tax expense - - - -
Loss for the year / Total comprehensive (0.27) (0.46) (6.84) (25.88)
loss
Group’s share of loss for the year (0.14) (0.23) (3.42) (12.94)
The group has no contingent liabilities or capital commitments relating to its interest in joint ventures as at 31
March 2017 and 2016 and 1 April 2015. The joint venture has no contingent liabilities or capital commitments as
at 31 March 2017, 31 March 2016 and 1 April 2015.
34. Commitments and contingencies
a) Leases
Operating lease commitments - Group as lessee
The Group has obtained certain project land (including building) on operating leases. These leases are for a period
from 10 years to 33 years and are non-cancellable. Further, there is an escalation clause in the lease agreement.
Future minimum rentals payable under non-cancellable operating leases are as follows:

Not later than one year 324.77 310.67 260.41
Later than one year but not later than five 1,057.93 1,109.92 1,019.83
year
Later than five years 8,029.33 8,307.94 8,586.54
Lease payments of Rs. 356.98 million (31 March 2016 – Rs. 372.15 million) have been recognized as an expense
in the statement of profit and loss during the year.
For other cancellable leases, there is no contingent rent in the lease agreements. The lease term is for 1-30 years
and is renewable at mutual agreement of both the parties. There is no escalation clause in the lease agreements.
There are no restrictions imposed by lease arrangements. There are no subleases.
The Group vide an agreement dated November 24, 2007 entered into with Royal Calcutta Turf Club and Turf
Properties Private Limited, had taken land on lease for 33 years, which is proposed to be developed as Club cum
Hotel. In consideration thereof, the Group had paid interest free refundable security deposit of Rs. 726.50 million
and adjustable guarantee deposit of Rs. 100.00 million. Also, the Group had agreed to pay Rs. 9.08 million per
month as Interim Annual Contribution up to the construction period (i.e. up to March 2014) and Rs. 18.16 million
per month or 10% of top line revenue whichever is higher from 01-Apr-2014. The Group has paid Rs. 222.91
million (March 31, 2016 – Rs. 221.41 million) as annual contribution during the current year, since no revenue has
been recognized. The annual contribution would be subject to 12% increase after every 3 years starting 1 April
2017.
Operating lease commitments - Group as lessor
The Group has entered into operating leases on its investment property consisting of certain retail buildings
(commercial shops). These leases have terms of five to nine years during which these are non-cancellable for a
period ranging from 18 to 24 months and thereafter can be terminated at a notice of 3 to 6 months. These leases
include a clause for upward revision of rental charges @ 15% after every 36 months of the lease term. The total
contingent rents recognised as income during the year is Rs. 11.93 million (March 31, 2016 – Rs. 11.73 million).
Finance lease commitments
In 2007- 2008, the Company had entered into perpetual lease with President of India for grant of leasehold rights of
certain hotel plots in Delhi. The Company had paid Rs. 4,159.51 million (previous year Rs. 4,159.51 million) on
account of initial lease premium which has been classified as Land (on lease) under Property, plant and equipment
in the financial statements. As per the agreement, the Company had to pay to Delhi Development Authority an
annual lease rental of 2.5% of the initial lease premium payable half yearly with effect from March 27, 2011. Till
March 31, 2017, the Company has accrued finance lease amounting to Rs. 487.52 million (31 March 2016 – Rs.
390.34 million, 1 April 2015 – Rs. 292.88 million) excluding interest in the financial statements. Besides there are
other capital advances of Rs. Nil (31 March 2016 – Nil, 1 April 2015 – Rs. 0.11 million) and capital work in
progress of Rs. 976.60 million (31 March 2016 – Rs. 976.60 million, 1 April 2015 – Rs. 976.60 million) which are
being carried in these financial statements in connection with the said project. Though the project is temporarily
suspended, the management is confident of recovering the full value of the assets being carried in the financial
statements. The details of the future lease payments are given as below:

Minimum Present Minimum Present Minimum Present
lease value of lease value of lease value of
payments MLP payments MLP payments MLP
Not later than one year 97.19 97.19 97.19 97.19 97.19 97.19
Later than one year but not
388.74 388.74 388.74 388.74 388.74 388.74
later than five year
Later than five years 97.19 per 97.19 per 97.19 per 97.19 per 97.19 per 97.19 per
year year year year year year
b) Capital Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)
are Rs. 756.85 million (31 March 2016 - Rs. 782.38 million, 1 April 2015 – Rs. 760.85 million).
The Group has entered into certain agreements with possessors / lessees of land to develop properties on such land
and operate such properties. In lieu of the same, the Group has agreed to share certain percentage of future
revenues arising from the operations of the same, as assignment cost to these parties. Since the estimated future
revenues and consequential assignment cost cannot be ascertained as on date, the amount payable in exchange of
getting such development and operating rights is not being separately disclosed in the financial statements.
c) Contingent Liabilities:
Claim against the Group not acknowledged as debts
(i) Claims received from vendors / contractors, not accepted by the Group – Rs. 80.17 million (31 March 2016 – Rs.
86.44 million, 1 April 2015 – Rs. 80.65 million). The Group has been advised that these claims are not tenable.
(ii) Claim for expenses by a promoter Group, not accepted by the Group – Nil (31 March 2016 – Rs. 25.38 million, 1
April 2015 – Rs. 23.96 million).
(iii) Claims sought by customers, not accepted by the Group are Rs. 339.04 million (31 March 2016 – Rs. 112.42
million, 1 April 2015 – Rs. 41.67 million).
(iv) There are various claims against the Group, by vendors/sellers aggregating to Rs. 281.21 million (31 March 2016 –
Rs. 185.06 million, 1 April 2015 – Rs. 60.80 million), against which the Group is in litigation, against which no
material liability is expected.
(v) The Group had received a demand order u/s 34 and u/s 16 of HVAT Act 2003 for levy of works contracts tax in
earlier years which is settled by opting for the Haryana Alternative Tax Compliance Scheme for Contractors, 2016
(hereinafter referred to as “Amnesty Scheme”), for the financial years 2007-08 to 2013-14. The Amnesty Scheme
has given an option to the developer to pay VAT liability @ 1.05% on the entire amount received / receivable from
the customers, without any interest and penalty and resultantly, all pending assessments / revisions / litigations
before any forum / court for the period up to financial year 2013-14, will come to an end. The Group has opted for
the said scheme and ascertained a total liability of Rs.745.69 million for all periods up to financial year 2013-14.
The Group had already deposited a sum of Rs. 241.75 million under protest in earlier years, which has been
adjusted with total liability under Amnesty Scheme. The balance liability of Rs. 503.93 million is to be deposited in
four equal quarterly installments. Out of balance liability, the Group has deposited Rs. 251.96 million till April 15,
2017 in two installments and balance 50% amounting to Rs. 251.97 million is to be deposited into two equal
quarterly installments which are due on July 15, 2017 and October 15, 2017. Wherever, the Group had handed over
the possession to the customers and does not have any security from the customers the same has been provided for
in the financial statements and for all the other cases the same is treated as recoverable from its customers and the
process of recovery has been initiated.
For all periods starting April 01, 2014 the Group is depositing VAT amount based on purchase method and based
on contractual terms with customers the same has been treated as recoverable in these financial statements.
(vi) The Group has received a demand notice of Rs.7.15 million including interest (previous year - Rs. 7.15 million) on
account of various additions to the income tax return filed for the Assessment Year 2006-07 and penalty of Rs.
26.80 million (previous year - Rs. 26.80 million), which has been adjusted against subsequent tax refunds. The said
demand of Rs. 7.15 million was reduced to Rs. 0.75 million including interest by CIT (Appeals). Both the tax
department and the Group have filed an appeal with the Income Tax Appellate Tribunal (ITAT) against the order of
CIT (Appeals). During the year, ITAT had set aside all above matters and has referred back the same to Assessing
Officer for fresh assessment. Further the Group’s appeal against the penalty demand of Rs. 26.80 million is pending
with CIT (Appeals).
(vii) The Group has received an order dated March 31, 2017 on May 17, 2017 confirming the validity of show cause
notice ('SCN') issued on account of alleged improper utilization of cenvat credit of Rs. 24.45 million (excluding
interest and penalty) for the period 2007-08 to 2009-10. As per the said order, the Group’s business activity falls
under ‘Construction of Complex’ service category which was not taxable before July 1, 2010, but the Group had
collected service tax from its customers and availed /utilized cenvat credit for paying the service tax so collected.
The department's contention is that as the service tax has been collected under a non-taxable service category, it
ought to be paid in cash and should not be adjusted with the cenvat credit. The Group's contention is that the Group
is under ‘Works Contract’ service category and not under ‘Construction of Complex’ service category for these
projects and hence is eligible for cenvat credit. Further, the Group is in process of filing an appeal against the order
before CESTAT.
(viii) One of the components of the Group, Emaar MGF Constructions Private Limited (‘EMCPL’) had received
Assessment Orders from the Assessing Officer (‘A.O.’), under section 143(3) of Income Tax Act, 1961, in respect
of return of income filed by the EMCPL for Assessment Years 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 and
2014-15 wherein the A.O. has made certain additions to the total returned income on various accounts including
disallowance of certain costs and revenue sharing as per the Collaboration Agreement with the holding Group. The
total amount of additions pursuant to aforementioned reasons for the said Assessment Years aggregated to Rs.
7,563.08 million (March 31, 2016 Rs. 7,553.75 million) and accordingly a demand of Rs. 3,352.36 million
(including interest) had been raised by the income tax department. EMCPL had filed an appeal with the CIT
(Appeals) against Assessment Orders for the Assessment Years 2009-10, 2010-11, 2011-12, 2012-13, 2013-14 and
2014-2015 has received partially favorable orders whereby the additions were reduced to Rs. 1,035.98 million and
consequential tax liability was reduced to Rs. 540.26 million. For these years EMCPL has filed an appeal before
the Income Tax Appellate Tribunal as it believes that based on the facts and circumstances of the case, the balance
demand would get reduced to Rs. 41.62 million for which tax has already been paid and charged off in the books of
accounts.
Pending adjudication of the EMCPL’s appeal, an amount of Rs. 467.40 million which has been paid under protest,
has been shown as recoverable in the consolidated financial statements.
(ix) During earlier years, EMCPL was served a Show Cause Notice (‘SCN’) alleging that the activities undertaken by
EMCPL with Delhi Development Authority (‘DDA’) have been rendered on a contractor to principal basis and are
thus covered under the definition of Construction of Complex services. During the earlier year, the EMCPL
received an adjudication order of Rs. 1,351.87 million (including cess) from the Service tax department confirming
the said SCN.
EMCPL believes that these claims are not tenable as EMCPL had collaborated with DDA on a principal to
principal basis under Public Private Partnership model and has filed a writ petition before the Honorable Delhi
High Court and appeal with CESTAT, Delhi against the order. During the year, EMCPL has withdrawn its writ
application, as it is hopeful for a favorable outcome from the CESTAT, Delhi.
During the current year, EMCPL has deposited a sum of Rs.101.39 million with CESTAT based on the direction
received from the Hon’ble Delhi High Court. EMCPL’s appeal against the adjudication order of Rs. 1,351.87
million is pending with CESTAT, Delhi.
(x) During an earlier year, EMCPL had received a show cause notice claiming Rs. 205.81 million for labour cess in
relation to the Commonwealth Games Village Project. The said show cause notice was issued after the conclusion
of labour cess assessment where labour cess was assessed as Rs. 102.00 million and duly paid by the EMCPL. Thus
the show cause sought to charge a further cess of Rs. 103.81 million. EMCPL has filed a writ petition in Delhi High
Court challenging validity of the show cause notice after the assessment has been concluded. The show cause
notice has been stayed by the Delhi High Court.
(xi) On September 12, 2007, the Group was subjected to search and seizure operations under Section 132 and surveys
under Section 133A of the Income Tax Act, 1961 (the “Act”). The search and seizure operations were conducted at
various locations of the Group and on the premises of certain Executive Directors and employees of the Group and
certain Promoters, companies of Promoters, members of the Promoter Group, and relatives of the Promoters and
employees of the Promoter companies. During the course of the search and seizure operations, the Income Tax
authorities have taken custody of certain materials such as documents, records, computer files and hardware, and
recorded statements of certain officials of these entities. Subsequently, the income tax authorities had sought
further information/documents and explanations from time to time. In connection with the search and seizure
operations, the Group received a notice dated October 8, 2008 under Section 153A of the Act, from the Assistant
Commissioner of Income Tax, Central Circle – 7, New Delhi (the “Assistant Commissioner”) requiring it to furnish
returns of income for the assessment years 2002-03 to 2007-08, which the Group complied with. Further, pursuant
to the search conducted by Enforcement Directorate under Section 37 of the Foreign Exchange Management Act,
1999 on December 12, 2009, consequential proceedings u/s 132 A of the Income Tax Act, 1961 were initiated by
the Income Tax department, resulting into abatement of pending proceedings to be reinitiated u/s 153 A / 153 C of
the Income Tax Act, 1961. Pending completion of above referred proceedings, the tax liability, if any, that may
ultimately arise on this account cannot presently be ascertained.
On June 19, 2014, the Group was subjected to search and seizure operation u/s 132 of the Income Tax Act, 1961.
The Group also received the notice u/s153A/143(3) of the Income Tax Act, 1961 for Assessment Year 2009-10 to
Assessment Year 2015-16 on February 3, 2015 to file the Income Tax Return (ITR) within 30 days of receipt of
notice. The Group duly filed the ITR u/s 153A for the Assessment Year 2009-10 to Assessment Year 2014-15
within stipulated time mentioned in the notice.
On December 28, 2016, the Group has received assessment orders u/s 153A/143(3) for Assessment Year 2009-10
to Assessment Year 2015-16, whereby the Assessing Officer has made disallowances on certain matters amounting
to Rs 4,506.58 million. The said disallowances resulted in reducing the brought forward business losses and capital
losses of the Group, however did not have any impact on the normal tax liability of the Group. Further, the said
disallowances also resulted in a MAT liability of Rs. 63.64 million (including interest of Rs. 28.48 million) for
Assessment year 2010-11. The Company is of the views that the said disallowances would not sustain and no
additional liability would devolve on the Company.
Accordingly the Group has also filed an appeal before CIT(Appeals) for the Assessment Years 2009-10 to 2015-16
w.r.t. the above mentioned disallowances.
(xii) Loans and advances includes amounts paid to certain parties directly or through the subsidiaries of the Company,
for acquiring land/ land development rights for development of real estate projects, either on collaboration basis or
self – development basis. Of these, with respect to advances of Rs. 2,594.62 million (March 31, 2016 - Rs. 689.83
million and April 1, 2015 - Rs. 599.09 million) for land or development rights associated with the land, the matters
are currently under litigation for which necessary legal proceedings are on.
(xiii) In December 2009, the Group and certain of its directors, employees, an independent real estate broker of the
Group and other persons were subjected to search and seizure operations conducted by the Enforcement Directorate
under Section 37 of the Foreign Exchange Management Act, 1999, as amended (“FEMA”), read with Section 132
of the Income Tax Act, 1961, as amended. During the search at the Group’s offices, the Enforcement Directorate
took custody of certain documents and recorded the statements of certain directors/officers of the Group.
Subsequently, the Enforcement Directorate had also sought further information/documents and explanations from
time to time, which were duly furnished by the group.
Pursuant to the aforementioned search and seizure operations, a complaint was filed by the Assistant Director,
Enforcement Directorate under Section 16(3) of FEMA on May 17, 2013, and subsequently the Enforcement
Directorate, on June 4, 2013, issued Show Cause Notices (“SCN”) under FEMA to the Group, some its directors
and its four subsidiaries namely Accession Buildwell Private Limited, Emaar MGF Construction Private Limited,
Shrestha Conbuild Private Limited and Smridhi Technobuild Private Limited The SCN alleges contravention of the
provisions of Section 6(3) (b) of FEMA read with provisions relating to receipt of Foreign Direct Investment
(“FDI”) in Construction Development Projects and the Foreign Exchange Management (Transfer or Issue of
Security by a Person Resident Outside India) Regulations, 2000, by the Group and the said subsidiaries, by utilizing
the FDI aggregating to approximately Rs. 86,000.00 million (including Rs. 75,645.80 million in respect of the
Group) in purchase of land, including agricultural land. The Enforcement Directorate has also initiated
Adjudication Proceedings in the said matter.
On January 8, 2014, the Group and its subsidiaries have filed its replies to the SCN with the Enforcement
Directorate and have also challenged initiation of Adjudication Proceedings against the Group and its subsidiaries.
The Group, basis available legal opinions and clarifications obtained from the Reserve Bank of India and
Department of Industrial Policy & Promotion (Government of India), believes that the purchase of land, including
agricultural land, for the conduct of its business of construction & development is in compliance of applicable
provisions of law, including the FEMA and FDI.
Further, on April 8 2014, the Adjudicating Authority directed the Enforcement Directorate to provide certain
documents to the Group. The Enforcement Directorate vide its letter dated July 22, 2015 had asked the Group to
take the documents from the office of the relevant Enforcement Directorate department and the Group had vide its
letter dated August 6, 2015 requested the relevant department to provide the requisite documents, which the Group
is yet to receive. However, no formal demand has been received by the Group till date.
(xiv) The Group, vide a Development Agreement dated November 3, 2006 (subsequently amended by the agreement
dated July 25, 2007) entered into with Emaar Hills Township Private Limited (hereinafter referred to as ‘EHTPL’),
had undertaken the development of land in Hyderabad, sold to EHTPL by Andhra Pradesh Industrial Infrastructure
Corporation (APIIC) based on various Government Orders and through a duly registered Conveyance Deed dated
December 28, 2005. EHTPL being the absolute owner of the said land, had appointed the Group as the project
developer via Development Agreement cum General Power of Attorney (GPA) dated July 25, 2007 and an
Addendum to Development Agreement cum GPA dated July 23, 2008 whereby and in consideration thereof, the
Group had to share 25% of the Gross Revenue derived through sale and/or lease proceeds from building and
structures proposed to be constructed thereon with EHTPL.
The Group also, vide an Assignment Deed dated November 3, 2006 entered into with Boulder Hills Leisure Private
Limited (hereinafter referred to as ‘BHLPL’), had undertaken the development and operation of a ‘Golf Course’ in
Hyderabad for a lease period of 66 years and in consideration thereof, agreed to share 5% of gross annual revenue
during the first 33 years and 6% of gross annual revenue for remaining 33 years of the lease term with BHLPL.
During the earlier years, in a dispute between the APIIC and Emaar Properties PJSC (shareholders of EHTPL and
BHLPL), APIIC had issued a legal notice to the other shareholder Emaar Properties PJSC (Emaar) for termination
of the collaboration agreement (entered between APIIC and Emaar), which has been stayed by Hon’ble A.P. High
Court. APIIC also issued legal notice to the BHLPL, inter-alia alleging that the Assignment Deed and other
contracts signed by BHLPL with the Group have been entered into without obtaining permission from APIIC and
had requested BHLPL to terminate the said Assignment Deed.
Further, APIIC had issued letters to the Joint Sub Registrar to stop the registrations of plots, villas and apartments
in the project being developed under the aforesaid Development Agreement, which had been contested by EHTPL
vide a Writ Petition in the Hon’ble A.P. High Court. Subsequently, a Government Order was issued banning
registrations of properties owned by the Group, which was suspended by a Single Judge bench of the Hon’ble A.P.
High Court on an application filed by the flat owners welfare association. However, upon an application made by
APIIC, division bench of Hon’ble A.P. High Court suspended the aforesaid judgment.
APIIC had filed another suit against the Group before City Civil Court for rendition of accounts, permanent
injunction against the Group to restrain any transfer of properties to third parties and carrying out any work or
activity on the project. However, as there was no privity of contract between APIIC and the Group, the said
proceedings have been stayed by the Hon’ble A.P. High Court. The matter is now listed on July 11, 2017.
The Group, based on legal advice, is of the opinion that all the aforesaid disputes shall be settled amicably by the
parties under the Arbitration and Conciliation Act, 1996 or as per the Dispute Redressal Mechanism provided under
AP Infrastructure Development Enabling Act, 2001.
Further, there have been certain legal proceedings initiated against the Group, EHTPL & Emaar, as detailed
hereunder-
a) A Public Interest Litigation (PIL) was filed by an individual with the Hon’ble A. P. High Court making allegations,
inter alia, of irregularities in the Development Agreement cum General Power of Attorney entered into by the
Group with EHTPL. Subsequently, the Hon’ble A.P. High Court had ordered Central Bureau of Investigation
(CBI) to conduct an inquiry into the allegations. CBI had filed charge sheets against various persons including the
Group, former Managing Director and few officers of the Group. Among other things CBI has alleged that
development agreement cum GPA and addendum thereto and agency agreement was executed in violation of
collaboration agreement and without following proper procedures. CBI has also alleged that certain plots sold were
not accurately reflected in the books of the Group and has alleged irregularities in allotment of project land. CBI
has also alleged that APIIC has incurred loss to the tune of Rs. 435.00 million on the deal. As on date, CBI has now
filed a fresh charge sheet dated October 25, 2012 and trial is proceeding in its due course. During the investigation
by CBI in respect of the Project in Hyderabad, CBI had also referred the matter to the Enforcement Directorate
(ED). The Group received a provisional attachment order from the ED on approx. 4.8 acres of land in Delhi, owned
by one of the subsidiaries of the Group costing Rs. 88.60 million and a complaint before the Adjudicating
Authority (PMLA) was also filed by ED. The Adjudicating Authority confirmed the attachment order of ED. The
Group has now filed an appeal before the Appellate Tribunal against the said order.
b) A criminal complaint was filed by another individual before Special Judge, Anti Corruption Bureau (ACB) Cases,
Hyderabad, in which, various companies having operations in Hi-Tech City of Hyderabad during various periods
were made accused parties including Emaar, EHTPL and the Group, alleging irregularities in allocation of land to
these parties. The said Court passed order directing DG, ACB to conduct investigation into the allegations of the
complaint. The said order has however been stayed by the Hon’ble A. P. High Court on filing Criminal Revision
Cases by the Group and Emaar. Subsequently Hon’ble A.P. High Court disposed off all these criminal proceedings
with directions that all the complaints filed by the said individual will be forwarded to CBI as additional material
for their consideration.
In an another litigation, the ownership of project land under EHTPL and BHLPL along with other Land Parcels are
being disputed by various parties stating that the land belongs to Dargah and consequently should be administered
by the Wakf Board. The Hon’ble A.P. High Court in its ruling has passed an order in favour of the petitioners.
However, subsequently on an appeal made by one of the aggrieved parties, who was also a respondent to the
aforesaid suits, Hon’ble Supreme Court has stayed the order on assurance given by the State that it will compensate
plaintiff in the suit by money or by providing alternative land.
Until March 31, 2017, with respect to the development agreement, with EHTPL, the Group has collected Rs.
3,423.21 million (31 March 2016 – Rs. 3,423.21 million) from customers on account of various real estate projects
launched and has spent Rs. 3,852.80 million (31 March 2016 – Rs. 3,852.80 million) on development of various
projects being undertaken. Out of the said amounts, cumulative revenue of Rs. 1,447.86 million (31 March 2016 -
Rs. 1,447.86 million) [excluding EHTPL’s share of Rs. 482.62 million (31 March 2016 - Rs. 482.62 million)] and
cumulative costs of Rs. 980.46 million (31 March 2016 - Rs. 980.46 million) have been recognised in the statement
of profit and loss until the Balance Sheet date. Outstanding balances as at year end includes trade receivables of Rs.
67.30 million (31 March 2016 - Rs. 67.30 million), recoverable of Rs. 53.25 million (31 March 2016 - Rs. 27.97
million), accrued revenue of Rs. 26.96 million (31 March 2016 - Rs. 26.96 million), trade payables of Rs. 220.40
million (31 March 2016 - Rs. 234.75 million), outstanding revenue share payable to EHTPL of Rs. 294.81 million
(31 March 2015 – Rs. 294.81 million), other liabilities of Rs. 1,586.99 million (31 March 2016 – Rs. 1,586.99
million), inventories of Rs. 2,872.34 million (31 March 2016 – Rs. 2,872.28 million) and capital work in progress
of Rs. 18.97 million (31 March 2016 – Rs. 18.97 million). In view of the aforesaid litigations, the management
believes that the amounts payable to EHTPL under the Development Agreement is disputed and is neither due nor
payable until the disposal of the said litigations.
Further, with respect to the assignment deed with BHLPL, the Group has collected Rs. 401.02 million (31 March
2016 – Rs. 361.99 million) from customers of which Rs. 338.76 million (31 March 2016 -Rs. 308.13 million)
[excluding BHLPL’s share of Rs. 14.76 million (31 March 2016 – Rs. 13.64 million)] has been recognized as
revenue upto the balance sheet date.
Pending completion of above referred proceedings and based on the legal advices received, management of the
Group believes that the allegations/matters raised are contrary to the factual position and hence not tenable.
(xv) One of the components of the Group, Emaar MGF Construction Private Limited (hereinafter referred to as
‘EMCPL’) had executed a Project Development Agreement dated September 14, 2007 (PDA) with Delhi
Development Authority (DDA) for the development and construction of the Commonwealth Games (CWG)
Village on a PPP model. As per the PDA, project completion date was April 1, 2010. Execution of the project was
as per the timelines and EMCPL had filed for award of completion certificate with DDA on March 29, 2010.
In earlier years, DDA had acknowledged the project completion by issuing occupancy certificate in the month of
September 2010 and the CWG Village was occupied and used by the athletes and the officials during the
Commonwealth Games 2010. Subsequently, DDA invoked the performance Bank Guarantee (BG) of Rs. 1,830.00
million on account of Liquidated Damages (LD) and other claims alleging that EMCPL had not been able to
achieve the time lines as per the terms of PDA. EMCPL contested the invocation of the BG with the Division
Bench of High Court pursuant to which DDA was allowed to take Rs. 900 million and the balance Rs. 930.00
million was deposited with the Court. Further, the High Court disposed of the said appeal by forming an Arbitral
Tribunal and referred all disputes to the Arbitral Tribunal. Arbitral Tribunal directed both the parties to file their
respective claims. Pursuant to this, EMCPL filed statement of facts along with claims amounting to Rs. 14,182.38
million (31 March 2016 – Rs. 14,182.38 million). DDA filed their reply to EMCPL’s statement of facts and claims
and also filed their counter claims amounting to Rs. 14,460.44 million (31 March 2016 - Rs 14,460.44 million)
including LD. The above matter is pending before the Arbitral Tribunal.
Management believes that EMCPL has met the requirements as per PDA and the LD imposed / BG invoked and
other claims raised by DDA are not justifiable. Accordingly pending settlement of the above disputes and based on
legal opinion, the amount of BG encashed /deposited with the High Court aggregating to Rs. 1,830.00 million (31
March 2016 - Rs. 1,830.00 million) is shown as recoverable under loans and advances in the financial statements
and no provision for LD and other claims by DDA has been made in the books of account.
Also, during an earlier year, DDA issued sealing orders in respect of certain flats in the CWG Village alleging extra
usage of Floor Area Ratio (FAR) by EMCPL. EMCPL challenged the sealing orders before the Appellate Tribunal
of Municipal Corporation of Delhi and the Tribunal in its judgment dated May 14, 2012 admitted EMCPL’s appeal.
DDA (partner of the project) has filed its submission before the Commissioner Planning stating that the
construction needs to be regularized. The issue is pending before the Commissioner Planning. As per orders of the
Court, EMCPL has been restrained from creating any third party interest on unsold 28 flats of its share till the issue
of excess FAR is decided. The completion certificate of these 28 flats along with certain flats belonging to DDA
has been suspended till the issue of excess FAR is finally decided. Management believes that actual FAR utilized is
well within the Delhi Master Plan - 2021 and the Building Bye laws and the completion certificates would be
issued in due course of time and the order refraining EMCPL from creating third party interest on the unsold
inventory of 28 flats having a book value of Rs. 587.31 million (31 March 2016 – Rs. 568.71 million, 1 April 2015
– Rs. 567.36 million) would be vacated.
(xvi) EMCPL had appointed Ahluwalia Contracts (India) Limited, (Contractor) for the construction of the
Commonwealth Games Village (CWGV).
During earlier years, the Contractor had filed certain claims which were not accepted by the EMCPL.
Consequently, the Contractor invoked the arbitration under clause 49 of the Contract and during the course of
arbitration filed claims amounting to Rs. 4,200.19 million (31 March 2016 - Rs. 4,200.19 million) relating to the
works supposed to have been carried out but not accepted by EMCPL. EMCPL also filed counter claims amounting
to Rs. 11,702.55 million (31 March 2016 – Rs. 11,702.55 million) against the Contractor for deficient and defective
works, adjustments in billing and payments in line with the Contract and also a back to back claim on account of
the invocation of the Bank Guarantee as stated in note (xiv) above.
EMCPL believes that the Contractor has defaulted as per the Contract and claims raised by them are not in
accordance with the terms of the contract. Accordingly EMCPL is hopeful of a favourable decision from the
arbitration panel. However, pending completion of such proceedings, EMCPL has neither accounted for the claims
raised by it nor provided for the Contractor’s claims in the books of account.
(xvii) Balance with statutory authorities includes Rs. Nil million (March 31, 2016 - 25.27 million) paid under protest
towards service tax on transfer on joint development rights.
Notes: Regarding the liabilities stated above from (i) to (xvii) the Group has been advised by its legal counsel that it
is possible, but not probable that the actions will be succeeded and accordingly no provision for liability has been
recognised in the financial statements.
35. As at March 31, 2017, 145.41 acres (31 March 2016 – Rs. 166.37 acres, 1 April 2015 – 170.69 acres) of land
parcels held by the various components of the Group have been notified by the various State Governments to be
acquired by the development authority under compulsory acquisition. In some cases, the Group has filed
applications with the relevant authorities against such acquisition notifications of the Government while in some
other cases; the award is not yet received. Pending final order/settlement or announcement of such award, no
accounting there against has been considered in these financial statements. Management believes that the expected
award value would be greater than the book value of such land parcels.
36. The Group has not made any provision as at March 31, 2017, for Minimum Guaranteed / Enhanced Minimum
Guaranteed / Fixed / Enhanced Fixed Return as per the terms of its agreement dated July 9, 2008 entered with
Emaar Properties PJSC, Dubai (‘EPJSC’), pursuant to which EPJSC has invested Rs. 4,253.55 million (31 March
2016 - Rs. 4,253.55 million) in certain subsidiary companies, since, as per a legal opinion obtained by the Group
during an earlier year, it is not liable to pay such returns in terms of the provisions of the applicable laws in India.
37. Income Tax
The major components of income tax expense for the year ended March 31 2017 are indicated below:
a) Statement of profit or loss for the year ended
March 31, 2017 March 31, 2016

