Annual Report 2014-15

ANNUAL REPORT 2014-15

CONTENTS

Vision ...... 02

The Year That Was ...... 04

Company Information ...... 06

Awards & Recognition ...... 08

Chairman’s Message ...... 10

Managing Director’s Message ...... 12

Management Discussion and Analysis ...... 14

Director’s Report and Annexures ...... 28

Report on Corporate Governance ...... 73

Business Responsibility Report ...... 95

Financials ...... 107

Consolidated Financials ...... 149

Notice and Explanatory Statement ...... 200 VISION

We aspire to be among the nation’s top 3 real estate companies, while continuing to be the most trusted name in the industry. We shall deliver superior value to all stakeholders through extraordinary and imaginative spaces created out of deep customer focus and insight.

02 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Godrej One, Mumbai

03 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 THE YEAR THAT WAS

ROBUST GROWTH DELIVERED (FY2015 LEADERSHIP POSITION IN PERFORMANCE OVERVIEW COMPARED THE GURGAON MARKET WITH FY2014) ò :HSLZPU.\YNHVUNYL^I` @V@PU-@[V ò ;V[HSPUJVTLPUJYLHZLKI` [V059 over 1 million sq. ft. despite a weak market crore from INR 1,254 crore ò :VSK [OL LU[PYL SH\UJOLK PU]LU[VY` VM ò 5L[WYVMP[PUJYLHZLKI` [V059 JYVYL HWHY[TLU[Z H[ .VKYLQ 6HZPZ HUK from INR 159 crore HWHY[TLU[ZH[.VKYLQ(YPH ò 3H\UJOLK .VKYLQ (YPH ^P[OPU TVU[OZ VM FY15 SALES HIGHLIGHTS signing the Development Agreement which is ò 9LNPZ[LYLK IVVRPUN ]VS\TL VM TPSSPVU [OLMHZ[LZ[SH\UJOPU[OLOPZ[VY`VM.73 sq.ft. and booking value of INR 2,681 crore in a weak real estate market STRONG FOCUS ON EXECUTION ò NYV^[O PU ]VS\TL HUK NYV^[O PU ò +LSP]LYLK TPSSPVU ZXM[ PU -@ ^OPJO volume of residential sales bookings includes 2.7 million sq.ft. of residential and ò /PNOLZ[L]LYHUU\HSYLZPKLU[PHSZHSLZI`.73 0.8 million sq.ft. of commercial space across with booking value of INR 2,398 crore five cities in FY15

CONTINUED SUCCESS IN BUSINESS OTHER HIGHLIGHTS DEVELOPMENT ò 0*9(OHZ\WNYHKLKSVUN[LYTYH[PUNVM.VKYLQ ò (KKLK UL^ WYVQLJ[Z ^P[O e TPSSPVU ZXM[ 7YVWLY[PLZ[V((MYVT( of saleable area across India in Mumbai, ò .73VWLULKP[ZMPYZ[PU[LYUH[PVUHSZHSLZVMMPJL Bengaluru, Gurgaon and Kolkata in Dubai ò H^HYKZYLJLP]LKPU-@

04 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Godrej Icon, Gurgaon

05 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 COMPANY INFORMATION

DIRECTORS: REGISTERED OFFICE 4Y(KP).VKYLQ .VKYLQ6UL[O-SVVY Chairman 7PYVQZOHUHNHY,HZ[LYU,_WYLZZ 4Y1HTZO`K5.VKYLQ /PNO^H`=PROYVSP,HZ[ Director Mumbai – 400 079 4Y5HKPY).VKYLQ Director REGISTRAR & TRANSFER AGENT 4Z7HYTLZO^HY(.VKYLQ Director 2HY]`*VTW\[LYZOHYL7YP]H[L3PTP[LK “Karvy Selenium Tower B”, 4Y7PYVQZOH.VKYLQ 7SV[5V .HJOPIV^SP Managing Director & Financial District, Nanakramguda, *OPLM,_LJ\[P]L6MMPJLY Serilingampally, Mr. K.T. Jithendran /`KLYHIHKè ;LSHUNHUH Executive Director Mr. V. Srinivasan Executive Director STATUTORY AUDITOR (up to March 31, 2015) 2(3@(50>(33( 40:;9@ Mr. Mohit Malhotra Chartered Accountants Executive Director 2HSWH[HY\/LYP[HNL (Appointed w.e.f April 1, 2015) 127, Mahatma Gandhi Road Mr. Amit B. Choudhury 4\TIHP Director Mr. Keki B. Dadiseth Director BANKERS 4YZ3HSP[H+.\W[L State Bank of India Director 0+)0)HUR3[K 4Y(TP[H]H4\ROLYQLL /+-*)HUR3[K Director Mr. S. Narayan Director COMPANY SECRETARY & CHIEF LEGAL OFFICER +Y7YP[HT:PUNO Director Mr. Surender Varma 4Y7YHUH`=HRPS Director

06 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Godrej Serenity, Mumbai

07 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 AWARDS & RECOGNITION Awards Received by Godrej Properties in FY2014-15:

Emerging Developer of the year – Residential ò [O9LHS[`7S\Z,_JLSSLUJL(^HYKZ

Most Promising Brand/Leader Award ò >VYSK)YHUK:\TTP[

Most Reliable Builder ò *5)*(>((A9LHS,Z[H[L(^HYKZ

Best in Sector – Indian Real Estate ò :LJ[VY:\JJLZZ(^HYKZ Sector Innovator Award for Landmark Structures ò :LJ[VY:\JJLZZ(^HYKZ Gold Statuette for ‘Let's Talk’ – ò 4HY*VT(^HYKZ0U[LYUH[PVUHSJVTWL[P[PVUMVY4HYRL[PUNHUK Category – Internal Employee Publication *VTT\UPJH[PVU7YVMLZZPVUHSZ Asia’s most promising brand ò >VYSK*VUZ\S[PUN 9LZLHYJO*VYWVYH[PVU>*9* Brand Excellence Award in Real Estate Sector ò )YHUK,_JLSSLUJL(^HYKZ Most Admired Real Estate Sector Website of the year ò .SVIHS)YHUK,_JLSSLUJL(^HYKZ India’s Top 5 Most Admired Builders ò *VUZ[Y\J[PVU>VYSK(YJOP[LJ[HUK)\PSKLYZ*>()(^HYKZ Real Estate Company of the Year – Runner Up ò *VUZ[Y\J[PVU>VYSK(YJOP[LJ[HUK)\PSKLYZ*>()(^HYKZ Mumbai Hot 50 brands ò /PUK\Z[HU;PTLZHUK7H\S>YP[LY Automation of Financial Planning Process ò :PS]LY,+.,(^HYK0UMVYTH[PVU>LLR Ranked amongst India’s Top 50 companies to work ò 9HURLK PU9LHS,Z[H[L *VUZ[Y\J[PVU:LJ[VY for in 2014 – Study by Great Places to Work Institute ò 9HURLK PUV]LYHSSJH[LNVY` and ‘The Economic Times’

The Real Estate Honour ò 1VOUZVU:VJPL[`0U[LYPVYZ/VUV\YZ Top 50 admired brands of India 2014–15 ò (KTPYLK)YHUKZ 3LHKLYZVM0UKPH Innovative Real Estate Marketing Campaign of the year ò .VSKLU.SVIL;PNLY(^HYKZ

Luxury Housing Developer of the Year – Western India ò )YHUKZ(JHKLT`,_JLSSLUJL(^HYKZ Innovation Leader in Real Estate ò 5+;=7YVWLY[`(^HYKZ Corporate Citizen of the Year ò >VUI`[OL.VKYLQ.YV\W7\ISPJ9LSH[PVUZ*V\UJPSVM0UKPH 79*0(^HYKZ Platinum award – Online Newsletter – Infographics ò 7\ISPJ9LSH[PVUZ*V\UJPSVM0UKPH79*0(^HYKZ Silver award for – Vibrations ò 7\ISPJ9LSH[PVUZ*V\UJPSVM0UKPH79*0(^HYKZ AVA Digital Awards 2015 ò 7SH[PU\T(^HYKMVY3P]L)YPNO[]PKLVMVY.VKYLQ7YHRYP[P3P]L ]PKLVMVY>LI4HYRL[PUN7YVK\J[ ò 7SH[PU\T(^HYKMVY+*VKLĉSTMVY[OL.73+LZPNU:[\KPV]PKLV =PKLV7YVK\J[PVU*VYWVYH[L0THNL ò .VSK(^HYKMVY6UL;YLL:[VY`]PKLVMVY;OL;YLLZTHYRL[PUN JHTWHPNU=PKLVWYVK\J[PVU=PYHS]PKLV

08 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 7YVQLJ[:WLJPĉJ Individual Awards

ò .VSK(^HYKYK(ZPHU*VUZ\TLY,UNHNLTLU[-VY\T(^HYKZ ò 0U[LNYH[LK;V^UZOPWVM[OL`LHY>LZ[[O,Z[H[L(^HYKZVYNHUPaLKI` Franchise India in media partnership with ET Now ò 4VZ[(KTPYLKJHTWHPNUJYLH[P]L.VSK*H[LNVY`H[[OL*,-(ZPHU Godrej Garden City, Ahmedabad Consumer Engagement Awards ò )LZ[9LZPKLU[PHS7YVQLJ[9\UULY\W*VUZ[Y\J[PVU>LLR0UKPH(^HYKZ ò 0U[LNYH[LK;V^UZOPWVM[OL`LHY9LHS[`7S\Z,_JLSSLUJL(^HYKZ ò ;VW9LHS,Z[H[LWYVQLJ[ZPU0UKPH9LHS[`7S\Z ò )LZ[9LZPKLU[PHS7YVQLJ[PU)HUNHSVYLJP[`\UKLY(MMVYKHISLZLNTLU[*5)* Godrej E–City, Bangalore (>((A9LHS,Z[H[L(^HYKZ ò ;VW9LHS,Z[H[LWYVQLJ[ZPU0UKPH9LHS[`7S\Z Godrej Frontier, Gurgaon ò :HML[`*LY[PĉJH[LVM(WWYLJPH[PVU*VUZ[Y\J[PVU0UK\Z[Y`+L]LSVWTLU[ Council (CIDC) Vishwakarma Safety Awards 2015

ò :HML[`*LY[PĉJH[LVM(WWYLJPH[PVU*VUZ[Y\J[PVU0UK\Z[Y`+L]LSVWTLU[ Godrej Platinum, Bangalore Council (CIDC) Vishwakarma Safety Awards 2015

Godrej Anandam, Nagpur ò ;VW9LHS,Z[H[LWYVQLJ[ZPU0UKPH9LHS[`7S\Z ò 3\_\Y`=PSSH7YVQLJ[VM[OL@LHY>LZ[)HUNHSVYL Godrej Gold County, Bangalore Bangalore Real Estate Awards 2014 ò ;VW9LHS,Z[H[LWYVQLJ[ZPU0UKPH9LHS[`7S\Z Godrej Platinum, Kolkata ò ;VW9LHS,Z[H[LWYVQLJ[ZPU0UKPH9LHS[`7S\Z Godrej Central, Mumbai ò .VSK(^HYKYK(ZPHU*VUZ\TLY,UNHNLTLU[-VY\T(^HYKZ Godrej Oasis ò 4VZ[7YVTPZPUN

ò ;VW9LHS,Z[H[LWYVQLJ[ZPU0UKPH9LHS[`7S\Z Godrej Prakriti, Kolkata ò :HML[`*LY[PĉJH[LVM(WWYLJPH[PVU*VUZ[Y\J[PVU0UK\Z[Y`+L]LSVWTLU[ Council (CIDC) Vishwakarma Safety Awards 2015

ò *,69LHS,Z[H[L*,6(^HYK ò )LZ[7LVWSL*,65H[PVUHS/9+5L[^VYR5/9+5*,6(^HYKZ Mr. Pirojsha Godrej ò =PZPVUHY`VM0UKPH@V\UN(JOPL]LY,_[YHVYKPUHPYL)YHUK=PZPVU0UKPH Summit & Awards supported by FICCI ò :JYVSSVM/VUV\Y9LHS[`7S\Z,_JLSSLUJL(^HYKZ ò 4HYRL[LLYVM[OL`LHY()75L^Z9LHS,Z[H[L(^HYKZ Mr. Girish Shah ò 0UKPHëZ;VW*46ëZ)YHUK,_JLSSLUJL(^HYKZ Mr. Shailesh Joshi ò *06(^HYKZ Mr. Ajay Pawar ò :LSLJ[LKHTVUNZ[4VZ[;HSLU[LK*VTT\UPJH[PVU3LHKLYZ Mr. Rajendra Khetawat ò 0UKPHëZ[O(UU\HS*-69VSSVM/VUV\Y(TVUNZ[;VW*-6ëZPU0UKPH ò >VTLU(JOPL]LY(^HYK.SVIHS9LHS,Z[H[L)YHUK(^HYKZ Miss. Sunaina Kohli ò 4VZ[;HSLU[LK4HYRL[PUN7YVMLZZPVUHS3VRTH[5H[PVUHS(^HYKZMVY excellence in Real Estate

Mr. Prashin Jhobalia ò @V\UN(JOPL]LY(^HYK()75L^Z9LHS,Z[H[L(^HYKZ

09 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MESSAGE FROM THE CHAIRMAN 4Y(KP).VKYLQ Chairman, ;OL.VKYLQ.YV\W

Despite a challenging environment for the real estate sector in FY15, your business performed well. For the full year, GPL’s total income increased by 54% to INR 1927 crore and net WYVĉ[PUJYLHZLKI` [V059 JYVYL

Dear Shareholders,

6]LY[OLSHZ[`LHY^LOH]LZLLU[OLILNPUUPUNZ Despite a challenging environment for the VMHYL]P]HSPU[OL0UKPHULJVUVT`.+7NYV^[O real estate sector in FY15, your business OHZPUJYLHZLK[V PU-@MYVT PU[OL WLYMVYTLK ^LSS -VY [OL M\SS `LHY .73ëZ previous year. The fall in the current account [V[HSPUJVTLPUJYLHZLKI` [V059 deficit and the Government’s subsidy bill has JYVYLHUKUL[WYVMP[PUJYLHZLKI` [V059 helped with fiscal consolidation. The RBI has 191 crore. From a business development announced multiple interest rate cuts. India WLYZWLJ[P]L^LHKKLKUL^WYVQLJ[Z^P[OH JVU[PU\LZ[VIL[OLOPNOLZ[YHURPUNJV\U[Y`PU ZHSLHISLHYLHVMe TPSSPVUZX\HYLMLL[K\YPUN Nielsen’s Consumer Confidence Index for the [OL`LHY-VYUL^WYVQLJ[Z[OH[^LOH]LHKKLK sixteenth quarter in a row. While consumer to our portfolio, the focus has been entirely demand levels across most sectors including VU YLZPKLU[PHS WYVQLJ[Z PU [HYNL[ JP[PLZ ^P[O real estate remain muted, we are confident favourable deal structures. I am happy to note that the economic cycle is turning, and that despite a very weak market for residential that demand will pick up significantly in the real estate we have registered our best ever years ahead. `LHYMVYYLZPKLU[PHSZHSLZ^P[OHNYV^[OVM

010 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 The Indian economy is on an upswing and we expect to see an improvement in consumer sentiment as well. We must leverage this trend and continue our focus on driving strong growth and creating superior value for all our stakeholders.

PU ]VS\TL [LYTZ HUK PU ]HS\L [LYTZ HZ sector, and tax incentives for home buyers all compared to FY14. We also opened our first signal the intent of the Government to support international sales office in Dubai to further growth in the sector. The Indian economy L_WHUKV\YZHSLZYLHJO6U[OLL_LJ\[PVUZPKL is on an upswing and we expect to see an we successfully delivered 3.5 million sq. ft. of improvement in consumer sentiment as well. real estate across five cities. This included our We must leverage this trend and continue our V^U OLHKX\HY[LYZ I\PSKPUN .VKYLQ 6UL PU focus on driving strong growth and creating Vikhroli. Your Company received significant superior value for all our stakeholders. external recognition with a total of 59 awards being received in FY15. I’d like to take this opportunity to thank our employees, our customers, our business During the year, the government has taken partners, and our other business associates. steps to improve the investment climate in I would also like to thank our shareholders for the country. There have been significant their continued support. efforts towards increasing the ease of doing business. The new Government’s thrust Best regards, on smart cities, housing for all, and urban renewal are all expected to give a boost to urbanisation and the growth of the real Adi B. Godrej estate ector. The new guidelines for REITs, Chairman, the easing of FDI investment norms in the ;OL.VKYLQ.YV\W

011 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MESSAGE FROM THE MANAGING DIRECTOR 7PYVQZOH.VKYLQ 4HUHNPUN+PYLJ[VY *,6 .VKYLQ7YVWLY[PLZ

From being a relatively marginal player in the sector a few years ago, we have emerged as the second largest developer in the country by sales volumes in FY15.

Dear Shareholders, There were numerous operational highlights for Your Company in FY15. We had the highest ever Financial Year 2015 has been another exciting residential sales in the company’s history with sales `LHY MVY .VKYLQ 7YVWLY[PLZ +LZWP[L [OL of ` 2,398 crore during the year. We have now sold challenging macroeconomic and real estate sector real estate worth nearly Rs. 8,000 crore in the last environment, your Company demonstrated strong [OYLLĉUHUJPHS`LHYZ0ëTOHWW`[VYLWVY[^LHSZV YLZ\S[Z^P[O YL]LU\LNYV^[O UL[WYVĉ[ OHK V\Y ILZ[ L]LY `LHY MVY WYVQLJ[ KLSP]LYPLZ ^P[O NYV^[OHUK YLZPKLU[PHSZHSLZNYV^[O 3.5 million sq. ft. of space delivered during the year. 6UL JYP[PJHS WYVQLJ[ KLSP]LY` ^HZ [OL ZX 6\YZ[YH[LN`VMMVJ\ZPUNVU[OLJV\U[Y`ëZSLHKPUN M[ VM JVTTLYJPHS ZWHJL H[ .VKYLQ 6UL PU =PROYVSP real estate markets and gaining scale without ÔPJO^PSSIL[OLULÔLHKX\HY[LYZVM[OL.VKYLQ deploying excessive capital in land is yielding strong .YV\W ;OL Z\JJLZZM\S JVTWSL[PVU VM [OPZ WYVQLJ[ results. From being a relatively marginal player in is an important milestone for our development the sector a few years ago, we have emerged as in Vikhroli and will help us expedite the launch of the second largest developer in the country by Z\IZLX\LU[WOHZLZVM[OPZJYP[PJHSWYVQLJ[ sales volumes in FY15. We were especially happy with our performance in We believe the opportunities for continued growth the NCR market in FY15. Despite very weak market in the sector remain immense and we are striving JVUKP[PVUZ^LNYL^V\YVÛZHSLZI`V]LY to ensure our own capabilities continue to rapidly to cross 1 million sq. ft. of sales and emerge as the grow. We have done a lot of work in improving our largest developer in Gurgaon by sales volume in processes and performance in critical areas like ;OL[^VUL^WYVQLJ[Z^LSH\UJOLKK\YPUN WYVQLJ[ ZLSLJ[PVU HUK WSHUUPUN L_LJ\[PVU X\HSP[` the year in Gurgaon were the key contributors to and cost, and consistent sales growth. While some [OPZZ\JJLZZ"H[.VKYLQ6HZPZ^L^LYLHISL[VZLSS of the results of these efforts are already evident, V]LYHWHY[TLU[ZÔPSLH[.VKYLQ(YPH^LZVSK we believe there is much more ahead. over 250 apartments in the launch quarter. We

012 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 SH\UJOLK.VKYLQ(YPH^P[OPUMV\YTVU[OZVMZPNUPUN Though a lot of accomplishments were registered in the development agreement, which is the quickest FY15, the year also had its share of disappointments. [\YUHYV\UK [PTL MVY HU` WYVQLJ[ SH\UJO PU .73ëZ (ZPNUPĉJHU[U\TILYVMV\YWSHUULKSH\UJOLZ^LYL history. Four years ago we had no presence in held back due to delays in regulatory approvals, NCR. In a short period of time, we have added several due to the uncertainty created with the WYVQLJ[Z PU 5*9 HUK OH]L HSYLHK` SH\UJOLK introduction of the new development plan in VM [OLZL WYVQLJ[Z ^P[O [YLTLUKV\Z Z\JJLZZ 6\Y Mumbai. This is extremely frustrating given the fact cumulative sales in Gurgaon now stand at more [OH[[OLWYVQLJ[Z^LHYLSH\UJOPUNHYLJVUZPZ[LU[S` [OHUTPSSPVUZXM[>LHYLJVUĉKLU[VMI\PSKPUN doing well. Commercial sales was another area of on this success in NCR and of replicating it in the KPZHWWVPU[TLU[PU-@>LHYLJVUĉKLU[VMH country’s other key real estate markets. pickup in momentum on the back of our commercial WYVQLJ[ZUV^YLHJOPUNHĉUHSZ[HNLVMJVTWSL[PVU In Mumbai in FY15 we successfully launched our us having visibility on a very exciting lead pipeline, ZLJVUK[V^UZOPWWYVQLJ[.VKYLQ*P[`PU7HU]LSHUK HUKILULĉ[PUNMYVTHUPTWYV]PUNJVTTLYJPHSYLHS sold 486 apartments in FY15. Disappointingly, the estate market. Successfully increasing sales in our policy confusion surrounding the introduction of the commercial portfolio is an important priority for the new development plan for Mumbai dampened our year ahead as this is a critical lever for us to unlock sales in the second half of FY15 as we had to delay cash that can be redeployed more effectively. We PTWVY[HU[ WYVQLJ[ SH\UJOLZ PU *OLTI\Y )`J\SSH believe the company’s balance sheet and return and Vikhroli. The silver lining to this situation is that metrics will substantially improve after we unlock we have a very robust launch pipeline in Mumbai capital from our commercial portfolio. MVY[OLJ\YYLU[ĉUHUJPHS`LHY6\YJ\YYLU[4\TIHP portfolio, combined with our Group’s land in The headwinds facing the Indian economy over the Vikhroli and strong visibility of adding exciting new past couple of years are abating. A combination WYVQLJ[ZSLH]L\ZJVUĉKLU[VMZ[YVUNNYV^[OPU[OL VM ILULĉJPHS [\YUZ PU JVTTVKP[` HUK PU[LYLZ[ country’s leading real estate market. rate cycles, a favorable policy environment and improved consumer and investor sentiment is Your company made substantial contributions to likely to lead to an improved demand environment [OL.VKYLQ.YV\WëZ.VVK .YLLU]PZPVUPU-@ for the real estate sector in the year ahead. We 6U[OLLTWSV`HIPSP[`MYVU[^LWYV]PKLK]VJH[PVUHS believe that our national presence, strong brand, [YHPUPUN[V^VYRLYZH[V\YWYVQLJ[ZP[LZHJYVZZ and robust launch pipeline leave us well placed to [OL JV\U[Y` 6U [OL Z\Z[HPUHIPSP[` MYVU[ ^L OHK ILULĉ[MYVT[OLPTWYV]LKLU]PYVUTLU[ HUV[OLY`LHY^P[OT\S[PWSLWYVQLJ[ZYLJLP]PUNNYLLU I\PSKPUNJLY[PĉJH[PVUZ;OPZPUJS\KLK0.)*7SH[PU\T I would like to take this opportunity to sincerely thank WYLJLY[PĉJH[PVU MVY .VKYLQ 7SH[PU\T PU +LSOP HUK my management team for the exceptional efforts 0.)*.VSKWYLJLY[PĉJH[PVUMVY.VKYLQ7HYR.VKYLQ they have made throughout the year to ensure strong (UHUKHTHUK.VKYLQVYR -VYëZ[\K`I`[OL.YLH[7SHJLZ[V>VYR0UZ[P[\[LPU Best wishes, partnership with the Economic Times. Ensuring we attract the best management talent and create an Pirojsha Godrej LU]PYVUTLU[[OH[HSSV^Z[OPZ[HSLU[[VĊV\YPZOPZ[OL 4HUHNPUN+PYLJ[VY *,6 most important priority for your company. .VKYLQ7YVWLY[PLZ

013 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MANAGEMENT DISCUSSION & ANALYSIS

GLOBAL GROWTH IS GLOBAL ECONOMY EXPECTED TO RISE The global economy struggled to gain momentum as many high- income countries continued to struggle and emerging economies MODERATELY TO 3.0 were less dynamic than in the past. Global growth picked up PERCENT IN 2015 AND marginally in 2014 to 2.6 percent from 2.5 percent in 2013. AVERAGE ABOUT 3.3 Among the major advanced economies, growth in the United States PERCENT THROUGH YLIV\UKLKHOLHKVML_WLJ[H[PVUZPUVUHJJV\U[VMSV^PUĊH[PVU 2017. HIGH-INCOME and a decline in unemployment and oil prices. According to ‘The COUNTRIES ARE LIKELY World Economic Outlook’ growth in the US is projected to exceed 3 percent in 2015–16, supported by strong domestic demand and TO SEE GROWTH OF 2.2 an accommodative monetary policy stance despite the projected PERCENT IN 2015-17, gradual rise in interest rates.

UP FROM 1.8 PERCENT In the Euro area, growth in 2014 was weaker than expected on IN 2014. HJJV\U[VMSV^PU]LZ[TLU[HUKPUĊH[PVU(UU\HSNYV^[OPZWYVQLJ[LK to be in the region of 1.2 percent in 2015 and 1.4 percent in 2016. In emerging market and developing economies, growth is projected to remain broadly stable at 4.3 percent in 2015 and increase to 4.7 percent in 2016.

Global growth is expected to rise moderately to 3.0 percent in 2015 and average about 3.3 percent through 2017. High-income countries are likely to see growth of 2.2 percent in 2015-17, up from 1.8 percent PUVU[OLIHJRVMNYHK\HSS`YLJV]LYPUNSHIV\YTHYRL[ZĉZJHS JVUZVSPKH[PVUHUKSV^LYĉUHUJPUNJVZ[Z:PaHISL\UJLY[HPU[`HIV\[VPS prices has added a new risk dimension to the global growth outlook. On the upside, the boost to global demand from lower oil prices could be greater than is currently factored into projections.

014 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Godrej Sky, Mumbai

015 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 )QFTGL+PſPKV[ Pune

INDIAN ECONOMY is expected that with a revival in demand and the stalled The Indian economy has been reporting a growth of projects getting back on-stream, the GFCF rate would SLZZ [OHU MVY [OL WHZ[ [^V ĉUHUJPHS `LHYZ 0UKPHëZ PTWYV]LZPNUPĉJHU[S`PU-@ GDP growth was 4.5% and 4.7% in FY13 and FY14, respectively. However since the start of FY15, business Government of India has launched the “Make in and investor sentiments have been positive which India” campaign, which includes major new initiatives coincided with the new government assuming power designed to facilitate investment, foster innovation, at the Centre. According to Indian Finance Ministry, the protect intellectual property and build best-in-class annual growth rate of the Indian economy is projected manufacturing infrastructure. There is also an increased to have increased to 7.4% in 2014-15 as compared emphasis on reducing entry barriers by introducing [V PU [OL ĉZJHS `LHY ;OL UL^ NYV^[O new de-licensing and deregulation measures thereby numbers have been arrived at after a revision of the way YLK\JPUN JVTWSL_P[` HUK ZPNUPĉJHU[S` PUJYLHZPUN [OL .+7PZJHSJ\SH[LKPU0UKPH;OL*LU[YHS:[H[PZ[PJZ6MĉJL ease of doing business. has revised the base year on which comparisons are made to 2011-12 from 2004-05. Post the revision, GDP The International Monetary Fund released an update growth stands at 6.9 percent (from 4.7 percent) in FY14 to its World Economic Outlook report predicting that and 5.1 percent in FY13. India’s economy will overtake China in terms of its annual growth rate in 2015-16. The IMF estimates predict Capital formation has been a major problem for the that India’s economy will grow at 7.5 percent over the economy with a slowdown in investment by both the next two years. This puts India’s projected growth in WYP]H[LZLJ[VYHUKNV]LYUTLU[;OLNYVZZĉ_LKJHWP[HS HOLHK VM [OL VYNHUPaH[PVUëZLZ[PTH[LZ MVY *OPUH formation (GFCF) rate at current prices has come down (which stand at 6.8 and 6.3 percent for 2015 and 2016, continuously from 33.6% in FY12 to 28.6% in FY15. It respectively), making India the fastest growing major emerging economy in the world.

