o) Provisions, contingent assets and contingent liabilities

Provisions are recognized only when there is a present
obligation (legal or constructive), as a result of past events,
and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and when a reliable estimate of the amount of obligation
can be made at the reporting date. Provisions are
discounted to their present values, where the time value
of money is material, 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.

When the Company expects some or all of a provision
to be reimbursed, 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.

p) Onerous contracts

If the Company has a contract that is onerous, the present
obligation under the contract is recognised and measured
ever, before a separate provision for an onerous contract
is established, the Company recognises any impairment
loss that has occurred on assets dedicated to that contract.

An onerous contract is a contract under which the
unavoidable costs (i.e., the costs that the Company
cannot avoid because it has the contract) of meeting
the obligations under the contract exceed the economic
benefits expected to be received under it. The unavoidable
costs under a contract reflect the least net cost of exiting
from the contract, which is the lower of the cost of fulfilling
it and any compensation or penalties arising from failure
to fulfil it.

These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.

Contingent liability is disclosed for:

• Possible obligations which will be confirmed only
by future events not wholly within the control of the
Company or

• Present obligations arising from past events where it
is not probable that an outflow of resources will be
required to settle the obligation or a reliable estimate
of the amount of the obligation cannot be made.

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

q) Leases

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

Company as a lessee

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

Right-of-use assets

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

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

The right-of-use assets are also subject to impairment.

Lease liabilities

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

In calculating the present value of lease payments, the
Company uses its incremental borrowing rate at the
lease commencement date because the interest rate
implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is

increased to reflect the accretion of interest and reduced
for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the
lease payments (e.g., changes to future payments resulting
from a change in an index or rate used to determine such
lease payments) or a change in the assessment of an
option to purchase the underlying asset.

The Company's lease liabilities are included in "other
financial liabilities"

Short-term leases and leases of low-value assets

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

Company as a lessor

Leases in which the Company does not transfer
substantially all the risks and rewards of ownership of an
asset are classified as operating leases. Rental income from
operating lease is recognised on a straight-line basis over
the term of the relevant lease. Initial direct costs incurred
in negotiating and arranging an operating lease are added
to the carrying amount of the leased asset and recognised
over the lease term on the same basis as rental income.
Contingent rents are recognised as revenue in the period in
which they are earned. Fit-out rental income is recognised
in the statement of profit and loss on accrual basis.

Leases are classified as finance leases when substantially
all of the risks and rewards of ownership transfer from
the Company to the lessee. Amounts due from lessees
under finance leases are recorded as receivables at the
Company's net investment in the leases. Finance lease
income is allocated to accounting periods so as to reflect
a constant periodic rate of return on the net investment
outstanding in respect of the lease.

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.

1. Financial assets

Initial recognition and measurement

Financial assets are classified, at initial recognition, as
subsequently measured at amortised cost, fair value
through other comprehensive income (OCI) and fair
value through profit or loss.

The classification of financial assets at initial recognition
depends on the financial asset's contractual cash flow
characteristics and the Company's business model for
managing them. With the exception of trade receivables
that do not contain a significant financing component
or for which the Company has applied the practical
expedient, the Company initially measures a financial
asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss, net of transaction
costs. Trade receivables that do not contain a significant
financing component or for which the Company has
applied the practical expedient are measured at the
transaction price determined under Ind AS 115.

In order for a financial asset to be classified and measured
at amortised cost or fair value through OCI, it needs to give
rise to cash flows that are 'solely payments of principal
and interest (SPPI)' on the principal amount outstanding.
This assessment is referred to as the SPPI test and is
performed at an instrument level.

The Company's business model for managing financial
assets refers to how it manages its financial assets in order
to generate cash flows. The business model determines
whether cash flows will result from collecting contractual
cash flows, selling the financial assets or both.

Subsequent measurement

i. Financial assets carried at amortised cost - a financial
asset is measured at amortised cost if both the
following conditions are met:

• The asset is held within a business model
whose objective is to hold assets for collecting
contractual cash flows; and

• Contractual terms of the asset give rise on
specified dates to cash flows that are solely
payments of principal and interest (SPPI) on the
principal amount outstanding.