Current tax:
Current tax on profit for the year 20.62 10.68
Total Current Tax 20.62 10.68
Deferred tax:
Origination and reversal of temporary differences 2.20 4.44
Total Deferred Tax 2.20 4.44
Tax expense / (credit) for the year 22.82 15.12
Effective income tax rate (%) 0.30% 0.23%
b) Statement of other comprehensive income for the year ended
March 31, 2017 March 31, 2016

Deferred tax (credit) / charge on:
Re-measurement of defined benefit obligations - -
Total - -
A reconciliation of income tax expense applicable to accounting profits / (loss) before tax at the statutory income
tax rate to recognised income tax expense for the year indicated are as follows:
Particulars March 31, 2017 March 31, 2016

Accounting profit / (loss) before tax for the year ended (7,556.84) (6,493.82)
Statutory income tax rate (%) 34.61% 34.61%
Tax at Indian statutory income tax rate (2,615.42) (2,247.51)
Tax paid under MAT for which credit not availed 20.44 10.68
Loss in respect of which deferred tax assets not recognized for the year* 2,602.48 2,240.83
Disallowable expenses 15.31 11.12
Tax charge for the year 22.82 15.12
*Deferred tax assets on unabsorbed depreciation/business loss have been recognised only to the extent of deferred
tax liabilities on taxable temporary differences available.
There are certain income-tax related legal proceedings which are pending against the Group. Potential liabilities, if
any have been adequately provided for, and the Group does not currently estimate any probable material
incremental tax liabilities in respect of these matters.
Deferred tax assets / (liabilities)
Particulars March 31, Charged/(credited) to March 31,

2016 Statement of income 2017
Property, plant and equipment (50.29) (2.38) (52.67)
Provision for Doubtful advances 20.66 - 20.66
Business loss 2.38 - 2.38
MAT Credit entitlement 18.52 0.19 18.71
Total (8.73) (2.19) (10.92)
Particulars April 1, 2015 Charged/(credited) to March 31,

Statement of income 2016
Property, plant and equipment (42.36) (7.93) (50.29)
Provision for Doubtful advances 21.60 (0.94) 20.66
Business loss - 2.38 2.38
MAT Credit entitlement 16.47 2.05 18.52
Total (4.29) (4.44) (8.73)
Note: Other than the above, the Company and some of the other components of the Group have not recognised any
deferred tax assets on deductible temporary differences as at March 31, 2017, March 31, 2016 and April 1, 2015 as
there is no probability that taxable profit will be available against which the deductible temporary differences can
be utilised.
The Unused tax losses as at March 31, 2017 expires, if unutilize, based on the year of origination as follows
Particulars Within one Greater the one year, less Greater than five No expiry Total
year than five years Years date
Unutilize business 113.31 9,400.97 16,032.96 - 25,547.24
losses
Unabsorbed - - - 1,136.80 1,136.80
depreciation
Unutilize capital 1,109.97 2.19 523.33 1,635.49
losses
Total 1,223.28 9,403.16 16,556.29 1,136.80 28,319.53
The parent company has unused MAT credit amounting to Rs. 199.71 million as at March 31, 2017. Such tax
credits have not been recognised on the basis that recovery is not probable in the foreseeable future. Unrecognised
MAT credit expires, if unutilized, will expire after financial year March 31, 2025.
38. Segment Information
The Group is a diversified real estate group with its projects spread over various regions in India. Based on the
nature of activities, risks and rewards, organisation structure and internal reporting system, the Group’s Chief
Operating Decision Maker (CODM) has identified the following as its reportable segment:
i. Construction & Development: Promotion, construction, development and sale of integrated townships,
residential and commercial property, IT Parks etc.
ii. Others: Development and operation of hospitality and leisure activities.
The Board of Directors monitors the operating results of its business units separately for the purpose of making
decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit
or loss and is measured consistently with profit or loss in the consolidated financial statements.
Particulars
Construction & Others Total
Development
31 March 31 March 31 March 31 March 31 March 31 March
2017 2016 2017 2016 2017 2016
Revenue
External revenue 9,449.68 10,651.51 340.14 302.31 9,789.82 10,953.82
Total revenue 9,449.68 10,651.51 340.14 302.31 9,789.82 10,953.82
Segment Results (884.24) 332.53 (467.45) (319.78) (1,351.69) 12.75

Unallocated corporate
(36.22) (43.14)
expenses
Finance cost (6,262.84) (6,684.35)
Other income including
93.91 220.92
interest income
Income taxes (22.82) (15.12)
Net Loss (7,579.66) (6,508.94)
Other disclosures
Capital expenditure 44.94 7.63 6.87 8.24 51.81 14.87
Share in losses of 2.02 5.64 0.23 12.94 2.25 18.58
associates and joint
ventures
Impairment of capital - - 182.41 - 182.41 -
work in progress
Depreciation and 40.91 53.88 15.69 19.44 56.60 73.32
amortization expenses
Particulars Construction & Development

Total Assets 117,852.75 115,460.12 119,384.66
Other disclosures
Investment in an associate and a joint venture 758.56 760.58 766.21
Particulars Others
Total Assets 9,821.00 9,954.60 10,011.60
Other disclosures
Investment in an associate and a joint venture 33.21 33.43 46.38
Reconciliation of assets

Segment operating assets 127,673.75 125,414.72 129,396.26
Un-allocable Corporate Assets 4,277.72 4,692.57 5,302.68
Total 131,951.47 130,107.29 134,698.94
Un-allocable corporate assets 31 March 2017 31 March 2016 1 April 2015