016 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MANAGEMENT DISCUSSION & ANALYSIS

HUKOPNOWYPJPUNKL]LSVWLYZHYLUV^YLK\JPUN[OLZPaLZ (U\TILYVMMHJ[VYZHYLL_WLJ[LK of apartments in new projects in order to target mid- income customers. [VJVU[YPI\[L[V[OLNYV^[O VMOV\ZPUNKLTHUKPU0UKPH A number of factors are expected to contribute to the growth of housing demand in India. Chief among them *OPLMHTVUN[OLTHYLYHWPK are rapid urbanisation rates, a decreasing average \YIHUPZH[PVUYH[LZHKLJYLHZPUN OV\ZLOVSK ZPaL HUK LHZPLY H]HPSHIPSP[` VM OVTL SVHUZ H]LYHNLOV\ZLOVSKZPaLHUK The effect of urbanisation rates on housing demand is TVZ[WYVMV\UKPU[OL;PLYJP[PLZ^OLYLHSHYNLPUĊ\_ LHZPLYH]HPSHIPSP[`VMOVTLSVHUZ of migrants is causing housing demand to surge. The socio-cultural shift towards nuclear families is also providing an additional impetus to housing demand in GDP growth at factor cost India. The urban sector currently contributes around to 60% of India’s GDP. The link between the economic performance of cities and the national economy is VUS` SPRLS` [V NL[ Z[YVUNLY HZ [OL YH[L VM \YIHUPaH[PVU

increases.

Housing and urban development are key priorities of the

new government. The new Government is expected to drive reforms and regulations that are long overdue. The / / / / / / / / / / / / / / / / recent policy measures to relax Foreign Direct Investment (FDI) norms, provide housing for all by 2022, create 100 smart cities and approve Real Estate Investment Trusts REAL ESTATE OVERVIEW 9,0;ZOH]L IVVZ[LK [OL JVUĉKLUJL VM Z[HRLOVSKLYZ Real estate is a critical sector for India’s economy due >OPSLHSSVM[OLZLWVSPJPLZOH]LZVTLKPYLJ[ILULĉ[Z[OL to its large potential for employment generation, capital SHYNLYILULĉ[PZ[OLZPNUHSSPUNVMPU[LU[[VZ\WWVY[NYV^[O attraction and revenue generation for the Government. It in the sector, which in turn will lead to an improvement in is one of the fastest growing sectors contributing about sentiment in the sector and amongst customers. WLYJLU[ [V 0UKPHëZ .+7(M[LY ^P[ULZZPUN Ċ\J[\H[PUN Key rates business cycles in the last decade, the real estate sector witnessed a slowdown in FY15 due to moderate end

\ZLYKLTHUKYPZPUNPU]LU[VY`HUKOPNOĉUHUJLJVZ[Z However, despite adverse sector dynamics, prices were resilient in most cities and have dropped only in select micro markets. :39 Capital values of properties have surpassed the 2008 +LJ +LJ +LJ +LJ +LJ +LJ +LJ +LJ +LJ peak value which has created affordability concerns 9LWV9H[L *HZO9LZLY]L9H[PV9H[L in some markets. To cope with this reduced demand 9L]LYZL9LWV9H[L :[H[\[VY`3PX\PKP[`9H[PV:39

017 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MANAGEMENT DISCUSSION & ANALYSIS

DESPITE THE SUBDUED PERFORMANCE 5*9 ZH^ H ZPNUPĉJHU[ MHSS VM PU ZHSLZ ]VS\TL IN RECENT YEARS, INDIA’S New launches in INR 10mn/unit category witnessed DEMOGRAPHICS AND URBANIZATION TVKLYH[PVU H ZOPM[ H^H` MYVT OPNOLY [PJRL[ ZPaL [YLUK which was a mainstay for the past 2 years. Prices TRENDS PRESENT AN OPTIMISTIC remained largely sideways across markets with the FUTURE FOR THE RESIDENTIAL MARKET. exception of few micro markets in NCR which witnessed DEMAND IS EXPECTED TO REVIVE GIVEN some correction. THE REDUCTION IN INTEREST RATES Year-Wise New Launches in the Top Six Cities

AND HIGHER GDP GROWTH. THE RATE CUT CYCLE BODES WELL FOR THE RESIDENTIAL SECTOR. RESIDENTIAL REAL ESTATE The residential real estate sector in India witnessed moderation in sales, absorption and new launches. 4\TIHP 5*9 )LUNHS\Y\ 7\UL *OLUUHP /`KLYHIHK According to the property research company Knight Frank, national sales volume declined by 17% and new Source: Knight Frank Research launches fell by 28% in CY2014. A total of 234,930 units were sold during 2014 compared to 284,550 units Despite the subdued performance in recent years, in 2013. 0UKPHëZKLTVNYHWOPJZ HUK \YIHUPaH[PVU [YLUKZ WYLZLU[ an optimistic future for the residential market. Demand Year-Wise New Sales in the Top Six Cities is expected to revive given the reduction in interest rates

and higher GDP growth. The rate cut cycle bodes well for the residential sector with lower outgo for mortgage payments improving affordability. Half-Yearly Launches and Absorption trend (Top Six Cities)

4\TIHP 5*9 )LUNHS\Y\ 7\UL *OLUUHP /`KLYHIHK Source: Knight Frank Research

Number of Units Divergent trends were witnessed based on location and price. Overall, demand continued to be weak across top cities and did not witness a meaningful pick up H1 2012 H2 2012 H1 2013 H2 2013 H1 2014 H2 2014 H1 2015E after the general elections. Mumbai posted the highest 3H\UJOLZ (IZVYW[PVU sales volume in 2014, followed by Bengaluru and Pune. Source: Knight Frank Research

018 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Commercial Real Estate Sector driver of recovery, with net absorption nearly doubling to 8.9mn sq ft. In Bengaluru, E-retailers emerge as a THQVYKYP]LYMVYPUJYLHZLKHIZVYW[PVUVMVMĉJLZWHJL0U CY14, MMR saw balanced absorption and supply with net absorption of 3.9mn sq ft that matched up well with

4UZXM[ fresh completions of 4.5 mn sq ft. Kolkata saw subdued

=HJHUJ` net absorption of 0.8 mn sq ft in CY14, with fresh supply of 0.94 mn sq ft continuing to outpace absorption. *@ *@ *@ *@ *@ *@ *@ *@ *@ *@ *@ , Overall vacancy is likely to gradually reduce over CY15- 5L^JVTWSL[PVUTZM[ 5L[HIZVYW[PVUTZM[ =HJHUJ` V^PUN [V SPTP[LK SH\UJOLZ VM UL^ VMĉJL ZWHJL Source: JLL Corporate entities have already begun rolling out their expansion plans due to an improvement in business COMMERCIAL REAL ESTATE fundamentals. The anticipated revival of the economy +L]LSVWLYZ^LYL^HY`VMSH\UJOPUNUL^VMĉJLWYVQLJ[Z is expected to be a key trigger for the segment. Given over CY12-13 on account of cautious expansion plans that the market has seen an oversupply in the last few VM JVYWVYH[LZ HUK V]LYZ\WWS` VM VMĉJL ZWHJL *@ years, the gap between demand and supply is likely to ZH^HTHYRLKYLJV]LY`PUVMĉJLHIZVYW[PVUHJYVZZ[PLY shorten, leading to a further increase in rentals. 1 cities. Overall net absorption stood at 30.3 mn sq ft, up 39% YoY. After a dismal CY13 that saw relocations KVTPUH[L SLHZPUN HJ[P]P[` [OL ĉYZ[ NYLLU ZOVV[Z ^LYL visible with a pickup in pre-leasing and demand for UL^ZWHJL;OL)LUNHS\Y\VMĉJLTHYRL[^HZ[OLRL`

)QFTGL'VGTPKC Chandigarh

019 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 )QFTGL(TQPVKGT, Gurgaon

YOUR COMPANY EXPECTS VMZVM[LUPUNPUĊH[PVUHUK[OLNV]LYUTLU[ëZJVTTP[TLU[ DEMAND FROM THE MID INCOME [V JVU[PU\L ^P[O [OL ĉZJHS JVUZVSPKH[PVU WYVNYHTTL Monetary easing initiatives will provide an impetus to RESIDENTIAL SEGMENT TO REMAIN housing demand. A roll-back in rates can positively STRONG AS WE BELIEVE THERE impact sentiments and encourage home buyers and IS SIGNIFICANT DEMAND IN THIS real estate developers. CATEGORY ACROSS THE COUNTRY. Real Estate Reforms FDI OPPORTUNITIES The government’s policy initiative to ease FDI rules in construction by reducing the minimum capital Housing Demand requirement from US$ 10 million to US$ 5 million and the Your Company expects demand from the mid income built up area from 50,000 sq.m. to 20,000 sq.m. is likely residential segment to remain strong as we believe there [VIVVZ[MVYLPNUM\UKPUĊV^ZZPNUPĉJHU[S`;OPZ^PSSIYPUN PZZPNUPĉJHU[KLTHUKPU[OPZJH[LNVY`HJYVZZ[OLJV\U[Y` in both capital and expertise, ensuring development 0UJYLHZPUNKPZWVZHISLPUJVTLZYHWPK\YIHUPaH[PVUHUK of sustainable and quality urban housing in India. The strong demographics are some of the trends favouring relaxation of the lock-in period also comes as a major the mid-income residential market. relief for the industry. Projects with a commitment of at least 30% of the total cost towards low-cost affordable Monetary Easing housing will be exempted from requirements relating to The real estate sector performance is directly bound TPUPT\TI\PS[\WHYLHHUKJHWP[HSPaH[PVU^P[OH[OYLL by the country’s economic fundamentals and monetary year lock-in period. The government expects the new policies. The RBI had lowered its policy rate to 7.5% in TLHZ\YLZ[VJVUZPKLYHIS`LUOHUJLPUĊV^ZPU[V[OLYLHS March 2015 after a similar cut in January on the back estate sector.

020 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MANAGEMENT DISCUSSION & ANALYSIS

investment option ensuring participation from retail ;OLVWLYH[PVUVM9,0;Z^PSS investors, pension funds and insurance companies. The operation of REITs will deepen the market, attract KLLWLU[OLTHYRL[H[[YHJ[SVUN long-term and low-cost capital, and usher in greater transparency and better levels of disclosure. [LYTHUKSV^JVZ[JHWP[HSHUK \ZOLYPUNYLH[LY[YHUZWHYLUJ` Real Estate Regulatory Bill The Union Cabinet approved amendments to the long- HUKIL[[LYSL]LSZVMKPZJSVZ\YL pending real estate bill to bring all ongoing projects under its ambit. The Bill entails the formation of a Housing Regulatory Authority (HRA) to ensure compliance by Issue of long-term bonds by banks for the developer and increase transparency in the housing ĉUHUJPUNHMMVYKHISLOV\ZPUN sector. The government expects the new Bill to create a 0UVYKLY[VLUZ\YLHKLX\H[LJYLKP[ĊV^[V[OLHMMVYKHISL uniform regulatory mechanism and protect the interests housing sector, the RBI has allowed issuance of long- of consumers while at the same time enhance the growth term bonds by banks for raising capital. Lending to the of the construction sector through better credibility. Key affordable housing sector includes loans eligible under provisions of the bill are listed below: priority sector along with mortgage loans that are limited ò +L]LSVWLYZ^PSSULLK[VKLWVZP[ VM[OLTVUL` to INR 5 mn in six metro cities (for houses valued up to collected from the buyers in a project within 15 INR 6.5 mn in Mumbai, New Delhi, Chennai, Kolkata, days into a separate bank account to be used for Bengaluru and Hyderabad) and up to INR 4 mn for construction of that project houses valued up to INR 5 mn in other locations. ò VM[OLWYVQLJ[JVZ[^PSSILPTWVZLKHZHWLUHS[` for non-registration and another 10% or three- REITs year imprisonment, or both, if there is further non- The introduction of REITs will provide access to funding compliance with the rules and regulations for developers, better valuations for commercial ò +L]LSVWLYZ PU IV[O YLZPKLU[PHS HUK JVTTLYJPHS properties, access to individual investors in commercial sectors will be required to register their projects with real estate and a more structured and transparent the regulatory authority and disclose information commercial real estate market. REITs primarily invest regarding the promoters, project, layout plan, in completed real estate assets that generate revenue schedule of development work, land status, and and the majority of their earnings are distributed among status of statutory approval, among others investors. REITs are thus a low-risk investment avenue ò 9LHS LZ[H[L HNLU[Z HSZV JHU IL WLUHSPaLK MVY UVU providing regular income. compliance of the orders of the regulatory authority

The Union Budget 2015 rationalised the capital gain The Bill will provide a renewed boost to transparency tax regime for the sponsors of REITs. The Budget also levels in the Indian real estate sector. This will instil more proposed that the rental income arising from real estate JVUĉKLUJLHTVUNNSVIHSPU]LZ[VYZHUKPU[\YUWYV]PKL assets directly held by the REIT would be allowed to pass better access to structured capital for the sector. through and will be taxed in the hands of the unit holders However, the continued non-inclusion of government of the REIT. This would help to channel both domestic agencies whose slow regulatory approval processes are and overseas investments into real estate projects in the a major contributor to project delays, remains an issue country. Globally REITs have proven to be an attractive that needs to be addressed.

021 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MANAGEMENT DISCUSSION & ANALYSIS

GPL HAS COMPLETED SEVERAL (IV\[.VKYLQ7YVWLY[PLZ3PTP[LK LANDMARK PROJECTS AND IS Godrej Properties Limited (GPL) is the real estate CURRENTLY DEVELOPING RESIDENTIAL, development arm of the Godrej Group, which was started in 1897 and is today one of India’s most COMMERCIAL AND TOWNSHIP successful conglomerates. GPL brings the Group’s PROJECTS SPREAD ACROSS 108 philosophy of innovation and excellence to the real MILLION SQUARE FEET IN 12 CITIES estate industry, while aspiring to continue to be the most trusted name in the industry. GPL has completed ACROSS INDIA. several landmark projects and is currently developing residential, commercial and township projects spread across 10 million square meters (108 million square feet) in 12 cities across India. Throughout its operations, THREATS & CHALLENGES GPL aims to deliver superior value to all stakeholders Regulatory Hurdles through extraordinary and imaginative spaces created Unfavorable changes in government policies and out of deep customer focus and insight. the regulatory environment can adversely impact the performance of the sector. There are substantial GPL has always embraced the notion that collaboration procedural delays with regards to land acquisition, is the essence of excellence. To that end, we have land use, project launches and construction approvals. worked with the best designers, architects and Retrospective policy changes and regulatory bottlenecks contractors within India and around the globe to TH`PTWHJ[WYVĉ[HIPSP[`HUKHMMLJ[[OLH[[YHJ[P]LULZZVM deliver imaginative and sustainable spaces. By bringing the sector and companies operating within the sector. together the best talent in the global real estate sector, GPL works to create developments that will last into the Funding Problems future and foresee the needs of each and every resident. The RBI has set a threshold of 15% for the total maximum exposure of banks to real estate, including Our Key Business Priorities: individual housing loans and lending to developers for a. Leveraging the ‘Godrej’ Brand JVUZ[Y\J[PVUĉUHUJL^OPJOPZX\P[LSV^HUKPZJ\Y[HPSPUN We believe that the ‘Godrej’ brand is instantly the growth of the sector. Absence of long term funding YLJVNUPaHISL HJYVZZ 0UKPH K\L [V P[Z SVUN Z[HUKPUN from banks is forcing developers to look at alternative WYLZLUJLPU[OL0UKPHUTHYRL[[OLKP]LYZPĉLKI\ZPULZZLZ sources of funds, most of which do not offer affordable in which the Godrej Group operates and the trust it has interest rates. developed over the course of its operating history. We believe that the strength of the ‘Godrej’ brand and its :OVY[HNLVM4HUWV^LY ;LJOUVSVN` association with trust, quality and reliability help us in Despite being the second largest employer in the country many aspects of our business. the construction sector as a whole faces a manpower shortage. Further the sector is heavily dependent on These include entering into joint development manual labour which increases the timelines for projects agreements, expanding to new cities and markets and and results in supply getting deferred. Hence less labour formulating business associations. The brand has also intensive alternative methods of construction need to helped us build deeper relationships with our customers, be adopted on a large scale through training and skill service providers, process partners, investors and development of manpower. lenders, all of which have led to us acquiring a strong position within the sector. In addition, GPL’s association

022 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GPL Residential Portfolio

>LILSPL]L[OH[[OLZ[YLUN[O .739LZPKLU[PHS7V[Y[MVSPV-@!4UZXM[ VM[OL[V[HSWVY[MVSPV .739LZPKLU[PHS7VY[MVSPV-@! 4UZXM[ VM[OL[V[HSWVY[MVSPV

VM[OLº.VKYLQ»IYHUKHUKP[Z

HZZVJPH[PVU^P[O[Y\Z[X\HSP[` HUKYLSPHIPSP[`OLSW\ZPUTHU` HZWLJ[ZVMV\YI\ZPULZZ -@-@ -@-@ -@-@ -@-@ -@-@ -@-@ -@-@ -@-@ )HUNHSVYL 4\TIHP 5*9 7\UL (OTLKHIHK *OLUUHP 2VSRH[H 6[OLY*P[PLZ with the Godrej Group provides accessibility to several were able to sell close to 0.35 million square feet with land parcels owned by Godrej Group companies a booking value of over Rs. 250 crore in the launch enhancing the scope of our development portfolio quarter. This launch was executed within 8 months of ZPNUPĉJHU[S` signing the development agreement. At Godrej Aria, we were able to sell 0.4 million square feet with a b. Strong sales performance in key residential booking value of Rs. 284 crore in the launch quarter. markets We launched the project within four months of signing Your Company has posted a strong sales performance the development agreement which is the quickest in key markets in FY14. The response to our new turnaround time for any project launch in GPL’s history. project launches in Gurgaon has been excellent despite Given that we had no presence in NCR 4 years ago, we a challenging market. At Godrej Oasis in Gurgaon, we have added 5 projects in a very short span of time and

)QFTGL7PKVGF Bengaluru

023 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 )QFTGL1CUKU Gurgaon

launched 4 of these projects with tremendous success. c. Sustained Business Development Momentum Our cumulative sales in Gurgaon are now more than 3 During FY2015, we added 5 new projects to our million square feet. development portfolio and concluded deals across India, in Mumbai, Bengaluru, Gurgaon and Kolkata. Our deal In Mumbai your Company successfully launched its pipeline for new projects across the country’s leading second township project, Godrej City in Panvel and sold real estate markets looks robust and we expect to have 0.6 million sq.ft with a booking value of Rs. 343 crore in further positive news on the business development front FY15. We also had a successful launch of the second in the year ahead. The table below has the details on phase of Godrej Central in Chembur and have now sold these new projects signed in FY15: close to 0.6 million square feet of space worth over Rs. 870 crore since the launch of the project. Your Company 5L^7YVQLJ[Z(KKLKPU-@ also successfully launched Godrej Prana in Pune within one year of signing the development agreement. At 7HY[PJ\SHY Saleable Area Business .VKYLQ0UĉUP[`7\UL^LZVSKTVYL[OHUHWHY[TLU[Z million sq.ft Model in ten days with a booking value of Rs. 120 crore. Godrej Aria, Gurgaon 1.6 Residential We also had a successful launch of the second phase of Platform Godrej United in Bangalore several months ahead of our Badlapur, Mumbai 1.25 DM Fee target launch date. We have now sold 524,000 square G&B, Vikhroli 1.2 DM Fee feet of space worth Rs. 324 crore in the twelve months since the launch of the project. Joka, Kolkata 3.0 Profit share Whitefield, Bangalore 0.85 Profit share In addition to these new launches, Your Company also witnessed strong sales from existing residential projects and closed the year with booking area of 3.9 million sq.ft and booking value of INR 2,681 Cr.

024 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MANAGEMENT DISCUSSION & ANALYSIS

e. Sustainable Development 6\YRL`Z[YLUN[OOHZILLU To demonstrate our commitment to sustainable TL[PJ\SV\ZL_LJ\[PVUVMV\Y\UKLY practices, Godrej Industries Limited & Associated Companies (GILAC) initiated the ‘Godrej Good & Green’ JVUZ[Y\J[PVUWYVQLJ[Z^P[OPU[OL PUP[PH[P]L[VHJOPL]LZWLJPĉLKLU]PYVUTLU[HSILUJOTHYRZ by the year 2020. Under the ambit of this initiative, at KL[LYTPULK[PTLMYHTL6\Y[YHJR GPL we have committed ourselves to the triple bottom YLJVYKVUL_LJ\[PVUX\HSP[`HUK SPULHWWYVHJOVM7LVWSL7SHUL[ 7YVĉ[

[PTLSPULZNP]LZ\ZJYLKPIPSP[`^P[O We follow a comprehensive approach to sustainable V\YJ\Z[VTLYZ development from early design phase through the construction period. In our integrated process, the way we design our developments takes on key importance. <[PSPaPUN [VVSZ Z\JO HZ LULYN` TVKLSPUN HSSV^Z \Z [V d. Excellence in Project Execution reduce energy consumption in buildings that in turn Our key strength has been meticulous execution of reduces their operational carbon footprint. Our focus our under-construction projects within the determined on sustainable development covers environmental timeframe. Our track record on execution quality and parameters including site selection and planning, timelines gives us credibility with our customers. To pedestrian friendly developments, indoor environmental further enhance our execution capabilities, we outsource X\HSP[`TH_PTPaPUNKH`SPNO[PUNHUKUH[\YHS]LU[PSH[PVU certain functions to leverage best-in-class practices and ^H[LY HUK LULYN` LMĉJPLUJ` HZ ^LSS HZ YLZWVUZPISL partners. This enables us to focus on core functions of material sourcing. We integrate the concept of land sourcing, project execution, and marketing. Since sustainable development across our operations. regulatory approvals are often a considerable obstacle in meeting our goals, we have strengthened our internal Sustainability is also one of the key principles capabilities to expedite these approvals and launch underscoring our design led approach and is a part of projects on time. During FY15 we have successfully the GPL Design Studio’s mandate. This has allowed delivered the following projects: us to leverage sustainable design as an innovation mechanism and has proved useful for us to action 7HY[PJ\SHY Area Delivered (ZZL[;`WL (million sq.ft.) our goal that all of our buildings should be externally JLY[PĉLKNYLLUI\PSKPUNZ>LSVVRH[Z\Z[HPUHIPSP[`H[H Godrej Platinum, 0.2 Residential SHYNLYVYNHUPaH[PVUHSSL]LS^OLYLHZHWHY[VM[OL.VKYLQ Mumbai group, we are one of the founding members of the Godrej Anandam, 0.4 Residential Indian Green Building Council (IGBC), which is actively Nagpur involved in promoting green building concepts in India. Godrej Frontier, 0.42 Residential Gurgaon -VY [OPZ ĉUHUJPHS `LHY ^L OH]L L_[LUKLK V\Y Godrej One, 0.76 Commercial commitment to sustainability across all domains of Mumbai our business. We have assessed sustainability along GGC Phase 2, 1.6 Residential the lines of the Global Reporting Initiative Generation 4 Ahmedabad .90.N\PKLSPULZ.90PZHUVUĉUHUJPHSKPZJSVZ\YLVM Godrej 17, 0.1 Residential performance indicators that cover Social, Environmental Bangalore & Economic aspects. Through this assessment, we

025 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 MANAGEMENT DISCUSSION & ANALYSIS

intend to ensure a continuous integration of sustainable WYHJ[PJLZH[.73[OH[^PSSOLSW\ZM\SĉSV\Y.VVK .YLLU 6\YLTWSV`LL]HS\LWYVWVZP[PVU 2020 vision. PZIHZLKVUHZ[YVUNMVJ\ZVU f. Human Capital LTWSV`LLKL]LSVWTLU[L_JP[PUN Human capital plays a crucial role in achieving our growth aspirations. In line with our operational scale- ^VYRJ\S[\YLJVTWL[P[P]L up, we increased our total employee strength by 39% to 836 employees during the year. Our employee value JVTWLUZH[PVUHUK[OLW\YZ\P[ proposition is based on a strong focus on employee VML_JLSSLUJL(TV[P]H[LKHUK development, exciting work culture, competitive compensation and the pursuit of excellence. A LTWV^LYLK^VYRMVYJLNP]LZ\Z motivated and empowered workforce gives us the [OLÅL_PIPSP[`PUHKHW[PUN[VM\[\YL ĊL_PIPSP[` PU HKHW[PUN [V M\[\YL ULLKZ VM V\Y I\ZPULZZ During the year, we were ranked amongst India’s Top 50 ULLKZVMV\YI\ZPULZZ Companies to Work for in 2014 for the third consecutive year. In the same study, we were ranked No. 1 in the Real Estate and Construction sector. are in preliminary stages of planning and any delay in THREATS, RISKS AND CONCERNS obtaining approvals could warrant revised scheduling of 0UK\Z[Y`*`JSPJHSP[` project timelines. The real estate market is inherently a cyclical market and is affected by macroeconomic conditions, changes 67,9(;065(3/0./30./;:6--@! in applicable governmental schemes, changes ò NYV^[OPU]VS\TLHUK NYV^[OPU]HS\L in supply and demand for projects, availability of of residential sales bookings in FY15 JVUZ\TLY ĉUHUJPUN HUK PSSPX\PKP[`@V\Y*VTWHU` OHZ ò 9LNPZ[LYLKIVVRPUN]VS\TLVM TPSSPVUZXM[ attempted to hedge against the inherent risks through a and booking value of INR 2,681 crore in a weak business model comprising joint ventures, development real estate market. management fee and a pan-India presence. However, any ò (KKLKUL^WYVQLJ[Z^P[Oe TPSSPVUZXM[VM M\[\YLZPNUPĉJHU[KV^U[\YUPU[OLPUK\Z[Y`HUK[OLV]LYHSS saleable area in FY15 investment climate may adversely impact business. ò +LSP]LYLK TPSSPVU ZXM[ PU -@ ^OPJO :[H[\[VY`(WWYV]HSZ includes 2.7 million sq.ft. of residential and 2.7 million sq.ft. of commercial space across five The real estate sector in India is heavily regulated by cities the central, state and local governments. Real estate developers are required to comply with a number of ò 0*9(OHZ\WNYHKLKSVUN[LYTYH[PUNVM.VKYLQ laws and regulations, including policies and procedures Properties to AA- from A+ established and implemented by local authorities ò .73VWLULKP[ZMPYZ[PU[LYUH[PVUHSYLWYLZLU[H[P]L in relation to land acquisition, transfer of property, sales office in Dubai registration and use of land. These laws often vary ò 9LJLP]LK H^HYKZ HUK YLJVNUP[PVUZ MYVT from state to state. Several of your Company’s projects prestigious institutions

026 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 FINANCIAL PERFORMANCE advantage of the improved dynamics. Our key areas of ò ;V[HS PUJVTL PUJYLHZLK I` [V 059 focus for new business development will continue to be crore from INR 1254 crore in the largest markets of Mumbai, NCR, Bengaluru and Pune. We believe our national presence, strong brand ò 5L[WYVMP[PUJYLHZLKI` [V059 JYVYL and robust launch pipelines, leave us well placed to from INR 159 crore ILULĉ[MYVT[OLPTWYV]LKLU]PYVUTLU[ ò ,7:HTV\U[LK[V059 HZJVTWHYLK[V059 8.62

COMPANY OUTLOOK The headwinds facing the Indian economy over the past couple of years are quickly abating. A combination of ILULĉJPHS[\YUZPUJVTTVKP[`HUKPU[LYLZ[YH[LZJ`JSLZ a favourable policy environment and an improved consumer and investor sentiment is likely to lead to a far improved demand environment. We have an exciting launch pipeline for FY16 which should help us take

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027 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

TO THE SHAREHOLDERS @V\Y+PYLJ[VYZOH]LWSLHZ\YLPUWYLZLU[PUN[OL;OPY[PL[O+PYLJ[VYZë9LWVY[VM`V\Y*VTWHU`HSVUN^P[O[OLĉUHUJPHS Z[H[LTLU[ZMVY[OLĉUHUJPHS`LHYLUKLK4HYJO

1. OPERATING RESULTS: *LY[HPURL`HZWLJ[ZVM`V\Y*VTWHU`ëZWLYMVYTHUJLVUHZ[HUKHSVULIHZPZK\YPUN[OLĉUHUJPHS`LHYLUKLK4HYJO HZJVTWHYLK[V[OLWYL]PV\ZĉUHUJPHS`LHYHYLZ\TTHYPZLKILSV^!