After initial measurement, such financial assets are
subsequently measured at amortised cost using the
effective interest rate (EIR) method.

ii. Investments in equity instruments of subsidiaries,
joint ventures and associates - Investments in
equity instruments of subsidiaries, joint ventures and
associates are accounted for at cost in accordance
with Ind AS 27 Separate Financial Statements.

iii. Investments in other equity instruments -

Investments in equity instruments which are held for
trading are classified as at fair value through profit
or loss (FVTPL). For all other equity instruments, the
Company makes an irrevocable choice upon initial
recognition, on an instrument by instrument basis,
to classify the same either as at fair value through

other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). Amounts presented in
other comprehensive income are not subsequently
transferred to profit or loss. However, the Company
transfers the cumulative gain or loss within equity.
Dividends on such investments are recognised in
profit or loss unless the dividend clearly represents
a recovery of part of the cost of the investment.

iv. Investments in mutual funds - Investments in
mutual funds are measured at fair value through
profit and loss (FVTPL).

v. Derivative instrument - The Company holds
derivative financial instruments to hedge its
foreign currency exposure for underlying external
commercial borrowings ('ECB'). Derivative financial
instruments has been accounted for at FVTPL

De-recognition of financial assets

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
standalone 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.

Continuing involvement that takes the form of a guarantee
over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum
amount of consideration that the Company could be
required to repay.

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 for financial assets.

ECL is the weighted-average of difference between all
contractual cash flows that are due to the Company
in accordance with the contract and all the cash flows
that the Company expects to receive, discounted at the
original effective interest rate, with the respective risks
of default occurring as the weights. When estimating the
cash flows, the Company is required to consider-

• All contractual terms of the financial assets (including
prepayment and extension) over the expected life of
the assets.

• Cash flows from the sale of collateral held or other
credit enhancements that are integral to the
contractual terms.

Trade Receivables

In respect of trade receivables, the Company applies
the simplified approach of Ind AS 109, which requires
measurement of loss allowance at an amount equal to
lifetime expected credit losses. Lifetime expected credit
losses are the expected credit losses that result from all
possible default events over the expected life of a financial
instrument.

Other financial assets

In respect of its other financial assets, the Company
assesses if the credit risk on those financial assets has
increased significantly since initial recognition. If the credit
risk has not increased significantly since initial recognition,
the Company measures the loss allowance at an amount
equal to 12-month expected credit losses, else at an
amount equal to the lifetime expected credit losses.

When making this assessment, the Company uses the
change in the risk of a default occurring over the expected
life of the financial asset. To make that assessment, the
Company compares the risk of a default occurring on
the financial asset as at the balance sheet date with the
risk of a default occurring on the financial asset as at the
date of initial recognition and considers reasonable and
supportable information, that is available without undue
cost or effort, that is indicative of significant increases in
credit risk since initial recognition. The Company assumes
that the credit risk on a financial asset has not increased
significantly since initial recognition if the financial asset
is determined to have low credit risk at the balance
sheet date.

2. Non- derivative financial liability
Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as
financial liabilities at fair value through profit or loss, loans
and borrowings and payables, net of directly attributable
transaction costs.

The Company's financial liabilities include trade and other
payables, security deposits, loans and borrowings and
other financial liabilities including bank overdrafts and
financial guarantee contracts.

Subsequent measurement

Subsequent to initial recognition, the measurement of
financial liabilities depends on their classification, as
described below:

Loans and borrowings

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.

Financial guarantee contracts

Financial guarantee contracts are those contracts
that require a payment to be made to reimburse the
holder for a loss it incurs because the specified party
fails to make a payment when due in accordance with
the terms of a debt instrument. Financial guarantee
contracts are recognized as a financial liability at the
time the guarantee is issued at fair value, adjusted
for transaction costs that are directly attributable
to the issuance of the guarantee. Subsequently, the
liability is measured at the higher of the amount
of expected loss allowance determined as per
impairment requirements of Ind-AS 109 and the
amount recognised less cumulative amortization.

De-recognition of financial liabilities

A financial liability is de-recognised 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.