Non-current investments 791.77 794.01 812.58
Current investments 720.94 292.49 343.02
Cash and cash equivalents and other bank 1,860.95 2,761.07 3,321.11
balances
Income tax assets 842.34 801.23 736.49
Total 4,277.72 4,692.57 5,302.68
Reconciliation of liabilities

Segment operating liabilities 49,562.52 53,380.14 55,213.43
Un-allocable Corporate liabilities 60,735.85 47,491.84 43,752.14
Total 110,298.37 100,871.98 98,965.57
Un-allocable corporate liabilities 31 March 2017 31 March 2016 1 April 2015

Long-term borrowings 1,273.75 16.46 82.01
Deferred tax liability (net) 10.92 8.73 4.29
Short-term borrowings 19,384.94 10,520.43 11,743.89
Trade payables 126.12 171.69 109.75
Other financial liabilities 39,937.62 36,767.10 31,810.34
Income tax liabilities 2.50 7.43 1.86
Total 60,735.85 47,491.84 43,752.14
Revenue from external customers

India 9,789.82 10,953.82
Outside - -
Total 9,789.82 10,953.82
Non-current operating assets

India 9,529.47 9,716.92 9,774.74
Outside - - -
Total 9,529.47 9,716.92 9,774.74
Non-current assets for this purpose consist of property, plant and equipment, capital work in progress, investment
properties and intangible assets.
Note:- Interest expense and interest income including mutual fund income amounting to Rs. 605.65 million (previous
year - Rs. 485.40 million) and Rs. 112.54 million (previous year - Rs. 95.10 million) respectively have been included
under segment results in accordance with the provisions of Ind AS – 23 ‘Borrowing Costs’.
The Group pursuant to a scheme of demerger has decided to demerge certain of its assets and liabilities as more fully
described in note 49. Such assets and liabilities proposed to be demerged comprise of assets and liabilities of both the
segments. The Group has presented segment results, segment assets and liabilities including those attributable to
disposal group held for distribution in the disclosures given above.
39. Related Party Disclosures
A. List of related parties:
I Ultimate holding / Holding company:-

1 Emaar Properties, PJSC, Dubai*
2 Emaar Holding II*
II Enterprise owned by Key Management Personnel or major shareholders of the reporting enterprise
and enterprises that have a member of key management in common with the reporting enterprise:-
1 Boulder Hills Leisure Private Limited
2 Cyberabad Convention Centre Private Limited
3 Emaar Hills Township Private Limited
4 Golden Ace Pte Limited
5 Golden Focus Pte Limited
6 Oriole Exports Private Limited
7 SSP Aviation Limited
8 Vishnu Apartments Private Limited
9 Capital Vehicles Sales Limited
10 Moonlight Continental Private Limited
11 Sareen Estates Private Limited
12 The City Square Mall Management

13 Aryan Life Style Private Limited
14 MGF Event Management
15 New Era Impex (India) Private Limited
16 Emaar Malls Group PJSC
III Investing party or Venturer in respect of which the reporting entity is an Associate or Joint Venture:-
1 MGF Developments Limited
IV Joint Ventures of the reporting entity:-

1 Leighton Construction (India) Private Limited
2 Budget Hotels India Private Limited
V Associate of the reporting entity :-

1 Acreage Builders Private Limited
VI Fellow subsidiary of the reporting entity:-

1 The Address Dubai Marina LLC, Dubai*
*W.e.f. March 27, 2017, Emaar Holding II and Emaar Properties PJSC became the holding company and ultimate
holding company respectively. Consequently, The Address Dubai Marina LLC, Dubai became fellow subsidiary of
the Company. The said companies were earlier disclosed as investing party or venturer in respect of which the
reporting entity is an Associate or Joint Venture.
---------------------------This space has been intentionally left blank. ------------------------------------

Notes to Consolidated Financial Statement for the year ended 31 March 2017
S. Particulars Enterprise that directly or Investing party or venturer in respect Enterprise owned by Key Associates and joint ventures of the Fellow Subsidiary Total
No. indirectly through one or more of which the reporting entity is an Management Personnel or major reporting entity
intermediaries control the Associate or Joint Venture shareholders of the reporting
reporting entity enterprise and enterprises that have a
member of key management in
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016
A Transactions during the year
1 Liability Written Back:
Leighton Construction (India) Private Limited - - - - - - - 6.82 - - - 6.82

SSP Aviation Limited - - - - - 1.40 - - - - - 1.40
- - - - - 1.40 - 6.82 - - - 8.22
2 Interest Expense:
The Address, Dubai Marina LLC (Dubai) * - - - - - - 67.90 74.93 67.90 74.93
- - - - - - 67.90 74.93 67.90 74.93
3 Loans and Advances given (Including amounts paid on

behalf of the related parties):
Emaar Hills Township Private Limited - - - - 0.03 0.05 - - - - 0.03 0.05
- - - - 0.03 0.05 - - - - 0.03 0.05
4 Expenses reimbursed/paid by the Company:
Boulder Hills Leisure Private Limited - - - - - - - - - - - -

Cyberabad Convention Centre Private Limited - - - - 1.28 0.44 - - - - 1.28 0.44
Emaar Properties, PJSC - - - - - - - - - - -
SSP Aviation Limited - - - - - - - - - - - -
- - - 1.28 0.44 - - - - 1.28 0.44
5 Expenses recovered by the Company:
MGF Developments Limited - - - 1.37 - - - - - - - 1.37
- - - 1.37 - - - - - - - 1.37
Notes to Consolidated Financial Statement for the year ended 31 March 2017
S. Particulars Enterprise that directly or Investing party or venturer in respect Enterprise owned by Key Associates and joint ventures of the Fellow Subsidiary Total
No. indirectly through one or more of which the reporting entity is an Management Personnel or major reporting entity
intermediaries control the Associate or Joint Venture shareholders of the reporting
reporting entity enterprise and enterprises that have a
member of key management in
Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended
March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016
6 Lease Rent paid by the company:
Emaar Malls Group PJSC - - - - 1.64 1.20 - - - - 1.64 1.20
- - - - 1.64 1.20 - - - - 1.64 1.20
7 Revenue transferred pursuant to Revenue Sharing

Agreement:
Boulder Hills Leisure Private Limited - - - - 1.32 1.37 - - - - 1.32 1.37
- - - - 1.32 1.37 - - - - 1.32 1.37
SSP Aviation Limited - - - - - 31.70 - - - - - 31.70
- - - - - 31.70 - - - - - 31.70
9 Corporate gaurantee received
Emaar Properties PJSC, Dubai 13,772.00 - - - - - - - - - 13,772.00 -
13,772.00 - - - - - - - - - 13,772.00 -
Budget Hotels India Private Limited - - - - - - - 11.38 - - - 11.38
- - - - - - - 11.38 - - - 11.38
11 Income Received:
Budget Hotels India Private Limited - - - - - 11.00 - - 11.00
- - - - - - - 11.00 - - - 11.00
*Due to fair value accounting of compulsory convertible debentures (CCD), interest pertaining to liability component of CCDs is included in related party disclosures, but contarctual interest during the year is Rs. 125 million. Similarly the face value of CCDs outstanding as at March 31, 2017 amounts
to Rs. 2,500 million (March 31, 2016 Rs. 2,500 million and April 1, 2015 Rs. 2,500 million).
Notes to Consolidated Financial Statement for the year ended 31st March 2017
S. Particulars Enterprise that directly or indirectly through one Investing party or venturer in respect of which the Enterprise owned by Key Management Associates and joint ventures of the reporting Fellow Subsidiary Total
No. or more intermediaries control the reporting entity reporting entity is an Associate or Joint Venture Personnel or major shareholders of the reporting entity
enterprise and enterprises that have a member of
key management in common with the reporting
enterprise
As at As at March 31, As at As at As at March As at As at As at March 31, As at As at As at March As at As at As at March As at As at As at March As at

March 31, 2017 2016 April 1, 2015 March 31, 2017 31, 2016 April 1, 2015 March 31, 2017 2016 April 1, 2015 March 31, 2017 31, 2016 April 1, 2015 March 31, 2017 31, 2016 April 1, 2015 March 31, 2017 31, 2016 April 1, 2015
B Balances Outstanding as at year end
1 Loans and Advances given :
SSP Aviation Limited** - - - - - - 846.44 846.44 846.44 - - - - - - 846.44 846.44 846.44
Vishnu Apartments Private Limited - - - - - - 20.00 20.00 20.00 - - - - - - 20.00 20.00 20.00
Golden Ace Pte Limited** - - - - - - 1,007.86 1,007.86 1,007.86 - - - - - - 1,007.86 1,007.86 1,007.86
Golden Focus Pte Limited** - - - - - - 0.67 0.67 0.67 - - - - - - 0.67 0.67 0.67
- - - - - - 1,874.97 1,874.97 1,874.97 0.24 0.24 0.24 - - - 1,875.21 1,875.21 1,875.21
2 Investment in Equity Shares:
Leighton Construction India Private Limited - - - - - - - - - - 0.14 3.56 - - - - 0.14 3.56
- - - - - - - - - 791.76 793.99 812.56 - - - 791.76 793.99 812.57
3 Debt portion compulsory convertible debentures issued :
The Address, Dubai Marina LLC (Dubai) - - - - - - - - - - - - 426.87 593.65 534.04 426.87 593.65 534.04
- - - - - - - - - - - - 426.87 593.65 534.04 426.87 593.65 534.04
- - - - - - - - - 63.64 63.42 50.48 - - - 63.64 63.42 50.48
5 Advance Recoverable:
MGF Developments Limited - - - 146.00 146.00 146.00 - - - - - - - - - 146.00 146.00 146.00
- - - 146.00 146.00 146.00 - - - - - - - - - 146.00 146.00 146.00

6 Amounts Payable (Including Interest):
Emaar Holding II 103.72 103.72 103.72 - - - - - - - - - - - - 103.72 103.72 103.72
103.72 103.72 103.72 - - - - - - - - - - - - 103.72 103.72 103.72
7 Trade Receivable (including unbilled revenue):
Oriole Exports Private Limited - - - - - - - 5.03 8.57 - - - - - - - 5.03 8.57
Others - - - - - - 0.08 - - - - - - - - 0.08 - -
- - - - - - 4.33 10.43 14.49 479.14 479.14 479.14 - - - 483.47 489.57 493.63
8 Corporate gaurantee received
Emaar Properties PJSC, Dubai 13,772.00 - - - - - - - - - - - - - - 13,772.00 - -
13,772.00 - - - - - - - - - - - - - - 13,772.00 - -
9 Trade Payable and other liabilities:
Boulder Hills Leisure Private Limited - - - - - - 0.22 0.10 0.09 - - - - - - 0.22 0.10 0.09
Emaar Hills Township Private Limited - - - - - - 324.81 324.86 324.90 - - - - - - 324.81 324.86 324.90
Emaar Properties, PJSC 41.32 42.80 40.40 - - - - - - - - - - - - 41.32 42.80 40.40
Leighton Construction (India) Private Limited - - - - - - - - - - - 6.82 - - - - - 6.82
SSP Aviation Limited - - - - - - - - 5.32 - - - - - - - - 5.32
Others - - - - - - 9.05 9.04 9.71 - - - - - - 9.05 9.04 9.71
41.32 42.80 40.40 - - - 334.21 334.13 340.25 - - 6.82 - - - 375.53 376.93 387.47
** Provided as doubtful in the books of accounts
C. Remuneration of Key Managerial Personnel

Short-term employee benefits 23.95 26.44
Post-employment benefits 3.60 0.78
Other long-term employee benefits 2.40 1.63
Termination benefits 10.35 9.77
Sitting fees to directors 4.53 1.60
40. Projects and Capital work in progress as at 31 March 2017 includes certain expenditure aggregating to Rs. 671.79
million (31 March 2016 – Rs. 671.79 million, 1 April 2015 – Rs. 671.79 million) and Rs. 1,138.46 million (31
March 2016 – Rs. 1,321.42 million, 1 April 2015 – Rs. 1,321.42 million) respectively incurred on certain land
parcels on which Group had initiated various projects in the earlier years. The Group has further given advances of
Rs. 349.57 million (31 March 2016 – Rs. 304.87 million, 1 April 2015 – Rs. 260.84 million) in relation to certain
projects. However due to the economic downturn and changes in the management plan, the Group has deferred the
development of such projects. The management is of the view that the Group would be able to realize full value of
such expenditure/advances including the associated cost of land and accordingly, the same is carried at cost in the
books.
41. Employee benefit plans
Defined Contribution Plans
The Group contributed a total of Rs. 37.04 million for the year ended March 31, 2017 and Rs. 40.20 million for the
year ended March 31, 2016 to the defined contribution plan described below.
Central provident fund
In accordance with The Employees Provident Funds Act, 1952 employees are entitled to receive benefits under the
provident fund. Both the employee and the employer make monthly contributions to the plan at a predetermined
rate (12% for fiscal year 2017 and 2016) of an employee’s basic salary. All employees have an option to make
additional voluntary contributions. These contributions are made to the fund administered and managed by the
Government of India (GOI). The Group has no further obligations under the fund managed by the GOI beyond its
monthly contributions which are charged to the statement of profit and loss in the period they are incurred.
Defined Benefit Plans
Gratuity:
The Group has a defined benefit gratuity plan for its employees. Under the plan, employee who has completed five
years of service is entitled to specific benefit. The level of benefits provided depends on the member’s length of
service and salary at retirement age. The scheme is funded with an insurance Group in the form of qualifying
insurance policy.
The Group is maintaining a fund with the Life Insurance Corporation of India (LIC) to meet its gratuity liability.
The present value of the plan assets represents the balance available with the LIC as at the end of the year. The total
value of plan assets is as certified by the LIC.
The following tables summarise the components of net benefit expense recognised in the statement of profit or loss
and the funded status and amounts recognised in the balance sheet for the gratuity plan:
Changes in the present value of the defined benefit obligation are, as follows:

Defined benefit obligation at the beginning of the year 79.36 83.51
Interest cost 6.28 6.51
Actuarial (gain) / loss on obligations 0.97 (10.86)
Defined benefit obligation at the end of the year 81.14 79.36
Changes in the fair value of plan assets are, as follows:

Fair value of plan assets at the beginning of the year 24.29 32.69
Contribution by employer 14.85 1.75
Fund management charges (FMC) (0.03) -
Expected interest income on plan assets 1.92 2.55
Actuarial gain / (loss) on plan asset (1.61) 0.05
Fair value of plan assets at the end of the year 21.34 24.29
Percentage allocation of plan assets LIC

As at March As at March
Assets by category
31, 2017 31, 2016
Government Securities 64.78% 64.70%
Debentures / bonds 25.72% 25.62%
Equity instruments 6.28% 6.52%
Fixed deposits 2.55% 2.49%
Money market instruments 0.67% 0.67%
Reconciliation of fair value of plan assets and defined benefit obligation:

Fair value of plan assets 21.34 24.29 32.69
Defined benefit obligation 81.14 79.36 83.51
Amount recognised in the Balance Sheet 59.80 55.07 50.82
Amount recognised in statement of profit and loss:

Net interest expense 4.36 3.97
Amount recognised in statement of Profit and Loss 17.10 17.03
Amount recognised in other comprehensive Income:

Actuarial changes arising from changes in demographic - -
assumptions
Actuarial changes arising from changes in financial (0.97) 10.86
assumptions
Return on plan assets (excluding amounts included in net (1.61) 0.03
interest expense)
Experience adjustments - -
Amount recognised in Other comprehensive income (2.58) 10.89
The major categories of plan assets of the fair value of the total plan assets are as follows:
Particulars 31 March 2017 31 March 1 April 2015

2016
Gratuity
Investment details Funded Funded Funded
Investment with Insurer (LIC) 100% 100% 100%
The principal assumptions used in determining gratuity liability for the Group’s plans are shown below:

Discount rate 7.50% 7.90% 7.80%
Expected rate of return on plan 8.00% 8.00% 9.00%
Future salary increases 8.00% 8.00% 8.00%
Withdrawal rate
Up to 30 years 3.00% 3.00% 3.00%
From 31 to 44 years 2.00% 2.00% 2.00%
Above 44 years 1.00% 1.00% 1.00%
Mortality rate IALM (2006- IALM (2006-08) IALM (2006-
08) 08)
A quantitative sensitivity analysis for significant assumption is as shown below:
Gratuity Plan Impact on DBO

31 March 2017 31 March 2016
Assumptions
Discount rate
Increase by 0.50% (5.41) (5.12)
Decrease by 0.50% 5.93 5.63
Future salary increases
Increase by 0.50% 5.88 5.60
Decrease by 0.50% (5.41) (5.14)
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.
Sensitivities due to mortality and withdrawals are insignificant and hence ignored. Sensitivities as to rate of
inflation, rate of increase of pensions in payments, rate of increase of pensions before retirement & life expectancy
are not applicable being a lump sum benefit on retirement.
The expected contribution to the defined benefit plan during the next financial year is Rs. 20.83 million.
Maturity Profile of Defined Benefit Obligation

Within the next 12 months (next annual reporting period) 1.49 5.07
Total expected payments 81.14 79.36
The average duration of the defined benefit plan obligation at the end of the reporting period is 23.44 years (31
March 2016: 23.10 years).
Risk analysis
Group is exposed to a number of risks in the defined benefit plan. Most significant risks pertaining to defined benefits
plan, and management’s estimation of the impact of these risks are as follows:
Interest risk
A decrease in the interest rate on plan assets will increase the plan liability.
Longevity risk/ Life expectancy
The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of
plan participants both during and at the end of the employment. An increase in the life expectancy of the plan
participants will increase the plan liability.
Salary growth risk
The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan
participants. An increase in the salary of the plan participants will increase the plan liability.
Investment risk
The Gratuity plan is funded with Life Insurance Corporation of India (LIC). Group does not have any liberty to
manage the fund provided to LIC. The present value of the defined benefit plan liability is calculated using a discount
rate determined by reference to Government of India bonds. If the return on plan asset is below this rate, it will create a
plan deficit.
42. Financial Instruments
This section gives an overview of the significance of financial instruments for the Group and provides additional
information on the consolidated balance sheet. Details of significant accounting policies, including the criteria for
recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each
class of financial asset, financial liability and equity instrument are disclosed in Note 3.
A. Financial assets and liabilities