Particulars Financial Year Financial Year 2014 – 2015 2013 – 2014 (` In Lacs) (` In Lacs) Sales Operating Income Total Income 7YVĉ[ILMVYL;H_H[PVU ;H_,_WLUZLZ 7YVĉ[HM[LY;H_H[PVU (KK!:\YWS\ZIYV\NO[MVY^HYK 3LZZ!<[PSPZLKK\YPUN[OL`LHY9LMLY5V[LUVI HVM-PUHUJPHS:[H[LTLU[ AMOUNT AVAILABLE FOR APPROPRIATION 15,872.27 8,740.96 Appropriations: @V\Y+PYLJ[VYZYLJVTTLUKHWWYVWYPH[PVUZHZ\UKLY! 7YVWVZLK+P]PKLUK +P]PKLUK+PZ[YPI\[PVU;H_ Transfer to General Reserve - :\YWS\ZJHYYPLKMVY^HYK TOTAL APPROPRIATIONS 15,872.27 8,740.96

2. DIVIDEND: @V\Y+PYLJ[VYZYLJVTTLUKMVYHWWYV]HSVM[OL4LTILYZH[[OLLUZ\PUN(UU\HS.LULYHS4LL[PUNMVYWH`TLU[VM HKP]PKLUKVM9ZWLYLX\P[`ZOHYL VMUVTPUHS]HS\LVM9ZLHJOMVY[OLĉUHUJPHS`LHYLUKLK4HYJO WYL]PV\Z`LHY9ZWLYLX\P[`ZOHYLVMUVTPUHS]HS\LVM9ZLHJO;OLKP]PKLUK^PSSILWHPKPU JVTWSPHUJL^P[O[OLHWWSPJHISLY\SLZHUKYLN\SH[PVUZ

028 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 3. SHARE CAPITAL UL^ WYVQLJ[ SH\UJOLZ PU [OL 5H[PVUHS *HWP[HS 9LNPVU +\YPUN[OLĉUHUJPHS`LHYLUKLK4HYJO`V\Y 5*9HUK7\UL^P[OWYVQLJ[WOHZLSH\UJOLZPU]HYPV\Z *VTWHU` OHK PZZ\LK HUK HSSV[[LK LX\P[` JP[PLZ HSS V]LY 0UKPH @V\Y *VTWHU` HSZV PUJYLHZLK P[Z ZHSLZV\[YLHJOLZ[HISPZOPUNHZHSLZVMĉJLPU+\IHP<(, ZOHYLZVM[OL*VTWHU`[VLSPNPISLLTWSV`LLZVUL_LYJPZL HUKWHY[ULYPUN^P[OLSLJ[YVUPJJVTTLYJLWVY[HSZ[V[HW VMVW[PVUZNYHU[LK\UKLY[OL.VKYLQ7YVWLY[PLZ3PTP[LK HUL^ZLNTLU[VMJ\Z[VTLYZ ,TWSV`LL:[VJR6W[PVU:JOLTL*VUZLX\LU[S` [OLPZZ\LKZ\IZJYPILKHUKWHPKè\WLX\P[`ZOHYLJHWP[HS The highlight of the year for your Company was the VM [OL *VTWHU` OHZ PUJYLHZLK MYVT Z\JJLZZM\SSH\UJOVM.VKYLQ(YPHPU[OL.\YNHVU;OLSH\UJO LX\P[` ZOHYLZ VM 9Z LHJO [V LX\P[` ^HZ HJOPL]LK ^P[OPU MV\Y TVU[OZ VM [OL WYVQLJ[ ILPUN ZOHYLZVM9ZLHJO HKKLK[V`V\Y*VTWHU`ëZWVY[MVSPV(UV[OLYTPSLZ[VULMVY `V\Y*VTWHU`^HZ[OLSH\UJOVM.VKYLQ0UĉUP[`PU7\ULHUK 4. OVERVIEW OF OPERATIONS: .VKYLQ6HZPZPU[OL5*9.VKYLQ*P[`H[7HU]LS4\TIHP @V\Y *VTWHU` WVZ[LK H [V[HS PUJVTL VM 9Z HSZV ^P[ULZZLK Z[YVUN \W[HRL PU [OL THYRL[ ZLSSPUN V]LY JYVYLK\YPUN[OLĉUHUJPHS`LHYLUKLK4HYJO ZX\HYLMLL[PUSLZZ[OHUHTVU[O

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While real estate supply continues to outpace growth in @V\Y*VTWHU`HUKP[ZWYVQLJ[ZYLJLP]LKH^HYKZPU KLTHUKHJYVZZTVZ[JP[PLZPU[OLJV\U[Y``V\Y*VTWHU` [OLĉUHUJPHS`LHYLUKLK4HYJOH[[OLLU[P[`HUK HJOPL]LKTVYL[OHUVULTPSSPVUZX\HYLMLL[PULHJOVM WYVQLJ[ SL]LSZ PUJS\KPUN [OL ê0UUV]H[PVU 3LHKLY PU 9LHS [OL ĉYZ[ [^V X\HY[LYZ HUK YLHJOLK P[Z ZLJVUK OPNOLZ[ ,Z[H[LëH[[OL5+;=7YVWLY[`(^HYKZ[OLê)YHUK ZHSLZPUHZPUNSLĉUHUJPHS`LHY;OLYL^LYLZ\JJLZZM\S ,_JLSSLUJL PU 9LHS ,Z[H[L :LJ[VYë H[ [OL .SVIHS )YHUK

029 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

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030 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 PPP ;OLÒH]L[HRLUWYVWLYHUKZ\MĉJPLU[JHYLMVY[OL 12. PARTICULARS OF LOANS, GUARANTEES THPU[LUHUJL VM HKLX\H[L HJJV\U[PUN YLJVYKZ PU OR INVESTMENTS: HJJVYKHUJL^P[O[OLWYV]PZPVUZVM[OL*VTWHUPLZ ;OL KL[HPSZ VM SVHUZ NP]LU PU]LZ[TLU[Z THKL (J[HUKY\SLZTHKL[OLYL\UKLYHZHTLUKLKMVY N\HYHU[LLZNP]LUHUKZLJ\YP[PLZWYV]PKLK\UKLr Section ZHMLN\HYKPUN [OL HZZL[Z VM `V\Y *VTWHU` HUK VM[OL*VTWHUPLZ(J[OH]LILLUWYV]PKLKPU[OL MVY WYL]LU[PUN HUK KL[LJ[PUN MYH\K HUK V[OLY UV[LZ[V[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[Z PYYLN\SHYP[PLZ P] ;OL` OH]L WYLWHYLK [OL HUU\HS HJJV\U[Z MVY 13. PARTICULARS OF CONTRACTS OR ĉUHUJPHS`LHYLUKLK4HYJOVUHêNVPUN ARRANGEMENTS WITH RELATED JVUJLYUëIHZPZ PARTIES: ] ;OL` OH]L SHPK KVÛ PU[LYUHS ĉUHUJPHS JVU[YVSZ (SS [YHUZHJ[PVUZ LU[LYLK PU[V K\YPUN [OL ĉUHUJPHS `LHY [V IL MVSSV^LK I` `V\Y *VTWHU` HUK [OH[ Z\JO ^P[O 9LSH[LK 7HY[PLZ HZ KLĉULK \UKLY [OL PU[LYUHSĉUHUJPHSJVU[YVSZHYLHKLX\H[LHUKOH]L *VTWHUPLZ(J[HUK*SH\ZL VM[OL3PZ[PUN(NYLLTLU[ ILLUVWLYH[PUNLMĉJPLU[S` ^LYLPU[OLVYKPUHY`JV\YZLVMI\ZPULZZHUKVUHUHYTëZ SLUN[O IHZPZ +\YPUN [OL `LHY [OL *VTWHU` OHK UV[ ]P ;OL` OH]L KL]PZLK WYVWLY Z`Z[LTZ [V LUZ\YL LU[LYLKPU[VHU`[YHUZHJ[PVUYLMLYYLK[VPU:LJ[PVU JVTWSPHUJL ^P[O WYV]PZPVUZ VM HSS HWWSPJHISL VM[OL*VTWHUPLZ(J[^P[OYLSH[LKWHY[PLZÔPJOJV\SK SH^ZHUK[OH[Z\JOZ`Z[LTZ^LYLHKLX\H[LHUK IL JVUZPKLYLK TH[LYPHS \UKLY [OL 3PZ[PUN (NYLLTLU[ VWLYH[PUNLMMLJ[P]LS` (JJVYKPUNS`[OLKPZJSVZ\YLVM9LSH[LK7HY[`;YHUZHJ[PVUZ HZYLX\PYLK\UKLY:LJ[PVUVM[OL*VTWHUPLZ(J[ 10. DECLARATION BY INDEPENDENT PU-VYT(6*PZUV[HWWSPJHISL([[LU[PVUVM4LTILYZ DIRECTORS: PZKYHÛ[V[OLKPZJSVZ\YLZVM[YHUZHJ[PVUZ^P[OYLSH[LK ;OL 0UKLWLUKLU[ +PYLJ[VYZ VM `V\Y *VTWHU` OH]L WHY[PLZ ZL[ V\[ PU 5V[LZ [V (JJV\U[Z è 5V[L 5V Z\ITP[[LK[OLKLJSHYH[PVUVM0UKLWLUKLUJLHZYLX\PYLK MVYTPUNWHY[VM[OL:[HUKHSVULĉUHUJPHSZ[H[LTLU[Z \UKLY:LJ[PVU VM[OL*VTWHUPLZ(J[JVUĉYTPUN [OH[ [OL` TLL[ [OL JYP[LYPH VM PUKLWLUKLUJL \UKLY (Z YLX\PYLK \UKLY *SH\ZL =000 VM [OL 3PZ[PUN :LJ[PVU VM[OL*VTWHUPLZ(J[HUK*SH\ZL VM (NYLLTLU[[OL*VTWHUÒHZMVYT\SH[LKH9LSH[LK7HY[` [OL 3PZ[PUN (NYLLTLU[ LU[LYLK PU[V I` `V\Y *VTWHU` ;YHUZHJ[PVUZ 7VSPJ` ÔPJO PZ H]HPSHISL VU [OL ^LIZP[L ^P[O):,3PTP[LKHUK[OL5H[PVUHS:[VJR,_JOHUNLVM VM[OL*VTWHU`H[O[[WZ!^^^NVKYLQWYVWLY[PLZJVT 0UKPH3PTP[LK3PZ[PUN(NYLLTLU[ PU]LZ[VYJVYWVYH[LNV]LYUHUJL

11. POLICY ON DIRECTORS’ APPOINTMENT 14. MATERIAL CHANGES AND AND REMUNERATION: COMMITMENTS AFFECTING THE ;OLWVSPJ`VM[OL*VTWHU`VUKPYLJ[VYZëHWWVPU[TLU[ FINANCIAL POSITION OF THE COMPANY: HUK YLT\ULYH[PVU PUJS\KPUN JYP[LYPH MVY KL[LYTPUPUN ;OLYLOH]LILLUUVTH[LYPHSJOHUNLZHUKJVTTP[TLU[Z X\HSPĉJH[PVUZ WVZP[P]L H[[YPI\[LZ PUKLWLUKLUJL VM H HMMLJ[PUN [OL ĉUHUJPHS WVZP[PVU VM [OL *VTWHU` ^OPJO +PYLJ[VY HUK V[OLY TH[[LYZ WYV]PKLK \UKLY :LJ[PVU OH]LVJJ\YYLKIL[^LLU4HYJOHUK[OLKH[L VM[OL*VTWHUPLZ(J[PZHWWLUKLKHZ(UUL_\YL VM[OPZ9LWVY[ 00[V[OPZ9LWVY[

031 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

15. PARTICULARS REGARDING 19. ANNUAL EVALUATION OF PEFORMANCE CONSERVATION OF ENERGY, OF THE BOARD: TECHNOLOGY ABSORPTION, @V\Y*VTWHU`JVUK\J[LKHMVYTHS)VHYK,MMLJ[P]LULZZ AND FOREIGN EXCHANGE 9L]PL^ HZ WHY[ VM P[Z LMMVY[Z [V L]HS\H[L PKLU[PM` EARNINGS AND OUTGO: PTWYV]LTLU[Z HUK [O\Z LUOHUJL [OL LMMLJ[P]LULZZ ;OL WHY[PJ\SHYZ PU YLZWLJ[ VM JVUZLY]H[PVU VM LULYN` VM [OL )VHYK VM +PYLJ[VYZ )VHYK P[Z *VTTP[[LLZ [LJOUVSVN`HIZVYW[PVUHUKMVYLPNUL_JOHUNLLHYUPUNZ HUK PUKP]PK\HS KPYLJ[VYZ ;OPZ ^HZ PU SPUL ^P[O [OL HUKV\[NVHZYLX\PYLK\UKLY:LJ[PVUTVM[OL YLX\PYLTLU[ZTLU[PVULKPU[OL*VTWHUPLZ(J[HUK[OL *VTWHUPLZ (J[ YLHK ^P[O [OL *VTWHUPLZ (JJV\U[Z 3PZ[PUN(NYLLTLU[ 9\SLZPZHWWLUKLKHZ(UUL_\YL000[V[OPZ9LWVY[ ;OL *VYWVYH[L /9 [LHT VM .VKYLQ 0UK\Z[YPLZ 3PTP[LK HUK(ZZVJPH[L*VTWHUPLZ.03(*^VYRLKKPYLJ[S`^P[O 16. BUSINESS RISK MANAGEMENT: [OL *OHPYTHU HUK [OL 5VTPUH[PVU HUK 9LT\ULYH[PVU (ZYLX\PYLK\UKLY*SH\ZL VM[OL3PZ[PUN(NYLLTLU[ *VTTP[[LL VM [OL )VHYK [V KLZPNU HUK L_LJ\[L [OPZ `V\Y *VTWHU` OHZ JVUZ[P[\[LK H 9PZR 4HUHNLTLU[ WYVJLZZÔPJO^HZHKVW[LKI`[OL)VHYK,HJO)VHYK *VTTP[[LL JVUZPZ[PUN VM RL` L_LJ\[P]LZ VM `V\Y 4LTILYJVTWSL[LKHJVUĉKLU[PHSVUSPULX\LZ[PVUUHPYL *VTWHU`HUKHUPUKLWLUKLU[KPYLJ[VY[VPKLU[PM`HUK WYV]PKPUN ]P[HS MLLKIHJR VU OV^ [OL )VHYK J\YYLU[S` HZZLZZ I\ZPULZZ YPZRZ HUK VWWVY[\UP[PLZ ;OL 9PZR VWLYH[LZHUKOV^P[TPNO[PTWYV]LP[ZLMMLJ[P]LULZZ 4HUHNLTLU[ *VTTP[[LL PKLU[PĉLZ [OL YPZRZ H[ IV[O ;OL Z\Y]L` JVTWYPZLK VM MV\Y ZLJ[PVUZ HUK JVTWPSLK LU[LYWYPZLSL]LSHUKH[WYVQLJ[SL]LS MLLKIHJRHUKZ\NNLZ[PVUZVU! z )VHYK WYVJLZZLZ PUJS\KPUN )VHYK JVTWVZP[PVU ;OL I\ZPULZZ YPZRZ PKLU[PĉLK HYL YL]PL^LK I` [OL Z[YH[LNPJVYPLU[H[PVUHUK[LHTKÙHTPJZ" 9PZR 4HUHNLTLU[ *VTTP[[LL HUK H KL[HPSLK HJ[PVU WSHU [V TP[PNH[L PKLU[PĉLK YPZRZ PZ KYHÛ \W HUK P[Z z 0UKP]PK\HSJVTTP[[LLZ" PTWSLTLU[H[PVUTVUP[VYLK;OLRL`YPZRZHUKTP[PNH[PVU z 0UKP]PK\HS)VHYKTLTILYZ"HUK HJ[PVUZHYLHSZVWSHJLKILMVYL[OL(\KP[*VTTP[[LLVM z *OHPYTHUëZ-LLKIHJR9LWVY[ [OL*VTWHU` ;OL MVSSV^PUN YLWVY[Z ^LYL JYLH[LK HZ WHY[ VM [OL 17. CORPORATE SOCIAL RESPONSIBILITY: L]HS\H[PVU! ( *VYWVYH[L :VJPHS 9LZWVUZPIPSP[` *:9 *VTTP[[LL z )VHYK-LLKIHJR9LWVY[ OHZILLUJVUZ[P[\[LKPUHJJVYKHUJL^P[O:LJ[PVU z 0UKP]PK\HS)VHYK4LTILY-LLKIHJR9LWVY[ VM[OL*VTWHUPLZ(J[;OLKL[HPSZYLX\PYLK\UKLY[OL z *OHPYTHUëZ-LLKIHJR9LWVY[ *VTWHUPLZ *VYWVYH[L :VJPHS 9LZWVUZPIPSP[` 7VSPJ` 9\SLZ HYL NP]LU PU *:9 9LWVY[ HWWLUKLK HZ ;OL V]LYHSS )VHYK -LLKIHJR 9LWVY[ ^HZ MHJPSP[H[LK (UUL_\YL0=[V[OPZ9LWVY[ I` 4Y 2LRP +HKPZL[O ^P[O [OL 0UKLWLUKLU[ +PYLJ[VYZ ;OL+PYLJ[VYZ^LYL]VJHSHIV\[[OL)VHYKM\UJ[PVUPUN 18. VIGIL MECHANISM: LMMLJ[P]LSÌ\[HSZVPKLU[PĉLKHYLHZÔPJOZOV^ZJVWL @V\Y *VTWHU` OHZ LZ[HISPZOLK H ]PNPS TLJOHUPZT MVYPTWYV]LTLU[;OL0UKP]PK\HS*VTTP[[LLZHUK)VHYK MVY KPYLJ[VYZ HUK LTWSV`LLZ [V YLWVY[ [OLPY NLU\PUL 4LTILYZë MLLKIHJR ^HZ ZOHYLK ^P[O [OL *OHPYTHU JVUJLYUZ KL[HPSZ VM ÔPJO OH]L ILLU NP]LU PU [OL -VSSV^PUNOPZL]HS\H[PVUH*OHPYTHUëZ-LLKIHJR9LWVY[ Corporate Governance Report forming part of this ^HZHSZVJVTWPSLK (UU\HS9LWVY[

032 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 20. SUBSIDIARY COMPANIES: 7YP]H[L3PTP[LKPU[LYTZVM[OL:JOLTLVM(THSNHTH[PVU A. Subsidiaries [OL:JOLTLZHUJ[PVULKI`[OL/VUëISL)VTIH`/PNO *V\Y[]PKLP[ZVYKLYKH[LK(WYPS ;OLHWWVPU[LK +\YPUN [OL ĉUHUJPHS `LHY \UKLY YL]PL^ .VKYLQ /VTL KH[LVM[OL:JOLTL^HZ+LJLTILY +L]LSVWLYZ 7YP]H[L 3PTP[LK HUK .VKYLQ /PSSZPKL 7YVWLY[PLZ7YP]H[L3PTP[LK^LYLPUJVYWVYH[LKHZÔVSS` ;OL)VHYKVM+PYLJ[VYZVM[OL*VTWHU`H[P[ZTLL[PUN VÛLKZ\IZPKPHYPLZVM`V\Y*VTWHU` OLSKVU1HU\HY`HWWYV]LKTLYNLYVM.VKYLQ 7YLTP\T)\PSKLYZ7YP]H[L3PTP[LKZ[LWKVÛZ\IZPKPHY` (Z H[ 4HYJO `V\Y *VTWHU` OHK JVTWHU` ^P[O .VKYLQ 7YVQLJ[Z +L]LSVWTLU[ 7YP]H[L Z\IZPKPHYPLZKPYLJ[HUKPUKPYLJ[UHTLS`.VKYLQ9LHS[` 3PTP[LKHÔVSS`VÛLKZ\IZPKPHY`PUP[ZJHWHJP[`HZ 7YP]H[L 3PTP[LK .VKYLQ 9LHS ,Z[H[L 7YP]H[L 3PTP[LK H ZOHYLOVSKLY [OYV\NO H :JOLTL VM (THSNHTH[PVU /HWW` /PNOYPZLZ 3PTP[LK .VKYLQ 7YLTP\T )\PSKLYZ Z\IQLJ[[V[OLULJLZZHY`HWWYV]HSZHZTHÌLYLX\PYLK 7YP]H[L3PTP[LK.VKYLQ)\PSKJVU7YP]H[L3PTP[LK.VKYLQ ;OLHWWVPU[LKKH[LKVM[OL:JOLTLVM(THSNHTH[PVUPZ .HYKLU*P[`7YVWLY[PLZ7YP]H[L3PTP[LK.VKYLQ7YVQLJ[Z (WYPS(UHWWSPJH[PVUMVYHWWYV]HSVM[OL:JOLTL +L]LSVWTLU[ 7YP]H[L 3PTP[LK .VKYLQ 3HUKTHYR VM(THSNHTH[PVUOHZILLUĉSLK^P[O/VUëISL/PNO*V\Y[ 9LKL]LSVWLYZ 7YP]H[L 3PTP[LK .VKYLQ 9LKL]LSVWLYZ VM)VTIH` 4\TIHP7YP]H[L3PTP[LK.VKYLQ.YLLU/VTLZ3PTP[LK .VKYLQ /VTL +L]LSVWLYZ 7YP]H[L 3PTP[LK HUK .VKYLQ B. Limited Liability Partnerships (LLPs) /PSSZPKL7YVWLY[PLZ7YP]H[L3PTP[LK Your Company is a partner in the following LLPs as of ;OL *VTWHU` ZOHSS WYV]PKL H JVW` VM [OL HUU\HS 4HYJO! HJJV\U[ZVMP[ZZ\IZPKPHY`JVTWHUPLZ[V[OLTLTILYZVM .VKYLQ7YVWLY[`+L]LSVWLYZ337 [OL*VTWHU`HUKHSZV[V[OLTLTILYZVM[OLZ\IZPKPHY` JVTWHUPLZ VU [OLPY YLX\LZ[ ;OL HUU\HS HJJV\U[Z VM .VKYLQ=PROYVSP7YVWLY[PLZ337 P[Z Z\IZPKPHY` JVTWHUPLZ ^PSS HSZV IL RLW[ VWLU MVY 4VZPHJ3HUKTHYRZ337 PUZWLJ[PVUI`HU`TLTILYZH[[OLYLNPZ[LYLKVMĉJLVM [OL *VTWHU` HUK HSZV H[ [OL YLNPZ[LYLK VMĉJL VM P[Z +YLHT>VYSK3HUKTHYRZ337 YLZWLJ[P]LZ\IZPKPHY`JVTWHUPLZK\YPUNI\ZPULZZOV\YZ 6_MVYK9LHS[`337

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033 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