3. Reclassification of Financial instruments

The Company determines classification of financial
assets and liabilities on initial recognition. After initial
recognition, no reclassification is made for financial
assets which are equity instruments and financial
liabilities. For financial assets which are debt
instruments, a reclassification is made only if there is
a change in the business model for managing those
assets. Changes to the business model are expected
to be infrequent. The Company's senior management
determines change in the business model as a result
of external or internal changes which are significant
to the Company's operations. Such changes are
evident to external parties. A change in the business
model occurs when the Company either begins or
ceases to perform an activity that is significant to

its operations. If the Company reclassifies financial
assets, it applies the reclassification prospectively
from the reclassification date which is the first day
of the immediately next reporting period following
the change in business model. The Company does
not restate any previously recognised gains, losses
(including impairment gains or losses) or interest.

4. 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.

s) Fair value measurement

The Company measures financial instruments such as
derivative instruments etc 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 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

• Level 3 - Valuation techniques for which the lowest
level input that is significant to the fair value
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.

External valuers are involved for valuation of significant
assets, such as properties and unquoted financial
assets, and significant liabilities, such as contingent
consideration. Involvement of external valuers is decided
upon annually by the management. Valuers are selected
based on market knowledge, reputation, independence
and whether professional standards are maintained.
Fair value disclosure of Investment Properties are based
on management own assessment relying upon various
parameters.

For the purpose of fair value disclosures, the Company has
determined classes of assets and liabilities on the basis of
the nature, characteristics and risks of the asset or liability
and the level of the fair value hierarchy as explained above.

This note summarises accounting policy for fair value.
Other fair value related disclosures are given in the
relevant notes.

• Disclosures for valuation methods, significant estimates
and assumptions

• Quantitative disclosures of fair value measurement
hierarchy

• Investment in unquoted equity shares

• Investment properties

• Financial instruments

t) Convertible instruments

Convertible instruments are separated into liability and
equity components based on the terms of the contract.
On issuance of the convertible instruments, the fair value
of the liability component is determined using a market
rate for an equivalent non-convertible instrument.
This amount is classified as a financial liability measured
at amortised cost (net of transaction costs) until it is
extinguished on conversion or redemption.

The remainder of the proceeds is allocated to the
conversion option that is recognised and included in
equity since conversion option meets Ind AS 32 criteria for
fixed to fixed classification. Transaction costs are deducted
from equity, net of associated income tax. The carrying
amount of the conversion option is not remeasured in
subsequent years.

Transaction costs are apportioned between the liability
and equity components of the convertible instruments
based on the allocation of proceeds to the liability and

equity components when the instruments are initially
recognised.

u) Non - current assets held for sale

The Company classifies non-current assets and disposal
groups as held for sale if their carrying amounts will be
recovered principally through a sale/ distribution rather
than through continuing use. Actions required to complete
the sale/ distribution should indicate that it is unlikely that
significant changes to the sale will be made or that the
decision to sell will be withdrawn. Management must be
committed to the sale expected within one year from the
date of classification.

For these purposes, sale transactions include exchanges of
non-current assets for other non-current assets when the
exchange has commercial substance. The criteria for held
for sale classification is regarded met only when the assets
or disposal group is available for immediate sale in its
present condition, subject only to terms that are usual and
customary for sales/ distribution of such assets (or disposal
groups), its sale is highly probable; and it will genuinely be
sold, not abandoned. The Company treats sale of the asset
or disposal group to be highly probable when:

• The appropriate level of management is committed to
a plan to sell the asset,

• An active programme to locate a buyer and complete
the plan has been initiated,

• The asset (or disposal group) is being actively marketed
for sale at a price that is reasonable in relation to its
current fair value,

• The sale is expected to qualify for recognition as a
completed sale within one year from the date of
classification, and

• Actions required to complete the plan indicate that it
is unlikely that significant changes to the plan will be
made or that the plan will be withdrawn.

Non-current assets held for sale and disposal groups are
measured at the lower of their carrying amount and the
fair value less costs to sell. Assets and liabilities classified as
held for sale are presented separately in the balance sheet.

Property, plant and equipment and intangible assets once
classified as held for sale to owners are not depreciated
or amortised.

v) Significant management judgements

The following are significant management judgements
in applying the accounting policies of the Company
that have the most significant effect on the financial
statements.

Recognition of deferred tax assets - The extent to which
deferred tax assets can be recognized is based on an
assessment of the probability of the future taxable income
against which the deferred tax assets can be utilized.

Evaluation of indicators for impairment of assets - The
evaluation of applicability of indicators of impairment of
assets requires assessment of several external and internal
factors which could result in deterioration of recoverable
amount of the assets.