The accounting classification of each category of financial instruments, their carrying amounts and their fair values are
set out below:
As at 31 March 2017:
Financial assets Fair Value Fair Value Amortised Cost Total Carrying Total fair
through through other Value value
profit & comprehensive
loss income

trust securities
Trade receivables - - 1,543.34 1,543.34 1,543.34
Total 720.94 - 5,798.15 6,519.09 6,519.09
Financial liabilities Fair Value Fair Value through Amortised Total Total fair
through profit other comprehensive Cost Carrying value
& loss income Value
Long term borrowings - - 35,134.09 35,134.09 35,134.09

including current maturities
Trade payables - - 3,586.40 3,586.40 3,586.40
Total - - 70,032.80 70,032.80 70,032.80
As at 31 March 2016:
Financial assets Fair Value Fair Value through Amortised Total Total fair
& loss income Value
trust securities
Total 292.48 - 5,905.32 6,197.80 6,197.80
& loss income Value

Trade payables - - 4,171.97 4,171.97 4,171.97
Total - - 58,838.45 58,838.45 57,622.37
As at 1 April 2015:
Financial assets Fair Value Fair Value through Amortised Total Total fair
& loss income Value
Investments in equity shares 26.40 26.40 26.40
trust securities
Total 343.02 - 6,569.75 6,912.77 6,912.77
& loss income Value
Trade payables - - 3,448.19 3,448.19 3,448.19
Total - - 54,541.87 54,541.87 54,128.68
Note: Investments in equity of associates and joint ventures which are carried at cost are not covered under Ind AS 107
and hence not been included above.
The management assessed that fair value of financial assets such as cash and cash equivalent, other bank balances,
trade receivables, loans and advances, etc. and all the financial liabilities excluding long term borrowings
significantly approximate their carrying amounts due to their short term maturity profiles.
The Group determines fair values of financial assets or liabilities by discounting the contractual cash inflows /
outflows using prevailing interest rates of financial instruments with similar terms. The initial measurement of
financial assets and financial liabilities is at fair value. The fair value of investments in mutual funds is determined
using quoted net assets value of the funds.
The following methods and assumptions of each reporting date were used to estimate the fair values:
(i) The fair value of the Group's interest bearings borrowings, which are measured at amortised cost, are
determined using discount rate that reflects the entity's discount rate at the end of the reporting period. The
own non-performance risk as at the reporting period is assessed to be insignificant, a level 2 technique.
(ii) Fair value of quoted mutual funds is based on the quoted net asset value as at the reporting date, a level 1
technique.
(iii) The fair value of unquoted instruments and other financial assets and liabilities is estimated either by
reference to the net assets value as at the reporting date or by discounting future cash flows using rates using
rates currently applicable for debt on similar terms, credit risk and remaining maturities, a level 3 technique.
During the year, there were no transfers between Level 1 and Level 2 fair value measurements, and no transfers
into and out Level 3 fair value measurements.
43. Financial risk management objectives and policies
The Group’s businesses are subject to several risks and uncertainties including financial risks.
The Group’s principal financial liabilities comprise of borrowings, trade and other payables, security deposits and
employee liabilities. The main purpose of the Group’s financial liabilities is to finance the acquisition and
development of the Group’s property portfolio. The Group’s principal financial assets include loans and advances,
trade and other receivables, and cash and short-term deposits that derive directly from its operations. The Group
also holds short term investments in mutual funds.
The Group is exposed to market risk, credit risk and liquidity risk. The Group’s senior management is guided by a
Risk Management Compliance Policy that describes the key financial risks and the appropriate financial risk
governance framework for the Group. Regular review of the policy by the Group’s senior management ensures that
the policies and procedures are in line and that financial risks are identified, measured and managed. The Board of
Directors reviews and agrees policies for managing each of these risks, which are summarised below.
Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises two types of risk: interest rate risk and currency risk. Financial
instruments affected by market risk include trade receivables, unbilled receivables, borrowings, bank deposits and
investments measured at fair value through profit and loss account. The objective of market risk management is to
manage and control market risk exposures within acceptable parameters while optimising the return for the group.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flow of a financial instrument will fluctuate because of
change in market interest rates. The Group's exposure to the risk of changes in market interest rates relates
primarily to the Group's long and short term debt obligations with floating interest rate.
During the past two financial years, the group has not experienced significant increase (i.e. more than 200 basis
points) in floating interest rates and therefore any formal interest rate swaps and derivatives for the floating interest
rate borrowings. The Group’s treasury department manages the interest rate risk by regularly monitoring the
requirement to hedge any of its floating interest rate debts.
At 31 March 2017, approximately 57.19% of the Group's borrowing are at fixed rate of interest (31 March 2016:
84.28% 1st April 2015: 82.45%).
The maximum exposure in relation to Group’s floating rate borrowings is Rs. 23,882.35 million as at 31 March
2017(March 31, 2016 Rs. 7,380.53 million and April 01, 2015 Rs. 8,121.95 million).
The sensitivity analysis presented below exclude the impact of movements in market variables on the carrying
values of gratuity and other post-retirement obligations; provisions; fixed rate borrowings and the non-financial
instruments. The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective
market risks. This is based on the financial assets and financial liabilities held at 31 March 2017 and 31 March
2016.
The below mentioned table demonstrates the sensitivity to a reasonably possible changes in interest rates, with all
variables held constant, of the Group's profit before tax (through the impact on floating rate borrowings)

Rs. in million
31 March 2017
INR +50 72.72
31 March 2017
INR -50 (72.72)

Rs. in million
31 March 2016
INR +50 29.28
31 March 2016
INR -50 (29.28)
The assumed movement in basis points for the interest rate sensitivity analysis is based on the currently observable
market environment.
Foreign currency risk
Fluctuations in foreign currency exchange rates may have an impact on the consolidated statement of profit and
loss, the consolidated statement of change in equity, where any transaction references more than one currency or
where assets/liabilities are denominated in a currency other than the functional currency of the respective
consolidated entities. Considering the economic environment in which the Group operates, its operations are
subject to risks arising from the fluctuations primarily in the USD, SGD, AED, GBP and Euro against the
functional currencies of Emaar MGF Land Limited and its subsidiaries detailed out as under:

Foreign Amount (Rs. Foreign Amount (Rs. Foreign Amount (Rs.
Currency million) Currency million) Currency million)
Foreign trade
payables:
USD in million 0.64 42.19 0.66 44.29 0.54 34.16
GBP in million 0.05 4.19 0.05 4.90 0.05 4.75
SGD in million 0.88 42.07 1.02 51.36 0.99 46.12
AED in million 2.28 41.32 2.38 44.25 2.30 40.36
Foreign
advances:
EUR in million - - - - 0.01 0.55
Foreign bank
balances:
USD in million 0.71 46.75 0.72 48.71 0.74 46.75
The increase/ (decrease) in foreign currency exchange rates are not expected to have any significant impact in
these financial statements.
Credit risk
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade
receivables, unbilled receivables and advances given under collaboration agreement for land development).
Concentration of credit risk
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the
same geographical region, or have economic features that would cause their ability to meet contractual obligations
to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative
sensitivity of the Group’s performance to developments affecting a particular industry.
In order to avoid excessive concentrations of risk, the Group’s policies and procedures include specific guidelines
to focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are controlled and
managed accordingly.
The carrying value of the financial assets represents the maximum credit exposure. The Group’s maximum credit
exposure to credit risk is Rs. 6,519.06 million as at March 31, 2017(March 31, 2016 – Rs. 6,197.51 million and
April 01, 2015 Rs. 6,192.45 million). For the details of trade receivables that are past due as at March 31, 2017,
March 31, 2016 and April 01, 2015 please refer note no. 7, 8, 11, 12 and 13.
Regarding trade receivables, loans and other financial assets (both current and non-current), there were no
indications as at March 31, 2017, that defaults in payment obligations will occur except as described in Note 12
and 14 on allowance for impairment of trade receivables and other financial assets.
Trade receivables and unbilled receivables
The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the Group's customer base, including the default risk of the industry and country, in which
customers operate, has less influence on credit risk. The Group earns its revenue form a large number of customer
spread across a single geographical segment. Geographically, the entire group's trade and unbilled receivables are
based in India.
The Group has entered into contracts for sale of residential and commercial units and plots of land on installment
basis. The installments are specified in the contracts. The Group is exposed to credit risk in respect of installment
due. However the legal ownership of residential, commercial units and plots of land is transferred to the buyer only
after all installments are recovered. In addition, installment dues are monitored on an ongoing basis with the result
that Group exposure to bad debts is not significant.
An impairment analysis is performed at each reporting date that represents its estimate of incurred losses in respect
of trade, unbilled and other receivables. The main components of this allowance are a specific loss component that
relates to individually significant exposures and a collective loss component established for Group's of similar
assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined
based on historical data of payment statistics for similar financial assets. The maximum exposure to credit risk at
reporting date is the carrying value of each class of financial assets disclosed in Note 12 and 14. The Group does
not hold collateral as security.
Credit risk on receivables is limited as all sales are secured against Group’s contractual right of forfeiture of
customer’s advances and cancellation of contract under which property is sold.
Moreover, given the nature of the Group’s businesses, trade receivables are spread over a number of customers
with no significant concentration of credit risk. No single customer accounted for 10.0% or more of revenue on a
consolidated basis in any of the years presented. The history of trade receivables shows a negligible provision for
bad and doubtful debts. Therefore, the Group does not expect any material risk on account of non-performance by
any of the Group’s counterparties.
Liquidity risk
Liquidity risk is the risk the Group will not be able to meet its financial obligation as they fall due. The Group
monitors its risk of a shortage of funds using a liquidity plan approved by the board of directors. The Group’s
strategy is to invest in highly liquid investments which can be encashed on demand. This plan considers the
maturity of financial assets (e.g. trade receivables and other financial assets), business requirements and projected
cash flow from operations and accordingly decisions regarding purchase and sale of highly liquid funds are made
by the centralised treasury team.
The cash flows, funding requirements and liquidity of Group are monitored on a centralised basis under the control
of Group Treasury. The objective of this centralised system is to optimise the efficiency and effectiveness of the
management of the Group's capital resources. The Group’s objective is to maintain a balance between continuity of
funding and flexibility through the use of bank overdrafts, bank loans, debentures and finance leases.
Approximately 12.00% of the Group’s debt will mature in less than one year at 31 March 2017 (31 March 2016:
15.60%, 1 April 2015: 16.00%) based on the carrying value of borrowings reflected in the financial statements. The
Group assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. The Group
has access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled over with
existing lenders.
The Group remains committed to maintaining a healthy liquidity, gearing ratio, deleveraging and strengthening our
balance sheet. The maturity profile of the Group’s financial liabilities based on the remaining period from the date
of balance sheet to the contractual maturity date is given in the table below. The figures reflect the contractual
undiscounted cash obligation of the Group.
The table below summaries the maturity profile of the Group’s financial liabilities based on contractual
undiscounted payments.
Particulars On demand Less than 3 3 to 12 1 to 5 years > 5 years Total

months months
As at 31
March 2017
Trade
3,586.40 - - - - 3,586.40
payables
Interest
Bearing 8,746.48 1,206.95 4,772.07 61,196.79 1,983.55 77,905.84
Borrowings*
Other
financial 1,476.44 - - - - 1,476.44
liabilities**
Total 13,809.32 1,206.95 4,772.07 61,196.79 1,983.55 82,968.68
As at 31
March 2016
Trade
4,171.97 - - - - 4,171.97
payables
Interest
Bearing 7,510.37 1,430.52 7,747.11 53,741.46 981.15 71,410.61
Borrowings*
Other
financial 1,432.21 - - - - 1,432.21
liabilities**
Total 13,114.55 1,430.52 7,747.11 53,741.46 981.15 77,014.79
As at 1 April
2015
Trade
3,448.19 - - - - 3,448.19
payables
Interest
Bearing 8,242.06 1,640.36 4,080.08 55,551.50 1,656.13 71,170.13
Borrowings*
Other
financial 1,900.27 - - - - 1,900.27
liabilities**
Total 13,590.52 1,640.36 4,080.08 55,551.50 1,656.13 76,518.59
* Includes non-current borrowings, current borrowings, current maturities of long term borrowings and accrued
interest obligations and future interest obligations.
**Includes both non-current and current financial liabilities and excludes current maturities of long term
borrowings.
At 31 March 2017, the Group had available Rs 228.00 million (March 31, 2016: Rs. 75.00 million, April 1, 2015:
Nil) of undrawn committed borrowing facilities.
44. Capital Management
Net debts comprises of non-current and current debts (including trade payables and other financial liabilities) as
reduced by cash and cash equivalents, other bank balances and current investments. Equity comprises all
components of equity including other comprehensive income but excluding non-controlling interest.
The objective of the Group’s capital management structure is to ensure that there remains sufficient liquidity within
the Group to carry out committed work programme requirements. The Group monitors the long term cash flow
requirements of the business in order to assess the requirement for changes to the capital structure to meet that
objective and to maintain flexibility. The Group also ensures that it remains within the quantitative debt covenants
and maintains a strong credit rating. Breaches in meeting the financial covenants would permit the debt issuers to
immediately call loans and borrowings. There have been no breaches in the financial covenants of any interest
bearing loans and borrowings in the current year.
The Group manages its capital structure and makes adjustments to it, in light of changes to economic conditions.
To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return
capital, issue new shares for cash, repay debt, put in place new debt facilities or undertake other such restructuring
activities as appropriate.
No changes were made in the objectives, policies or processes during the year ended 31 March 2017 and 31 March
2016.
There is Rs. 228.00 million amount of undrawn borrowing available at 31 March 2017 (March 31, 2016 – Rs. 75.00
million, April 01, 2015 – Nil).

Borrowings 23,585.25 14,600.35 15,903.17
Trade payables 3,586.40 4,171.97 3,448.19
Other financial liabilities 42,861.14 40,066.14 35,190.49
Less: Cash and cash equivalents (407.20) (242.94) (448.57)
Less: Other bank balances (1,457.75) (2,522.13) (2,876.53)
Less: Current investments (720.94) (292.48) (343.02)
Net debt (a) 67,446.90 55,780.91 50,873.73
Equity 19,621.01 27,203.23 33,701.28