21. PERFORMANCE AND FINANCIAL 24. INTERNAL FINANCIAL POSITION OF SUBSIDIARIES, CONTROL SYSTEM: ASSOCIATES AND JOINT VENTURE ;OL*VTWHUÒHZHUPU[LYUHSĉUHUJPHSJVU[YVSZ`Z[LT COMPANIES: JVTTLUZ\YH[L^P[O[OLZPaLZJHSLHUKJVTWSL_P[`VMP[Z (ZYLX\PYLK\UKLY*SH\ZLVM[OL3PZ[PUN(NYLLTLU[ VWLYH[PVUZ@V\Y*VTWHUÒHZPUWSHJLHTLJOHUPZT HUK :LJ[PVU VM [OL *VTWHUPLZ (J[ [OL [V PKLU[PM` HZZLZZ TVUP[VY HUK TP[PNH[L ]HYPV\Z YPZRZ JVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZOH]LILLUWYLWHYLK [VRLÌ\ZPULZZVIQLJ[P]LZ4HQVYYPZRZPKLU[PĉLKI`[OL I` [OL *VTWHU` PU HJJVYKHUJL ^P[O [OL HWWSPJHISL I\ZPULZZLZHUKM\UJ[PVUZHYLZ`Z[LTH[PJHSS`HKKYLZZLK HJJV\U[PUN Z[HUKHYKZ HUK MVYT WHY[ VM [OL (UU\HS [OYV\NO TP[PNH[PUN HJ[PVU VU JVU[PU\PUN IHZPZ ;OLZL 9LWVY[ ( Z[H[LTLU[ JVU[HPUPUN [OL ZHSPLU[ MLH[\YLZ HYL YV\[PULS` [LZ[LK HUK JLY[PĉLK I` :[H[\[VY` HZ ^LSS VM [OL -PUHUJPHS :[H[LTLU[Z VM [OL Z\IZPKPHYPLZ QVPU[ HZ0U[LYUHS(\KP[VYZ:PNUPĉJHU[H\KP[VIZLY]H[PVUZHUK ]LU[\YLZHUKHZZVJPH[LJVTWHUPLZVM`V\Y*VTWHU`PU MVSSV^ \W HJ[PVUZ [OLYLVU HYL YLWVY[LK [V [OL (\KP[ -VYT(6*HZYLX\PYLK\UKLY9\SLVM[OL*VTWHUPLZ *VTTP[[LL (JJV\U[Z 9\SLZ MVYT WHY[ VM [OL UV[LZ [V [OL ĉUHUJPHSZ[H[LTLU[Z 25. DIRECTORS AND KEY MANAGERIAL PERSONNEL: 22. DETAILS RELATING TO DEPOSITS, 0U HJJVYKHUJL ^P[O [OL (Y[PJSLZ VM (ZZVJPH[PVU VM [OL COVERED UNDER CHAPTER V OF *VTWHU`HUK[OLWYV]PZPVUZVM[OL:LJ[PVULVM THE COMPANIES ACT 2013: [OL*VTWHUPLZ(J[4Y1HTZO`K5.VKYLQ+05! Sr. Particulars Amount in ^PSSYL[PYLI`YV[H[PVUH[[OLLUZ\PUN(UU\HS No. Rupees .LULYHS4LL[PUNHUKILPUNLSPNPISLVMMLYOPTZLSMMVYYL (JJLW[LKK\YPUN[OL`LHY - HWWVPU[TLU[ 9LTHPULK\UWHPKVY\UJSHPTLKHZH[[OL LUKVM[OL`LHY ;OL)VHYKVM+PYLJ[VYZH[P[ZTLL[PUNOLSKVU-LIY\HY` >OL[OLY[OLYLOHZILLUHU`KLMH\S[PU - HWWVPU[LK4Y4VOP[4HSOV[YH+05! YLWH`TLU[VMKLWVZP[ZVYWH`TLU[VM HZHU(KKP[PVUHS+PYLJ[VY^P[OLMMLJ[MYVT(WYPS PU[LYLZ[[OLYLVUK\YPUN[OL`LHYHUKPM ZVU\TILYVMZ\JOJHZLZHUK[OL[V[HS 4Y 4VOP[ 4HSOV[YH OVSKZ [OL VMĉJL \W [V [OL KH[L VM HTV\U[PU]VS]LK! LUZ\PUN (UU\HS .LULYHS 4LL[PUN ;OL *VTWHU` OHZ PH[[OLILNPUUPUNVM[OL`LHY YLJLP]LKHUV[PJLPU^YP[PUN\UKLY:LJ[PVUVM[OL PPTH_PT\TK\YPUN[OL`LHY *VTWHUPLZ(J[MYVTH4LTILYHSVUN^P[OHJOLX\L PPPH[[OLLUKVM[OL`LHY VM 9Z SHRO PU MH]VY VM [OL *VTWHU` WYVWVZPUN [OL 4 KL[HPSZVMKLWVZP[ZÔPJOHYLUV[PU - JHUKPKH[\YL VM 4Y 4VOP[ 4HSOV[YH MVY [OL VMĉJL VM JVTWSPHUJL^P[O[OLYLX\PYLTLU[ZVM +PYLJ[VYSPHISL[VYL[PYLI`YV[H[PVUH[[OPZ(UU\HS.LULYHS *OHW[LY=VM[OL*VTWHUPLZ(J[ 4LL[PUN;OL)VHYKHSZVHWWVPU[LK4Y4VOP[4HSOV[YH Z\IQLJ[[VHWWYV]HSVM[OLTLTILYZVM[OL*VTWHU`HZ 23. SIGNIFICANT AND MATERIAL ORDERS [OL,_LJ\[P]L+PYLJ[VYVM[OL*VTWHU`^P[OLMMLJ[MYVT PASSED BY THE REGULATORS OR (WYPSMVYHWLYPVKVM[OYLL`LHYZ COURTS OR TRIBUNALS: ;OLYLHYLUVZPNUPĉJHU[TH[LYPHSVYKLYZWHZZLKI`[OL ;OL)VHYKVM+PYLJ[VYZH[P[ZTLL[PUNOLSKVU1HU\HY` YLN\SH[VYZJV\Y[Z[YPI\UHSZ ÔPJO ^V\SK PTWHJ[ [OL YLHWWVPU[LK Z\IQLJ[ [V HWWYV]HS VM [OL NVPUN JVUJLYU Z[H[\Z VM `V\Y *VTWHU` HUK P[Z M\[\YL TLTILYZ VM `V\Y *VTWHU` 4Y 7PYVQZOH .VKYLQ HZ VWLYH[PVUZ

034 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 [OL4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L6MĉJLVM[OL 27. COST AUDITORS: *VTWHU`^P[OLMMLJ[MYVT(WYPSMVYHWLYPVKVM ;OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` VU [OYLL`LHYZ YLJVTTLUKH[PVU VM (\KP[ *VTTP[[LL HWWVPU[LK 4Z 9 5HUHIOV` *V *VZ[ (JJV\U[HU[Z HZ *VZ[ (Z WHY[ VM [HSLU[ YV[H[PVU ^P[OPU [OL .VKYLQ .YV\W (\KP[VYZVM[OL*VTWHU`MVY[OLĉUHUJPHS`LHYè 4Y=:YPUP]HZHU+05! OHZTV]LK[VHUV[OLY H[HMLLVM9ZSHROWS\ZHWWSPJHISL[H_LZHUKV\[VM .VKYLQ .YV\W *VTWHU` MYVT (WYPS HUK WVJRL[L_WLUZLZZ\IQLJ[[V[OLYH[PĉJH[PVUVM[OLZHPK HJJVYKPUNS`YLZPNULKMYVT[OL)VHYKHUKHZ,_LJ\[P]L MLLZ I` [OL TLTILYZ H[ [OL LUZ\PUN (UU\HS .LULYHS +PYLJ[VYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS 4LL[PUNW\YZ\HU[[V:LJ[PVU VM[OL*VTWHUPLZ(J[ ;OL )VHYK WSHJLZ VU YLJVYK P[Z HWWYLJPH[PVU MVY [OL ]HS\HISLZLY]PJLZYLUKLYLKI`4Y=:YPUP]HZHU[V[OL ;OL JVZ[ H\KP[ YLWVY[ ^V\SK IL ĉSLK ^P[O [OL *LU[YHS *VTWHU`K\YPUNOPZ[LU\YLHZ[OL,_LJ\[P]L+PYLJ[VYVM .V]LYUTLU[^P[OPUWYLZJYPILK[PTLSPULZ [OL*VTWHU` 28. SECRETARIAL AUDIT REPORT: ;OL)VHYKVM+PYLJ[VYZH[P[ZTLL[PUNOLSKVU5V]LTILY ;OL)VHYKVM+PYLJ[VYZVM`V\Y*VTWHU`OH]LHWWVPU[LK HWWVPU[LK4Y:\YLUKLY=HYTHHZ[OL*VTWHU` ( 2 1HPU *V 7YHJ[PZPUN *VTWHU` :LJYL[HY` [V :LJYL[HY`HUK*OPLM3LNHS6MĉJLYVM[OL*VTWHU` JVUK\J[ [OL :LJYL[HYPHS (\KP[ HUK OPZ 9LWVY[ VU *VTWHU`ëZ:LJYL[HYPHS(\KP[PZHWWLUKLK[V[OPZ9LWVY[ 4Y :OVKOHU 2LTIOH]P YLZPNULK HZ =PJL 7YLZPKLU[ HZ(UUL_\YL=[V[OPZ9LWVY[ 3LNHS *VTWHU` :LJYL[HY` VM [OL *VTWHU` ^P[O LMMLJ[MYVT(\N\Z[;OL)VHYKWSHJLZVUYLJVYK ;OLYL HYL UV X\HSPĉJH[PVUZ YLZLY]H[PVUZ VY HK]LYZL P[ZHWWYLJPH[PVUMVY[OL]HS\HISLZLY]PJLZHUKN\PKHUJL YLTHYRZ VY KPZJSHPTLYZ THKL I` ( 2 1HPU *V NP]LU I` 4Y :OVKOHU 2LTIOH]P [V `V\Y *VTWHU` *VTWHU`:LJYL[HY`PUWYHJ[PJLPU[OLPY:LJYL[HYPHS(\KP[ K\YPUNOPZ[LU\YLHZ=PJL7YLZPKLU[3LNHS *VTWHU` 9LWVY[ :LJYL[HY`VM[OL*VTWHU` 29. MANAGEMENT’S DISCUSSION AND 26. AUDITORS’ APPOINTMENT: ANALYSIS REPORT: 4Z 2HS`HUP^HSSH 4PZ[Y` *OHY[LYLK (JJV\U[HU[Z ;OL4HUHNLTLU[ëZ+PZJ\ZZPVUHUK(UHS`ZPZ9LWVY[MVY -PYT9LNPZ[YH[PVU5V>^LYLHWWVPU[LKHZ[OL [OL `LHY \UKLY YL]PL^ HZ Z[PW\SH[LK \UKLY *SH\ZL :[H[\[VY`(\KP[VYZVM[OL*VTWHU`H[SHZ[(UU\HS.LULYHS VM[OL3PZ[PUN(NYLLTLU[^P[O[OL:[VJR,_JOHUNLZPZ 4LL[PUN[VOVSKVMĉJLMYVT[OLJVUJS\ZPVUVM[OPZ th HUUL_LK[V[OPZYLWVY[ (UU\HS .LULYHS 4LL[PUN [PSS [OL JVUJS\ZPVU VM [OL UK (UU\HS.LULYHS4LL[PUN[VILOLSKPUZ\IQLJ[[V 30. CORPORATE GOVERNANCE: YH[PĉJH[PVUVM[OLPYHWWVPU[TLU[H[L]LY`(UU\HS.LULYHS 4LL[PUN ;OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` H[ @V\Y*VTWHU`PZJVTTP[[LK[VTHPU[HPUPUN[OLOPNOLZ[ P[Z TLL[PUN OLSK (WYPS YLJVTTLUKLK [V Z[HUKHYKZ VM *VYWVYH[L .V]LYUHUJL HUK HKOLYPUN [V TLTILYZVM`V\Y*VTWHU`YH[PĉJH[PVUVMHWWVPU[TLU[ [OLJVYWVYH[LNV]LYUHUJLYLX\PYLTLU[ZHZZL[V\[I` VM4Z2HS`HUP^HSSH 4PZ[Y`HZ[OL:[H[\[VY`(\KP[VYZ :LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH;OL9LWVY[VU VM[OL*VTWHU`MVY[OLĉUHUJPHS`LHY *VYWVYH[L.V]LYUHUJLHZZ[PW\SH[LK\UKLY*SH\ZL VM [OL3PZ[PUN(NYLLTLU[MVYTZWHY[VM[OL(UU\HS9LWVY[ ;OLYL HYL UV X\HSPĉJH[PVUZ YLZLY]H[PVUZ VY HK]LYZL ;OL *LY[PĉJH[L MYVT [OL (\KP[VYZ VM [OL *VTWHU` YLTHYRZVYKPZJSHPTLYZTHKLI`2HS`HUP^HSSH 4PZ[Y` JVUĉYTPUNJVTWSPHUJL^P[O[OLJVUKP[PVUZVM*VYWVYH[L :[H[\[VY`(\KP[VYZPU[OLPYYLWVY[ .V]LYUHUJLHZZ[PW\SH[LK\UKLY*SH\ZL VM[OL3PZ[PUN

035 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

(NYLLTLU[HUKHWWSPJHISLWYV]PZPVUZVM[OL*VTWHUPLZ ,TWSV`LL :[VJR 7\YJOHZL :JOLTL .\PKLSPULZ (J[PZHSZVW\ISPZOLKLSZL^OLYLPU[OL(UU\HS9LWVY[ HUK[OL:LJ\YP[PLZHU,_JOHUNL)VHYKVM0UKPH:OHYL )HZLK ,TWSV`LL )LULĉ[Z 9LN\SH[PVUZ [V [OL 31. AUDIT COMMITTEE OF THE COMPANY: L_[LU[ HWWSPJHISL [OL KPZJSVZ\YL YLSH[PUN [V .VKYLQ @V\Y *VTWHU`ëZ (\KP[ *VTTP[[LL JVTWYPZLZ [OL 7YVWLY[PLZ3PTP[LK,TWSV`LL:[VJR6W[PVU7SHUí.73 MVSSV^PUNZL]LU0UKLWLUKLU[+PYLJ[VYZ! ,:67î .VKYLQ 7YVWLY[PLZ 3PTP[LK ,TWSV`LL :[VJR .YHU[ :JOLTL í.73 ,:.:î PZ HWWLUKLK HZ 4Y2LRP)+HKPZL[O*OHPYTHU" (UUL_\YL=007HY[0 7HY[00YLZWLJ[P]LS`[V[OPZ9LWVY[ 4YZ3HSP[H+.\W[L" 4Y(TP[)*OV\KO\Y`" 34. BUSINESS RESPONSIBILITY REPORT: 4Y7YHUH`+=HRPS" ;OL)\ZPULZZ9LZWVUZPIPSP[`9LWVY[MVY[OLĉUHUJPHS`LHY LUKLK4HYJOHZZ[PW\SH[LK\UKLY*SH\ZLVM +Y7YP[HT:PUNO" [OL3PZ[PUN(NYLLTLU[PZH[[HJOLKHZWHY[VM[OL(UU\HS 4Y:5HYH`HU"HUK 9LWVY[ 4Y(TP[H]H4\ROLYQLL 35. AWARDS & RECOGNITIONS: ;OLJVTWVZP[PVUVM[OL(\KP[*VTTP[[LLPZPUJVTWSPHUJL Your Directors take pleasure in informing you that your ^P[O[OLYLX\PYLTLU[ZVM:LJ[PVUVM[OL*VTWHUPLZ *VTWHU`P[ZWLVWSLHUKWYVQLJ[Z^LYLHJRUV^SLKNLK (J[HUKHTLUKLK*SH\ZL VM[OL3PZ[PUN(NYLLTLU[ ^P[O[OLMVSSV^PUNH^HYKZHUKYH[PUNZK\YPUN[OLĉUHUJPHS LU[LYLKPU[V^P[O[OL:[VJR,_JOHUNLZ `LHYLUKLK4HYJO! May .VKYLQ.HYKLU*P[`^VUê4VZ[(KTPYLK 32. PARTICULARS OF EMPLOYEES: *HTWHPNU*YLH[P]LëPU[OL.VSK*H[LNVY` Disclosures with respect to the remuneration of H[[OL*,-(ZPHU*VUZ\TLY,UNHNLTLU[ +PYLJ[VYZ HUK LTWSV`LLZ HZ YLX\PYLK \UKLY :LJ[PVU (^HYKZ VM [OL *VTWHUPLZ (J[ HUK 9\SL VM [OL *VTWHUPLZ (WWVPU[TLU[ HUK 9LT\ULYH[PVU VM June .VKYLQ 6HZPZ ^VU ê4VZ[ 7YVTPZPUN 4HUHNLYPHS7LYZVUULS9\SLZOHZILLUHWWLUKLK VYR 9LT\ULYH[PVUVM4HUHNLYPHS7LYZVUULS9\SLZPU MVY PU 0UKPH PU [OL V]LYHSS JH[LNVY` HUK YLZWLJ[VMLTWSV`LLZVM`V\Y*VTWHU`PZH]HPSHISLMVY YHURLKHZ[OLU\TILY)LZ[*VTWHU` PUZWLJ[PVU I` [OL TLTILYZ H[ YLNPZ[LYLK VMĉJL VM [OL [V >VYR MVY PU [OL YLHS LZ[H[L HUK *VTWHU` K\YPUN I\ZPULZZ OV\YZ VU ^VYRPUN KH`Z \W JVUZ[Y\J[PVU ZLJ[VY I` ;OL .YLH[ 7SHJL [V[OLKH[LVM[OLLUZ\PUN(UU\HS.LULYHS4LL[PUN0M [V >VYR 0UZ[P[\[L 0UKPH PU WHY[ULYZOPW HU`TLTILYPZPU[LYLZ[LKPUVI[HPUPUNHJVW`[OLYLVM ^P[O[OL,JVUVTPJ;PTLZí Z\JO TLTILY TH` ^YP[L [V [OL *VTWHU` :LJYL[HY` GVKYLQ .VSK *V\U[` ^VU ê3\_\Y` =PSSH ^OLYL\WVUHJVW`^V\SKILZLU[ 7YVQLJ[ VM [OL @LHY è >LZ[ )HUNHSVYLë H^HYK H[ [OL )HUNHSVYL 9LHS ,Z[H[L 33. EMPLOYEES STOCK OPTION SCHEMES: (^HYKZ (Z YLX\PYLK PU [LYTZ VM [OL :LJ\YP[PLZ HUK ,_JOHUNL >VU )YHUK ,_JLSSLUJL PU 9LHS ,Z[H[L )VHYKVM0UKPH,TWSV`LLZ:[VJR6W[PVU:JOLTLHUK :LJ[VY H[ [OL .SVIHS )YHUK ,_JLSSLUJL

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037 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

February .VKYLQ 7YVWLY[PLZ OHZ ILLU YLJVNUPaLK [OL WYVQLJ[Z[OH[^LYLJVUZPKLYLKH[ HZVULVM[OLê;67(KTPYLK)YHUKZVM [OL *VUZ[Y\J[PVU 0UK\Z[Y` +L]LSVWTLU[ 0UKPHë *V\UJPS *0+* =PZO^HRHYTH :HML[` (^HYKZ í.VKYLQ 7YVWLY[PLZ ^PUZ 7SH[PU\T HUK .VSKH[[OL(=(+PNP[HS(^HYKZ .VKYLQ 7YVWLY[PLZ YLJLP]LK H 7SH[PU\T ;OL3P]L)YPNO[]PKLVMVY.VKYLQ7YHRYP[P H^HYK MVY P[Z 6USPUL 5L^ZSL[[LY è ^VU7SH[PU\TPU[OLJH[LNVY`3P]L]PKLV ê0UMVNYHWOPJZë HUK H :PS]LY H^HYK MVY è MVY >LI 4HYRL[PUN 7YVK\J[ HUK [OL ê=PIYH[PVUZëH[[OL7\ISPJ9LSH[PVU*V\UJPS + *VKL ĉST MVY [OL .73 +LZPNU :[\KPV VM0UKPH79*0(^HYKZ ]PKLVHSZV^VU7SH[PU\TPU[OLJH[LNVY` í.VKYLQ 7YVWLY[PLZ .VSM *OHSSLUNL OHZ =PKLV7YVK\J[PVU*VYWVYH[L0THNL;OL ^VU ê0UUV]H[P]L 9LHS ,Z[H[L 4HYRL[PUN ê6UL ;YLL :[VY`ë ]PKLV MVY ;OL ;YLLZ *HTWHPNU VM [OL @LHYë H^HYK H[ [OL THYRL[PUN JHTWHPNU ^VU .VSK PU [OL .VSKLU.SVIL;PNLYZ(^HYKî JH[LNVY` =PKLV WYVK\J[PVU =PYHS ]PKLV MVY *VTWHU` .VKYLQ 7YVWLY[PLZ ^HZ 36. ACKNOWLEDGEMENTS: ZLSLJ[LKHTVUNZ[T\S[PWSLLU[YPLZMVY.73 +LZPNU:[\KPVëZLMMVY[PUJVKL]LSVWPUNH @V\Y+PYLJ[VYZ^PZO[VWSHJLVUYLJVYK[OLPYHWWYLJPH[PVU \UPX\L UHYYH[P]L êKLZPNU SLKë Z[VY`[LSSPUN HUKZPUJLYL[OHURZ[V[OLZ[H[LNV]LYUTLU[NV]LYUTLU[ HWWYVHJOHUKKLSP]LYPUNH^HYK^PUUPUN HNLUJPLZ IHURZ ĉUHUJPHS PUZ[P[\[PVUZ QVPU[ ]LU[\YL ĉSTZî WHY[ULYZ J\Z[VTLYZ ZOHYLOVSKLYZ ĉ_LK KLWVZP[ OVSKLYZ]LUKVYZHUKV[OLYYLSH[LKVYNHUPZH[PVUZ^OV 4Y 7PYVQZOH .VKYLQ OHZ ILLU ZLSLJ[LK [OYV\NO[OLPYJVU[PU\LKZ\WWVY[HUKJVVWLYH[PVUOH]L HZ ê=PZPVUHY` VM 0UKPH @V\UN (JOPL]LY ,_[YHVYKPUHPYLëH[[OL)YHUK=PZPVU0UKPH OLSWLKHZWHY[ULYZPU`V\Y*VTWHU`ëZWYVNYLZZ@V\Y :\TTP[ (^HYKZ Z\WWVY[LK I` +PYLJ[VYZHSZVHJRUV^SLKNL[OLOHYK^VYRKLKPJH[PVU -0**0 HUKJVTTP[TLU[VM[OLLTWSV`LLZ March í4Y 7PYVQZOH .VKYLQ YLJLP]LK ê*,6 è 9,(3 ,:;(;,ë H^HYK PU [OL *,6 (>(9+í For and on behalf of the Board of Directors .VKYLQ 7YVWLY[PLZ YLJLP]LK ê0UUV]H[PVU of Godrej Properties Limited 3LHKLY PU 9LHS ,Z[H[Lë H^HYK H[ [OL 5+;=7YVWLY[`(^HYKZ .VKYLQ.YV\W^VUê*VYWVYH[L*P[PaLUVM 7SHJL!4\TIHP Adi B. Godrej [OL@LHYë(^HYKH[[OL7\ISPJ9LSH[PVUZ +H[L!(WYPS *OHPYTHU *V\UJPSVM0UKPH79*0(^HYKZ +05! .VKYLQ -YVU[PLY .VKYLQ /VYPaVU .VKYLQ )2* .VKYLQ 7SH[PU\T )HUNHSVYL HUK .VKYLQ 7YHRYP[P 7OHZL 00 YLJLP]LK í:HML[` *LY[PĉJH[L VM (WWYLJPH[PVUî H[ [OL *VUZ[Y\J[PVU 0UK\Z[Y` +L]LSVWTLU[ *V\UJPS *0+* =PZO^HRHYTH :HML[` (^HYKZ .VKYLQ )2* ^HZ [OL ZPUNSL OPNOLZ[ YHURLK WYVQLJ[ HTVUNZ[

038 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 ANNEXURE I TO THE DIRECTORS’ REPORT Form No. MGT-9 ,_[YHJ[VM(UU\HS9L[\YUHZVU[OLĉUHUJPHS`LHYLUKLKVU4HYJO [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

Sr. No. P *05 34/ 73* PP Registration Date th-LIY\HY` PPP 5HTLVM[OL*VTWHU` .VKYLQ7YVWLY[PLZ3PTP[LK P] *H[LNVY`:\I*H[LNVY` 7\ISPJ3PTP[LK*VTWHU` of the Company ] (KKYLZZVM[OL9LNPZ[LYLK \W[V MYVT VMĉJLHUKJVU[HJ[KL[HPSZ .VKYLQ)OH]HU[O-SVVY .VKYLQ6UL (/VTL:[YLL[-VY[ [O-SVVY7PYVQZOHUHNHY 4\TIHP ,HZ[LYU,_WYLZZ/PNO^H` ;LS! =PROYVSP,HZ[ -H_! 4\TIHP >LIZP[L!^^^NVKYLQWYVWLY[PLZJVT ;LS! -H_! >LIZP[L!^^^NVKYLQWYVWLY[PLZJVT ]P >OL[OLYSPZ[LKJVTWHU` Yes @LZ5V ]PP 5HTL(KKYLZZHUK 2HY]`*VTW\[LYZOHYL7YP]H[L3PTP[LK *VU[HJ[KL[HPSZVM9LNPZ[YHY LIZP[L!^^^RHY]`JVT

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (SS[OLI\ZPULZZHJ[P]P[PLZJVU[YPI\[PUN VYTVYLVM[OL[V[HS[\YUV]LYVM[OL*VTWHU`VUZ[HUKHSVULIHZPZHYL HZ\UKLY! Name and Description of main products NIC Code of the % to total turnover / services Product/ service of the Company *VUZ[Y\J[PVUHUK9LHS,Z[H[L+L]LSVWTLU[

039 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES Sr. Name and Address CIN/GLN/LLPIN Holding/ % of Applicable No. of the Company Subsidiary/ shares Section Associate held .VKYLQ0UK\Z[YPLZ3PTP[LK 34/ 73* /VSKPUN 7PYVQZOHUHNHY,HZ[LYU,_WYLZZ /PNO^H`=PROYVSP4\TIHP .VKYLQ )V`JL < 4/ 73* VUKLY:WHJL7YVWLY[PLZ7YP]H[L <4/7;* Associate 3PTP[LK >VUKLY*P[`)\PSKJVU7YP]H[L <4/7;* Associate 3PTP[LK .VKYLQ=PROYVSP7YVWLY[PLZ337 ((( )VK`*VYWVYH[L 4VZPHJ3HUKTHYR337 ((( )VK`*VYWVYH[L +YLHT>VYSK3HUKTHYRZ337 ((( )VK`*VYWVYH[L 6_MVYK9LHS[`337 ((* )VK`*VYWVYH[L ::7+3.YLLU(JYLZ337 ((( )VK`*VYWVYH[L 44 4:9HTHPHO=LU[\YLZ337 ((* )VK`*VYWVYH[L 6HZPZ3HUKTHYRZ337 ((* )VK`*VYWVYH[L .VKYLQ/V\ZPUN7YVQLJ[Z337 ((+ )VK`*VYWVYH[L .VKYLQ*VUZ[Y\J[PVU7YVQLJ[Z337 ((+ )VK`*VYWVYH[L Amitis Developers LLP ((+ )KV`*VYWVYH[L *+PHTVUK/HYIV\Y9VHK 2VSRH[H>LZ[)LUNHS *HYVH7YWLY[PLZ337 ((( )KV`*VYWVYH[L .VKYLQ7YVWLY[`+L]LSWLYZ337 ((( )KV`*VYWVYH[L 9LNPZ[LYLK6MĉJL(KKYLZZth-SVVY.VKYLQ)OH]HU(/VTL:[YLL[-VY[4\TIHP

040 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 IV. SHAREHOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) i) Category-wise Shareholding Category of No. of Shares held at the No. of Shares held % shareholders beginning of the year at the end of the year change Demat Physical Total % of Demat Physical Total % of during total total the year shares shares A. Promoters & Promoter Group (1) Indian 0UKP]PK\HS/<- - - - *LU[YHS.V][ ------:[H[L.V][Z ------)VKPLZ*VYW - - )HURZ-0 ------Any Other ------Sub-total (A)(1) 14,93,46,308 - 14,93,46,308 74.96 14,93,46,308 - 14,93,46,308 74.91 -0.05 (2) Foreign H590Z0UKP]PK\HSZ ------I6[OLYè0UKP]PK\HSZ ------)VKPLZ*VYW ------)HURZ-0 ------Any Other ------:\I[V[HS( ------Total shareholding 14,93,46,308 - 14,93,46,308 74.96 14,93,46,308 - 14,93,46,308 74.91 -0.05 of Promoter (A) = (A) (1)+(A)(2) B. Public Shareholding 1. Institutions H4\[\HS-\UKZ - - I)HURZ-0 - - J*LU[YHS.V][ ------K:[H[L.V][Z ------L=LU[\YL*HWP[HS ------\UKZ M0UZ\YHUJL ------Companies N-00Z - O-VYLPNU=LU[\YL ------*HWP[HS-\UKZ P6[OLYZ8\HSPĉLK - -- -- -VYLPNU0U]LZ[VY Sub-total (B)(1) 2,77,90,152 - 27,790,152 13.95 2,23,74,896 - 2,23,74,896 11.22 -2.73

041 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

Category of No. of Shares held at the No. of Shares held % shareholders beginning of the year at the end of the year change Demat Physical Total % of Demat Physical Total % of during total total the year shares shares 2. Non-Institutions H)VKPLZ*VYW P0UKPHU - -

PP6]LYZLHZ ------

I0UKP]PK\HSZ

P0UKP]PK\HS ZOHYLOVSKLYZOVSKPUN nominal share capital up to `SHRO

PP0UKP]PK\HS - - ZOHYLOVSKLYZOVSKPUN nominal share capital PUL_JLZZVM`SHRO

J6[OLYZZWLJPM`

5VU9LZPKLU[ - - 0UKP]PK\HSZ

*SLHYPUN4LTILYZ - -

Trust - - - Sub-total (B)(2) 2,20,35,468 62,102 2,20,97,570 11.09 2,75,78,816 57,768 2,76,36,584 13.86 2.77

Total Public 4,98,25,620 62,102 4,98,87,722 25.04 4,99,53,712 57,768 5,00,11,480 25.09 0.05 Shareholding (B) = (B)(1)+(B)(2)