Classification of leases - The Company enters into leasing
arrangements for various assets. The classification of the
leasing arrangement as a finance lease or operating lease
is based on an assessment of several factors, including, but
not limited to, transfer of ownership of leased asset at end
of lease term, lessee's option to purchase and estimated
certainty of exercise of such option, proportion of lease
term to the asset's economic life, proportion of present
value of minimum lease payments to fair value of leased
asset and extent of specialized nature of the leased asset.

Determining the lease term of contracts with renewal and
termination options (Company as lessee)- The Company
determines the lease term as the non-cancellable term
of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to
be exercised, or any periods covered by an option to
terminate the lease, if it is reasonably certain not to be
exercised. The Company has several lease contracts that
include extension and termination options. The Company
applies judgement in evaluating whether it is reasonably
certain whether or not to exercise the option to renew or
terminate the lease. That is, it considers all relevant factors
that create an economic incentive for it to exercise either
the renewal or termination. After the commencement
date, the Company reassesses the lease term if there is
a significant event or change in circumstances that is
within its control and affects its ability to exercise or not
to exercise the option to renew or to terminate (e.g.,
construction of significant leasehold improvements or
significant customisation to the leased asset).

Impairment of financial assets - At each balance sheet
date, based on historical default rates observed over
expected life, the management assesses the expected
credit loss on outstanding financial assets.

Provisions - At each balance sheet date basis the
management judgment, changes in facts and legal
aspects, the Company assesses the requirement of
provisions against the outstanding contingent liabilities.
However the actual future outcome may be different from
this judgement.

Revenue from contracts with customers-The Company
has applied judgements that significantly affect the
determination of the amount and timing of revenue from
contracts with customers.

Significant estimates

The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities, are described below. The Company based its
assumptions and estimates on parameters available
when the standalone financial statements were prepared.
Existing circumstances and assumptions about future
developments, however, may change due to market
changes or circumstances arising that are beyond the
control of the Company. Such changes are reflected in
the assumptions when they occur.

Net realizable value of inventory -The determination
of net realisable value of inventory involves estimates
based on prevailing market conditions, current prices
and expected date of commencement and completion
of the project, the estimated future selling price, cost to
complete projects and selling cost. The Company also
involves specialist to perform valuations of inventories,
wherever required.

Useful lives of depreciable/ amortisable assets -
Management reviews its estimate of the useful lives of
depreciable/ amortisable assets at each reporting date,
based on the expected utility of the assets. Uncertainties
in these estimates relate to technical and economic
obsolescence that may change the utility of assets.

Valuation of investment property - Investment property
is stated at cost. However, as per Ind AS 40 there is a
requirement to disclose fair value as at the balance
sheet date. The Company has not engaged independent
valuation specialists to determine the fair value of its
investment property as at reporting date. The fair value
of the investment properties have been disclosed by
the management of the Company based upon its own
assessment and relying upon prevailing circle rates and
market values and also on the basis of valuation report
from IBBI approved registered valuer.

Impairment of Property plant equipment, Investment
properties and CWIP - Impairment exists when the
carrying value of an asset or cash generating unit exceeds
its recoverable amount, which is the higher of its fair value
less costs of disposal and its value in use. The value in use
calculation is based on a DCF model. The cash flows are
derived from the budgets. The recoverable amount is

sensitive to the discount rate used for the DCF model as
well as the expected future cash-inflows and the growth
rate used.

Defined benefit obligation (DBO) - Management's
estimate of the DBO is based on a number of underlying
assumptions such as standard rates of inflation, mortality,
discount rate and anticipation of future salary increases.
Variation in these assumptions may significantly impact
the DBO amount and the annual defined benefit expenses.

Fair value measurement disclosures - Management
applies valuation techniques to determine the fair value
of financial instruments (where active market quotes are
not available). This involves developing estimates and

6.1 The construction activities at one of the Company's Residential Group Housing Project, named 'Madelia' in Sector M-1A,
Manesar, Gurugram, Haryana, assigned to Company upon demerger were suspended consequent upon pending litigation
at the Hon'ble Supreme Court of India. On March 12, 2018, the Hon'ble Supreme Court of India has pronounced an order in
the matter requiring the Company to file its claim for the subject Project before the Office of the Haryana State Industrial and
Infrastructure Development Corporation Limited (HSIIDC).