Total equity (b) 19,621.01 27,203.23 33,701.28
Capital and net debt (c= a+b) 87,067.91 82,984.14 84,575.01
Gearing ratio (%) (d= a/c) 77.46% 67.22% 60.15%
45. The Company has incurred a book loss of Rs. 7,546.73 million (March 31, 2016 -Rs. 6,396.50 million), besides, also
incurring cash loss primarily on account of finance costs and has overdue liabilities. Further, as at March 31, 2017
the Company has debts of Rs. 1,298.66 million (March 31, 2016 - Rs. 3,469.91 million) which are due for repayment
in the next one year. As per the present business plans the Company would require additional capital either in the
form of long term debts/equity for an aggregate of Rs. 8,000.00 million (March 31, 2016 - Rs. 19,750.00 million) to
be able to meet its financial obligations in the next one year. The Company along with its ultimate holding Company,
Emaar Properties PJSC, has been exploring options for raising additional funds to meet its financial obligations and
is working with certain lenders to re-schedule the principal and interest payment terms in line with its expected cash
flows. As more fully described in note 49, the Company and its promoters have also filed a Scheme of Arrangement
before the Hon’ble High Court of Delhi for reorganizing its business and demerging part of the same to a separate
entity to better manage its fund requirements. The management also has considered the fact that the Company has
significant asset base, including land inventories or land development rights, which can yield values in excess of their
book values and can hence be used for raising additional capital, if and when required. In view of the same, the
management of the Company is hopeful of generating sufficient cash flows in the future to meet the Company's
financial obligations. Hence, these financial statements have been prepared on a going concern basis.
46. The Group is engaged in the business of promotion, construction, development and sale of integrated townships,
residential and commercial multistoried buildings, houses, flats, shopping malls, hotels, IT parks etc. The Group has
acquired various land parcels and is into initial stage of project implementation. Since it is not possible at this stage to
identify separately the amounts to be shown under ‘property plant and equipment’ and ‘inventories’, the cost incurred
on development of projects is included under the head ‘Projects in Progress’.
47. Details of Specified Bank Notes held and transacted during period from 8 November 2016 to 30 December 2016:
(Amount in Rs.)
Particulars SBNs* Other Denomination Total
Notes
Closing balance as at 08 November 2016 344,500 193,204 537,704
Transaction between 09 November 2016 and
30 December 2016
Add: Withdrawal from bank accounts - 904,284 904,284
Add: Receipts for permitted transactions - 1,750,558 1,750,558
Less: Paid for permitted transactions - 838,247 838,247
Less: Deposited in Bank accounts 344,500 1,565,300 1,909,800
Closing balance as at 30 December 2016 - 444,499 444,499
* For the purposes of this clause, the term ‘Specified Bank Notes’ shall have the same meaning provided in the
notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O.
3407(E), dated the 8 November, 2016.
(All amounts are in million, unless otherwise stated)
48. Additional Statutory Information in respect of the components of the Emaar MGF Land Limited
S. No. Name of the subsidiary company Net Assets/(Liabilities) (total assets minus total liabilities) Share in profit/(loss) Other Comprehensive Inocme Total Comprehensive Inocme
31 March 2017 31 March 2016 01 April 2015 31 March 2017 31 March 2016 31 March 2017 31 March 2016 31 March 2017 31 March 2016
As % of As % of As % of As % of As % of As % of As % of As % of
As % of Consolidated
Amount Amount Consolidated net Amount Consolidated net Amount consolidated Amount consolidated Amount consolidated Amount consolidated Amount consolidated Amount consolidated
net assets/(liabilities)
assets/(liabilities) assets/(liabilities) profit/(loss) profit/(loss) profit/(loss) profit/(loss) profit/(loss) profit/(loss)
Parent
Parent company
1 Emaar MGF Land Limited 19,565.09 90% 27,111.82 93% 33,508.32 94% (7,543.61) 100% (6,406.49) 98% (3.12) 121% 9.99 92% (7,546.73) 100% (6,396.50) 98%
Foreign Subsidiaries
2 Glen Propbuild Pvt Ltd - Singapore 108.91 1% 110.18 0% 107.83 0% (1.28) 0% 2.35 0% - 0% - 0% (1.28) 0% 2.35 0%
3 Sapphire & Sands Pvt Ltd (505.42) -2% (433.29) -1% (330.34) -1% (72.13) 1% (102.95) 2% - 0% - 0% (72.13) 1% (102.95) 2%
4 Silver Sea Vessel Management Pvt Ltd (0.21) 0% (0.23) 0% 0.14 0% (0.40) 0% (0.49) 0% - 0% - 0% (0.40) 0% (0.49) 0%
Indian Subsidiaries
5 Aashirwad Conbuild Pvt Ltd (0.03) 0% (0.02) 0% (0.00) 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
6 Abbey Properties Pvt Ltd (0.28) 0% (0.27) 0% (0.29) 0% (0.01) 0% 0.02 0% - 0% - 0% (0.01) 0% 0.02 0%
7 Abbot Builders Pvt Ltd (53.92) 0% (53.91) 0% (53.90) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
8 Abhinav Projects Pvt Ltd (0.44) 0% (0.43) 0% (0.82) 0% (0.01) 0% 0.38 0% - 0% - 0% (0.01) 0% 0.38 0%
9 Abyss Properties Pvt Ltd (0.05) 0% (0.04) 0% (0.03) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
10 Accession Buildwell Pvt Ltd (448.59) -2% 236.74 1% 878.07 2% (685.32) 9% (641.33) 10% - 0% - 0% (685.32) 9% (641.33) 10%
11 Accordion Buildwell Pvt Ltd (25.00) 0% (25.00) 0% (25.14) 0% (0.01) 0% 0.14 0% - 0% - 0% (0.01) 0% 0.14 0%
12 Achates Buildcons Pvt Ltd 36.75 0% 36.76 0% 36.66 0% (0.01) 0% 0.10 0% - 0% - 0% (0.01) 0% 0.10 0%
13 Acorn Buildmart Pvt Ltd 37.24 0% 37.25 0% 36.96 0% (0.01) 0% 0.29 0% - 0% - 0% (0.01) 0% 0.29 0%
14 Acorn Developers Pvt Ltd 26.74 0% 26.75 0% 26.76 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
15 Active Promoters Pvt Ltd 7.50 0% (15.40) 0% (14.83) 0% 22.90 0% (0.57) 0% - 0% - 0% 22.90 0% (0.57) 0%
16 Active Securities Ltd 110.75 1% 91.99 0% 87.92 0% 18.76 0% 4.07 0% - 0% - 0% 18.76 0% 4.07 0%
17 Acutech Estates Pvt Ltd 0.67 0% 0.68 0% 0.39 0% (0.01) 0% 0.29 0% - 0% - 0% (0.01) 0% 0.29 0%
18 Adze Properties Pvt Ltd (0.92) 0% (0.86) 0% (0.97) 0% (0.06) 0% 0.11 0% - 0% - 0% (0.06) 0% 0.11 0%
19 Allied Realty Pvt Ltd (3.35) 0% (1.92) 0% (1.88) 0% (1.43) 0% (0.04) 0% - 0% - 0% (1.43) 0% (0.04) 0%
20 Allegiance Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
21 Alpine Buildcon Pvt Ltd (0.00) 0% 0.00 0% 0.01 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
22 Amar Gyan Developments Pvt Ltd 4.57 0% 4.58 0% 4.73 0% (0.01) 0% (0.14) 0% - 0% - 0% (0.01) 0% (0.14) 0%
23 Amardeep Buildcon Pvt Ltd (6.65) 0% (6.93) 0% (6.78) 0% 0.27 0% (0.15) 0% - 0% - 0% 0.27 0% (0.15) 0%
24 Aparajit Promoters Pvt Ltd 78.50 0% 78.51 0% 78.51 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
25 Archit Promoters Pvt Ltd 0.33 0% 0.34 0% 0.35 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
26 Ardor Conbuild Pvt Ltd (0.14) 0% (0.13) 0% (0.12) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
27 Arma Buildmore Pvt Ltd (1.00) 0% (0.99) 0% (0.98) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
28 Arman Promoters Pvt Ltd 6.97 0% 6.11 0% 6.07 0% 0.86 0% 0.04 0% - 0% - 0% 0.86 0% 0.04 0%
29 Armour Properties Pvt Ltd 0.91 0% 0.67 0% 0.49 0% 0.24 0% 0.18 0% - 0% - 0% 0.24 0% 0.18 0%
30 Auspicious Realtors Pvt Ltd 3.78 0% 3.79 0% 1.83 0% (0.01) 0% 1.96 0% - 0% - 0% (0.01) 0% 1.96 0%
31 Authentic Properties Pvt Ltd (113.29) -1% (113.28) 0% (113.63) 0% (0.01) 0% 0.34 0% - 0% - 0% (0.01) 0% 0.34 0%
32 Avinashi Buildtech Pvt Ltd 0.04 0% 0.05 0% 0.07 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
33 Bailiwick Builders Pvt Ltd (0.45) 0% (0.44) 0% (0.53) 0% (0.01) 0% 0.09 0% - 0% - 0% (0.01) 0% 0.09 0%
34 Balalaika Builders Pvt Ltd (0.23) 0% (0.21) 0% (0.36) 0% (0.01) 0% 0.15 0% - 0% - 0% (0.01) 0% 0.15 0%
35 Ballad Conbuild Pvt Ltd (0.34) 0% (0.33) 0% (0.32) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
36 Bhavishya Buildcon Pvt Ltd 0.74 0% 0.75 0% 0.65 0% (0.01) 0% 0.10 0% - 0% - 0% (0.01) 0% 0.10 0%
37 Bhavya Conbuild Pvt Ltd (0.00) 0% 0.01 0% 0.01 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
38 Bhumika Promoters Pvt Ltd 0.64 0% 0.65 0% 0.49 0% (0.01) 0% 0.16 0% - 0% - 0% (0.01) 0% 0.16 0%
39 Brijbasi Projects Pvt Ltd (73.79) 0% (73.78) 0% (73.76) 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
40 Brilliant Build Tech Pvt Ltd (157.63) -1% (163.71) -1% (170.84) 0% 6.08 0% 7.12 0% - 0% - 0% 6.08 0% 7.12 0%
41 Calypso Properties Pvt Ltd (0.06) 0% (0.05) 0% (0.04) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
42 Camarederie Properties Pvt Ltd 4.43 0% (5.69) 0% (5.76) 0% 10.12 0% 0.08 0% - 0% - 0% 10.12 0% 0.08 0%
43 Camellia Properties Pvt Ltd (2.11) 0% (2.11) 0% (2.10) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
44 Capex Projects Pvt Ltd (9.75) 0% (9.73) 0% (9.72) 0% (0.02) 0% (0.01) 0% - 0% - 0% (0.02) 0% (0.01) 0%
45 Casing Properties Pvt Ltd (1.79) 0% (1.78) 0% (2.05) 0% (0.01) 0% 0.27 0% - 0% - 0% (0.01) 0% 0.27 0%
46 Cassock Properties Pvt Ltd (0.23) 0% (0.22) 0% (0.31) 0% (0.01) 0% 0.09 0% - 0% - 0% (0.01) 0% 0.09 0%
47 Cats Eye Properties Pvt Ltd 3.94 0% 3.95 0% 1.88 0% (0.01) 0% 2.07 0% - 0% - 0% (0.01) 0% 2.07 0%
48 Charbhuja Properties Pvt Ltd 1.08 0% 1.09 0% 0.97 0% (0.01) 0% 0.12 0% - 0% - 0% (0.01) 0% 0.12 0%
49 Charismatic Realtors Pvt Ltd 1.32 0% 1.33 0% 1.34 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
50 Chhavi Buildtech Pvt Ltd (2.75) 0% (2.73) 0% (2.72) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
51 Chintz Conbuild Pvt Ltd (0.23) 0% (0.20) 0% (0.19) 0% (0.04) 0% (0.01) 0% - 0% - 0% (0.04) 0% (0.01) 0%
52 Chirayu Buildtech Pvt Ltd (5.24) 0% (5.19) 0% (1.01) 0% (0.05) 0% (4.18) 0% - 0% - 0% (0.05) 0% (4.18) 0%
53 Choir Developers Pvt Ltd (0.38) 0% (0.38) 0% (0.37) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
54 Chum Properties Pvt Ltd (0.18) 0% (0.17) 0% (0.31) 0% (0.01) 0% 0.14 0% - 0% - 0% (0.01) 0% 0.14 0%
55 Compact Projects Pvt Ltd (0.39) 0% (1.10) 0% (1.08) 0% 0.71 0% (0.01) 0% - 0% - 0% 0.71 0% (0.01) 0%
56 Consummate Properties Pvt Ltd (0.42) 0% (1.24) 0% (1.24) 0% 0.82 0% (0.01) 0% - 0% - 0% 0.82 0% (0.01) 0%
57 Crock Buildwell Pvt Ltd (0.64) 0% (0.63) 0% (0.66) 0% (0.01) 0% 0.03 0% - 0% - 0% (0.01) 0% 0.03 0%
58 Crocus Builders Pvt Ltd (0.69) 0% (1.57) 0% (1.56) 0% 0.88 0% (0.01) 0% - 0% - 0% 0.88 0% (0.01) 0%
59 Crony Builders Pvt Ltd (0.07) 0% (0.04) 0% (0.34) 0% (0.03) 0% 0.30 0% - 0% - 0% (0.03) 0% 0.30 0%
60 Deep Jyoti Projects Pvt Ltd 0.53 0% 1.35 0% (0.74) 0% (0.83) 0% 2.09 0% - 0% - 0% (0.83) 0% 2.09 0%
61 Divit Estates Pvt Ltd (18.97) 0% (18.54) 0% (33.04) 0% (0.43) 0% 14.51 0% - 0% - 0% (0.43) 0% 14.51 0%
62 Dove Promoters Pvt Ltd (8.46) 0% (8.48) 0% (8.01) 0% 0.01 0% (0.47) 0% - 0% - 0% 0.01 0% (0.47) 0%
63 Ducat Builders Pvt Ltd 19.07 0% 19.08 0% 19.09 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
64 Dumdum Builders Pvt Ltd (0.18) 0% (0.17) 0% (0.17) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
65 Easel Propbuild Pvt Ltd - 0% - 0% (0.02) 0% - 0% - 0% - 0% - 0% - 0% - 0%
66 Easter Conbuild Pvt Ltd 10.47 0% 10.49 0% 10.50 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
67 Ecliptic Conbuild Pvt Ltd - 0% - 0% (0.03) 0% - 0% - 0% - 0% - 0% - 0% - 0%
68 Eclogue Conbuild Pvt Ltd (0.05) 0% (0.04) 0% (0.04) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
69 Ecru Builders Pvt Ltd (0.03) 0% (0.03) 0% (0.02) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
70 Ecstasy Conbuild Pvt Ltd 10.47 0% 10.49 0% 10.50 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
71 Eddy Conbuild Pvt Ltd - 0% (0.05) 0% (0.04) 0% - 0% (0.01) 0% - 0% - 0% - 0% (0.01) 0%
72 Edenic Propbuild Pvt Ltd (1,254.09) -6% (1,012.90) -3% (773.26) -2% (241.19) 3% (239.65) 4% - 0% - 0% (241.19) 3% (239.65) 4%
73 Edge Conbuild Pvt Ltd (0.12) 0% (0.11) 0% (0.10) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
74 Edict Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
75 Edifice Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
76 Edit Estates Pvt Ltd (0.42) 0% (0.41) 0% (0.40) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
77 Educt Propbuild Pvt Ltd (7.00) 0% (7.00) 0% (6.99) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
78 Effusion Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
79 Elan Conbuild Pvt Ltd (702.11) -3% (701.10) -2% (699.51) -2% (1.00) 0% (1.60) 0% - 0% - 0% (1.00) 0% (1.60) 0%
80 Elegant Propbuild Pvt Ltd 30.97 0% 30.98 0% 30.99 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
81 Elite Conbuild Pvt Ltd (420.12) -2% (237.70) -1% (237.48) -1% (182.42) 2% (0.22) 0% - 0% - 0% (182.42) 2% (0.22) 0%
82 Elixir Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
83 Elver Conbuild Pvt Ltd - 0% - 0% (0.08) 0% - 0% - 0% - 0% - 0% - 0% - 0%
84 Emaar Mgf Construction Pvt Ltd 224.24 1% 227.80 1% 276.02 1% (3.56) 0% (48.22) 1% 0.21 -8% 0.58 5% (3.35) 0% (47.64) 1%
85 Emaar Mgf Hospitality Pvt Ltd - 0% - 0% 0.01 0% - 0% - 0% - 0% - 0% - 0% - 0%
86 Emaar Mgf Projects Pvt Ltd - 0% - 0% (0.01) 0% - 0% - 0% - 0% - 0% - 0% - 0%
87 Emaar Mgf Services Pvt Ltd 12.02 0% 3.72 0% (3.99) 0% 8.30 0% 7.72 0% 0.04 -2% 0.21 2% 8.34 0% 7.92 0%
88 Eminence Conbuild Pvt Ltd (0.03) 0% (0.02) 0% (0.01) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
89 Enamel Propbuild Pvt Ltd (25.04) 0% (23.25) 0% (23.24) 0% (1.79) 0% (0.01) 0% - 0% - 0% (1.79) 0% (0.01) 0%
90 Enigma Properties Pvt Ltd (0.38) 0% (0.38) 0% (0.37) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
91 Epitome Propbuild Pvt Ltd 4.78 0% 4.78 0% 4.79 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
92 Estuary Conbuild Pvt Ltd - 0% (0.04) 0% (0.03) 0% - 0% (0.01) 0% - 0% - 0% - 0% (0.01) 0%
93 Eternal Buildtech Pvt Ltd (1.93) 0% (1.93) 0% (1.92) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
94 Ethic Conbuild Pvt Ltd 22.83 0% 22.84 0% 22.85 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
95 Ethnic Properties Pvt Ltd (66.00) 0% (65.99) 0% (65.98) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
96 Ether Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
97 Everwel Estates Pvt Ltd 0.51 0% 0.52 0% 0.53 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
98 Extremity Conbuild Pvt Ltd 31.11 0% 31.12 0% 31.13 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
99 Expanse Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
100 Exponent Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
101 Fable Conbuild Pvt Ltd (0.14) 0% (0.13) 0% (0.13) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
102 Facade Conbuild Pvt Ltd (0.14) 0% (0.13) 0% (0.12) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
103 Facet Estate Pvt Ltd 24.19 0% 24.20 0% 24.23 0% (0.01) 0% (0.03) 0% - 0% - 0% (0.01) 0% (0.03) 0%
104 Flick Propbuild Pvt Ltd 0.33 0% 0.34 0% 0.35 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
105 Fling Propbuild Pvt Ltd (0.70) 0% (0.69) 0% (0.68) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
106 Flip Propbuild Pvt Ltd (0.11) 0% (0.10) 0% (0.10) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
107 Floret Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
108 Flotilla Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
109 Flounce Propbuild Pvt Ltd (0.15) 0% (0.14) 0% (0.13) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
110 Flue Propbuild Pvt Ltd (0.20) 0% (0.16) 0% (0.15) 0% (0.05) 0% (0.01) 0% - 0% - 0% (0.05) 0% (0.01) 0%
111 Fluff Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
112 Fluke Propbuild Pvt Ltd 0.02 0% 0.03 0% 0.04 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
113 Foal Propbuild Pvt Ltd (0.07) 0% (0.07) 0% (0.06) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
114 Fondant Propbuild Pvt Ltd (0.64) 0% (0.63) 0% (0.62) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
115 Foray Propbuild Pvt Ltd (0.08) 0% (0.07) 0% (0.06) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
116 Forsythia Propbuild Pvt Ltd (0.30) 0% (0.14) 0% (0.13) 0% (0.16) 0% (0.01) 0% - 0% - 0% (0.16) 0% (0.01) 0%
117 Fount Propbuild Pvt Ltd (0.01) 0% (0.02) 0% (0.01) 0% 0.00 0% (0.01) 0% - 0% - 0% 0.00 0% (0.01) 0%
118 Foyer Propbuild Pvt Ltd (0.00) 0% 0.00 0% (0.00) 0% (0.01) 0% 0.01 0% - 0% - 0% (0.01) 0% 0.01 0%
119 Fray Propbuild Pvt Ltd (0.21) 0% (0.20) 0% (0.19) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
120 Frieze Propbuild Pvt Ltd (0.15) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
121 Frisson Propbuild Pvt Ltd (0.20) 0% (0.16) 0% (0.15) 0% (0.05) 0% (0.01) 0% - 0% - 0% (0.05) 0% (0.01) 0%
122 Frond Propbuild Pvt Ltd 0.12 0% 0.06 0% 0.07 0% 0.06 0% (0.01) 0% - 0% - 0% 0.06 0% (0.01) 0%
123 Froth Propbuild Pvt Ltd (0.10) 0% (0.09) 0% (0.08) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
124 Futuristic Buildwell Pvt Ltd (0.27) 0% (1.10) 0% (1.09) 0% 0.83 0% (0.01) 0% - 0% - 0% 0.83 0% (0.01) 0%
125 Gable Propbuild Pvt Ltd (1.29) 0% (1.28) 0% (0.13) 0% (0.01) 0% (1.15) 0% - 0% - 0% (0.01) 0% (1.15) 0%
126 Gadget Propbuild Pvt Ltd (0.08) 0% (0.07) 0% (0.06) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
127 Gaff Propbuild Pvt Ltd (0.18) 0% (0.17) 0% (0.17) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
128 Gaiety Propbuild Pvt Ltd (0.15) 0% (0.15) 0% (0.15) 0% (0.01) 0% (0.00) 0% - 0% - 0% (0.01) 0% (0.00) 0%
129 Gait Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
130 Galleon Propbuild Pvt Ltd (0.17) 0% (0.16) 0% (0.15) 0% (0.02) 0% (0.01) 0% - 0% - 0% (0.02) 0% (0.01) 0%
131 Gallery Propbuild Pvt Ltd (0.41) 0% (0.40) 0% (0.39) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
132 Gallium Propbuild Pvt Ltd (0.17) 0% (0.16) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
133 Gambit Propbuild Pvt Ltd (1.05) 0% (1.01) 0% (1.00) 0% (0.05) 0% (0.01) 0% - 0% - 0% (0.05) 0% (0.01) 0%
134 Gamete Propbuild Pvt Ltd (0.17) 0% (0.16) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
135 Gamut Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
136 Garland Estate Pvt Ltd (0.39) 0% (0.34) 0% (0.20) 0% (0.05) 0% (0.14) 0% - 0% - 0% (0.05) 0% (0.14) 0%
137 Garnet Propbuild Pvt Ltd (2.02) 0% (2.02) 0% (2.01) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
138 Garuda Properties Pvt Ltd (0.51) 0% (1.22) 0% (1.21) 0% 0.71 0% (0.01) 0% - 0% - 0% 0.71 0% (0.01) 0%
139 Gateau Propbuild Pvt Ltd 0.00 0% 0.01 0% 0.03 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
140 Gaucho Propbuild Pvt Ltd (0.08) 0% (0.07) 0% (0.08) 0% (0.01) 0% 0.01 0% - 0% - 0% (0.01) 0% 0.01 0%
141 Gauge Propbuild Pvt Ltd (0.11) 0% (0.11) 0% (0.10) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
142 Gauntlet Propbuild Pvt Ltd (0.65) 0% (0.64) 0% (0.15) 0% (0.01) 0% (0.49) 0% - 0% - 0% (0.01) 0% (0.49) 0%
143 Gavel Properties Pvt Ltd 0.01 0% 0.01 0% (0.07) 0% (0.01) 0% 0.09 0% - 0% - 0% (0.01) 0% 0.09 0%
144 Gems Buildcon Pvt Ltd 0.23 0% 0.17 0% 0.17 0% 0.06 0% (0.00) 0% - 0% - 0% 0.06 0% (0.00) 0%
145 Genre Propbuild Pvt Ltd (0.25) 0% (0.25) 0% (0.24) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
146 Gentian Propbuild Pvt Ltd - 0% - 0% (0.01) 0% - 0% - 0% - 0% - 0% - 0% - 0%
147 Gentry Propbuild Pvt Ltd (0.32) 0% (0.27) 0% (0.27) 0% (0.05) 0% (0.01) 0% - 0% - 0% (0.05) 0% (0.01) 0%
148 Geodesy Properties Pvt Ltd (0.36) 0% (0.34) 0% (0.35) 0% (0.02) 0% 0.00 0% - 0% - 0% (0.02) 0% 0.00 0%
149 Gibbon Propbuild Pvt Ltd (0.20) 0% (0.15) 0% (0.15) 0% (0.05) 0% (0.01) 0% - 0% - 0% (0.05) 0% (0.01) 0%
150 Girder Propbuild Pvt Ltd (0.42) 0% (0.37) 0% (0.36) 0% (0.05) 0% (0.01) 0% - 0% - 0% (0.05) 0% (0.01) 0%
151 Glade Propbuild Pvt Ltd (0.08) 0% (0.08) 0% (0.07) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
152 Glaze Estates Pvt Ltd 0.76 0% 0.77 0% 0.78 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
153 Glen Propbuild Pvt Ltd 55.96 0% 55.97 0% 55.99 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
154 Glimpse Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
155 Glitz Propbuild Pvt Ltd (0.20) 0% (0.19) 0% (0.18) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
156 Globule Propbuild Pvt Ltd (0.17) 0% (0.17) 0% (0.16) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
157 Gloss Propbuild Pvt Ltd (0.17) 0% (0.16) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
158 Glove Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
159 Godawari Buildwell Pvt Ltd (15.06) 0% (14.48) 0% (14.47) 0% (0.57) 0% (0.01) 0% - 0% - 0% (0.57) 0% (0.01) 0%
160 Godson Propbuild Pvt Ltd 19.14 0% 19.15 0% 19.16 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
161 Golliwog Propbuild Pvt Ltd (0.15) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
162 Gracious Technobuild Pvt Ltd (0.97) 0% (0.96) 0% (1.49) 0% (0.01) 0% 0.53 0% - 0% - 0% (0.01) 0% 0.53 0%
163 Gradient Developers Pvt Ltd (0.23) 0% (0.22) 0% (0.37) 0% (0.01) 0% 0.16 0% - 0% - 0% (0.01) 0% 0.16 0%