*:OHYLZOLSKI` ------*\Z[VKPHUMVY.+9Z (+9Z Grand Total (A+B+C) 19,91,71,928 62,102 19,92,34,030 100.00 19,93,00,020 57,768 19,93,57,788 100.00 -

042 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 (ii) Shareholding of Promoters

Sr. Shareholder’s Name Shareholding at the beginning of the year Shareholding at the end of the year % change No. in share- No. of % of total % of Shares No. of Shares % of total % of Shares holding Shares Shares of Pledged / Shares of the Pledged / en- during the Com- encumbered Company cumbered to total the year pany to total shares shares .VKYLQ0UK\Z[YPLZ3PTP[LK - - .VKYLQ )V`JL4HU\MHJ- - - [\YPUN*V3[K .VKYLQ0U]LZ[TLU[Z7YP]H[L - - 3PTP[LK 4 5HKPY)HYQVYQP.VKYLQ - -- 9PZOHK2HPRO\ZOY\5HVYVQP - -- -YL`HU=PQH`*YPZOUH - -- 5H]YVaL1HTZO`K.VKYLQ - -- 9HPRH1HTZO`K.VKYLQ -- - - 1HTZO`K5HVYVQP.VKYLQ -- - - 7OLYVaH1HTZO`K.VKYLQ 5H]YVaL1HTZO`K.VKYLQ 5`YPRH=PQH`*YPZOUH - -- ,UZLTISL/VSKPUNZHUK - -- -PUHUJL3PTP[LK ;HU`H(Y]PUK+\IHZO - -- 5PZHIH(KP.VKYLQ - -- 7PYVQZOH(KP.VKYLQ - -- TOTAL 14,93,46,308 74.96 - 14,93,46,308 74.91 - -0.05

(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

Sr. Particulars Shareholding at the Cumulative Shareholding No. beginning of the year during the year

No. of Shares % of total Shares of No. of Shares % of total Shares of the Company the Company

([[OLILNPUUPUNVM[OL`LHY

+H[L^PZLPUJYLHZLKLJYLHZLPU 7YVTV[LYZ:OHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZ MVYPUJYLHZLKLJYLHZL LNHSSV[TLU[[YHUZMLYIVU\Z Z^LH[LX\P[`L[J

([[OLLUKVM[OL`LHY

5V[L!;OLYLPZUVJOHUNLPU[OL[V[HSZOHYLOVSKPUNVMWYVTV[LYZIL[^LLU(WYPSHUK4HYJO

;OLKLJYLHZLPU VM[V[HSZOHYLZVM[OLJVTWHU`MYVT [V PZK\L[VHSSV[TLU[VM LX\P[`ZOHYLZVM9ZLHJOVM[OL*VTWHU`\UKLY .73,:.:

043 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

Inter-se Transfer among Promoters

Sr. Name Shareholding at the Cumulative Shareholding No. beginning of the year during the year

No. of % of total Date Increase/ Reason No. of % of total Shares Shares of the decrease in Shares Shares of the Company shareholding Company

.VKYLQ )V`JL4HU\MHJ- [\YPUN*V3[K Inter-se Transfer

Inter-se Transfer

([[OLLUKVM[OL`LHY .VKYLQ0UK\Z[YPLZ3PTP[LK Inter-se Transfer

Inter-se Transfer

([[OLLUKVM[OL`LHY .VKYLQ0U]LZ[TLU[Z 7][3[K Inter-se Transfer

Inter-se Transfer

([[OLLUKVM[OL`LHY 9HPRH1HTZO`K.VKYLQ Inter-se -- Transfer

1HTZO`K5HVYVQP.VKYLQ - - Inter-se 7OLYVaH1HTZO`K.VKYLQ Transfer 5H]YVaL1HTZO`K .VKYLQ

044 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 (iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs) Sr. Shareholders Name Shareholding Date Increase/ Reason Cumulative No. Decrease Shareholding during in share- the year(01/04/14 to holding 31/03/15) No. of Shares at % of total No. of % of total the beginning shares Shares shares (01/04/14)/ end of the of the of the year company Company (31/03/15) 1P4VYNHU:PJH]0U]LZ[TLU[ (WY ---- *VTWHU`4H\YP[P\Z3PTP[LK 1\S Transfer (\N Transfer :LW Transfer 5V] Transfer 4HY -- 5H[PVUHS>LZ[TPUZ[LY)HUR73* (WY ---- HZ+LWVZP[HY`VMĉYZ[:[H[L(ZPH 7HJPĉJ-\UK(:\I-\UKVMĉYZ[ State Investments 0*=* :LW Transfer :LW Transfer 6J[ Transfer 6J[ Transfer 6J[ Transfer 6J[ Transfer 6J[ Transfer 4HY -- 174VYNHU0UKPH-\UK (WY ---- 1\S Transfer (\N Transfer (\N Transfer :LW Transfer 4HY -- 4 /+-*:[HUKHYK3PML0UZ\YHUJL (WY ---- *VTWHU`3PTP[LK (WY Transfer 1\U Transfer 1\U Transfer 1\S Transfer

045 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

Sr. Shareholders Name Shareholding Date Increase/ Reason Cumulative No. Decrease Shareholding during in share- the year(01/04/14 to holding 31/03/15) No. of Shares at % of total No. of % of total the beginning shares Shares shares (01/04/14)/ end of the of the of the year company Company (31/03/15) +LJ Transfer +LJ Transfer +LJ ;YHUZMLY +LJ Transfer 1HU Transfer 1HU Transfer 1HU Transfer -LI Transfer -LI Transfer -LI Transfer -LI Transfer 4HY Transfer 4HY Transfer 4HY Transfer 4HY -- /P[LZO:H[PZOJOHUKYH+VZOP (WY ---- )OHU\:H[PZOJOHUKYH+VZOP 4H` Transfer 1\U Transfer 1\U Transfer 4HY -- 174VYNHU0UKPHU0U]LZ[TLU[ (WY 5PSTV]LTLU[ *VTWHU`4H\YP[P\Z3PTP[LK K\YPUN[OL`LHY 4HY -- The Scottish Oriental Smaller (WY 5PSTV]LTLU[ Companies Trustplc K\YPUN[OL`LHY 4HY -- -PYZ[:[H[L0U]LZ[TLU[Z (WY ---- /VUNRVUN3PTP[LK(*-PYZ[ :[H[L0UKPHU:\IJVU[PULU[-\UK

046 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Sr. Shareholders Name Shareholding Date Increase/ Reason Cumulative No. Decrease Shareholding during in share- the year(01/04/14 to holding 31/03/15) No. of Shares at % of total No. of % of total the beginning shares Shares shares (01/04/14)/ end of the of the of the year company Company (31/03/15) :LW Transfer 6J[ Transfer 6J[ Transfer 6J[ Transfer 6J[ Transfer 6J[ Transfer 5V] Transfer 4HY Transfer 4HY Transfer DSP)SHJRYVJR,X\P[`-\UK (WY ---- (WY Transfer (\N Transfer 6J[ Transfer 5V] Transfer 5V] Transfer 1HU Transfer -LI Transfer -LI Transfer -LI Transfer 4HY Transfer 4HY Transfer 4HY Transfer 4HY Transfer 03(UK-:;Y\Z[*VTWHU` (WY 5PSTV]LTLU[ 3PTP[LK K\YPUN[OL`LHY 4HY -- 5V[PU[OLSPZ[VM;VWZOHYLOVSKLYZHZVU;OLZHTLOHZILLUYLĊLJ[LKHIV]LZPUJL[OLZOHYLOVSKLY^HZVULVM[OL;VWZOHYLOVSKLYZHZVU

047 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

(v) Shareholding of Directors and Key Managerial Personnel: Sr. Name of Directors/KMP Shareholding at the Cumulative Shareholding No. beginning of the year during the year No. of Shares % of total Shares No. of Shares % of total Shares of the Company of the Company 1. Mr. Adi B. Godrej - Chairman ([[OLILNPUUPUNVM[OL`LHY 5PS 5PS +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZL 5VJOHUNL LNHSSV[TLU[[YHUZMLYIVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 5PS 5PS 2. Mrs. Parmeshwar Godrej - Non Executive Director ([[OLILNPUUPUNVM[OL`LHY 5PS 5PS +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZL 5VJOHUNL LNHSSV[TLU[[YHUZMLYIVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 5PS 5PS 3. Mr. Jamshyd N. Godrej - Non Executive Director ([[OLILNPUUPUNVM[OL`LHY 5PS 5PS +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZL 0U[LYZL;YHUZMLY LNHSSV[TLU[[YHUZMLYIVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 4. Mr. Nadir B. Godrej – Non Executive Director ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZL 5VJOHUNL LNHSSV[TLU[[YHUZMLYIVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 5. Mr. Pirojsha Godrej – Managing Director & *OPLM,_LJ\[P]L6MĉJLY ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZL 5VJOHUNL LNHSSV[TLU[[YHUZMLYIVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY

048 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Sr. Name of Directors/KMP Shareholding at the Cumulative Shareholding No. beginning of the year during the year No. of Shares % of total Shares No. of Shares % of total Shares of the Company of the Company 6. Mr. Amit B. Choudhury – Independent Director ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZL 5VJOHUNL LNHSSV[TLU[[YHUZMLYIVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 7. Mr. Keki B. Dadiseth – Independent Director ([[OLILNPUUPUNVM[OL`LHY 5PS 5PS +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZL 5VJOHUNL LNHSSV[TLU[[YHUZMLYIVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 5PS 5PS 8. Mrs. Lalita D. Gupte – Independent Director ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY 5VJOHUNL IVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 5PS 9. Mr. Pranay D. Vakil – Independent Director ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY 5VJOHUNL IVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 10 Dr. Pritam Singh– Independent Director ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY 5VJOHUNL IVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY

049 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

Sr. Name of Directors/KMP Shareholding at the Cumulative Shareholding No. beginning of the year during the year No. of Shares % of total Shares No. of Shares % of total Shares of the Company of the Company 11. Mr. S. Narayan – Independent Director ([[OLILNPUUPUNVM[OL`LHY 5( 5( +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY 5VJOHUNL IVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 5PS 5PS 12. Mr. Amitava Mukherjee – Independent Director ([[OLILNPUUPUNVM[OL`LHY 5( 5( +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY 5VJOHUNL IVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 5PS 5PS 13. Mr. K. T. Jithendran – Executive Director ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY è PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY (SSV[TLU[\UKLY IVU\ZZ^LH[LX\P[`L[J .73,:.: è (SSV[TLU[\UKLY .73,:.: ([[OLLUKVM[OL`LHY 14. Mr. V. Srinivasan – Executive Director (Resigned w.e.f April 1, 2015) ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY è PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY (SSV[TLU[\UKLY IVU\ZZ^LH[LX\P[`L[J .73,:.: è (SSV[TLU[\UKLY .73,:.: ([[OLLUKVM[OL`LHY

050 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Sr. Name of Directors/KMP Shareholding at the Cumulative Shareholding No. beginning of the year during the year No. of Shares % of total Shares No. of Shares % of total Shares of the Company of the Company 15. Mr. Rajendra Khetawat – *OPLM-PUHUJPHS6MĉJLY ([[OLILNPUUPUNVM[OL`LHY +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY è PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY (SSV[TLU[\UKLY IVU\Z .73,:.: Z^LH[LX\P[`L[J è (SSV[TLU[\UKLY .73,:.: ([[OLLUKVM[OL`LHY 16. Mr. Surender Varma – *VTWHU`:LJYL[HY` *OPLM3LNHS6MĉJLY ([[OLILNPUUPUNVM[OL`LHY 5( 5( +H[L^PZLPUJYLHZLKLJYLHZLPUZOHYLOVSKPUN K\YPUN[OL`LHYZWLJPM`PUN[OLYLHZVUZMVY PUJYLHZLKLJYLHZLLNHSSV[TLU[[YHUZMLY 5VJOHUNL IVU\Z Z^LH[LX\P[`L[J ([[OLLUKVM[OL`LHY 5PS 5PS

051 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

V. INDEBTEDNESS 0UKLI[LKULZZVM[OL*VTWHU`PUJS\KPUNPU[LYLZ[V\[Z[HUKPUNHJJY\LKI\[UV[K\LMVYWH`TLU[ Amount In ` Particulars Secured Loans Unsecured Deposits Total excluding Loans f Indebtedness deposits 0UKLI[LKULZZH[[OLILNPUUPUNVM[OLĉUHUJPHS`LHY Pff7YPUJPWHS(TV\U[ f PPf0U[LYLZ[K\LI\[UV[WHPK --f - PPP0U[LYLZ[HJJY\LKI\[UV[K\L f - Total (i+ii+iii) 5,937,180,381 7,266,537,495 3,496,016,000 16,699,733,876 *OHUNLPU0UKLI[LKULZZK\YPUN[OLĉUHUJPHS`LHY (KKP[PVU - 9LK\J[PVU 5L[*OHUNL 0UKLI[LKULZZH[[OLLUKVM[OLĉUHUJPHS`LHY Pff7YPUJPWHS(TV\U[ PPf0U[LYLZ[K\LI\[UV[WHPK ---- PPP0U[LYLZ[HJJY\LKI\[UV[K\L - - Total (i+ii+iii) 8,027,655,498 10,839,887,946 2,054,587,000 20,922,130,444

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL A. Remuneration to Managing Director, Whole-time Directors and/or Manager: Amount In ` Sr. Particulars Name of MD/WTD/Manager Total no. Amount Mr Pirojsha Godrej, Mr. K. T. Jithendran Mr. V Srinivasan, Managing Director Executive Director Executive Director & Chief Executive 6MĉJLY Gross salary H :HSHY`HZWLYWYV]PZPVUZJVU[HPULK PUZLJ[PVUVM[OL0UJVTL[H_ (J[ I =HS\LVMWLYX\PZP[LZ\Z 0UJVTL[H_(J[ J 7YVĉ[ZPUSPL\VMZHSHY`\UKLY 503 503 503 503 ZLJ[PVU0UJVTL[H_(J[ :[VJR6W[PVU,:.: 503 :^LH[,X\P[` 503 503 503 Commission 503 503 503 HZ VMWYVĉ[ V[OLYZZWLJPM`ó 6[OLYZWSLHZLZWLJPM`7YV]PKLU[-\UK 7YV]PZPVUVM7LYMVYTHUJL)VU\ZMVY Total (A) 3,53,17,094 4,05,96,236 2,19,75,640 9,78,88,970 Ceiling as per the Act 9ZILPUN VM[OLUL[WYVĉ[ZVM[OL*VTWHU`JHSJ\SH[LK HZWLY:LJ[PVU VM[OL*VTWUPLZ(J[

052 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 B. REMUNERATION TO OTHER DIRECTORS: Amount In ` Sr. Particulars Name of Director Total No. Amount 1. Independent Mr. Keki B. Mrs. Lalita Mr. Amit B. Mr. Pranay Dr. Pritam Mr. S. Mr. Amitava +PYLJ[VYZf Dadiseth D. Gupte Choudhury D. Vakil Singh Narayan Mukhrjee a -LLMVY H[[LUKPUNIVHYK JVTTP[[LLTLL[PUNZf I Commission 6[OLYZWSLHZL ------specify Total (1) 12,10,000 12,10,000 13,50,000 12,10,000 10,70,000 12,10,000 12,10,000 84,70,000 2. Other Non- Mr. Adi Mrs Mr. Mr. Nadir Executive Godrej Parmeshwar Jamshyd Godrej Directors Godrej Godrej a -LLMVY H[[LUKPUNIVHYK JVTTP[[LLTLL[PUNZf I Commission 6[OLYZWSLHZL specify Total (2) 44,00,000 Total (B)=(1b+2b) 71,50,000 Total Managerial 10,50,38,970 Remuneration (A+B) Overall Ceiling as 9ZILPUN VM[OLUL[WYVĉ[ZVM[OL*VTWHU`JHSJ\SH[LKHZWLY:LJ[PVU VM[OL*VTWHUPLZ per the Act (%) (J[

053 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD / MANAGER / WTD: Amount In ` Sr. Particulars Key Managerial Personnel No. Mr. Rajendra Khetawat Mr. Surender Varma Total *OPLM-PUHUJPHS6MĉJLY (Company Secretary Amount *OPLM3LNHS6MĉJLY Gross salary H :HSHY`HZWLYWYV]PZPVUZJVU[HPULK PUZLJ[PVUVM[OL0UJVTL[H_ (J[ I =HS\LVMWLYX\PZP[LZ\Z 0UJVTL[H_(J[ - J 7YVĉ[ZPUSPL\VMZHSHY`\UKLY - - ZLJ[PVU0UJVTL[H_(J[ Stock Option :^LH[,X\P[` --- Commission --- HZ VMWYVĉ[ V[OLYZZWLJPM`ó 6[OLYZWSLHZLZWLJPM`7YV]PKLU[-\UK 7YV]PZPVUVM7LYMVYTHUJL)VU\ZMVY Total 1,51,75,547 52,36,313 2,04,11,860

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES : Type Section of the Brief Details of Authority Appeal made, Companies Description Penalty / [RD / NCLT if any Act Punishment/ / COURT] (give details) Compounding fees imposed A. COMPANY Penalty 5PS 5PS 5PS 5PS 5PS Punishment 5PS 5PS 5PS 5PS 5PS *VTWV\UKPUN 5PS 5PS 5PS 5PS 5PS B. DIRECTORS Penalty 5PS 5PS 5PS 5PS 5PS Punishment 5PS 5PS 5PS 5PS 5PS *VTWV\UKPUN 5PS 5PS 5PS 5PS 5PS C. OTHER OFFICERS IN DEFAULT Penalty 5PS 5PS 5PS 5PS 5PS Punishment 5PS 5PS 5PS 5PS 5PS *VTWV\UKPUN 5PS 5PS 5PS 5PS 5PS

054 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 ANNEXURE II TO THE DIRECTORS’ REPORT NOMINATION & REMUNERATION POLICY DEFINITIONS (DIRECTORS, KMP & SENIOR MANAGEMENT) )VHYKTLHUZ)VHYKVM+PYLJ[VYZVM[OL*VTWHU` INTRODUCTION +PYLJ[VYZTLHUZ+PYLJ[VYZVM[OL*VTWHU` 0UW\YZ\HUJLVM[OL*VTWHU`ëZWOPSVZVWO`[VJVUZPKLY *VTTP[[LL TLHUZ 5VTPUH[PVU 9LT\ULYH[PVU P[ZLTWSV`LLZHZP[ZPU]HS\HISLHZZL[Z[VWH`LX\P[HISL *VTTP[[LL VM [OL *VTWHU` HZ JVUZ[P[\[LK VY YLT\ULYH[PVU[VHSS+PYLJ[VYZ2L`4HUHNLYPHS7LYZVUULS YLJVUZ[P[\[LKI`[OL)VHYK 247 HUK LTWSV`LLZ VM [OL *VTWHU` [V OHYTVUPaL *VTWHU`TLHUZ.VKYLQ7YVWLY[PLZ3PTP[LK the aspirations of human resources consistent with the NVHSZVM[OL*VTWHU`HUKPU[LYTZVM[OLWYV]PZPVUZVM 0UKLWLUKLU[+PYLJ[VYTLHUZHKPYLJ[VYYLMLYYLK[V [OL*VTWHUPLZ(J[[OPZWVSPJ`VUUVTPUH[PVUHUK PU:LJ[PVU VM[OL*VTWHUPLZ(J[ YLT\ULYH[PVU VM +PYLJ[VYZ 2L` 4HUHNLYPHS 7LYZVUULS 2L`4HUHNLYPHS7LYZVUULS247TLHUZ HUK :LUPVY 4HUHNLTLU[ OHZ ILLU MVYT\SH[LK I` [OL 5VTPUH[PVU 9LT\ULYH[PVU*VTTP[[LLHUKHWWYV]LK P ,_LJ\[P]L*OHPYTHUHUKVY4HUHNPUN+PYLJ[VY" I`[OL)VHYKVM+PYLJ[VYZ PP >OVSL[PTL+PYLJ[VY"

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055 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

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057 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

ANNEXURE III TO THE DIRECTORS’ REPORT INFORMATION PURSUANT TO SECTION 134(3)(m) OF THE COMPANIES ACT, 2013, READ WITH THE RULE 8(3) OF THE COMPANIES (ACCOUNTS) RULES, 2014 IN RESPECT OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

A. CONSERVATION OF ENERGY

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059 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

ANNEXURE IV TO THE DIRECTORS’ REPORT Annual Report on Corporate Social Responsibility .73JSHZZPĉLZ[OVZLWYVQLJ[ZHZ*:9^OPJOHYLV]LY Activities as prescribed under Section 135 of the HUKHIV]LV\YUVYTHSJV\YZLVMI\ZPULZZ;OPZWVSPJ` Companies Act, 2013 and Companies (Corporate M\SĉSZ [OL YLX\PYLTLU[Z VM [OL *:9 Y\SLZ HZ WLY [OL Social Responsibility Policy) Rules, 2014 :LJ[PVUVM[OL*VTWHUPLZ(J[

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060 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 2.2.3 Executive Committee Members 2.3 CSR Budget and Expenditure ;OPZJVTTP[[LL^PSSILYLZWVUZPISLMVYJHYY`PUN (]LYHNLUL[WYVĉ[VMSHZ[`LHYZ! `JY V\[[OLKH`[VKH`VWLYH[PVUZMVY*:9 [OL` ^PSSYLWVY[[V[OL*:9THUHNLTLU[JVTTP[[LL *HSJ\SH[LK ZWLUKMVY[OL `JY Members of this committee J\YYLU[ĉUHUJPHS`LHY! +Y=PRHZ.VZ^HTP*OHPYWLYZVU/LHK (TV\U[ZWLU[K\YPUN[OLJ\YYLU[ `JY VM.03(*.VVK .YLLU^LM ĉUHUJPHS`LHY! 4Y (U\IOH] .\W[H /LHK VM .YLLU Amount unspent of the `JY :\Z[HPUHIPSP[`.73 YLJVTTLUKLK I\KNL[ 4Y4PSPUK(W[L/LHKVM.VVK.73 PMHU`! 4Y9HQLUKYH2OL[H^H[*-6.73 2.4 Compliance Report ` In lakh Sr. CSR Sector in which 1) Local area Amount Amt spent Cumulative Amt spent direct No. project the project is 2)State/district outlay (budget on projects, expenditure or through the or activity covered 3) Projects or project or 1) Direct upto the implementing programmes programmewise expenditure reporting agency 2)Overheads period 5PW\U ,TWSV`TLU[ 3VJHS(OTLKHIHK Direct ;OYV\NO ,TWSV`HIPSP[` enhancing vocation 2VSRH[H7\UL5HNW\Y ,_WLUKP[\YL :HTIOH]-V\UKH[PVU ZRPSSKL]LSVWTLU[ .\YNHVU)HUNHSVYL 4HUNHSVYL*OLUUHP *:96]LYOLHKZ *HWHJP[`)\PSKPUN 3VJHS4\TIHP Direct ;V^HYKZ ,_WLUKP[\YL +LKPJH[LK*:9 9LZV\YJL Consultancy Donation to Prime *VU[YPI\[PVU[V74Z 6[OLY7YPTL4PUPZ[LYëZ Direct ;OYV\NO7YPTL 4PUPZ[LYëZ5H[PVUHS9LSPLM 5H[PVUHS9LSPLM-\UK 5H[PVUHS9LSPLM-\UK ,_WLUKP[\YL 4PUPZ[LYëZ5H[PVUHS -\UK 9LSPLM-\UK :\WWVY[PUN;) Promoting preventive 6[OLYë;)/HYLNH+LZO Direct ;OYV\NO H^HYLULZZLK\JH[PVU health care 1LL[LNHëH^HYLULZZKYP]L ,_WLUKP[\YL .SVIHS/LHS[O KYP]L VU;\ILYJ\SVZPZPU4\TIHP Strategies Institute HUK4\UPJPWHS Corporation of .YLH[LY4\TIHP :\WWVY[PUNLYHKPJH[PVU Promoting preventive 6[OLY4\TIHP Direct ;OYV\NO[OL VM3LWYVZ` health care 4HOHYHZO[YH ,_WLUKP[\YL :VJPL[`MVY,YHKPJH[PVU of Leprosy :\WWVY[PUNY\YHS;YPIHS 7YVTV[PUNLK\JH[PVU 6[OLY;OHUL5HZOPR Direct ;OYV\NO JOPSKYLU»ZLK\JH[PVU 4HOHYHZO[YH(OTLKHIHK ,_WLUKP[\YL =PQH`.HUNH9\YHS 5HUK\YIHY 4LKPJHS 9LZLHYJO -V\UKH[PVU)OHS^HUP 7YVTV[PUN Promoting preventive 6[OLY2VSRH[H>LZ[ Direct ;OYV\NO OLHS[OJHYL health care )LUNHS ,_WLUKP[\YL Institute of Pulmocare 9LZLHYJO 7YVTV[PUN 7YVTV[PUN,K\JH[PVU 6[OLY4\TIHP Direct ;OYV\NO J\S[\YL HY[ 4HOHYHZO[YH ,_WLUKP[\YL 4LOSP4LO[H4\ZPJ -V\UKH[PVU 7YVTV[PUN Promoting preventive 6[OLY4\TIHP Direct ;OYV\NO OLHS[OJHYL OLHS[OJHYL 4HOHYHZO[YH ,_WLUKP[\YL 4\TIHP4VIPSL WYVTV[PUNLK\JH[PVU Creches 7YVTV[PUN Promoting preventive 3VJHS5H[PVUHS*HWP[HS Direct ;OYV\NO4VIPSL OLHS[OJHYL OLHS[OJHYL Region ,_WLUKP[\YL *YLJOLZ-VY>VYRPUN WYVTV[PUNLK\JH[PVU 4V[OLYëZ*OPSKYLU 7YVTV[PUN Promoting preventive Other- Pune Direct ;OYV\NO;HYH OLHS[OJHYL health care ,_WLUKP[\YL 4VIPSL*YLJOLZ7\UL Total 147.38 146.44 147.38 146.44

061 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

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063 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

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-VYA K JAIN & CO. Company Secretaries

7SHJL!4\TIHP Ashish Kumar Jain +H[L! 7YVWYPL[VY 0*:04LTILYZOPW5V- *675V

065 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

ANNEXURE VI TO THE DIRECTORS’ REPORT

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND RENUMERATION OF MANAGERIAL PERSONNEL) RULES, 2014

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Sr. Name of Director/KMP & Remuneration % increase in Ratio of Comparison No. Designation of Director/ Remuneration Remuneration of the KMP for PU[OLĉUHUJPHS of each Remuneration of ĉUHUJPHS`LHY year 2014-15 Director/ the KMP against 2014-15 to median the performance ( Amt in Rs) remuneration of the Company of employees 4Y(KP.VKYLQ ! Chairman 4YZ7HYTLZO^HY.VKYLQ ! 5VU,_LJ\[P]L+PYLJ[VY 4Y1HTZO`K.VKYLQ ! 5VU,_LJ\[P]L+PYLJ[VY 4 4Y5HKPY.VKYLQ ! 5VU,_LJ\[P]L+PYLJ[VY 4Y7PYVQZOH.VKYLQ 4HUHNPUN+PYLJ[VY *OPLM ! ,_LJ\[P]L6MĉJLY 4Y(TP[*OV\KO\Y` ! 0UKLWLUKLU[+PYLJ[VY 4Y2LRP+HKPZL[O ! 0UKLWLUKLU[+PYLJ[VY 4YZ3HSP[H+.\W[L ! 0UKLWLUKLU[+PYLJ[VY