Accordingly, the Company has lodged its claim before HSIIDC and has not accepted the claim offered by HSIIDC . The Hon'ble
supreme court of India vide order dated 21 July, 2022 has directed to submit the dispute of claim to arbitration to a mutually
agreed person and in event of no agreement, the arbitration to be referred to Delhi International Arbitration Centre (DIAC) .
The arbitration proceedings were initiated as per directions of Hon'ble Supreme Court of India. The pleadings have completed
before the arbitrator and final arguments concluded. The award is reserved for pronouncement as at the date of approval
of financial statements .On conservative basis, the Company have created provision against the amount recoverable to the
extent of 22.5% amounting to C6,605.95 lakhs.

Since the award is reserved for pronouncement and the amount claimed by the Company during arbitration proceeding is
higher than the carrying amount, the Company is confident that the Company would be able to realise the Carrying amount,
hence, in the opinion of the management of the Company no further provision against amount recoverable is required to be
made in the financial statements.

6.2 Other receivables of current nature includes recoverable from subsidiary company namely TARC Infrastructure Limited,
C23,199.74 lakhs (Previous year C23,199.74 lakhs) on account of sale of Property, Plant and Equipment . [Refer note 35.5 (ix)
for details ]

9.1 Capital advances and Advances to Contractors comprise of advances of C476.85 lakhs (previous year C589.28 lakhs ) and
C2,823.63 lakh ( previous year C3088.08 lakh) respectively represents advances towards land, transferable development rights
('projects') and advances to vendors/ contractors. Having regard to the nature of business, these include amounts relating
to projects that could take a substantial period of time to conclude. Management has evaluated that these advances are in
accordance with the normal trade practice and are not in the nature of loans or advance in the nature of loans and shall be
adjusted/ settled in due course of time.

9.2 Capital Advances given by the Company includes under litigation C476. 85 lakhs (previous year C476. 85 lakhs). As the
management of the Company is quite hopeful that the Company will be able to get favourable judicial order in it's favor, no
provision for any kind of impairment in the value of these capital advances have been made in books of accounts, while for
Capital Advances under litigation where recovery is not certain, and provision for impairment in capital advance was made in
earlier years have been written off during the year as not recoverable. .

9.4 During earlier year, as per the No litigation policy dated July 28, 2023 of Haryana State Industrial Infrastructure Corporation
(HSIDC) each landowner whose land has been acquired and who undertake not to litigate for acquisition or compensation
shall be eligible to exercise an option to be allotted, developed residential or developed industrial plot(s) on pro rata basis
in the ratio of 1000 square meters for every one acre of land acquired. On April 15, 2024, the Company exercised it's option
of allotment of developed industrial plot as per it's entitlement and accordingly classified as non current assets in financial
statements. The allotment of developed industrial plot by HSIDC as per entitlement is pending as at balance sheet date.

16.1 Disclosure for security against Borrowing and repayment term:

Debentures:

During the year the Company issued 40,900 numbers, 6% senior, secured, redeemable, rated, listed, non convertible
debentures of face value of C1,00,000 (Rupees One Lakh) each aggregating to C40,900 lakhs on private placement basis to
India Opportunities Fund SSA - Scheme I. The Company redeemed 6% Senior Secured Redeemable rated listed and unlisted
non convertible debentures 2027 aggregating to C67,895.93 lakhs and 9,411.91 lakhs respectively .

M/s Catalyst Trusteeship Limited is the debenture trustee for the said debenture issued. A debenture trust deed dated 20
March, 2025 has been executed among the company and M/s Catalyst Trusteeship Limited.

The company have complied with all covenants of the debenture trust deed including mandatory security cover of the
Debenture Trust Deed.