164 Grail Propbuild Pvt Ltd (0.06) 0% (0.06) 0% (0.05) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
165 Grampus Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
166 Gran Propbuild Pvt Ltd (0.21) 0% (0.16) 0% (0.15) 0% (0.05) 0% (0.01) 0% - 0% - 0% (0.05) 0% (0.01) 0%
167 Granar Propbuild Pvt Ltd (0.24) 0% (0.24) 0% (0.23) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
168 Grange Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
169 Granule Propbuild Pvt Ltd (0.24) 0% (0.24) 0% (0.23) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
170 Grapeshot Propbuild Pvt Ltd 20.67 0% 20.69 0% 20.73 0% (0.01) 0% (0.04) 0% - 0% - 0% (0.01) 0% (0.04) 0%
171 Grassroot Promoters Pvt Ltd (0.08) 0% (0.07) 0% (0.05) 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
172 Gravel Propbuild Pvt Ltd (0.14) 0% (0.14) 0% (0.13) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
173 Grebe Propbuild Pvt Ltd (0.16) 0% (0.16) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
174 Griddle Propbuild Pvt Ltd (0.17) 0% (0.16) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
175 Grog Propbuild Pvt Ltd (0.16) 0% (0.16) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
176 Grove Propbuild Pvt Ltd 29.44 0% 29.45 0% 29.46 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
177 Grunge Propbuild Pvt Ltd 87.96 0% 87.97 0% 87.97 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
178 Guffaw Propbuild Pvt Ltd (0.21) 0% (0.20) 0% (0.20) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
179 Gull Propbuild Pvt Ltd (0.09) 0% (0.09) 0% (0.08) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
180 Gurkul Promoters Pvt Ltd (0.66) 0% (0.65) 0% (0.64) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
181 Guru Rakha Projects Pvt Ltd (0.22) 0% (0.18) 0% (0.29) 0% (0.04) 0% 0.12 0% - 0% - 0% (0.04) 0% 0.12 0%
182 Gyan Jyoti Estates Pvt Ltd 1.80 0% 1.81 0% 0.22 0% (0.01) 0% 1.58 0% - 0% - 0% (0.01) 0% 1.58 0%
183 Gyan Kunj Estates Pvt Ltd 0.01 0% 0.02 0% 0.04 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
184 Gyankunj Constructions Pvt Ltd 1.76 0% 1.77 0% (0.24) 0% (0.01) 0% 2.01 0% - 0% - 0% (0.01) 0% 2.01 0%
185 Haddock Propbuild Pvt Ltd (0.84) 0% (0.83) 0% (0.77) 0% (0.01) 0% (0.07) 0% - 0% - 0% (0.01) 0% (0.07) 0%
186 Haft Propbuild Pvt Ltd (0.15) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
187 Hake Developers Pvt Ltd 0.02 0% 0.02 0% (0.15) 0% (0.01) 0% 0.18 0% - 0% - 0% (0.01) 0% 0.18 0%
188 Halibut Developers Pvt Ltd 84.85 0% 84.86 0% 84.86 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
189 Hamlet Buildwell Pvt Ltd (0.17) 0% (0.16) 0% (0.46) 0% (0.01) 0% 0.30 0% - 0% - 0% (0.01) 0% 0.30 0%
190 Hammock Buildwell Pvt Ltd (1.62) 0% (2.33) 0% (2.32) 0% 0.71 0% (0.01) 0% - 0% - 0% 0.71 0% (0.01) 0%
191 Hartej Estates Pvt Ltd (2.93) 0% (2.92) 0% (2.91) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
192 Hope Promoters Pvt Ltd (0.95) 0% (0.94) 0% (1.11) 0% (0.01) 0% 0.17 0% - 0% - 0% (0.01) 0% 0.17 0%
193 Immense Realtors Pvt Ltd (0.32) 0% (1.31) 0% (1.30) 0% 1.00 0% (0.01) 0% - 0% - 0% 1.00 0% (0.01) 0%
194 Incredible Infrastructure Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
195 Jamb Propbuild Pvt Ltd 94.85 0% 94.85 0% 94.86 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
196 Janitor Propbuild Pvt Ltd (0.14) 0% (0.14) 0% (0.14) 0% (0.01) 0% 0.00 0% - 0% - 0% (0.01) 0% 0.00 0%
197 Jasper Propbuild Pvt Ltd (1.11) 0% (1.10) 0% (1.10) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
198 Jaunt Propbuild Pvt Ltd (1.36) 0% (1.35) 0% (1.34) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
199 Jay Propbuild Pvt Ltd (0.18) 0% (0.17) 0% (0.16) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
200 Jemmy Propbuild Pvt Ltd (0.15) 0% (0.14) 0% (0.13) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
201 Jerkin Propbuild Pvt Ltd (0.04) 0% (0.03) 0% (0.02) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
202 Jetty Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
203 Jig Propbuild Pvt Ltd (0.15) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
204 Jive Propbuild Pvt Ltd (0.12) 0% (0.11) 0% (0.11) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
205 Juhi Promoters Pvt Ltd 1.15 0% 0.38 0% 0.40 0% 0.77 0% (0.02) 0% - 0% - 0% 0.77 0% (0.02) 0%
206 Kamdhenu Projects Pvt Ltd (53.47) 0% (53.46) 0% (52.94) 0% (0.01) 0% (0.52) 0% - 0% - 0% (0.01) 0% (0.52) 0%
207 Kartikay Buildwell Pvt Ltd (28.77) 0% (28.76) 0% (28.89) 0% (0.01) 0% 0.13 0% - 0% - 0% (0.01) 0% 0.13 0%
208 Kayak Propbuild Pvt Ltd (0.15) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
209 Kedge Propbuild Pvt Ltd 0.51 0% 0.52 0% 0.53 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
210 Kestrel Propbuild Pvt Ltd (0.11) 0% (0.10) 0% (0.09) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
211 Kismet Propbuild Pvt Ltd (0.36) 0% (0.35) 0% (0.34) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
212 Knoll Propbuild Pvt Ltd (0.02) 0% (0.01) 0% (0.00) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
213 Kudos Propbuild Pvt Ltd (0.05) 0% (0.05) 0% (0.04) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
214 Ladle Propbuild Pvt Ltd (0.10) 0% (0.23) 0% (0.22) 0% 0.13 0% (0.01) 0% - 0% - 0% 0.13 0% (0.01) 0%
215 Lavish Propbuild Pvt Ltd (3.42) 0% (3.41) 0% (3.40) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
216 Legend Buildcon Pvt Ltd (4.90) 0% (2.50) 0% (2.09) 0% (2.40) 0% (0.41) 0% - 0% - 0% (2.40) 0% (0.41) 0%
217 Legend Buildwell Pvt Ltd (0.32) 0% (0.31) 0% (0.30) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
218 Lifeline Build Tech Pvt Ltd (34.63) 0% (34.62) 0% (34.60) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
219 Locus Propbuild Pvt Ltd (0.32) 0% (0.40) 0% (0.30) 0% 0.08 0% (0.10) 0% - 0% - 0% 0.08 0% (0.10) 0%
220 Logical Developers Pvt Ltd 1.24 0% (10.67) 0% (11.15) 0% 11.91 0% 0.48 0% - 0% - 0% 11.91 0% 0.48 0%
221 Logical Estates Pvt Ltd (8.27) 0% (7.91) 0% (7.87) 0% (0.36) 0% (0.05) 0% - 0% - 0% (0.36) 0% (0.05) 0%
222 Lotus Technobuild Pvt Ltd (4.55) 0% (4.54) 0% (4.53) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
223 Maestro Estates Pvt Ltd (2.07) 0% (2.07) 0% (2.30) 0% (0.01) 0% 0.23 0% - 0% - 0% (0.01) 0% 0.23 0%
224 Mahonia Estate Pvt Ltd 0.47 0% 0.48 0% (0.06) 0% (0.01) 0% 0.53 0% - 0% - 0% (0.01) 0% 0.53 0%
225 Mansarovar Projects Pvt Ltd 0.61 0% 0.61 0% 0.62 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
226 Markwel Promoters Pvt Ltd 0.60 0% 0.61 0% 0.62 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
227 Mega City Promoters Pvt Ltd (3.68) 0% (3.67) 0% (3.66) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
228 Mg Colonizers Pvt Ltd (0.04) 0% (0.03) 0% (0.02) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
229 Milky Way Realtors Pvt Ltd (131.76) -1% (131.75) 0% (131.74) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
230 Modular Estates Pvt Ltd 0.75 0% 0.76 0% 0.77 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
231 Monarch Buildcon Pvt Ltd (0.31) 0% (0.31) 0% (0.74) 0% (0.01) 0% 0.43 0% - 0% - 0% (0.01) 0% 0.43 0%
232 Monga Properties Pvt Ltd (0.20) 0% (0.19) 0% (0.32) 0% (0.01) 0% 0.12 0% - 0% - 0% (0.01) 0% 0.12 0%
233 Multitude Infrastructures Pvt Ltd (248.58) -1% (242.50) -1% (215.97) -1% (6.08) 0% (26.52) 0% 0.29 -11% 0.11 1% (5.79) 0% (26.40) 0%
234 Naam Promoters Pvt Ltd (0.08) 0% (0.07) 0% (0.23) 0% (0.01) 0% 0.16 0% - 0% - 0% (0.01) 0% 0.16 0%
235 Nandita Promoters Pvt Ltd 0.02 0% 0.03 0% 0.78 0% (0.01) 0% (0.75) 0% - 0% - 0% (0.01) 0% (0.75) 0%
236 Navrattan Buildcon Pvt Ltd 0.57 0% 0.58 0% 0.47 0% (0.01) 0% 0.11 0% - 0% - 0% (0.01) 0% 0.11 0%
237 Nayas Projects Pvt Ltd (1.26) 0% (1.25) 0% (0.96) 0% (0.01) 0% (0.29) 0% - 0% - 0% (0.01) 0% (0.29) 0%
238 Nettle Propbuild Pvt Ltd (0.21) 0% (0.21) 0% (0.20) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
239 Newt Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
240 Nipper Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
241 Nishkarsh Estates Pvt Ltd 0.61 0% 0.62 0% 0.63 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
242 Notch Propbuild Pvt Ltd (0.36) 0% (0.35) 0% (0.35) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
243 Pansy Buildcons Pvt Ltd 33.97 0% 34.01 0% 33.83 0% (0.04) 0% 0.18 0% - 0% - 0% (0.04) 0% 0.18 0%
244 Paving Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
245 Perch Conbuild Pvt Ltd (25.01) 0% (23.23) 0% (23.21) 0% (1.79) 0% (0.01) 0% - 0% - 0% (1.79) 0% (0.01) 0%
246 Perpetual Realtors Pvt Ltd (0.17) 0% (0.14) 0% (0.35) 0% (0.03) 0% 0.21 0% - 0% - 0% (0.03) 0% 0.21 0%
247 Pipalashray Estate Pvt Ltd 0.15 0% 0.16 0% 0.17 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
248 Potential Propbuild Pvt Ltd - 0% - 0% (2.43) 0% - 0% - 0% - 0% - 0% - 0% - 0%
249 Pragya Buildcon Pvt Ltd (38.90) 0% (38.89) 0% (38.98) 0% (0.01) 0% 0.08 0% - 0% - 0% (0.01) 0% 0.08 0%
250 Pratham Promoters Pvt Ltd 0.02 0% 0.03 0% 0.77 0% (0.01) 0% (0.75) 0% - 0% - 0% (0.01) 0% (0.75) 0%
251 Pratiksha Buildcon Pvt Ltd 0.27 0% 0.27 0% 0.28 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
252 Prayas Buildcon Pvt Ltd (4.37) 0% (4.36) 0% (1.73) 0% (0.01) 0% (2.63) 0% - 0% - 0% (0.01) 0% (2.63) 0%
253 Prezzie Buildcon Pvt Ltd (0.07) 0% (0.06) 0% (0.08) 0% (0.01) 0% 0.01 0% - 0% - 0% (0.01) 0% 0.01 0%
254 Progeny Buildcon Pvt Ltd (0.08) 0% (0.07) 0% (0.06) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
255 Prosperous Constructions Pvt Ltd (2.15) 0% (2.15) 0% (2.12) 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
256 Prosperus Buildcon Pvt Ltd (1.78) 0% (2.06) 0% (2.30) 0% 0.28 0% 0.24 0% - 0% - 0% 0.28 0% 0.24 0%
257 Pukhraj Realtors Pvt Ltd (0.02) 0% 0.04 0% (0.16) 0% (0.05) 0% 0.20 0% - 0% - 0% (0.05) 0% 0.20 0%
258 Pulse Estates Pvt Ltd (3.01) 0% (3.00) 0% (2.99) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
259 Pushkar Projects Pvt Ltd (0.08) 0% (0.07) 0% (0.18) 0% (0.01) 0% 0.11 0% - 0% - 0% (0.01) 0% 0.11 0%
260 Raksha Buildtech Pvt Ltd (0.93) 0% (0.92) 0% (0.92) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
261 Ram Ban Projects Pvt Ltd (0.67) 0% (0.67) 0% (0.66) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
262 Rolex Estates Pvt Ltd 0.79 0% 0.80 0% 0.81 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
263 Rose Gate Estates Pvt Ltd 1.03 0% 0.91 0% 0.33 0% 0.13 0% 0.58 0% - 0% - 0% 0.13 0% 0.58 0%
264 Rudraksha Realtors Pvt Ltd (0.30) 0% (0.29) 0% (0.42) 0% (0.01) 0% 0.13 0% - 0% - 0% (0.01) 0% 0.13 0%
265 Sacred Estates Pvt Ltd 0.01 0% 0.02 0% (0.28) 0% (0.01) 0% 0.30 0% - 0% - 0% (0.01) 0% 0.30 0%
266 Sagacious Conbuild Pvt Ltd - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0% - 0%
267 Sambhavee Projects Pvt Ltd 0.65 0% 0.66 0% 0.67 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
268 Sandesh Buildcon Pvt Ltd 0.42 0% 0.43 0% 0.24 0% (0.01) 0% 0.19 0% - 0% - 0% (0.01) 0% 0.19 0%
269 Sankalp Buildtech Pvt Ltd (0.03) 0% (0.02) 0% (0.02) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
270 Sankalp Promoters Pvt Ltd (0.44) 0% (0.47) 0% (0.45) 0% 0.03 0% (0.02) 0% - 0% - 0% 0.03 0% (0.02) 0%
271 Sanskar Buildcon Pvt Ltd 2.18 0% 2.19 0% 2.04 0% (0.01) 0% 0.15 0% - 0% - 0% (0.01) 0% 0.15 0%
272 Sanskar Buildwell Pvt Ltd (0.10) 0% (0.09) 0% (0.13) 0% (0.01) 0% 0.04 0% - 0% - 0% (0.01) 0% 0.04 0%
273 Sanyukta Promotors Pvt Ltd 0.78 0% 0.79 0% 0.81 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
274 Sarvodaya Buildcon Pvt Ltd 5.71 0% 5.72 0% 5.55 0% (0.01) 0% 0.17 0% - 0% - 0% (0.01) 0% 0.17 0%
275 Sarvpriya Realtors Pvt Ltd (67.43) 0% (67.42) 0% (67.51) 0% (0.01) 0% 0.10 0% - 0% - 0% (0.01) 0% 0.10 0%
276 Seriel Build Tech Pvt Ltd (0.38) 0% (0.37) 0% (0.36) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
277 Sewak Developers Pvt Ltd (0.91) 0% (0.90) 0% (2.08) 0% (0.01) 0% 1.17 0% - 0% - 0% (0.01) 0% 1.17 0%
278 Sharyans Buildcon Pvt Ltd (19.30) 0% (19.29) 0% (19.42) 0% (0.01) 0% 0.13 0% - 0% - 0% (0.01) 0% 0.13 0%
279 Shaurya Propbuild Pvt Ltd 104.27 0% 104.28 0% 104.31 0% (0.01) 0% (0.04) 0% - 0% - 0% (0.01) 0% (0.04) 0%
280 Shitij Buildcon Pvt Ltd (3.91) 0% (3.31) 0% (3.30) 0% (0.60) 0% (0.01) 0% - 0% - 0% (0.60) 0% (0.01) 0%
281 Shrestha Conbuild Pvt Ltd 2,100.58 10% 2,100.59 7% 2,100.60 6% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
282 Shrey Promoters Pvt Ltd 65.08 0% 65.30 0% 65.32 0% (0.22) 0% (0.02) 0% - 0% - 0% (0.22) 0% (0.02) 0%
283 Sidhant Buildcon Pvt Ltd 0.53 0% 0.54 0% 0.25 0% (0.01) 0% 0.29 0% - 0% - 0% (0.01) 0% 0.29 0%
284 Sidhivinayak Buildcon Pvt Ltd (0.95) 0% (0.88) 0% (0.59) 0% (0.08) 0% (0.29) 0% - 0% - 0% (0.08) 0% (0.29) 0%
285 Sidhivinayak Durobuild Pvt Ltd (0.03) 0% (0.02) 0% (0.02) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
286 Signages Properties Pvt Ltd (0.21) 0% (0.20) 0% (0.20) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
287 Smridhi Technobuild Pvt Ltd 2,046.54 9% 2,046.55 7% 2,046.56 6% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
288 Snow White Buildcon Pvt Ltd (53.00) 0% (52.95) 0% (52.97) 0% (0.04) 0% 0.02 0% - 0% - 0% (0.04) 0% 0.02 0%
289 Sonex Projects Pvt Ltd 1.69 0% 1.59 0% (0.15) 0% 0.10 0% 1.74 0% - 0% - 0% 0.10 0% 1.74 0%
290 Sparsh Promoters Pvt Ltd 0.45 0% 0.46 0% 0.03 0% (0.01) 0% 0.43 0% - 0% - 0% (0.01) 0% 0.43 0%
291 Spiritual Realtors Pvt Ltd (7.41) 0% (7.40) 0% (7.40) 0% (0.01) 0% (0.00) 0% - 0% - 0% (0.01) 0% (0.00) 0%
292 Sprouting Properties Pvt Ltd (0.27) 0% (0.26) 0% (0.25) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
293 Spurt Projects Pvt Ltd (1.88) 0% (2.67) 0% (2.93) 0% 0.79 0% 0.26 0% - 0% - 0% 0.79 0% 0.26 0%
294 Sriyam Estates Pvt Ltd (1.28) 0% (1.27) 0% (1.26) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
295 Stash Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
296 Stave Propbuild Pvt Ltd (0.15) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
297 Stein Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
298 Stent Propbuild Pvt Ltd (0.01) 0% (0.01) 0% 0.00 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
299 Strut Propbuild Pvt Ltd (0.15) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
300 Sukhda Promoters Pvt Ltd (0.54) 0% (0.52) 0% (0.51) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
301 Sukhjit Projects Pvt Ltd (0.36) 0% (0.35) 0% (0.13) 0% (0.01) 0% (0.22) 0% - 0% - 0% (0.01) 0% (0.22) 0%
302 Sun Buildmart Pvt Ltd (0.01) 0% (0.00) 0% 0.01 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
303 Tacery Builders Pvt Ltd (0.18) 0% (0.17) 0% (0.26) 0% (0.01) 0% 0.08 0% - 0% - 0% (0.01) 0% 0.08 0%
304 Tanmay Developers Pvt Ltd (5.82) 0% (5.41) 0% (5.45) 0% (0.41) 0% 0.04 0% - 0% - 0% (0.41) 0% 0.04 0%
305 Tci Project Management Pvt Ltd - 0% - 0% (2.45) 0% - 0% - 0% - 0% - 0% - 0% - 0%
306 Tinnitus Builders Pvt Ltd (16.75) 0% (16.74) 0% (16.73) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
307 Tocsin Builders Pvt Ltd (7.63) 0% (7.62) 0% (1.32) 0% (0.01) 0% (6.30) 0% - 0% - 0% (0.01) 0% (6.30) 0%
308 Toff Builders Pvt Ltd (0.24) 0% (0.23) 0% (0.38) 0% (0.01) 0% 0.15 0% - 0% - 0% (0.01) 0% 0.15 0%
309 Tome Builders Pvt Ltd (25.02) 0% (25.02) 0% (25.01) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
310 Tomtom Builders Pvt Ltd (3.74) 0% (3.69) 0% (3.17) 0% (0.05) 0% (0.52) 0% - 0% - 0% (0.05) 0% (0.52) 0%
311 Trattoria Properties Pvt Ltd 0.61 0% 0.62 0% 0.63 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
312 Trawler Properties Pvt Ltd (0.15) 0% (0.14) 0% (0.27) 0% (0.01) 0% 0.13 0% - 0% - 0% (0.01) 0% 0.13 0%
313 Triad Properties Pvt Ltd (0.50) 0% (0.49) 0% (0.48) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
314 True Value Build-Con Pvt Ltd (0.79) 0% (0.79) 0% (0.77) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
315 Tushar Projects Pvt Ltd (0.87) 0% (0.86) 0% (0.54) 0% (0.01) 0% (0.32) 0% - 0% - 0% (0.01) 0% (0.32) 0%
316 Utkarsh Buildcon Pvt Ltd 6.96 0% 6.99 0% 5.78 0% (0.02) 0% 1.21 0% - 0% - 0% (0.02) 0% 1.21 0%
317 Versatile Conbuild Pvt Ltd 0.01 0% 0.01 0% 0.03 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
318 Virasat Buildcon Pvt Ltd 0.45 0% 0.46 0% 0.46 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
319 Vitality Conbuild Pvt Ltd (0.31) 0% (0.30) 0% (0.21) 0% (0.01) 0% (0.09) 0% - 0% - 0% (0.01) 0% (0.09) 0%
320 Vpg Developers Pvt Ltd (4.78) 0% (3.83) 0% (3.08) 0% (0.96) 0% (0.74) 0% - 0% - 0% (0.96) 0% (0.74) 0%
321 Waif Propbuild Pvt Ltd (0.16) 0% (0.15) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
322 Wedge Properties Pvt Ltd (0.06) 0% (0.05) 0% (0.04) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
323 Wembley Estates Pvt Ltd 0.02 0% 0.03 0% 0.78 0% (0.01) 0% (0.75) 0% - 0% - 0% (0.01) 0% (0.75) 0%
324 Whelsh Properties Pvt Ltd (0.04) 0% (0.03) 0% (0.01) 0% (0.01) 0% (0.02) 0% - 0% - 0% (0.01) 0% (0.02) 0%
325 Winkle Properties Pvt Ltd (103.70) 0% (103.69) 0% (103.68) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
326 Yeti Properties Pvt Ltd (0.16) 0% (0.15) 0% (0.14) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
327 Yogiraj Promoters Pvt Ltd (199.17) -1% (197.75) -1% (196.00) -1% (1.42) 0% (1.74) 0% - 0% - 0% (1.42) 0% (1.74) 0%
328 Yukti Projects Pvt Ltd (55.51) 0% (55.50) 0% (55.49) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
329 Zing Properties Pvt Ltd (0.16) 0% (0.15) 0% (0.15) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
330 Zither Buildwell Pvt Ltd 98.02 0% 98.03 0% 98.04 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
331 Zonex Developers Pvt Ltd (0.35) 0% (0.34) 0% (0.63) 0% (0.01) 0% 0.29 0% - 0% - 0% (0.01) 0% 0.29 0%
332 Zonex Estates Pvt Ltd (2.78) 0% (2.81) 0% (3.39) 0% 0.02 0% 0.59 0% - 0% - 0% 0.02 0% 0.59 0%
333 Zulu Properties Pvt Ltd (1.27) 0% (1.26) 0% (1.26) 0% (0.01) 0% (0.01) 0% - 0% - 0% (0.01) 0% (0.01) 0%
Minority Interest
1 Shrestha Conbuild Pvt Ltd 1,029.29 5% 1,029.28 4% 1,029.29 3% (0.00) 0% (0.00) 0% - 0% - 0% (0.00) 0% (0.00) 0%
2 Smridhi Technobuild Pvt Ltd 1,002.80 5% 1,002.80 3% 1,002.80 3% (0.00) 0% (0.00) 0% - 0% - 0% (0.00) 0% (0.00) 0%
Total 22,138.98 102% 30,807.32 105% 38,223.66 107% (8,665.73) 114% (7,431.46) 114% (2.58) 100% 10.89 100% (8,668.31) 114% (7,420.56) 114%
Consolidation adjustments 485.88 2% 1,572.01 5% 2,490.28 7% (1,085.78) 14% (920.21) 14% - 0% - 0% (1,085.78) 14% (920.21) 14%
Gain/(Loss) on disposal of investment in a subsidiary - - - - - - 0.29 0% 2.31 0% - 0% - 0% 0.29 0% 2.31 0%
Total Net Assets 21,653.10 100% 29,235.31 100% 35,733.37 100% (7,579.66) 100% (6,508.94) 100% (2.58) 100% 10.89 100% (7,582.24) 100% (6,498.05) 100%
Notes:
The amount stated above are as per the standalone financial statements of each of the individual entities, before making any adjustments for intragroup transactions and/or balances.
49. Disposal group held for distribution
In order to lend greater focus on the operation of the Group's businesses/projects and for the purpose of developing the
potential for further growth and expansion, the Board of Directors of the Group have decided to demerge some of the
assets and liabilities of the Group into a separate undertaking, pursuant to a Scheme of Arrangement entered between
the Emaar MGF Land Limited and MGF Developments Ltd (“Resulting Company”) and their respective shareholders
and creditors under Section 391 and 394 of the Companies Act 1956 read with sections 100 to 103 of the Companies
Act 2013. The scheme was approved by the shareholders of the Group on 12 July 2016 and is pending for approval
before the Hon’ble National Group Law Tribunal (“NCLT”).
The major classes of assets and liabilities of the disposal group as at March 31, 2017 to be demerged into a separate
undertaking have been disclosed as held for distribution as under and may be further revised based on
changes/adjustments upto the Effective Date, being the date of approval by NCLT.
Particulars Amount
Assets
Non-current assets
Property, plant and equipment 5,402.49
Capital work-in-progress 976.60
Financial assets
Investments
Investment in an associate and joint ventures 758.56
Others 1.36
Income tax assets (net) 183.82
Other non-current assets 995.62
Non-current assets (A) 8,318.45
Current assets
Inventories 25,547.87
Financial assets
Investments 237.21
Trade receivables 1,025.19
Cash and cash equivalents 15.60
Other bank balances 573.35
Other financial assets 422.69
Income tax assets (net) 1.14
Other current assets 2,792.56
Current assets (B) 30,615.61
Total assets (A+B) 38,934.06
Liabilities
Long term borrowings 692.69
Non-current liabilities (C) 692.69
Current liabilities
Short term borrowings 639.91
Trade payables 212.53
Other financial liabilities 9,703.75
Other current liabilities 2,872.40
Provisions 13.73
Current liabilities (D) 13,442.32
Total liabilities (C+D) 14,135.01