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066 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Sr. Name of Director/KMP & Remuneration % increase in Ratio of Comparison No. Designation of Director/ Remuneration Remuneration of the KMP for PU[OLĉUHUJPHS of each Remuneration of ĉUHUJPHS`LHY year 2014-15 Director/ the KMP against 2014-15 to median the performance ( Amt in Rs) remuneration of the Company of employees 4Y:5HYH`HU ! 0UKLWLUKLU[+PYLJ[VY 4Y(TP[H]H4\ROLYQLL ! 0UKLWLUKLU[+PYLJ[VY 4Y2;1P[OLUKYHU ! ,_LJ\[P]L+PYLJ[VY 4Y=:YPUP]HZHU ! ,_LJ\[P]L+PYLJ[VY 4Y9HQLUKYH2OL[H^H[ ! *OPLM-PUHUJPHS6MĉJLY 4Y:\YLUKLY=HYTH *VTWHU`:LJYL[HY` *OPLM 5V[(WWSPJHISL 3LNHS6MĉJLY

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067 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

]P H =HYPH[PVU PU [OL THYRL[ JHWP[HSPaH[PVU VM [OL ]PPP ;OL RL` WHYHTL[LYZ MVY [OL ]HYPHISL JVTWVULU[ *VTWHU`! ;OL THYRL[ JHWP[HSPaH[PVU HZ VU VM YLT\ULYH[PVU H]HPSLK I` +PYLJ[VYZ HYL 4HYJO^HZHWWYV_9Z*Y JVUZPKLYLK I` [OL )VHYK VM +PYLJ[VYZ IHZLK VU [OL YLJVTTLUKH[PVU VM [OL 5VTPUH[PVU HUK I 7YPJL ,HYUPUNZ 9H[PV VM [OL *VTWHU` ^HZ Remuneration Committee as per the Remuneration [PTLZ HZ H[ 4HYJO ^HZ 7VSPJ`MVY+PYLJ[VYZ2L`4HUHNLYPHS7LYZVUULSHUK [PTLZHZH[4HYJO :LUPVY4HUHNLTLU[ J 7LYJLU[ VM PUJYLHZL V]LY KLJYLHZL PU [OL THYRL[ X\V[H[PVUZ VM [OL ZOHYLZ VM [OL P_ ;OLYH[PVVM[OLYLT\ULYH[PVUVM[OLOPNOLZ[WHPK JVTWHU` HZ JVTWHYLK [V [OL YH[L H[ ÔPJO KPYLJ[VY [V [OH[ VM [OL ,TWSV`LLZ ÔV HYL UV[ JVTWHU`JHTLV\[^P[O[OLSHZ[W\ISPJVMMLY KPYLJ[VYZ I\[ YLJLP]L YLT\ULYH[PVU PU L_JLZZ VM PU[OL`LHY!;OL*VTWHUÒHKJVTLV\[^P[O [OL OPNOLZ[ WHPK KPYLJ[VY K\YPUN [OL `LHY 5V[ PUP[PHSW\ISPJVMMLY076PU(UHTV\U[VM (WWSPJHISL ZPUJL UVUL VM [OL LTWSV`LLZ KYH^ 9ZPU]LZ[LKPU[OLZHPK076I`HYL[HPS YLT\ULYH[PVUPUL_JLZZVM[OL+PYLJ[VY"HUK PU]LZ[VY^V\SKIL^VY[O9ZHZVU 4HYJO PUKPJH[PUN H JVTWV\UKLK _ 0[PZOLYLI`HMĉYTLK[OH[[OLYLT\ULYH[PVUWHPKPZ (UU\HS .YV^[O 9H[L VM ;OPZ PZ HZWLY[OL9LT\ULYH[PVU7VSPJ`MVY+PYLJ[VYZ2L` L_JS\KPUN[OLKP]PKLUKHJJY\LK[OLYLVU UV 4HUHNLYPHS7LYZVUULSHUK:LUPVY4HUHNLTLU[ YPNO[ZPZZ\LLU[P[SLTLU[ 5V[L ! *VTWHYPZVU VM 9LT\ULYH[PVU VM 2L` ]PP (]LYHNL WLYJLU[HNL PUJYLHZL THKL PU [OL 4HUHNLYPHS 7LYZVUULS HNHPUZ[ [OL WLYMVYTHUJL salaries of employees other than the managerial VM [OL *VTWHU` PUJS\KLZ VUS` YLT\ULYH[PVU VM WLYZVUULS PU [OL SHZ[ ĉUHUJPHS `LHY PL 4+ *,6 ,+ ZPUJL [OL *-6 *: ^LYL UV[ ^HZ ÔLYLHZ [OL PUJYLHZL PU [OL PUJS\KLKPU247[PSSZ[4HYJO THUHNLYPHS YLT\ULYH[PVU MVY [OL ZHTL ĉUHUJPHS `LHY ^HZ ;OL PUJYLHZL PU YLT\ULYH[PVU of employees other than the managerial personnel is in line with the increase in remuneration of THUHNLYPHSWLYZVUULS

068 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 ANNEXURE VII TO THE DIRECTORS’ REPORT Part I : Disclosure Relating to Godrej Properties Limited Employees Stock Option Plan (GPL ESOP) Particulars Details 6W[PVUZNYHU[LK The Pricing formula .YHU[ 7YPJL WS\Z PU[LYLZ[ H[ Z\JO YH[L HZ TH` IL KLJPKLKMYVT[PTL[V[PTLHUKJVTWV\UKHISLVUHU HUU\HS IHZPZ MVY [OL WLYPVK JVTTLUJPUN MYVT [OL KH[LVMNYHU[VM[OL6W[PVUZHUKLUKPUNVU4HYJO WS\ZHSSV[OLYL_WLUZLZHZTHÌLPUJ\YYLKI`[OL *VTWHU`[VNP]LLMMLJ[[V[OL.73,:67 ;V[HSVW[PVUZ]LZ[LK 6W[PVUZL_LYJPZLK 5PS ;V[HSU\TILYVMLX\P[`ZOHYLZ[OH[^V\SKHYPZLHZH 5PSZPUJLUVMYLZOPZZ\LVMZOHYLZI`[OL*VTWHU` YLZ\S[VMM\SSL_LYJPZLVMVW[PVUZHSYLHK`NYHU[LK 6W[PVUZMVYMLP[LKSHWZLKJHUJLSSLK ^PSSILH]HPSHISLMVYYLPZZ\L =HYPH[PVUZPU[LYTZVMVW[PVUZ 5VUL 4VUL`YLHSPZLKI`L_LYJPZLVMVW[PVUZ 5PS 6W[PVUZV\[Z[HUKPUNPUMVYJL 7LYZVU^PZLKL[HPSZVMVW[PVUZNYHU[LK[V P +PYLJ[VYZHUKRL`THUHNLTLU[LTWSV`LLZ 7SLHZLZLL5V[L)LSV^ PP (U`V[OLYLTWSV`LLÔVYLJLP]LKHNYHU[PUHU` 5PS VUL`LHYVMVW[PVUZHTV\U[PUN[V VYTVYLVM [OLVW[PVUZNYHU[LKK\YPUN[OL`LHY PPP 0KLU[PĉLK LTWSV`LLZ ÔV HYL NYHU[LK VW[PVUZ 5PS K\YPUNHU`VUL`LHYLX\HS[VVYL_JLLKPUN VM [OLPZZ\LKJHWP[HSL_JS\KPUNV\[Z[HUKPUN^HYYHU[Z HUK JVU]LYZPVUZ VM [OL *VTWHU` H[ [OL [PTL VM grant +PS\[LK,HYUPUNZ7LY:OHYL,7:W\YZ\HU[[VPZZ\LVM ;OLYLPZUVMYLZOPZZ\LVMZOHYLZVUL_LYJPZLVMVW[PVU ZOHYLZVUL_LYJPZLVMVW[PVUJHSJ\SH[LKPUHJJVYKHUJL ;OLYLMVYL[OLZHTLPZUV[HWWSPJHISL ^P[O(JJV\U[PUN:[HUKHYK(:ê,HYUPUNZ7LY:OHYLë +PMMLYLUJL IL[^LLU LTWSV`LL JVTWLUZH[PVU JVZ[ 5PS \ZPUN [OL PU[YPUZPJ ]HS\L TL[OVK HUK [OL LTWSV`LL JVTWLUZH[PVUJVZ[[OH[ZOHSSOH]LILLUYLJVNUPZLKPM [OL*VTWHUÒHZ\ZLKMHPY]HS\LVMVW[PVUZHUKPTWHJ[ VM[OPZKPMMLYLUJLVUWYVĉ[ZHUK,7:VM[OL*VTWHU`

069 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

Particulars Details >LPNO[LK H]LYHNL L_LYJPZL WYPJLZ HUK ^LPNO[LK >LPNO[LKH]LYHNLL_LYJPZLWYPJLPZ`WLYZOHYL H]LYHNL MHPY ]HS\LZ VM VW[PVUZ ^OVZL L_LYJPZL WYPJL WS\ZPU[LYLZ[WVZ[Z[VJRZWSP[ LP[OLYLX\HSZVYL_JLLKZVYPZSLZZ[OHU[OLTHYRL[WYPJL of the stock +LZJYPW[PVUVM[OLTL[OVKHUKZPNUPĉJHU[HZZ\TW[PVUZ 5( \ZLK K\YPUN [OL `LHY [V LZ[PTH[L [OL MHPY ]HS\LZ VM VW[PVUZ PUJS\KPUN ^LPNO[LKH]LYHNL PUMVYTH[PVU UHTLS`YPZRMYLLPU[LYLZ[YH[LL_WLJ[LKSPMLL_WLJ[LK ]VSH[PSP[` L_WLJ[LK KP]PKLUKZ HUK [OL WYPJL VM [OL \UKLYS`PUNZOHYLPUTHYRL[H[[OL[PTLVMNYHU[VM[OL option 0TWHJ[ VU WYVĉ[Z VM [OL SHZ[ [OYLL `LHYZ HUK VU [OL 5PS ,7:VM[OLSHZ[[OYLL`LHYZPM[OLPZZ\LYOHKMVSSV^LK [OL HJJV\U[PUN WVSPJPLZ ZWLJPĉLK PU *SH\ZL VM [OL :LJ\YP[PLZ HUK ,_JOHUNL )VHYK VM 0UKPH ,TWSV`LL :[VJR6W[PVU:JOLTLHUK,TWSV`LL:[VJR7\YJOHZL :JOLTL.\PKLSPULZ HZHTLUKLKPUYLZWLJ[VM VW[PVUZNYHU[LKPU[OLSHZ[[OYLL`LHYZ

Note: +L[HPSZYLNHYKPUNVW[PVUZNYHU[LK[V+PYLJ[VYZHUK:LUPVY4HUHNLTLU[7LYZVUULSHYLZL[MVY[OILSV^!

Name Position Number of options outstanding under GPL ESOP 4Y2;1P[OLUKYHU ,_LJ\[P]L+PYLJ[VY 4Y5P[PU>HNSL =PJL7YLZPKLU[6WLYH[PVUZ 4Y9HQLUKYH2OL[H^H[ *OPLM-PUHUJPHS6MĉJLY PP (U`V[OLYLTWSV`LL^OVYLJLP]LKHNYHU[PUHU`VUL`LHYVMVW[PVUZHTV\U[PUN[V VYTVYLVMVW[PVUZ NYHU[LKè503 PPP 0KLU[PĉLKLTWSV`LLZ^OV^LYLNYHU[LKVW[PVUZK\YPUNHU`VUL`LHYLX\HS[VVYL_JLLKPUN VM[OLPZZ\LK JHWP[HSL_JS\KPUNV\[Z[HUKPUN^HYYHU[ZHUKJVU]LYZPVUZVM[OL*VTWHU`H[[OL[PTLVMNYHU[503

Part II : Disclosure relating to Godrej Properties Limited Employee Stock Grant Scheme, 2011 (GPL ESGS) Particulars Details 6W[PVUZNYHU[LK ,_LYJPZLWYPJLVMVW[PVUZ 9ZWLYLX\P[`ZOHYL ;V[HSVW[PVUZ]LZ[LK 6W[PVUZL_LYJPZLK ;V[HSU\TILYVMLX\P[`ZOHYLZ[OH[^V\SKHYPZLHZHYLZ\S[ VMM\SSL_LYJPZLVMVW[PVUZHSYLHK`NYHU[LK

070 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Particulars Details 6W[PVUZMVYMLP[LKSHWZLKJHUJLSSLK =HYPH[PVUZPU[LYTZVMVW[PVUZ 9LMLY5V[LP] 4VUL`YLHSPZLKI`L_LYJPZLVMVW[PVUZ 9Z 6W[PVUZV\[Z[HUKPUNPUMVYJL 7LYZVU^PZLKL[HPSZVMVW[PVUZNYHU[LK[V P +PYLJ[VYZHUKRL`THUHNLTLU[LTWSV`LLZ 7SLHZLZLL5V[LILSV^ PP (U`V[OLYLTWSV`LLÔVYLJLP]LKHNYHU[PUHU` 5PS VUL`LHYVMVW[PVUZHTV\U[PUN[V VYTVYLVM[OL VW[PVUZNYHU[LKK\YPUN[OL`LHY PPP 0KLU[PĉLKLTWSV`LLZÔVHYLNYHU[LKVW[PVUZ 5PS K\YPUNHU`VUL`LHYLX\HS[VVYL_JLLKPUN VM[OL PZZ\LKJHWP[HSL_JS\KPUNV\[Z[HUKPUN^HYYHU[ZHUK JVU]LYZPVUZVM[OL*VTWHU`H[[OL[PTLVMNYHU[ +PS\[LK ,HYUPUNZ 7LY :OHYL ,7: W\YZ\HU[ [V PZZ\L VM 9ZWLYZOHYL ZOHYLZVUL_LYJPZLVMVW[PVUJHSJ\SH[LKPUHJJVYKHUJL^P[O (JJV\U[PUN:[HUKHYK(:ê,HYUPUNZ7LY:OHYLë +PMMLYLUJL IL[^LLU LTWSV`LL JVTWLUZH[PVU JVZ[ \ZPUN 9LMLY5V[LJVM-PUHUJPHS:[H[LTLU[Z [OLPU[YPUZPJ]HS\LTL[OVKHUK[OLLTWSV`LLJVTWLUZH[PVU JVZ[[OH[ZOHSSOH]LILLUYLJVNUPZLKPM[OL*VTWHUÒHZ \ZLKMHPY]HS\LVMVW[PVUZHUKPTWHJ[VM[OPZKPMMLYLUJLVU WYVĉ[ZHUK,7:VM[OL*VTWHU` >LPNO[LKH]LYHNLL_LYJPZLWYPJLZHUK^LPNO[LKH]LYHNL :PUJL [OL ZOHYLZ \UKLY ,:.: HYL PZZ\LK H[ -HJL ]HS\L MHPY]HS\LZVMVW[PVUZÔVZLL_LYJPZLWYPJLLP[OLYLX\HSZVY [OLYLMVYL -HJL =HS\L VM [OL ZOHYL PZ >LPNO[LK (]LYHNL L_JLLKZVYPZSLZZ[OHU[OLTHYRL[WYPJLVM[OLZ[VJR ,_LYJPZL7YPJLHUKPU[OPZJHZLL_LYJPZLWYPJLPZSLZZ[OHU [OLTHYRL[WYPJLVMZOHYL >LPNO[LK H]LYHNL MHPY ]HS\LZ VM VW[PVUZ HYL 9Z WLYVW[PVU +LZJYPW[PVU VM [OL TL[OVK HUK ZPNUPĉJHU[ HZZ\TW[PVUZ 4L[OVK!)SHJR:JOVSLZ6W[PVUZWYPJPUNMVYT\SH \ZLKK\YPUN[OL`LHY[VLZ[PTH[L[OLMHPY]HS\LZVMVW[PVUZ 9PZRèMYLLPU[LYLZ[9H[L! PUJS\KPUN^LPNO[LKH]LYHNLPUMVYTH[PVUUHTLS`YPZRMYLL ,_WLJ[LKSPML!`LHYZ PU[LYLZ[ YH[L L_WLJ[LK SPML L_WLJ[LK ]VSH[PSP[` L_WLJ[LK ,_WLJ[LK]VSH[PSP[`! KP]PKLUKZHUK[OLWYPJLVM[OL\UKLYS`PUNZOHYLPUTHYRL[ ,_WLJ[LKKP]PKLUK!WLYZOHYL at the time of grant of the option >LPNO[LK (]LYHNL 4HYRL[ WYPJL VM [OL \UKLYS`PUN ZOHYLH[[OL[PTLVMNYHU[!9Z WLYZOHYL

0TWHJ[VUWYVĉ[ZVM[OLSHZ[[OYLL`LHYZHUKVU[OL,7:VM 9LMLY5V[LJVM-PUHUJPHS:[H[LTLU[Z [OLSHZ[[OYLL`LHYZPM[OLPZZ\LYOHKMVSSV^LK[OLHJJV\U[PUN WVSPJPLZ ZWLJPĉLK PU JSH\ZL VM [OL :LJ\YP[PLZ HUK ,_JOHUNL)VHYKVM0UKPH,TWSV`LL:[VJR6W[PVU:JOLTL HUK,TWSV`LL:[VJR7\YJOHZL:JOLTL.\PKLSPULZ HZHTLUKLKPUYLZWLJ[VMVW[PVUZNYHU[LKPU[OLSHZ[[OYLL years

071 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 DIRECTORS’ REPORT FOR THE FINANCIAL YEAR ENDED MARCH 31, 2015

Note:+L[HPSZYLNHYKPUNVW[PVUZNYHU[LK[V:LUPVY4HUHNLTLU[7LYZVUULSHYLZL[MVY[OILSV^! Name Position Number of options outstanding under GPL ESGS

4Y2;1P[OLUKYHU ,_LJ\[P]L+PYLJ[VY

4Y4VOP[4HSOV[YH ,_LJ\[P]L+PYLJ[VY

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PP (U`V[OLYLTWSV`LL^OVYLJLP]LKHNYHU[PUHU`VUL`LHYVMVW[PVUZHTV\U[PUN[V VYTVYLVMVW[PVUZ NYHU[LKè503 PPP 0KLU[PĉLKLTWSV`LLZ^OV^LYLNYHU[LKVW[PVUZK\YPUNHU`VUL`LHYLX\HS[VVYL_JLLKPUN VM[OLPZZ\LK JHWP[HSL_JS\KPUNV\[Z[HUKPUN^HYYHU[ZHUKJVU]LYZPVUZVM[OL*VTWHU`H[[OL[PTLVMNYHU[503 P] +\YPUN[OL`LHY\UKLYYL]PL^[OL5VTPUH[PVU 9LT\ULYH[PVU*VTTP[[LLOHKHK]HUJL[OL]LZ[PUNVM VW[PVUZNYHU[LK[V4Y=:YPUP]HZHUè,_LJ\[P]L+PYLJ[VY\W[V4HYJOHUKHSSV^LK[VL_LYJPZL VW[PVUZNYHU[LK[V4Y:OVKOHU2LTIOH]Pè=PJL7YLZPKLU[3LNHS *VTWHU`:LJYL[HY`\W[V(\N\Z[

072 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

CVYWVYH[L NV]LYUHUJL PZ HU L[OPJHSS` KYP]LU I\ZPULZZ VM [OL )VHYK MYVT [OL THUHNLTLU[ ÔPJO PZ PU WYVJLZZ[OH[PZJVTTP[[LK[V]HS\LZHPTLKH[LUOHUJPUN JVUMVYTP[`^P[O[OLYLX\PYLTLU[VM:LJ[PVU VM HU VYNHUPaH[PVUëZ ^LHS[O NLULYH[PUN JHWHJP[` ;OPZ PZ [OL*VTWHUPLZ(J[[OL*VTWHUPLZ(J[HUK LUZ\YLKI`JVUK\J[PUNI\ZPULZZ^P[OHĉYTJVTTP[TLU[ *SH\ZL VM [OL 3PZ[PUN (NYLLTLU[ PU [OPZ YLNHYK [V]HS\LZÔPSLH[[OLZHTL[PTLTLL[PUNZ[HRLOVSKLYZë (ZVM4HYJO[OL)VHYKVM+PYLJ[VYZVM[OL L_WLJ[H[PVUZ *VTWHU`JVTWYHPZLVMMV\Y[LLU+PYLJ[VYZKYHÛ MYVT KP]LYZL ĉLSKZWYVMLZZPVUZ" ÔPJO PUJS\KLZ [OL :[YVUN SLHKLYZOPW HUK LMMLJ[P]L JVYWVYH[L NV]LYUHUJL 4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L6MĉJLY[^V WYHJ[PJLZOH]LILLU[OL*VTWHU`ëZOHSSTHYRPUOLYP[LKMYVT ,_LJ\[P]L +PYLJ[VYZ HUK LSL]LU 5VU,_LJ\[P]L [OL.VKYLQJ\S[\YLHUKL[OVZ;OL*VTWHU`JVU[PU\LZ[V +PYLJ[VYZ VM ÔPJO ZL]LU HYL 0UKLWLUKLU[ MVJ\ZP[ZYLZV\YJLZZ[YLUN[OZHUKZ[YH[LNPLZ[VHZWPYL[V +PYLJ[VYZ :PUJL [OL *OHPYTHU VM [OL )VHYK PZ H ILHTVUN[OLUH[PVUëZ[VWYLHSLZ[H[LJVTWHUPLZÔPSL 5VU,_LJ\[P]L5VUè0UKLWLUKLU[+PYLJ[VYHUKPZH JVU[PU\PUN[VIL[OLTVZ[[Y\Z[LKUHTLPU[OLPUK\Z[Y` 7YVTV[LYVM[OL*VTWHU`VULOHSMPL VM[OL )VHYK VM [OL *VTWHU` JVTWYPZLZ VM 0UKLWLUKLU[ ([.VKYLQ7YVWLY[PLZP[PZPTWLYH[P]L[OH[V\YI\ZPULZZPZ +PYLJ[VYZHZKL[HPSLKILSV^! JVUK\J[LKPUHMHPYHUK[YHUZWHYLU[THUULY6\YJVYWVYH[L governance framework ensures effective engagement Category Name of Director DIN ^P[OV\YZ[HRLOVSKLYZHUKOLSWZ\ZL]VS]L^P[OJOHUNPUN Non-Executive 4Y(KP).VKYLQ*OHPYTHU [PTLZ 0[ V]LYZLLZ I\ZPULZZ Z[YH[LNPLZ HUK LUZ\YLZ ĉZJHS Non-Independent HJJV\U[HIPSP[` L[OPJHS JVYWVYH[L ILOH]PV\Y HUK MHPYULZZ 4YZ7HYTLZO^HY(.VKYLQ [V HSS Z[HRLOVSKLYZ JVTWYPZPUN VM YLN\SH[VYZ LTWSV`LLZ Directors 4Y1HTZO`K5.VKYLQ J\Z[VTLYZ]LUKVYZPU]LZ[VYZHUK[OLZVJPL[`H[SHYNL 4Y5HKPY).VKYLQ Non-Executive 4Y(TP[)*OV\KO\Y` 6\Y N\PKPUN WYPUJPWSLZ HUK WYHJ[PJLZ HYL Z\TTHYPZLK PU Independent 4Y2LRP)+HKPZL[O [OPZ*VYWVYH[L.V]LYUHUJL9LWVY[;OLZLHYLHY[PJ\SH[LK Directors 4YZ3HSP[H+.\W[L [OYV\NO [OL *VTWHU`ëZ *VKL VM *VUK\J[ MVY )VHYK VM 4Y7YHUH`+=HRPS +PYLJ[VYZ HUK :LUPVY 4HUHNLTLU[ 7VSPJPLZ *OHY[LYZ +Y7YP[HT:PUNO VM ]HYPV\Z *VTTP[[LLZ VM [OL )VHYK HUK *VTWHU`ëZ +PZJSVZ\YL 7VSPJPLZ ;OLZL 7VSPJPLZ ZLLR [V MVJ\Z VU 4Y:5HYH`HU LUOHUJLTLU[ VM SVUN [LYT ZOHYLOVSKLY ]HS\L ^P[OV\[ 4Y(TP[H]H4\ROLYQLL JVTWYVTPZPUNVU,[OPJHS:[HUKHYKZHUK*VYWVYH[L:VJPHS Managing 4Y7PYVQZOH.VKYLQ 9LZWVUZPIPSP[PLZ Director & CEO Executive 4Y2;1P[OLUKYHU Directors 4Y=:YPUP]HZHU THE GOVERNANCE STRUCTURE 4Y4VOP[4HSOV[YH 1) BOARD OF DIRECTORS a) Board Structure *LHZLK[VILH+PYLJ[VYVU[OL)VHYKVM[OL*VTWHU` The policy of the Company is to have an optimal ^LM(WYPS JVTIPUH[PVU VM L_LJ\[P]L UVUL_LJ\[P]L HUK (WWVPU[LKHZHU,_LJ\[P]L+PYLJ[VY^LM(WYPS PUKLWLUKLU[KPYLJ[VYZ[VTHPU[HPU[OLPUKLWLUKLUJL I`[OL)VHYKH[P[ZTLL[PUNOLSKVU-LIY\HY`