16.2 The aforesaid debentures are further secured by :

a) First ranking pledge over 100% of the equity share capital of each obligator (other than TARC Limited and Personal Guarantors),

on a fully dilutive basis, in favour of the debenture trustee. The details of investments held by the TARC Limited in it's subsidiaries

and also investment held by subsidiaries of TARC Limited in Step Down Subsidiaries, pledged as security for such debentures

are as follows:

Investments held by the TARC Limited in it's Subsidiaries:

i 50,000 No. of Equity shares held by the Company in TARC Infrastructure Limited having book value of C5.00 lakhs has
been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

ii 50,000 No. of Equity shares held by the Company in BBB Realty Limited having book value of C5.00 lakhs has been pledged
with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

iii 50,000 No. of Equity shares held by the Company in Bolt Properties Limited having book value of C5.00 lakhs has been
pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

iv 50,000 No. of Equity shares held by the Company in Elevator Promoters Limited having book value of C5.00 lakhs has
been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

v 50,000 No. of Equity shares held by the Company in Elevator Properties Limited having book value of C5.00 lakhs has
been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

vi 50,000 No. of Equity shares held by the Company in Fabulous Builders Limited having book value of C5.00 lakhs has been
pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

vii 50,000 No. of Equity shares held by the Company in Gadget Builders Limited having book value of C5.00 lakhs has been
pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

viii 50,000 No. of Equity shares held by the Company in Grand Buildtech Limited having book value of C5.00 lakhs has been
pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

ix 50,000 No. of Equity shares held by the Company in Green View Buildwell Limited having book value of C5.00 lakhs has
been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

x 6,250 No. of Equity shares held by the Company in High Land Meadows Limited having book value of C5005.00 lakhs has
been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xi 50,000 No. of Equity shares held by the Company in Jubilant Software Services Limited having book value of C5.00 lakhs
has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xii 50,000 No. of Equity shares held by the Company in Kalinga Realtors Limited having book value of C5.00 lakhs has been
pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xiii 50,000 No. of Equity shares held by the Company in Park Land Construction and Equipments Limited having book value
of C5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xiv 64,16,029 No. of Equity shares held by the Company in TARC Green Retreat Limited having book value of C9979.51 lakhs
has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xv 50,000 No. of Equity shares held by the Company in Townsend Construction and Equipments Limited having book value
of C5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xvi 7,40,000 No. of Equity shares held by the Company in Travel Mate India Limited having book value of C39.96 lakhs has
been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

Investments held by the Subsidiaries of TARC Limited in the Step Down Subsidiaries :

xvii 977 No. of Equity shares held by TARC Projects Limited in Moon Shine Entertainment Limited having book value of
C6315.75 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xviii 50,000 No. of Equity shares held by High Land Meadows Limited in Capital Buildcon Limited having book value of C5.00
lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xix 50,000 No. of Equity shares held by High Land Meadows Limited in Krishna Buildtech Limited having book value of C5.00
lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xx 50,000 No. of Equity shares held by High Land Meadows Limited in Rising Realty Limited having book value of C5.00 lakhs
has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxi 50,000 No. of Equity shares held by High Land Meadows Limited in Ankur Buildcon Limited having book value of C5.00
lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxii 50,000 No. of Equity shares held by Green View Buildwell Limited in Capital Buildtech Limited having book value of C 5.00
lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxiii 50,000 No. of Equity shares held by Green View Buildwell Limited in Carnation Buildtech Limited having book value of
C5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxiv 50,000 No. of Equity shares held by Green View Buildwell Limited in Gagan Buildtech Limited having book value of C5.00
lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxv 50,000 No. of Equity shares held by Green View Buildwell Limited in Greatways Buildtech Limited having book value of
C5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxvi 50,000 No. of Equity shares held by Green View Buildwell Limited in Monarch Buildtech Limited having book value of
C5.00 lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

xxvii 50,000 No. of Equity shares held by Green View Buildwell Limited in Papillon Buildcon Limited having book value of C5.00
lakhs has been pledged with the debenture holder by creating a charge in favour of Catalyst Trusteeship Limited.

37 Segment reporting

An operating segment is one whose operating results are regularly reviewed by the entity's chief operating decision maker
to make decisions about resources to be allocated to the segment and assess its performance. The Company has identified
the chief operating decision maker as its Managing Director. The Chief Operating Decision maker reviews performance of
real estate business on an overall business. The Company's business activities which are primarily real estate development
and related activities falls within a single reportable segment as the management of the company views the entire business
activities as real estate development . Accordingly, there are no additional disclosures to be furnished in accordance with the
requirements of Ind As- 108 operating segment with respect to single reportable segment.

As the Company has a single reportable segment, the segment wise disclosure requirements of Ind AS 108 on 'Operating
Segment' is not applicable.