The Scheme further provides that cash flows not exceeding Rs. 11,500.00 million, arising out of the cash flows
from the Marbella and Emerald Hills extension projects of the Group, are to be paid to the resulting company and
the Group shall accrue such liability after completion of the demerger process and on realisation of such cash flows
from the projects. Accordingly, no impact of the same has been given in these financial statements.
The above demerger is expected to be completed by 31 December 2017. No gain or loss is recognised in the
statement of profit and loss in relation to the accounting of the assets and liabilities of the disposal group.
50. First time adoption of Ind AS
The financial statements for the year ended March 31, 2017 are the Group’s first financial statements prepared in
accordance with Ind AS. The accounting policies set out in note 3 have been applied in preparing the financial
statements for the year ended March 31, 2017 and the comparative period information.
For all periods upto and including the year ended March 31, 2016, the Group prepared its financial statements in
accordance with Generally Accepted Accounting Principles (GAAP) in India and complied with the accounting
standards as notified under Section 133 of the Companies Act, 2013 read together with Rule 7 of the Companies
(Accounts) Rules, 2014, to the extent applicable, and the presentation requirements of the Companies Act, 2013
(Previous GAAP).
The transition to Ind AS was carried out in accordance with Ind AS 101, with April 1, 2015 being the date of
transition. This note explains the exemptions and mandatory exceptions on the first- time adoption of Ind AS
availed in accordance with Ind AS 101 and an explanation of how the transition from Previous GAAP to Ind AS
has affected the Group’s financial position, financial performance resulting from principal adjustments made under
IND AS.
i) IND AS optional exemptions
a) Past Business Combinations :
Ind AS 101 provides the option to apply Ind AS 103 prospectively from the transition date or from a specific date
prior to the transition date. This provides relief from full retrospective application that would require restatement of
all business combinations prior to the transition date. The Group elected to apply Ind AS 103 prospectively to
business combinations occurring after its transition date. Business combinations occurring prior to the transition
date have not been restated.
b) Joint ventures – transition from proportionate consolidation to the equity method
As per Ind AS 101, when changing from proportionate consolidation method to equity method, an entity may
measure its investment in a joint venture at date of transition as the aggregate of the carrying amounts of the assets
and liabilities that the entity had previously proportionately consolidated, including any goodwill arising from
acquisition. The resultant amount is regarded as the deemed cost of the investment in the joint venture at initial
recognition.
ii) Ind AS mandatory exceptions
a) Accounting estimates
The Group estimates in accordance with Ind AS at the date of transition to Ind AS shall be consistent with
estimates made for the same date in accordance with Previous GAAP (after adjustments to reflect any difference
in accounting policies), unless there is objective evidence that those estimates were in error.
Ind AS estimates as at April 1, 2015 are consistent with the estimates as at the same date made in conformity with
Previous GAAP except in case of investment in a compound financial instrument measured at fair value through
profit and loss account where application of Previous GAAP did not required estimation.
b) Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances
existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at
amortised cost based on facts and circumstances existing at the date of transition if retrospective application is
impracticable.
Accordingly, the Group has determined the classification of financial assets on the basis on facts and
circumstances that exist on the date of transition. Measurement of the financial assets accounted at amortised cost
has been done retrospectively except where the same is impracticable.
The following reconciliations provide the effect of transition to Ind AS from Previous GAAP in accordance with
Ind AS 101.
(1) Equity reconciliation as at 1 April 2015