073 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

Pictorial representation of percentage of Board `LHY MYVT (WYPS ;OL )VHYK VM +PYLJ[VYZ composition VM[OL*VTWHUÒHZHKVW[LK[OLWYV]PZPVUZ^P[O YLZWLJ[[VHWWVPU[TLU[HUK[LU\YLVM0UKLWLUKLU[ +PYLJ[VYZSHPKKVÛ\UKLY[OL*VTWHUPLZ(J[HUK 21% 5VU,_LJ\[P]L [OL3PZ[PUN(NYLLTLU[ 0UKLWLUKLU[+PYLJ[VYZ ([ [OL [O (UU\HS .LULYHS 4LL[PUN VM [OL 5VU,_LJ\[P]L+PYLJ[VYZ *VTWHUÒLSKVU(\N\Z[[OLTLTILYZ ,_LJ\[P]L+PYLJ[VYZ OHK HWWVPU[LK HSS L_PZ[PUN 0UKLWLUKLU[ +PYLJ[VYZ VM [OL *VTWHU` ILPUN 4Y 2LRP ) +HKPZL[O 29% 4YZ3HSP[H+.\W[L4Y(TP[)*OV\KO\Y`4Y: 5HYH`HU+Y7YP[HT:PUNO4Y(TP[H]H4\ROLYQLL 50% HUK 4Y 7YHUH` =HRPS HZ 0UKLWLUKLU[ +PYLJ[VYZ \UKLY[OLWYV]PZPVUZVM[OL*VTWHUPLZ(J[ ,_JLW[ HZ KPZJSVZLK ILSV^ UV +PYLJ[VY VM [OL HUK 3PZ[PUN (NYLLTLU[ MVY H WLYPVK VM ĉ]L `LHYZ *VTWHU`PZYLSH[LK[VHU`V[OLY+PYLJ[VYVU[OL MYVT(\N\Z[[V(\N\Z[ )VHYKPU[LYTZVM[OLTLHUPUNVM[OL[LYTêYLSH[P]Lë ;OL *VTWHU` OHZ PZZ\LK H MVYTHS SL[[LY VM NP]LU\UKLY[OL*VTWHUPLZ(J[! HWWVPU[TLU[ [V [OL 0UKLWLUKLU[ +PYLJ[VYZ PU [OL P 4Y(KP).VKYLQPZ[OLIYV[OLYVM4Y5HKPY THUULYHZWYV]PKLKPU[OL*VTWHUPLZ(J[HUK[OL ).VKYLQ" YL]PZLK*SH\ZL VM[OL3PZ[PUN(NYLLTLU[;OL PP 4Y (KP ) .VKYLQ PZ O\ZIHUK VM [LYTZ HUK JVUKP[PVUZ VM HWWVPU[TLU[ OH]L HSZV 4YZ7HYTLZO^HY(.VKYLQ"HUK ILLU KPZWSH`LK VU [OL ^LIZP[L VM [OL *VTWHU` PPP 4Y7PYVQZOH.VKYLQPZ[OLZVUVM4Y(KP) H[ O[[WZ!^^^NVKYLQWYVWLY[PLZJVTPU]LZ[VY .VKYLQHUK4YZ7HYTLZO^HY(.VKYLQ JVYWVYH[LNV]LYUHUJL b) Appointment of Independent Directors c) Familiarisation Program for Independent 7\YZ\HU[ [V [OL WYV]PZPVUZ VM :LJ[PVU VM Directors [OL *VTWHUPLZ (J[ [OH[ JHTL PU[V LMMLJ[ MYVT ;OL *VTWHU` OHZ JVUK\J[LK [OL -HTPSPHYPZH[PVU (WYPS HUK *SH\ZL 00( VM [OL 3PZ[PUN 7YVNYHT MVY 0UKLWLUKLU[ +PYLJ[VYZ HWWVPU[LK (NYLLTLU[L]LY`SPZ[LKW\ISPJJVTWHU`PZYLX\PYLK K\YPUN [OL `LHY ;OL 7YVNYHT HPTZ [V WYV]PKL [V OH]L H[ SLHZ[ VUL[OPYK VM [OL [V[HS U\TILY PUZPNO[Z PU[V [OL *VTWHU` [V LUHISL [OL VM +PYLJ[VYZ HZ 0UKLWLUKLU[ +PYLJ[VYZ ;OLZL 0UKLWLUKLU[+PYLJ[VYZ[V\UKLYZ[HUKP[ZI\ZPULZZ 0UKLWLUKLU[+PYLJ[VYZZOHSSILHWWVPU[LKMVYUV[ PUKLW[O[VHJJSPTH[PZL[OLT^P[O[OLWYVJLZZLZ TVYL[OHU[^V[LYTZVMĉ]L`LHYZLHJOHUKZOHSS I\ZPULZZLZ HUK M\UJ[PVUHYPLZ VM [OL *VTWHU` UV[ILSPHISL[VYL[PYLI`YV[H[PVU-\Y[OLYHZWLY HUK [V HZZPZ[ [OLT PU WLYMVYTPUN [OLPY YVSL HZ [OLJSHYPĉJH[PVUPZZ\LKI`[OL4PUPZ[Y`VM*VYWVYH[L 0UKLWLUKLU[ +PYLJ[VYZ VM [OL *VTWHU` ;OL (MMHPYZ [OL í4*(î \UKLY .LULYHS *PYJ\SHY 5V *VTWHU`ëZ7VSPJ`VMJVUK\J[PUN[OL-HTPSPHYPZH[PVU ê*SHYPĉJH[PVUZ VU 9\SLZ WYLZJYPILK 7YVNYHTOHZILLUKPZJSVZLKVU[OL^LIZP[LVM[OL \UKLY*VTWHUPLZ(J[è4H[[LYZYLSH[PUN[V *VTWHU` H[ O[[W!^^^NVKYLQWYVWLY[PLZJVT HWWVPU[TLU[ HUK X\HSPĉJH[PVUZ VM KPYLJ[VYZ HUK PU]LZ[VYZJVYWVYH[LNV]LYUHUJL 0UKLWLUKLU[+PYLJ[VYZë[OLí*PYJ\SHYî[OLL_PZ[PUN ;OL KL[HPSZ VM [OL )VHYK VM [OL *VTWHU` HUK 0UKLWLUKLU[+PYLJ[VYZVM[OL*VTWHU`ZOHSSOH]L U\TILY VM TLL[PUNZ H[[LUKLK I` LHJO +PYLJ[VY [VILL_WYLZZS`HWWVPU[LK\UKLY:LJ[PVU YLHK K\YPUN[OL-PUHUJPHS@LHYHYLNP]LUPU ^P[O:JOLK\SL0=VM[OL*VTWHUPLZ(J[^P[OPUVUL ;HISLILSV^!

074 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Table 1: Details about the Company’s Directors and meetings attended by the Directors during the Financial Year 2014-2015

Name of Director Category Number Number of Whether Directorships Number of Chairmanships/ of Board Board Meetings attended held in Memberships in Board Meetings held attended during last AGM (held companies Committees as at March 31, 2015 during the the Financial on August 2, incorporated (Including GPL) Financial Year Year 2014-2015 2014) in India as 2014-2015 at March 31, Chairmanship Memberships 2015(i)(ii) (excluding (Including GPL) Memberships of Committees)

4Y(KP).VKYLQ *OHPYTHUè5VU,_LJ\[P]L Yes 4YZ7HYTLZO^HY(.VKYLQ 5VU,_LJ\[P]L+PYLJ[VY Yes -- 4Y1HTZO`K5.VKYLQ 5VU,_LJ\[P]L+PYLJ[VY 4Yes 4Y5HKPY).VKYLQ 5VU,_LJ\[P]L+PYLJ[VY 4Yes 4Y7PYVQZOH.VKYLQ 4HUHNPUN+PYLJ[VY *,6 Yes - 4Y(TP[)*OV\KO\Y` 0UKLWLUKLU[+PYLJ[VY Yes - 4Y2LRP)+HKPZL[O 0UKLWLUKLU[+PYLJ[VY 4Yes 4YZ3HSP[H+.\W[L 0UKLWLUKLU[+PYLJ[VY 4Yes 4Y7YHUH`+=HRPS 0UKLWLUKLU[+PYLJ[VY 4Yes - +Y7YP[HT:PUNO 0UKLWLUKLU[+PYLJ[VY Yes - 4Y:5HYH`HU 0UKLWLUKLU[+PYLJ[VY 4Yes -4 4Y(TP[H]H4\ROLYQLL 0UKLWLUKLU[+PYLJ[VY 4Yes - 4Y2;1P[OLUKYHU ,_LJ\[P]L+PYLJ[VY Yes -- 4Y=:YPUP]HZHUPPP ,_LJ\[P]L+PYLJ[VY Yes -- 4Y4VOP[4HSOV[YHP] ,_LJ\[P]L+PYLJ[VY 5( 5( 5( 5( 5( 5( 5V[LZ! (i) Directorship in foreign companies is excluded. (ii) Figures in ( ) denote listed companies. (iii) Ceased to be a Director on the Board of the Company w.e.f. April 1, 2015. (iv) Appointed as an Executive Director w.e.f. April 1, 2015 by the Board at its meeting held on February 11, 2015.

(ZYLX\PYLK\UKLY*SH\ZL VM[OL3PZ[PUN(NYLLTLU[UVULVM[OL+PYLJ[VYZHYL!PTLTILYVMTVYL[OHU[LU JVTTP[[LLZ"HUKPPJOHPYTHUVMTVYL[OHUĉ]LJVTTP[[LLZ0U[LYTZVML_WSHUH[PVUZ[V*SH\ZL 00+VM [OL3PZ[PUN(NYLLTLU[JOHPYTHUZOPWVYTLTILYZOPWVM[OLê(\KP[*VTTP[[LLëHUK[OLê:[HRLOVSKLYZ9LSH[PVUZOPW *VTTP[[LLëVM0UKPHUW\ISPJSPTP[LKJVTWHUPLZOHZILLUJVUZPKLYLKMVY[OLHMVYLZHPKW\YWVZL d) Board meetings held and Directors’ attendance record ;OL)VHYKSVVRZH[Z[YH[LNPJWSHUUPUNHUKWVSPJ`MVYT\SH[PVU;OL)VHYKTLL[ZH[SLHZ[VUJLPUL]LY`X\HY[LY [VYL]PL^[OL*VTWHU`ëZVWLYH[PVUZHUK[VJVUZPKLYHTVUNV[OLYI\ZPULZZ[OLX\HY[LYS`WLYMVYTHUJLHUK ĉUHUJPHSYLZ\S[ZVM[OL*VTWHU`;OLTH_PT\T[PTLNHWIL[^LLUHU`[^VTLL[PUNZVM[OL)VHYKPZUV[TVYL [OHUKH`Z;OLHNLUKHVM)VHYKTLL[PUNZPZJPYJ\SH[LK[VHSS[OL+PYLJ[VYZ^LSSPUHK]HUJLHUKJVU[HPUZ HSS[OLYLSL]HU[PUMVYTH[PVU ;OLKL[HPSZVM)VHYKTLL[PUNZOLSKK\YPUN[OL-PUHUJPHS@LHYHUK+PYLJ[VYZëH[[LUKHUJLYLJVYKHYL NP]LUPU;HISL

075 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

;HISL!;OLKL[HPSZVMTLL[PUNZVM[OL)VHYKOLSKK\YPUN[OLĉUHUJPHS`LHYHYLHZ\UKLY!

Date on which Board Total strength of the Board No. of Directors present Meeting was held on the date of Meeting at the Board Meeting

4H` (\N\Z[ 5V]LTILY 1HU\HY` -LIY\HY`

e) Information supplied to the Board z :HSL VM TH[LYPHS UH[\YL VM PU]LZ[TLU[Z Z\IZPKPHYPLZ HZZL[Z ^OPJO PZ UV[ PU [OL ;OLPUMVYTH[PVUWYV]PKLK[V[OL)VHYKPUJS\KLZ! UVYTHSJV\YZLVMI\ZPULZZ" z (UU\HSVWLYH[PUNWSHUZHUKI\KNL[ZJHWP[HS I\KNL[ZHUKHU`\WKH[LZ[OLYLVU" z 8\HY[LYS`KL[HPSZVMMVYLPNUL_JOHUNLL_WVZ\YL HUK[OLZ[LWZ[HRLUI`THUHNLTLU[[VSPTP[ z 8\HY[LYS`YLZ\S[ZVM[OL*VTWHU`" [OLYPZRZVMHK]LYZLL_JOHUNLYH[LTV]LTLU["

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z (U` PZZ\L ^OPJO PU]VS]LZ WVZZPISL W\ISPJ VY ;OL *VTWHU`ëZ 0UKLWLUKLU[ +PYLJ[VYZ TL[ VU WYVK\J[SPHIPSP[`JSHPTZVMHZ\IZ[HU[PHSUH[\YL" 1HU\HY` ^P[OV\[ [OL WYLZLUJL VM [OL

z +L[HPSZ VM HU` QVPU[ ]LU[\YL VY JVSSHIVYH[PVU 4HUHNPUN +PYLJ[VY *,6 ,_LJ\[P]L +PYLJ[VYZ HNYLLTLU[" [OL 5VU,_LJ\[P]L 5VU0UKLWLUKLU[ +PYLJ[VYZ HUK [OL 4HUHNLTLU[ ;LHT ;OL TLL[PUN ^HZ z ;YHUZHJ[PVUZ[OH[PU]VS]LZ\IZ[HU[PHSWH`TLU[ H[[LUKLKI`HSS[OL0UKLWLUKLU[+PYLJ[VYZHUK^HZ [V^HYKZNVVK^PSSIYHUKLX\P[`VYPU[LSSLJ[\HS JVUK\J[LK PUMVYTHSS` [V LUHISL [OL 0UKLWLUKLU[ WYVWLY[`" +PYLJ[VYZ [V KPZJ\ZZ TH[[LYZ WLY[HPUPUN [V [OL z :PNUPĉJHU[ SHIV\Y WYVISLTZ HUK [OLPY *VTWHU`ëZHMMHPYZHUKKL[LYTPUL[OLPYJVTIPULK WYVWVZLKZVS\[PVUZ" ]PL^Z[VILW\[MVY[O[V[OL)VHYKVM+PYLJ[VYZVM

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076 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 g) +PYLJ[VYZ ^P[O TH[LYPHSS` ZPNUPĉJHU[ YLSH[LK 7\YZ\HU[ [V [OL HWWYV]HS VM [OL TLTILYZ H[ [OL party transactions, pecuniary or business ,_[YHVYKPUHY` .LULYHS 4LL[PUN OLSK VU 6J[VILY relationship or transaction with the Company [OL 4LTILYZë VM [OL *VTWHU` OH]L ,_JLW[ MVY KYH^PUN YLT\ULYH[PVU UVUL VM [OL LTWV^LYLK[OL)VHYKVM+PYLJ[VYZ[VKL[LYTPUL +PYLJ[VYZ OH]L HU` V[OLY TH[LYPHSS` ZPNUPĉJHU[ MYVT [PTL [V [PTL [OL JVTTPZZPVU WH`HISL [V YLSH[LK WHY[` [YHUZHJ[PVUZ WLJ\UPHY` YLSH[PVUZOPW LHJO 5VU,_LJ\[P]L +PYLJ[VY WYV]PKLK Z\JO VY [YHUZHJ[PVU ^P[O [OL *VTWHU` ;OL *VTWHU` JVTTPZZPVUWS\ZZLY]PJL[H_H[HWWSPJHISLYH[LZVY LU[LYZPU[V[YHUZHJ[PVUZPU[OLVYKPUHY`JV\YZLVM HU`V[OLY[H_LZK\[PLZVYSL]Ì`ÔH[L]LYUHTL I\ZPULZZ^P[O[OLJVTWHUPLZPUÔPJO[OL+PYLJ[VYZ JHSSLK[OH[THÌLHWWSPJHISLH[HM\[\YLKH[LPU OVSK KPYLJ[VYZOPW ([[LU[PVU VM [OL 4LTILYZ PZ HNNYLNH[LZOHSSUV[L_JLLK VM[OLUL[WYVĉ[Z KYHÛ [V [OL KPZJSVZ\YLZ VM [YHUZHJ[PVUZ ^P[O VM [OL *VTWHU` MVY [OH[ `LHY JVTW\[LK PU [OL YLSH[LKWHY[PLZZL[V\[PU5V[LZ[V(JJV\U[Z5V[L THUULYWYV]PKLKPU[OL*VTWHUPLZ(J[;OLHIV]L 5VVM:[HUKHSVUL-PUHUJPHS:[H[LTLU[MVYTPUN HWWYV]HSPZMVYHWLYPVKVMĉ]L`LHYZMYVT(WYPS WHY[VM[OL(UU\HS9LWVY[ [PSS4HYJO;OLHJ[\HSJVTTPZZPVU WH`HISL [V LHJO 5VU,_LJ\[P]L +PYLJ[VY PZ h) Remuneration of Directors: sitting fees, KL[LYTPULKI`[OL)VHYKKLWLUKPUNVUPUKP]PK\HS salary, perquisites and commissions and JVU[YPI\[PVU[OL*VTWHU`ëZWLYMVYTHUJLHUK[OL number of equity shares held by the Non- WYL]HPSPUNUVYTZ Executive Directors

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077 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

Table 3: Remuneration paid or payable to the Directors during the Financial Year ended March 31, 2015 (Amount in `) Name of Director Relationship with other Directors Sitting Commission* Salary Perquisites Provident Others Total fees Fund

4Y(KP).VKYLQ )YV[OLYVM4Y5HKPY).VKYLQ 5PS 5PS 5PS 5PS -H[OLYVM4Y7PYVQZOH.VKYLQ ZWV\ZLVM4YZ7HYTLZO^HY (.VKYLQ

4YZ7HYTLZO^HY( >PMLVM4Y(KP).VKYLQHUK 5PS 5PS 5PS 5PS .VKYLQ TV[OLYVM4Y7PYVQZOH.VKYLQ

4Y1HTZO`K5.VKYLQ - 5PS 5PS 5PS 5PS

4Y5HKPY).VKYLQ )YV[OLYVM4Y(KP).VKYLQ 5PS 5PS 5PS 5PS

4Y(TP[)*OVKO\Y` - 5PS 5PS 5PS 5PS

4Y2LRP)+HKPZL[O - 5PS 5PS 5PS 5PS

4YZ3HSP[H+.\W[L - 5PS 5PS 5PS 5PS

4Y7YHUH`+=HRPS - 5PS 5PS 5PS 5PS

+Y7YP[HT:PUNO - 5PS 5PS 5PS 5PS

4Y:5HYH`HU - 5PS 5PS 5PS 5PS

4Y(TP[H]H4\ROLYQLL - 5PS 5PS 5PS 5PS

4Y7PYVQZOH.VKYLQ :VUVM4Y(KP).VKYLQHUK -- 4YZ7HYTLZO^HY(.VKYLQ

4Y2;1P[OLUKYHU ---

4Y=:YPUP]HZHU ---

5V[LZ! * Commission for the Financial Year 2014-2015 is payable in the Financial Year 2015-16. ** Under the Finance Act, 1994, as amended, service tax (along with education cess and secondary & higher education cess) was also paid under reverse charge mechanism by the Company. *** It includes provision made for the Performance Bonus for the financial year 2014-2015.

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078 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Table 4: Number of equity shares held by each of the Directors, options held and dividend paid

Name of Director Equity Shares held Dividend paid during the Number of options as on March 31, 2015 Financial held Under Year 2014-2015 (in `) GPL ESOP GPL ESGS 4Y(KP).VKYLQ - --- 4Y5HKPY).VKYLQ -- 4Y1HTZO`K5.VKYLQ -- 4YZ7HYTLZO^HY(.VKYLQ - --- 4Y(TP[)*OV\KO\Y` -- 4Y2LRP)+HKPZL[O - --- 4YZ3HSP[H+.\W[L -- 4Y7YHUH`+=HRPS -- +Y7YP[HT:PUNO -- 4Y:5HYH`HU - --- 4Y(TP[H]H4\ROLYQLL - --- 4Y7PYVQZOH.VKYLQ -- 4Y2;1P[OLUKYHU 4Y=:YPUP]HZHU --

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079 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

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080 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Review of information by Audit Committee Table 6: Composition and attendance record of 4HUHNLTLU[KPZJ\ZZPVUHUKHUHS`ZPZVMĉUHUJPHS Nomination & Remuneration Committee members JVUKP[PVUHUKYLZ\S[ZVMVWLYH[PVUZ" Name of Director No. of Meetings :[H[LTLU[VMZPNUPĉJHU[YLSH[LKWHY[`[YHUZHJ[PVUZ meetings attended HZKLĉULKI`[OLH\KP[JVTTP[[LLZ\ITP[[LKI` held THUHNLTLU[" 4YZ3HSP[H+.\W[L 44 4HUHNLTLU[SL[[LYZSL[[LYZYLSH[PUN[VHU`PU[LYUHS *OHPYWLYZVU JVU[YVS ^LHRULZZLZ PZZ\LK I` [OL Z[H[\[VY` 4Y2LRP)+HKPZL[O 44 H\KP[VYZ" 4Y(TP[)*OV\KO\Y` 44 0U[LYUHS H\KP[ YLWVY[Z YLSH[PUN [V PUZ[HUJLZ VM 4Y7YHUH`+=HRPS 44 PU[LYUHSJVU[YVS^LHRULZZLZ" +Y7YP[HT:PUNO 4 ;OL HWWVPU[TLU[ YLTV]HS HUK [LYTZ VM 4Y:5HYH`HU 44 YLT\ULYH[PVUVM[OL*OPLM0U[LYUHS(\KP[VYZOHSSIL 4Y(TP[H]H4\ROLYQLL 44 Z\IQLJ[[VYL]PL^I`[OL(\KP[*VTTP[[LL (WWYV]HS VY HU` Z\IZLX\LU[ TVKPĉJH[PVU VM 4Y:\YLUKLY=HYTH*VTWHU`:LJYL[HY` *OPLM3LNHS [YHUZHJ[PVUZVM[OLJVTWHU`^P[OYLSH[LKWHY[PLZ" 6MĉJLY VM [OL *VTWHU` HJ[Z HZ [OL :LJYL[HY` VM [OL :JY\[PU` VM [LYTZ VM PU[LYJVYWVYH[L SVHUZ HUK 5VTPUH[PVU 9LT\ULYH[PVU*VTTP[[LL PU]LZ[TLU[Z C. STAKEHOLDERS RELATIONSHIP =HS\H[PVU VM \UKLY[HRPUNZ VY HZZL[Z VM [OL *VTWHU`^OLYL]LYP[PZULJLZZHY`"HUK COMMITTEE ,]HS\H[PVU VM PU[LYUHS ĉUHUJPHS JVU[YVSZ HUK YPZR ;OL:[HRLOVSKLYZ9LSH[PVUZOPW*VTTP[[LLVM[OL)VHYK THUHNLTLU[Z`Z[LTZ JVUZPZ[ZVM[OLMVSSV^PUNTLTILYZ! H 4Y(KP).VKYLQ5VU,_LJ\[P]L*OHPYTHU" B. NOMINATION & REMUNERATION COMMITTEE I 4Y 7PYVQZOH .VKYLQ 4HUHNPUN +PYLJ[VY *OPLM ;OLJVUZ[P[\[PVUZJVWLHUKWV^LYZVM[OL5VTPUH[PVU ,_LJ\[P]L6MĉJLY"HUK 9LT\ULYH[PVU*VTTP[[LLVM[OL)VHYKVM+PYLJ[VYZPZ J 4Y(TP[)*OV\KO\Y`0UKLWLUKLU[+PYLJ[VY PUHJJVYKHUJL^P[O[OLWYV]PZPVUZVM:LJ[PVU VM[OL *VTWHUPLZ(J[HUK*SH\ZL VM[OL3PZ[PUN(NYLLTLU[ ;OL *VTTP[[LL K\YPUN [OL -PUHUJPHS @LHY ;OL5VTPUH[PVU 9LT\ULYH[PVU*VTTP[[LLSVVRZH[HSS TL[VU[OL LPNO[VJJHZPVUZPLVU(WYPS TH[[LYZWLY[HPUPUN[V[OLHWWVPU[TLU[HUKYLT\ULYH[PVU 1\UL 1\S` :LW[LTILY VM[OL4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L6MĉJLY[OL 6J[VILY+LJLTILY1HU\HY` ,_LJ\[P]L +PYLJ[VYZ 2L` 4HUHNLYPHS 7LYZVUULS HUK HUK -LIY\HY` ;OL ULJLZZHY` X\VY\T ^HZ HKTPUPZ[YH[PVUVM[OLLTWSV`LLZ[VJRVW[PVUZJOLTLZ WYLZLU[MVYHSS[OLTLL[PUNZ VM [OL *VTWHU` PL [OL .VKYLQ 7YVWLY[PLZ 3PTP[LK ,TWSV`LL:[VJR6W[PVU7SHUHUK[OL.VKYLQ7YVWLY[PLZ 4Y:\YLUKLY=HYTH*VTWHU`:LJYL[HY` *OPLM3LNHS 3PTP[LK,TWSV`LL:[VJR.YHU[:JOLTL 6MĉJLY VM [OL *VTWHU` HJ[Z HZ [OL :LJYL[HY` VM [OL :[HRLOVSKLYZ9LSH[PVUZOPW*VTTP[[LL ;OL5VTPUH[PVU 9LT\ULYH[PVU*VTTP[[LLJVUZPZ[ZVM ZL]LU0UKLWLUKLU[+PYLJ[VYZ+\YPUN[OL-PUHUJPHS@LHY ;OL :[HRLOVSKLYZ 9LSH[PVUZOPW *VTTP[[LL SVVRZ PU[V LUKLK 4HYJO [OL *VTTP[[LL TL[ MV\Y YLKYLZZHS VM [OL NYPL]HUJLZ VM :LJ\YP[` OVSKLYZ ]Pa [PTLZPLVU4H`(\N\Z[5V]LTILY ZOHYLOVSKLYZë HUK ĉ_LK KLWVZP[ OVSKLYZ PUJS\KPUN HUK1HU\HY`;OLJVTWVZP[PVUHUK PU]LZ[VYZëJVTWSHPU[ZYLSH[PUN[V[YHUZMLYVMZOHYLZPZZ\L H[[LUKHUJLKL[HPSZVM[OL5VTPUH[PVU 9LT\ULYH[PVU VM K\WSPJH[LJVUZVSPKH[LK ZOHYL JLY[PĉJH[LZ YL]PL^ VM *VTTP[[LLHYLNP]LUPU;HISLILSV^! JHZLZMVYYLM\ZHSVM[YHUZMLY[YHUZTPZZPVUVMZOHYLZHUK

081 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

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082 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 E. RISK MANAGEMENT COMMITTEE PPP 4Y2;1P[OLUKYHU,_LJ\[P]L+PYLJ[VY The Risk 4HUHNLTLU[ *VTTP[[LL JVUZ[P[\[LK HZ P] 4Y(TP[*OV\KO\Y`0UKLWLUKLU[+PYLJ[VY WLY [OL YLX\PYLTLU[ VM [OL *SH\ZL VM [OL 3PZ[PUN (NYLLTLU[^HZYLJVUZ[P[\[LKI`[OL)VHYKVM+PYLJ[VYZ ;OL (SSV[TLU[ *VTTP[[LL K\YPUN [OL -PUHUJPHS @LHY H[P[Z4LL[PUNOLSKVU-LIY\HY`JVTWYPZPUN[OL TL[VUYLN\SHYPU[LY]HSZ[VHSSV[LX\P[`ZOHYLZ following meTILYZ! HYPZPUNV\[VMVW[PVUZL_LYJPZLKI`[OLLSPNPISLLTWSV`LLZ P 4Y 2LRP ) +HKPZL[O 0UKLWLUKLU[ +PYLJ[VY \UKLY [OL .VKYLQ 7YVWLY[PLZ 3PTP[LK ,TWSV`LL :[VJR Chairman of the Committee .YHU[ :JOLTLZ è .73 ,:.: ;OL ULJLZZHY` X\VY\T^HZWYLZLU[MVYHSS[OLTLL[PUNZ PP 4Y7PYVQZOH.VKYLQ4HUHNPUN+PYLJ[VY *,6

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083 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