38.2 Fair values hierarchy

The Company uses the following hierarchy for determining and/or disclosing the fair value of financial instruments by valuation
techniques:

The following is the basis of categorising the financial instruments measured at fair value into Level 1 to Level 3:

i) Level 1: This level includes financial assets that are measured by reference to quoted prices (unadjusted) in active markets
for identical assets or liabilities

ii) Level 2: This level includes financial assets and liabilities, measured using inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

iii) Level 3: This level includes financial assets and liabilities measured using inputs that are not based on observable market
data (unobservable inputs).

Fair values are determined in whole or in part, using a valuation model based on assumptions that are neither supported
by prices from observable current market transactions in the same instrument nor are they based on available market data.

Trade receivables, cash & cash equivalents, other bank balances, loans, other current financial assets, trade payables and other
current financial liabilities: Approximate their carrying amounts largely due to short-term maturities of these instruments.

Management uses its best judgment in estimating the fair value of its financial instruments. However, there are inherent
limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented
above are not necessarily indicative of all the amounts that the Company could have realized or paid in sale transactions as
of respective dates. As such, the fair value of the financial instruments subsequent to the respective reporting dates may be
different from the amounts reported at each year end.

For short term financial assets and liabilities carried at amortized cost. The carrying value is reasonable approximation of
fair value.

The carrying amount of bank balances, Trade Receivable, Trade Payable, other financial assets / liabilities, loans, cash and cash
equivalents, borrowings are considered to be the same as their fair value due to their short term nature.

39 Financial risk management objectives

The Company's principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these
financial liabilities is to finance and support Company's operations. The Company's principal financial assets include loans,
trade and other receivables and cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the
management of these risks. The Company's senior management provides assurance that the Company's financial risk
activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed
in accordance with the Company's policies and risk objectives. The Board of Directors reviews and agrees policies for managing
each of these risks, which are summarised below:

A. 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) and from
its financing activities, including security deposits, loans to employees, loan to subsidiary companies and other financial
instruments. To manage this, the Company periodically assesses financial reliability of customers and other counter parties,
taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of
financial assets.

i. Concentration of Loans

The Company's exposure to credit risk for loan is presented as below. Loans represents loans to related parties for
business purposes.

The loans granted to subsidiary Companies,LLP's and partnership firms are less prone to credit risk as granted for
acquiring real estate/investment properties.

ii. Concentration of trade receivables

a. Receivables resulting from sale of properties: Customer credit risk is managed by requiring customers to pay advances
before transfer of ownership, therefore, substantially eliminating the Company's credit risk in this respect.

b. Receivables resulting from other than sale of properties: Credit risk is managed by each business unit subject to the
Company's established policy, procedures and control relating to customer credit risk management. Outstanding customer
receivables are regularly monitored. The impairment analysis is performed at each reporting date on an individual basis
for major clients. In addition, a large number of minor receivables are grouped into homogeneous groups and assessed
for impairment collectively.

B. Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is
to ensure as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due.

Management monitors rolling forecasts of the liquidity position and cash and cash equivalents on the basis of expected
cash flows. The Company takes into account the liquidity of the market in which the entity operates.

C. 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 other price risk, such as equity price risk and
commodity/ real estate risk. Financial instruments affected by market risk include loans and borrowings.

i. Currency Risk

Currency risk is not material, as the Company's primary business activities are within India and does not have significant
exposure in foreign currency.

ii. Interest Rate Risk
i. Liabilities

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Company's fixed rate borrowings are carried at amortised cost. They are therefore
not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will
fluctuate because of a change in market interest rates.

The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings
keeping in view of current market scenario.

ii. Assets

The company's fixed deposits, interest bearing security deposits are carried at fixed rate. Therefore, the said assets are
not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will
fluctuate because of a change in market interest rates.

40 Capital Management

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and all other
equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management
is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the
requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend
payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing
ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, loans and borrowings,
trade and other payables, less cash and cash equivalents.

42 Corporate Social Responsibility (CSR) Expenditure

The Gross amount required to be spent by the Company during the year ended March 31, 2026 on CSR is Nil, as average
net profit of the Company for the purpose of determining the spending on CSR activities computed in accordance with the
provisions of section 135, excluding of items given under Rule 2 (1)(h) of Companies (CSR Policy) Rules 2014 read with section
198 of Companies Act 2013 is Nil .