transition to Ind
AS
Assets
Non-current assets
Property, plant and equipment (i.), (ii.) & 6,813.94 563.99 7,377.93
(iii.)
Investment property (ii.) - 65.57 65.57
Goodwill (iv.) 859.06 (859.06) -
Financial Assets
Investments
Investments in an associate and (iii.) 762.65 49.93 812.58
joint ventures
Other investments 0.02 - 0.02
Others (vii.) 7.92 23.95 31.87
Income tax assets (net) 458.02 - 458.02
Other non-current assets (vii.) 2,097.28 535.54 2632.82
Current assets
Inventories (iv.) & 90,741.54 9,949.72 100,691.26
(v.)
Financial assets
Investments (iii.) & 367.82 (24.80) 343.02
(vi.)
Trade receivables (v.) 806.56 (2.09) 804.67
Cash and cash equivalents (iii.) 449.30 (0.73) 448.57
Other financial assets (v.) & 2,928.83 (520.74) 2,408.09
(vii)
Other current assets (v.) & 13,261.12 (122.64) 13,138.48
(vii)
Total current assets 111,710.17 9,278.72 120,988.09
Total assets 125,040.30 9,658.64 134,698.94

Equity
Other equity 20,862.38 3,712.70 24,575.08
Equity attributable to equity 29,988.58 3,712.70 33,701.28

shareholders of the parent
Non-controlling interests (iii.) 2,136.72 (104.63) 2,032.09
Total equity 32,125.30 3,608.07 35,733.37
Liabilities
Borrowings (i.) 82.01 692.69 774.70
Deferred tax liabilities (net) 4.29 - 4.29
Current liabilities
Borrowings (ix.) 17,121.28 (1,992.81) 15,128.47
&(x.)
Trade payables (v.) 3,447.27 0.92 3,448.19
Other financial liabilities (x.) 35,733.67 (543.18) 35,190.49
Other current liabilities (v.) 35,821.38 8,223.86 44,045.24
Current tax liabilities (net) 1.86 - 1.86
Provisions (v.) 703.24 (330.91) 372.33
(2) Equity reconciliation as at 31 March, 2016

transition to Ind
AS
Assets
Non-current assets
Property, plant and equipment (i.), (ii.) 6,748.50 565.14 7,313.64
& (iii.)
Investment property (ii.) - 64.49 64.49
Goodwill (iv.) 856.02 (856.02) -
Financial Assets
Investments
Investments in an associate (iii.) 760.44 33.57 794.01
and joint ventures
Other investments 0.02 0.02
Others (vii.) 7.91 27.31 35.22
Other non-current assets (vii.) 2,062.61 514.12 2,576.73
Current assets
Inventories (iv.) & 89,998.68 7,117.18 97,115.86
(v.)
Financial assets
Investments (vi.) 288.18 4.30 292.48
Trade receivables (v.) 636.12 94.54 730.66
Cash and cash equivalents (iii.) 243.88 (0.94) 242.94
Other bank balances (iii.) 2,525.23 (3.10) 2,522.13
Other financial assets (v.) & 2,638.64 (264.29) 2,374.35
(vii)

Other current assets (v.) & 12,972.81 (67.76) 12,905.05
(vii)
Total current assets 109,643.94 6,879.93 116,523.87
Total assets 122,878.75 7,228.54 130,107.29

Equity
Other equity 13,754.66 4,322.37 18,077.03
Equity attributable to equity 22,880.86 4,322.37 27,203.23
shareholders of the parent
Non-controlling interests (iii.) 2,123.77 (91.69) 2,032.08
Total equity 25,004.63 4,230.68 29,235.31
Liabilities
Borrowings (i.) 17.15 692.00 709.15
Deferred tax liabilities (net) 8.73 - 8.73
Current liabilities
Borrowings (ix.) 15,819.29 (1,928.09) 13,891.20
&(x.)
Trade payables (v.) 4,171.80 0.17 4,171.97
Other financial liabilities (x.) 40,966.68 (900.54) 40,066.14
Other current liabilities (v.) 35,526.35 5,634.65 41,161.00
Current tax liabilities (net) 7.43 - 7.43
Provisions (v.) 1,356.68 (500.32) 856.36
(3) Reconciliation of Statement of Profit and loss as per Previous GAAP to total comprehensive income /
(loss) as per IND AS for the year ended 31 March 2016:
Particulars Note Previous Effects of Ind AS

GAAP transition to Ind
AS
Income
Revenue from operations (v.) 7,773.08 3,180.74 10,953.82
Other income (vi.) 539.80 6.70 546.50
Total Revenue (I) 8,312.88 3,187.44 11,500.32
Expenses
(Increase)/Decrease in inventories (iv.) & 686.95 2,847.26 3,534.21
(v.)
Cost of land and development rights (v.) 36.18 137.83 174.01
Material cost and contractor expenses 3,169.26 0.09 3,169.35
Employee benefits expense (viii.) 840.71 10.59 851.30
Depreciation and amortization expense 88.14 (14.82) 73.32
Finance costs (i.), (ix.) 5,192.93 2,106.11 7,299.04
& (x.)
Other expenses (i..)& 3,093.47 (219.14) 2,874.33
(vii.)
Total Expenses (II) 13,107.64 4,867.92 17,975.56

Loss before share of loss of an associate (4,794.76) (1,680.48) (6,475.24)
and joint ventures and tax (I)-(II)
Share in losses of associates (iii.) (2.22) (16.36) (18.58)
Share of profit transferred to non- (iii.) 12.95 (12.95) -
controlling interests
Loss before tax expenses (4,784.03) (1,709.79) (6,493.82)
Tax expenses
Current tax expense 10.68 - 10.68
Deferred tax expense 4.44 - 4.44
Total tax expense 15.12 - 15.12
Loss after tax for the year (A) (4,799.15) (1,709.79) (6,508.94)
Other comprehensive income

Items that will not be recycled to profit
or loss:
Re-measurement of the defined benefit (viii.) - 10.89 10.89
liabilities / (asset)
Other comprehensive profit for the year - 10.89 10.89
(B)
Total comprehensive loss for the year (4,799.15) (1,698.90) (6,498.05)

(A + B)
Loss attributable to:

Equity holder of the parent (4,799.16) (1,698.90) (6,498.06)
Non-controlling interests 0.01 0.01
Total comprehensive loss attributable to
:
Equity holder of the parent (4,799.16) (1,698.90) (6,498.06)
Non-controlling interests 0.01 0.01
Footnotes to the reconciliation of equity as at 1 April 2015 and 31 March 2016 and profit or loss for the year ended
31 March 2016:
(i.) Property plant and equipment

Under Previous GAAP, no specific accounting treatment for land taken on perpetual lease was required, as the
same was outside the scope of AS-19. However, as per Ind AS 17, land taken on perpetual lease is treated as a lease
and is generally classified as a finance lease. At initial recognition, finance lease asset is recognised as property,
plant and equipment with a corresponding obligation which is disclosed as a Finance lease obligation.
Accordingly, on the transition date, the Group has increased the value of property, plant and equipment by Rs.
692.69 million with a further corresponding recognition of finance lease obligation. Accordingly, rental payments
of Rs. 97.45 million made during the year ended March 31, 2016 have also been reclassified from rent expenses to
finance cost.
(ii.) Investment properties

Under Ind AS, the Group is required to classify its properties (Land/Building) held for earning rental income or for
capital appreciation or both as Investment properties. However, under Previous GAAP, the same were disclosed as
the part of property plant and equipment. Accordingly, certain assets have been classified as investment properties
from property plant and equipment as at April 1, 2015 and as at March 31, 2016.
(iii.) Joint Ventures Accounting

Under Ind AS, equity method of accounting for investment in joint ventures is done for the purpose of consolidated
financial statements. The Group holds 50.01% interest in Budget Hotels India Private Limited for which line by
line consolidation was done in consolidated financial statements under Previous GAAP. Further, Group holds 50%
in Leighton Construction (India) Private Limited for which proportionate consolidation was done in consolidated
financial statements under Previous GAAP. Under Ind AS, group needs to assess the de facto control for the
determining the interest in the entity since both the entities are under joint control, Group has applied equity
method of accounting as required by Ind AS 111 “Joint Arrangements”. Impact of the same has been given on
investments, other assets and liabilities.
(iv.) Goodwill Allocation

Under Previous GAAP, the Group had recognised goodwill equivalent to the amount of difference between
purchase consideration paid and book value of assets and liabilities of subsidiaries acquired. The cost of the
acquisition i.e. goodwill has been allocated to the assets acquired based on their relative fair values. Accordingly,
the Group has derecognised goodwill amounting to Rs. 859.06 million and Rs. 856.02 million as at April 1, 2015
and as at March 31, 2016 respectively with a corresponding increase in the inventories. Further, costs aggregating
to Rs. 603.79 million and Rs. 619.64 million as at April 1, 2015 and March 31, 2016 respectively, relating to
inventories which were sold / transferred outside the group has been charged to retained earnings.
(v.) Inventories and Revenue from operations

Under Previous GAAP, no specific accounting treatment for barter transactions of dissimilar goods was required.
However, under Ind AS, Group is required to account for barter transactions for dissimilar goods on fair value.
The Group has entered into Joint development agreements (‘JDA’) with the third parties i.e. landowners for jointly
developing the projects on land parcels owned by them against which the Group is required to allot developed
plots/units either in the said projects or some other projects. Due to fair value accounting of these transactions
under Ind AS, there is an increase in the inventory by Rs. 9,694.45 million (net of charge off of Rs. 2,002.17
million) and Rs. 6,880.81 million (net of charge off of Rs. 4,969.81 million) as at April 1, 2015 and March 31,
2016 respectively. The effect of increase in the cost also has an effect of increase in revenue. The cumulative
revenue as at April 1, 2015 has increased by Rs. 3,897.96 million resulting into overall increase in the retained
earnings by Rs. 1,895.79 million. The impact of the above adjustment on statement of profit and loss for the year
ended March 31, 2016 amounted to Rs. 213.10 million (representing difference of increase in revenue and
inventory charge off amounting to Rs. 3,180.74 million and Rs. 2,967.64 million respectively). Further, unearned
revenue, trade receivables, unbilled revenue, loans to related parties, prepaid brokerage expenses and collections in
excess of revenue have been reinstated/made as at April 1, 2015 and March 31, 2016 in the financial statements on
account of impact of above mentioned adjustments.
Further, under Ind AS, revenue is to be recognised at fair value of consideration received or receivable taking into
account the amount of any trade discounts or volume rebate or additional credit allowed by seller of goods. The
Group has considered compensation paid/accrued on delayed possession of units/plots while calculating the fair
value of consideration. Accordingly, the said cost which was included under other expenses in Previous GAAP has
now been reduced from revenue. Consequently, the provision created has also been adjusted with the collections
received from customers.
(vi.) Current Investments

Under Previous GAAP Current investments as mutual funds are accounted for at cost or market price whichever is
lower. Under Ind AS, investments in mutual funds have been fair valued as at April 1, 2015 and as at March 31,
2016 resulted in increase in investments and retained earnings by Rs. 3.51 million and Rs. 4.31 million
respectively.
(vii.) Other Non-current Financial Assets

Under the Previous GAAP, interest free security deposits are recorded at their transaction value. Under Ind AS, all
financial assets are required to be recognised either at fair value or at amortised cost. Accordingly, the Group’s
subsidiary has fair valued the security deposit retrospectively under Ind AS and difference between fair value of
security deposits and the carrying value (transaction value) as per Previous GAAP has been recognised as deferred
lease expenditure. Accordingly, total equity decreased by Rs. 160.55 million as at April 1, 2015 on account of
amortization of deferred lease expenditure which is partially off-set by the notional interest income of Rs. 15.01
million recognised on these security deposits. Further, net impact of Rs. 18.12 million has been taken in the
statement of profit and loss on account of incremental amortised rent during the year ended 31 March 2016.
(viii.) Defined benefit liabilities

Under Previous GAAP, the entire cost, including actuarial gains and losses, was charged to profit or loss. Under
Ind AS, re-measurements comprising of actuarial gains and losses are recognised immediately in the balance sheet
with a corresponding debit or credit to retained earnings through other comprehensive income. Thus the employee
benefit cost is increased and other income is reduced and re-measurements gains/ losses on defined benefit plan
have been recognized in the other comprehensive income net of tax. There is no impact on total equity as on March
31, 2016 on account of the same.
(ix.) Compulsory convertible debentures

The Group issues compulsory convertible debentures. The debentures carry fixed interest rate which is non-
discretionary. Under Previous GAAP, the debentures were classified as borrowings and interest payable thereon
was treated as finance cost.
Under Ind AS, compulsory convertible debentures are treated as compound financial instrument and separated into
liability and equity components based on the terms of the contract. Accordingly, borrowing is reduced by Rs.
1,848.75 million on the transition date (March 31, 2016: Rs. 1,848.75 million) with a corresponding increase in
other equity as equity component of compulsory convertible debenture. Interest cost on liability component is
recognized on effective interest method resulting into increase of Rs. 117.21 million and Rs 50.07 million in the
retained earnings as at April 1, 2015 and statement of profit and loss account for year ended March 31, 2016
respectively.
(x.) Borrowings
Under Previous GAAP, transaction costs incurred in connection with borrowings were amortised in the year in
which borrowings were taken or alternatively amortised in statement of profit and loss account over the tenure of
borrowings on straight line basis. Under Ind AS, amortised cost of borrowings have been calculated using effective
interest rate (EIR) method by taking into account the transaction costs. The impact of the above adjustment on the
total equity amounted to Rs.538.52 million and Rs. 788.34 million as at April 1, 2015 and as at March 31, 2016
respectively.
(xi.) Reconciliation of cash flows for the year ended March 31, 2016
The adjustments as explained above are of non-cash nature and accordingly, there are no material differences in
cash flows from operating, investing and financing activities as per the Previous GAAP and as per Ind AS.
Sd/- Sd/- Sd/-
Sd/- Sd/-

Sd/-

Tel: +91 11 4152 1155, 49483100 Fax: +91 114152 4619 CIN: U45201DL2005PLC133161
FORM NO. MGT-11
PROXY FORM
[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration)
Rules, 2014]
CIN: U45201DL2005PLC133161
Name of the company: Emaar MGF Land Limited
Registered office: 306-308, Square One, C-2, District Centre, Saket, New Delhi-110017
Name of the Member(s) :

Registered address :
E-mail Id :
DP ID & Client Id / Folio No :
I/We, being the member (s) of …………. shares of the above named company, hereby appoint:
1. Name: ……………………, Address: …………………………………………………………

E-mail Id: ……...……………………………, Signature: ………………………or failing him
2. Name: ……………………, Address: …………………………………………………………

3. Name: ……………………, Address: …………………………………………………………

as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 12th Annual general meeting of the company,
scheduled to be held on Friday, 29th day of September, 2017 at 4:00 p.m. at 306-308, Square One, C-2, District Centre, Saket,
New Delhi-110017 and at any adjournment thereof in respect of such resolutions as are indicated below:
Resolution Nos.
1. To consider and adopt the Financial Statements of the Company for the financial year ended 31st March, 2017, the
Consolidated Financial Statements for the said financial year and the Reports of the Board of Directors and the Auditors
thereon.
2. To appoint a Director in place of Mr. Ahmed Jamal Jawa (DIN: 01784747), who retires by rotation, and being eligible, offers
herself for re-appointment.
3. To appoint a Director in place of Mr. Haroon Saeed Siddiqui (DIN: 05250916), who retires by rotation, and being eligible,
offers herself for re-appointment.
4. To appoint M/s. Walker Chandiok & Co. LLP, Chartered Accountants, as the statutory Auditors of the Company.
5. To ratify the remuneration of M/s. Jitender, Navneet & Co., Cost Auditor of the Company for the financial year 2017-18.
6. To Appoint Mr. Sudip Mullick (DIN-06942241), as an Independent Director of the Company.
7. To Appoint Mr. Ashok Jason Kothari (DIN-07343314), as an Independent Director of the Company.
Signed this …… day of ………............ 2017
Affix the
revenue stamp
Signature of shareholder Rs. 1/-
Signature of Proxy holder(s)
Note: This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the
Company, not less than 48 hours before the commencement of the Meeting.
Route Map for Venue of the Twelfth Annual General Meeting of Emaar MGF Land Limited is scheduled
on Friday, the 29th day of September, 2017 at 4:00 PM at 306‐308, Square One, C‐2 District Centre,
Saket, New Delhi‐110017
(Regd. Office : 306-308, Square One, C-2 District Centre, Saket, New Delhi-110017)
Tel: +91-11-4152 1155, 4948 3100 Fax: +91-11-41524619, CIN: U45201DL2005PLC133161
Email: enquiries@emaar-india.com, Website: www.emaar-india.com
ATTENDANCE SLIP
(To be handed over at the entrance of the meeting hall)
I/We hereby record my/our presence at the 12th Annual General Meeting of the members of the Company at the
registered office at 306-308, Square One, C-2, District Centre, Saket, New Delhi-110017 on Friday, 29th September,
2017 at 4:00 P.M.
Name of the Member(s) _________________________________________________________
Address of the Member(s) _________________________________________________________
_________________________________________________________
_________________________________________________________
Folio No. / Client ID _____________________________________________________________
No. of shares held _____________________________________________________________
Name of the Proxy/ Representative, if any ___________________________________________
Signature of Member / Proxy ____________________________________________________

Annual Report 2016 17

Uploaded by

Copyright:

Available Formats

Annual Report 2016 17

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Annual Report 2016 17

Uploaded by

Copyright:

Available Formats

EMAAR MGF LAND LIMITED

Emaar MGF Land Limited

By Order of the Board of Directors

Bharat Bhushan Garg

Emaar MGF Land Limited

(1) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED

Emaar MGF Land Limited

Though not mandatory, this statement is provided for reference.

Emaar MGF Land Limited

Item No. 6 & 7

The brief profile of the said Independent Directors is as under :

1. Mr. Sudip Mullick

Emaar MGF Land Limited

By Order of the Board of Directors

Bharat Bhushan Garg

Emaar MGF Land Limited

Business and Operations

Material Changes Affecting Financial Position

Corporate Restructuring plan in the form of Scheme of Demerger of the Company

The matter is currently pending before NCLT.

Change in Registered office

Subsidiaries, Joint Ventures and Associates

Directors / Key Managerial Personnel

The brief profile of the said new Independent Directors is as under :

1. Mr. Sudip Mullick

2. Mr. Jason Kothari

Meetings of Board / Committees

Directors' Responsibility Statement

Your Directors state that:

Declaration by Independent Directors

Nomination & Remuneration Committee

S. No. Name of the Member Designation

S. No. Name of the Member Designation

Without qualifying their opinion, Auditors have drawn attention to:

Extract of the Annual Return

Related Party Transaction

Internal Financial Controls

Corporate Social Responsibility

S. No. Name of the Member Designation

Significant & Material Orders Passed by the Regulators/ Courts/ Tribunals

Investor Education & Protection Fund

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings & Outgo

(A) Conservation of energy-

(B) Technology absorption-

For and on behalf of the Board of Directors

Haroon Saeed Siddiqui Ashish Narayan Prasad Kabra

Date : August 28, 2017

C. The Redemption Premium on any NCDs to be paid earlier of:

S. No. Name of the Companies CIN Reason of Cessation

GROVER AHUJA & ASSOCIATES

ANNEXURE TO THE DIRECTORS' REPORT

Form No. MR-3

We further report that:

For Grover Ahuja & Associates

Our report of even date is to be read along with this letter.

1. Maintenance of Secretarial record is the responsibility of the management of the Company.

For Grover Ahuja & Associates

I. REGISTRATION AND OTHER DETAILS:

ii. Registration Date February 18, 2005

iii. Name of the Company EMAAR MGF LAND LIMITED