44 The Company is engaged in the business of real estate development, which has been classified as infrastructure facilities,
accordingly disclosures as required under section 186 (4) of Companies Act 2013 have not been given. The amount outstanding
in respect of loans outstanding are given in note 46 and closing balance of investment are given in note no. 4 of Standalone
Financial statement.

48 Additional regulatory information required by Schedule III of Companies Act, 2013

i) Details of Benami property: There are no benami property being held by the company. No proceedings have been initiated
or are pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988
(45 of 1988) and the rules made thereunder.

ii) Utilisation of borrowed funds and share premium:

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (Ultimate Beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (Ultimate Beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

iii) Compliance with number of layers of companies: The Company has complied with the number of layers prescribed under
section 2(87) of the Companies Act, 2013 read with companies (Restriction on number of layers) Rules, 2017.

iv) Compliance with approved scheme(s) of arrangements: The Company has not entered into any scheme of arrangement which
has an accounting impact on current or previous financial year.

v) Undisclosed income: There is no income surrendered or disclosed as income during the current or previous year in the tax
assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.

vi) Details of crypto currency or virtual currency: The Company has not traded or invested in crypto currency or virtual currency
during the current or previous year.

vii) Valuation of PP&E, intangible asset and investment property: The Company has not revalued its property, plant and equipment
(including right-of-use assets) or intangible assets or both during the current or previous year.

viii) The company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying
any tenure or period of repayment other than to subsidiaries as per detail given in Note 5 to Standalone Financial Statements.

ix) There are no charges or satisfaction of charges which are yet to be registered or satisfied with Registrar of Companies.

x) The Company has not been declared wilful defaulter by any bank or financial institution or any other lender.

xi) The company has not taken any working capital limits from banks or financial institutions on the basis of security of
current assets.

xii) Audit Trail: The Company has used an accounting software namely, Farvision, for maintaining its books of account for the
financial year ended March 31, 2026 which has a feature of recording audit trail (edit log) facility and the same has been
operated throughout the financial year for all the relevant transactions recorded in the software. Although, the accounting
software has inherent limitations, there were no instances of the audit trail feature been tampered with and audit trail feature
has been preserved by the Company as per statutory requirements for record retention.

xiii) Struck off Companies: The Company does not have any relationship with Companies struck off under section 248 of
Companies Act, 2013 or section 560 of Companies Act, 1956

49 Ministry of Corporate Affairs (""MCA"") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31,2026, MCA has notified following
Amendment to Ind AS, applicable to the company w.e.f. 1^st April, 2025.

Ind AS - 21 The Effects of change in Foreign Exchange Rates Lack of Exchangeability

Ind AS 12 - Income taxes relating to International Tax Reform - Pillar Two Model Rules - Exception to recognition and disclosure
of deferred tax.

Amendment to Ind AS 7 - Cash flow statement and Ind AS 107 - Financial Instrument Disclosures relating to supplier finance
arrangements.

Ind AS 1 - Presentation of Financial Statements- Classification of Liabilities as current or non- current and non- current liabilities
with covenants.

The Company has reviewed the new pronouncements and based on its evaluation has determined that it does not have any
significant impact in its financial statements.

50 New and amended standards issued but yet not effective

The MCA has issued certain amendments to Indian Accounting Standard which are not yet effective as at 31^st March, 2026.
The Company has not early adopted any standard, interpretation or amendment that has been issued but it is not yet effective

51 On 21 November 2025, the Government of India notified four new Labour Code (the Code on Wages, 2019, the Code on
Social Security, 2020, the Industrial Relations Code, 2020 and the Occupational Safety, Health and Working Conditions Code,
2020) consolidating 29 existing labour laws. The Ministry of Labour & Employment published draft Central Rules and FAQs to
enable assessment of the financial impact due to changes in regulations. The Company has assessed that there is no impact
on provision for Gratuity & Leave Encashment on account of new Labour Code on the financial statement. The Company
continues to monitor the finalization of Central / State Rules and clarifications from the Government on other aspects of the
Labour Codes and would provide appropriate accounting effect as and when such clarifications are issued / rules are notified.

52 The figures have been rounded off to the nearest lakhs or decimal thereof . The figure 0.00 wherever appearing in the financial
statement represents figures less than C500.