5) DISCLOSURES ;OL ZHPK TLJOHUPZT HSZV WYV]PKLZ MVY HKLX\H[L ZHMLN\HYKZ HNHPUZ[ ]PJ[PTPZH[PVU VM WLYZVUZ ÔV i) Material related party transaction \ZL Z\JO TLJOHUPZT HUK THRLZ WYV]PZPVU MVY (SS [YHUZHJ[PVUZ LU[LYLK PU[V K\YPUN [OL ĉUHUJPHS KPYLJ[ HJJLZZ [V [OL JOHPYWLYZVU VM [OL (\KP[ `LHY ^P[O 9LSH[LK 7HY[PLZ HZ KLĉULK *VTTP[[LL PU HWWYVWYPH[L VY L_JLW[PVUHS JHZLZ \UKLY [OL *VTWHUPLZ (J[ HUK *SH\ZL VM [OL >L JVUĉYT [OH[ K\YPUN [OL ĉUHUJPHS `LHY 3PZ[PUN (NYLLTLU[ ^LYL PU [OL VYKPUHY` JV\YZL UVLTWSV`LLVM[OL*VTWHU`^HZKLUPLK VMI\ZPULZZHUKVUHUHYTZSLUN[OIHZPZHUKKV HJJLZZ[V[OL(\KP[*VTTP[[LL UV[ H[[YHJ[ [OL WYV]PZPVUZ VM :LJ[PVU VM [OL ;OL ZHPK >OPZ[SL)SV^LY 7VSPJ` PZ H]HPSHISL *VTWHUPLZ (J[ ;OLYL ^LYL UV TH[LYPHS YLSH[LK VU [OL ^LIZP[L VM [OL *VTWHU` H[ O[[WZ! WHY[` [YHUZHJ[PVUZ PL [YHUZHJ[PVUZ L_JLLKPUN ^^^NVKYLQWYVWLY[PLZJVTPU]LZ[VY [LUWLYJLU[VM[OLHUU\HSJVUZVSPKH[K[\YUV]LYHZ JVYWVYH[LNV]LYUHUJL WLY [OL SHZ[ H\KP[LK ĉUHUJPHS Z[H[LTLU[Z LU[LYLK K\YPUN[OL`LHYI``V\Y*VTWHU`(JJVYKPUNS`[OL iii) Policy to prevent sexual harassment at the KPZJSVZLYVM9LSH[LK7HY[`;YHUZH[PVUZHZYLX\PYLK work-place \UKLY:LJ[PVUVM[OL*VTWHUPLZ(J[PU-VYT (6* PZ UV[ HWWSPJHISL ([[LU[PVU VM 4LTILYZ ;OL *VTWHU` PZ JVTTP[[LK [V JYLH[PUN HUK PZ KYHÛ [V [OL KPZJSVZ\YLZ VM [YHUZHJ[PVUZ ^P[O maintaining an atmosphere in which employees YLSH[LKWHY[PLZZL[V\[PU5V[LZ[V(JJV\U[Zè5V[L JHU ^VYR [VNL[OLY ^P[OV\[ MLHY VM ZL_\HS 5V MVYTPUN WHY[ VM [OL :[HUKHSVUL ĉUHUJPHS OHYHZZTLU[ L_WSVP[H[PVU VY PU[PTPKH[PVU ,]LY` Z[H[LTLU[Z LTWSV`LL PZ THKL H^HYL [OH[ [OL JVTWHU` PZ Z[YVUNS` VWWVZLK [V ZL_\HS OHYHZZTLU[ HUK (Z YLX\PYLK \UKLY *SH\ZL =000 VM [OL 3PZ[PUN [OH[ Z\JO ILOH]PVY PZ WYVOPIP[LK IV[O I` SH^ (NYLLTLU[ [OL *VTWHU` OHZ MVYT\SH[LK H HUKI`[OL.VKYLQNYV\W;VYLKYLZZJVTWSHPU[Z 9LSH[LK 7HY[` ;YHUZHJ[PVUZ 7VSPJ` ÔPJO PZ VM ZL_\HS OHYHZZTLU[ HU 0U[LYUHS *VTWSHPU[Z H]HPSHISL VU [OL ^LIZP[L VM [OL *VTWHU` H[ *VTTP[[LL 0** VM .VKYLQ 7YVWLY[PLZ 3PTP[LK O[[WZ!^^^NVKYLQWYVWLY[PLZJVTPU]LZ[VY OHZ ILLU MVYTLK \UKLY [OL :L_\HS /HYHZZTLU[ JVYWVYH[LNV]LYUHUJL VM >VTLU H[ >VYRWSHJL 7YL]LU[PVU 7YVOPIP[PVU ii) Whistle Blower Policy – Vigil Mechanism HUK 9LKYLZZHS (J[ HUK [OL Y\SLZ THKL [OLYL\UKLY4Z4HT[H)HRZOPPZ[OL*OHPYWLYZVU ;OL *VTWHU`ëZ >OPZ[SL )SV^LY 7VSPJ` PZ PU SPUL VM [OL 0U[LYUHS *VTWSHPU[Z *VTTP[[LL HUK 4Z ^P[O[OLWYV]PZPVUZVM[OL:\I:LJ[PVU HUK 5PZHIH.VKYLQHJ[ZHZHYLWYLZLU[H[P]LVM.VKYLQ VM :LJ[PVU VM [OL *VTWHUPLZ (J[ HUK [OL .YV\WHSVUN^P[OV[OLYMV\Y*VTTP[[LLTLTILYZ *SH\ZL VM [OL 3PZ[PUN (NYLLTLU[ ;OPZ 7VSPJ` ]Pa 4Y :\TP[ 4P[YH 4Z :^H[P 7H[^HYKOHU HUK LZ[HISPZOLZ H ]PNPS TLJOHUPZT MVY +PYLJ[VYZ HUK 4Z 5LLYH 5\UK` *V-V\UKLY VM +HZYH +\YPUN LTWSV`LLZ[VYLWVY[NLU\PULJVUJLYUZYLNHYKPUN [OL`LHYLUKLK4HYJO[OL0**YLJLP]LK \UL[OPJHS ILOH]PV\Y HJ[\HS VY Z\ZWLJ[LK MYH\K UPSJVTWSHPU[ZWLY[HPUPUN[VZL_\HSOHYHZZTLU[ VY]PVSH[PVUVM[OL*VTWHU`êZ*VKLVM*VUK\J[

084 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 iv) Details of compliance with mandatory requirements under Clause 49 of the Listing Agreement Particulars Clause of Listing Compliance Status Agreement Yes / No I. Board of Directors 00 ( *VTWVZP[PVUVM)VHYK 00( Yes ) 0UKLWLUKLU[+PYLJ[VYZ 00) Yes * 5VUL_LJ\[P]L+PYLJ[VYZë*VTWLUZH[PVU +PZJSVZ\YLZ 00* Yes + 6[OLY7YV]PZPVUZHZ[V)VHYKHUK*VTTP[[LLZ 00+ Yes , *VKLVM*VUK\J[ 00, Yes - >OPZ[SL)SV^LY7VSPJ` 00- Yes II. Audit Committee 000 ( 8\HSPĉLK 0UKLWLUKLU[(\KP[*VTTP[[LL 000( Yes ) 4LL[PUNVM(\KP[*VTTP[[LL 000) Yes * 7V^LYZVM(\KP[*VTTP[[LL 000* Yes + 9VSLVM(\KP[*VTTP[[LL 000+ Yes , 9L]PL^VM0UMVYTH[PVUI`(\KP[*VTTP[[LL 000, Yes III. Nomination and Remuneration Committee 0= Yes IV. Subsidiary Companies = Yes V. Risk Management =0 Yes VI. Related Party Transactions =00 Yes VII. Disclosures =000 Yes ( 9LSH[LK7HY[`;YHUZHJ[PVUZ =000( Yes ) Disclosure of Accounting Treatment =000) 5( * Remuneration of Directors =000* Yes + 4HUHNLTLU[ =000+ Yes , :OHYLOVSKLYZ =000, Yes - 7YVJLLKZMYVTW\ISPJPZZ\LZYPNO[ZPZZ\LZWYLMLYLU[PHS =000- Yes PZZ\LZL[J VIII. *,6*-6*LY[PĉJH[PVU 0? Yes IX. Report on Corporate Governance ? Yes X. Compliance ?0 Yes

7\YZ\HU[[V*SH\ZLJVM[OL3PZ[PUN(NYLLTLU[JLY[PĉJH[LZVUOHSM`LHYS`IHZPZOH]LILLUPZZ\LKI`HX\HSPĉLK 7YHJ[PJPUN*VTWHU`:LJYL[HY`JVUĉYTPUN[OLJVTWSPHUJLVMZOHYL[YHUZMLYMVYTHSP[PLZI`[OL*VTWHU` (YLJVUJPSPH[PVUVMZOHYLJHWP[HSH\KP[PZJVUK\J[LKI`HX\HSPĉLK7YHJ[PJPUN*VTWHU`:LJYL[HY`VUHX\HY[LYS` IHZPZ JVUĉYTPUN [OH[ [OL [V[HS PZZ\LKWHPK \W LX\P[` ZOHYL JHWP[HS VM [OL *VTWHU` PZ PU HNYLLTLU[ ^P[O [OL HNNYLNH[LVM[OL[V[HSU\TILYVMZOHYLZPUWO`ZPJHSMVYTHUK[OL[V[HSU\TILYVMZOHYLZPUKLTH[LYPHSPZLKMVYT

085 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

v) Details of Non-compliance VM*VUK\J[MVY[OLĉUHUJPHS`LHYLUKLK4HYJO PZHUUL_LK[V[OL*VYWVYH[L.V]LYUHUJL9LWVY[ ;OLYLOHZUV[ILLUHU`UVUJVTWSPHUJLI`[OL*VTWHU` HUK UV WLUHS[PLZ VY Z[YPJ[\YLZ ^LYL PTWVZLK VU [OL ]PP *OPLM ,_LJ\[P]L 6MĉJLY *,6 HUK *OPLM *VTWHU`I`):,3PTP[LK[OL5H[PVUHS:[VJR,_JOHUNL -PUHUJPHS6MĉJLY*-6JLY[PĉJH[PVU VM0UKPH3PTP[LK[OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM (ZYLX\PYLKI`*SH\ZL VM[OL3PZ[PUN(NYLLTLU[[OL 0UKPH VY HU` V[OLY Z[H[\[VY` H\[OVYP[` PU YLSH[PVU [V HU` *,6HUK*-6JLY[PĉJH[PVUVU[OL-PUHUJPHS:[H[LTLU[Z TH[[LYYLSH[LK[VJHWP[HSTHYRL[ZK\YPUNSHZ[[OYLL`LHYZ HUK[OL0U[LYUHS*VU[YVS:`Z[LTZMVYĉUHUJPHSYLWVY[PUN vi) Declaration by the Managing Director & CEO OHZILLUVI[HPULKMYVT4Y7PYVQZOH.VKYLQ4HUHNPUN +PYLJ[VY *OPLM ,_LJ\[P]L 6MĉJLY HUK 4Y 9HQLUKYH (KLJSHYH[PVUI`[OL4HUHNPUN+PYLJ[VY *,6Z[H[PUN 2OL[H^H[ *OPLM -PUHUJPHS 6MĉJLY HUK [OL ZHTL ^HZ [OH[ HSS [OL )VHYK 4LTILYZ HUK ZLUPVY THUHNLTLU[ YL]PL^LKI`[OL)VHYKVM+PYLJ[VYZH[P[ZTLL[PUNOLSK WLYZVUULSOH]LHMĉYTLK[OLPYJVTWSPHUJL^P[O[OL*VKL VU(WYPS 6. GENERAL BODY MEETINGS i) Details of previous three Annual General Meetings of the Company are as under:

Financial year Venue Date Time @)*OH]HU7YH[PZO[OHU.LU1HNHUUH[OYHV)OVUZSL4HYN (\N\Z[ 74 5HYPTHU7VPU[4\TIHP @)*OH]HU7YH[PZO[OHU.LU1HNHUUH[OYHV)OVUZSL4HYN 1\S` 74 5HYPTHU7VPU[4\TIHP @)*OH]HU7YH[PZO[OHU.LU1HNHUUH[OYHV)OVUZSL4HYN 1\S` 74 5HYPTHU7VPU[4\TIHP ii) Details of special resolutions passed in previous three Annual General Meetings of the Company are as under:

Date of AGM Number of Special Details of Special Resolutions Passed Resolutions passed (\N\Z[ 4 P ;V HWWYV]L YL]PZPVU PU [OL YLT\ULYH[PVU VM 4Y 7PYVQZOH .VKYLQ 4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L6MĉJLYVM[OL*VTWHU`^P[OLMMLJ[ MYVT(WYPS PP ;VHWWYV]LYL]PZPVUPU[OLYLT\ULYH[PVUVM4Y2;1P[OLUKYHU,_LJ\[P]L +PYLJ[VYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS PPP ;V HWWYV]L YL]PZPVU PU [OL YLT\ULYH[PVU VM 4Y = :YPUP]HZHU ,_LJ\[P]L +PYLJ[VYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS P] ;VHTLUK(Y[PJSLVM(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU` 1\S` P ;V HWWYV]L YLHWWVPU[TLU[ VM 4Y 2 ; 1P[OLUKYHU HZ [OL ,_LJ\[P]L +PYLJ[VY VM [OL *VTWHU` ^P[O LMMLJ[ MYVT 4H` VU H YL]PZLK YLT\ULYH[PVULMMLJ[P]LMYVT(WYPS PP ;VHWWYV]LYL]PZPVUPU[OLYLT\ULYH[PVUVM4Y7PYVQZOH.VKYLQ4HUHNPUN +PYLJ[VY *OPLM,_LJ\[P]L6MĉJLYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS PPP ;VHWWYV]LYL]PZPVUPU[OLYLT\ULYH[PVUVM4Y=:YPUP]HZHU,_LJ\[P]L +PYLJ[VYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS

086 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Date of AGM Number of Special Details of Special Resolutions Passed Resolutions passed 1\S` P ;V HWWYV]L HWWVPU[TLU[ HUK WH`TLU[ VM YLT\ULYH[PVU VM 4Y 7PYVQZOH .VKYLQ HZ [OL 4HUHNPUN +PYLJ[VY HUK *OPLM ,_LJ\[P]L 6MĉJLY VM [OL *VTWHU`MVYHWLYPVKVM[OYLL`LHYZ^P[OLMMLJ[MYVT(WYPS PP ;VHWWYV]LHWWVPU[TLU[HUKWH`TLU[VMYLT\ULYH[PVUVM4Y=:YPUP]HZHU HZHU,_LJ\[P]L+PYLJ[VYVM[OL*VTWHU`MVYHWLYPVKVM[OYLL`LHYZ^P[O LMMLJ[MYVT(WYPS PPP ;VHWWYV]LYL]PZPVUPU[OLYLT\ULYH[PVUVM4Y2;1P[OLUKYHU,_LJ\[P]L +PYLJ[VYVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPS iii) Postal Ballot including e-Voting +\YPUN[OLĉUHUJPHS`LHYW\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVUVM[OL*VTWHUPLZ(J[YLHK^P[O [OL*VTWHUPLZ4HUHNLTLU[HUK(KTPUPZ[YH[PVU9\SLZJLY[HPUYLZVS\[PVUZ^LYLWHZZLKI`[OL4LTILYZ [OYV\NO7VZ[HS)HSSV[;OL5V[PJLVM[OL7VZ[HS)HSSV[KH[LK4H`HUK5V]LTILY^HZZLU[[VHSS[OL ZOHYLOVSKLYZVM[OL*VTWHU`HSVUN^P[OHZLSMHKKYLZZLKWVZ[HNLWYLWHPKI\ZPULZZYLWS`LU]LSVWL[V[OL4LTILYZ ÔVZLLTHPSPKPZUV[YLNPZ[LYLK^P[O[OL*VTWHU`+LWVZP[VY`7HY[PJPWHU[HUKZLU[[OLYLZWLJ[P]L5V[PJLVM7VZ[HS )HSSV[Z[OYV\NOLTHPSHSVUN^P[O[OLKL[HPSZVM3VNPU0+ 7HZZ^VYK[V[OL4LTILYZÔVZLLTHPSPKPZYLNPZ[LYLK^P[O [OL*VTWHU`+LWVZP[VY`7HY[PJPWHU[4Y:(UHUK::9HVH7YHJ[PJPUN*VTWHU`:LJYL[HY`^HZHWWVPU[LKHZ[OL :JY\[PUPaLYÔVZ\ITP[[LKOPZYLZWLJ[P]LYLWVY[Z[V4Y7PYVQZOH.VKYLQ4HUHNPUN+PYLJ[VY *,6VM[OL*VTWHU` ;OLKL[HPSZVM[OL7VZ[HS)HSSV[ZJVUK\J[LKK\YPUN[OLĉUHUJPHS`LHYYLZ\S[ZVMÔPJO^LYLHUUV\UJLKHYL WYV]PKLKOLYLPUILSV^!

Sr. Date of Item Total No. of No. of votes No. of votes No. announcement valid votes in favour % against % of results polled 1\UL :WLJPHS 9LZVS\[PVUZ [V THRL PU]LZ[TLU[Z PU HJX\PYL I` ^H` VM Z\IZJYPW[PVU W\YJOHZL VY V[OLY^PZL HU` ZLJ\YP[`PLZ VM HUKVY [V NP]L SVHUZ [V VY WSHJL PU[LYJVYWVYH[L KLWVZP[Z ^P[OHUKVYWYV]PKLHU`V[OLYMVYTVMKLI[HUK VY[VWYV]PKLHU`ZLJ\YP[`PLZPUJVUULJ[PVU^P[O SVHUZ HUKVY NP]L N\HYHU[LLZ PU JVUULJ[PVU ^P[O SVHUZ NP]LU [V HU` V[OLY WLYZVU VY H IVK`JVYWVYH[LVYHU`V[OLYWLYTPZZPISLMVYT VM LU[P[`PLZ VY VYNHUPZH[PVUZ [V IL MVYTLK VY PUJVYWVYH[LK MVY [OL KL]LSVWTLU[ VM [OL WYVWVZLKWYVQLJ[ZVM[OL*VTWHU`SVJH[LKH[! :LJ[VY5VPKHMVYHUHTV\U[UV[L_JLLKPUN `JY 2OHYNOHY 5H]P 4\TIHP MVY HU HTV\U[ UV[ L_JLLKPUN`JY 4\S\UK4\TIHPMVYHUHTV\U[UV[L_JLLKPUN `JY >HRHK 7\UL >LZ[ MVY HU HTV\U[ UV[ L_JLLKPUN`JY 2HS`HUP5HNHY7\UL,HZ[MVYHUHTV\U[UV[ L_JLLKPUN`JY

087 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

Sr. Date of Item Total No. of No. of votes No. of votes No. announcement valid votes in favour % against % of results polled :LJ[VY ( .\YNHVU MVY HU HTV\U[ UV[ L_JLLKPUN` JY :LJ[VY .\YNHVU MVY HU HTV\U[ UV[ L_JLLKPUN`JY 6ROSH5L^+LSOPMVYHUHTV\U[UV[L_JLLKPUN `JY +L]HUHOHSSP)LUNHS\Y\4:9HTHPHO=LU[\YLZ 337MVYHUHTV\U[UV[L_JLLKPUN`JY :WLJPHS YLZVS\[PVU [V IVYYV^ TVUPLZ \UKLY :LJ[PVU J\W[VHSPTP[UV[L_JLLKPUN` JY :WLJPHSYLZVS\[PVU[VJYLH[LTVY[NHNLJOHYNL HUKVYO`WV[OLJH[PVUPU[OLVYKPUHY`JV\YZLVM I\ZPULZZVUHSSVYHU`VM[OLTV]HISLHUKVY PTTV]HISLHZZL[ZVM[OL*VTWHU`\W[VHSPTP[ UV[L_JLLKPUN`JY :WLJPHS YLZVS\[PVU [V HJJLW[ KLWVZP[Z \UKLY :LJ[PVUVM[OL*VTWHUPLZ(J[MYVT [OLTLTILYZVM[OL*VTWHU`HUKVYW\ISPJ \UKLY:LJ[PVUVM[OL*VTWHUPLZ(J[ +LJLTILY :WLJPHS YLZVS\[PVU [V PU]LZ[ I` ^H` VM Z\IZJYPW[PVU W\YJOHZL VY V[OLY^PZL PU HU` ZLJ\YP[`PLZ VM HUKVY NP]L SVHUZ [V VY WSHJL PU[LYJVYWVYH[L KLWVZP[Z ^P[O HUKVY WYV]PKL HU` V[OLY MVYT VM KLI[ HUKVY [V WYV]PKL HU` ZLJ\YP[`PLZ PU JVUULJ[PVU ^P[O SVHUZ HUKVY NP]L N\HYHU[LLZ PU JVUULJ[PVU ^P[O SVHUZ NP]LU [V HU` WLYZVUZ HUKVY HU` VM P[Z Z\IZPKPHY`HZZVJPH[L JVTWHUPLZ VY THRL JHWP[HSJVU[YPI\[PVU[VHU`VMP[Z3PTP[LK3PHIPSP[` 7HY[ULYZOPWZ 337Z VY PU HU` V[OLY IVK` JVYWVYH[LZ PUJS\KPUN HU` V[OLY WLYTPZZPISL MVYT VM LU[P[`PLZ VY VYNHUPZH[PVUZ [V IL MVYTLK VY PUJVYWVYH[LK MVY [OL KL]LSVWTLU[ VM [OL WYLZLU[WYVWVZLKM\[\YL WYVQLJ[Z VM [OL *VTWHU` \W[V H SPTP[ UV[ L_JLLKPUN `JY :WLJPHSYLZVS\[PVU[VHKVW[UL^ZL[VM(Y[PJSLZ of Association of the Company pursuant to [OL *VTWHUPLZ (J[ YLHK ^P[O [OL Y\SLZ MYHTLK[OLYL\UKLY (SS[OL9LZVS\[PVUZHZTLU[PVULKPU[OL5V[PJLVM7VZ[HS)HSSV[KH[LK4H`HUK5V]LTILYOH]L ILLUWHZZLKI`[OLYLX\PZP[LTHQVYP[`VM[OLTLTILYZVM[OL*VTWHU`([[OLMVY[OJVTPUN(.4[OLYLPZUVP[LT VU[OLHNLUKH[OH[ULLKZHWWYV]HSI`^H`VMZWLJPHSYLZVS\[PVU[OYV\NO7VZ[HS)HSSV[

088 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 7) SHAREHOLDERS AND MEANS OF c) Investor grievances COMMUNICATION (ZTLU[PVULKLSZLÔLYLPU[OLYLWVY[[OL*VTWHU` a) Disclosures regarding appointment or OHZ JVUZ[P[\[LK H :[HRLOVSKLYZ 9LSH[PVUZOPW re-appointment of Directors *VTTP[[LL PU[LYHSPH [V SVVR PU[V HUK HKKYLZZ JVTWSHPU[Z MYVT ZOHYLOVSKLYZ HUK PU]LZ[VYZ 0U HJJVYKHUJL ^P[O :LJ[PVU VM [OL 4Y:\YLUKLY=HYTH*VTWHU`:LJYL[HY` *OPLM3LNHS *VTWHUPLZ (J[ HUK [OL (Y[PJSLZ VM (ZZVJPH[PVU 6MĉJLYPZ[OL*VTWSPHUJL6MĉJLYVM[OL*VTWHU` VM [OL *VTWHU` 4Y 1HTZO`K 5 .VKYLQ ^V\SK d) Share transfer YL[PYL H[ [OL LUZ\PUN (UU\HS .LULYHS 4LL[PUN VM [OL*VTWHU`HUKILPUNLSPNPISLVMMLYOPTZLSMMVY ;OL *VTWHU` OHZ V\[ZV\YJLK P[Z ZOHYL [YHUZMLY YLHWWVPU[TLU[ M\UJ[PVU [V 4Z 2HY]` *VTW\[LYZOHYL 7YP]H[L 3PTP[LK ÔPJO PZ YLNPZ[LYLK ^P[O [OL :LJ\YP[PLZ ;OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` H[ P[Z HUK,_JOHUNL)VHYKVM0UKPHOH]PUN9LNPZ[YH[PVU TLL[PUN OLSK VU 1HU\HY` YLHWWVPU[LK 5V059The Share transfer is normally 4Y 7PYVQZOH .VKYLQ HZ [OL 4HUHNPUN +PYLJ[VY HMMLJ[LK^P[OPUH7LYPVKVMKH`ZMYVT[OLKH[LVM *,6VM[OL*VTWHU`MVYHM\Y[OLYWLYPVKVM[OYLL YLJLPW[VMYLX\LZ[PMHSS[OLYLX\PYLKKVJ\TLU[H[PVUPZ `LHYZ^P[OLMMLJ[MYVT(WYPSZ\IQLJ[[V[OL Z\ITP[[LK HWWYV]HSVM[OL4LTILYZ ;OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` H[ P[Z 8) NON-MANDATORY REQUIREMENTS UNDER TLL[PUNOLSKVU-LIY\HY`HWWVPU[LK4Y CLAUSE 49 OF THE LISTING AGREEMENT 4VOP[ 4HSOV[YH HZ HU ,_LJ\[P]L +PYLJ[VY VM [OL ;OL Z[H[\Z VM JVTWSPHUJL ^P[O UVUTHUKH[VY` *VTWHU` MVY H WLYPVK VM [OYLL `LHYZ ^P[O LMMLJ[ YLJVTTLUKH[PVUZVM[OL*SH\ZL VM[OL3PZ[PUN MYVT(WYPSZ\IQLJ[[V[OLHWWYV]HSVM[OL (NYLLTLU[PZWYV]PKLKILSV^! 4LTILYZ H :OHYLOVSKLYZë 9PNO[Z! (Z [OL X\HY[LYS` HUK 0UMVYTH[PVU HIV\[ [OL +PYLJ[VYZ ÔV HYL ILPUN OHSM `LHYS` ĉUHUJPHS YLZ\S[Z HYL W\ISPZOLK PU HWWVPU[LKYLHWWVPU[LKPZNP]LUHZHUHUUL_\YL[V [OL UL^ZWHWLYZ HUK HYL HSZV WVZ[LK VU [OL [OL5V[PJLVM[OL(UU\HS.LULYHS4LL[PUN *VTWHU`ëZ^LIZP[L[OLZHTLHYLUV[ILPUNZLU[ ZLWHYH[LS`[V[OLZOHYLOVSKLYZ b) Communication to shareholders All vital information relating to the Company I (\KP[ 8\HSPĉJH[PVUZ! ;OL *VTWHU`ëZ ĉUHUJPHS HUK P[Z WLYMVYTHUJL PUJS\KPUN HUU\HS YLWVY[Z Z[H[LTLU[ZMVY[OL`LHYKVUV[JVU[HPU X\HY[LYS`YLZ\S[ZZOHYLOVSKPUNWH[[LYU9LWVY[VU HU`H\KP[X\HSPĉJH[PVU *VYWVYH[L.V]LYUHUJLVMĉJPHSWYLZZYLSLHZLZHUK J :LWHYH[L WVZ[Z VM *OHPYTHU HUK *,6! ;OL WYLZLU[H[PVUZ [V HUHS`Z[Z WLYMVYTHUJL \WKH[LZ WVZP[PVUZ VM [OL *OHPYTHU HUK [OL *,6 PU [OL HYLWVZ[LKVU[OL^LIZP[LVM[OL*VTWHU`^^^ *VTWHU`HYLZLWHYH[L NVKYLQWYVWLY[PLZJVTHUK[OLJVWPLZVM[OLZHTL HYLZLU[[V[OL):,3PTP[LKHUK[OL5H[PVUHS:[VJR K 9LWVY[PUNVM0U[LYUHS(\KP[VY!;OL0U[LYUHS(\KP[VYZ ,_JOHUNLVM0UKPH3PTP[LK;OLX\HY[LYS`HUKHUU\HS VM [OL *VTWHU` KPYLJ[S` YLWVY[ [V [OL (\KP[ YLZ\S[ZVM[OL*VTWHU`ëZĉUHUJPHSWLYMVYTHUJLHYL *VTTP[[LL W\ISPZOLKPUSLHKPUN,UNSPZOKHPSPLZSPRL,JVUVTPJ ;PTLZ HUK 4HOHYHZO[YH ;PTLZ -\Y[OLY [OL 9) AUDITOR’S CERTIFICATE ON HUU\HSYLWVY[ZJVU[HPUPUNH\KP[LKZ[HUKHSVULHUK CORPORATE GOVERNANCE JVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU` (ZZ[PW\SH[LKPU*SH\ZL VM[OL3PZ[PUN(NYLLTLU[ [VNL[OLY^P[O+PYLJ[VYZë9LWVY[(\KP[VYZë9LWVY[ [OL H\KP[VYëZ JLY[PĉJH[L YLNHYKPUN JVTWSPHUJL VM HUKV[OLYPTWVY[HU[PUMVYTH[PVUHYLJPYJ\SH[LK[V JVUKP[PVUZVMJVYWVYH[LNV]LYUHUJLPZHUUL_LK[V [OLTLTILYZHUKV[OLYZLU[P[SLK[OLYL[V [OL*VYWVYH[L.V]LYUHUJL9LWVY[

089 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

Declaration by Managing Director & CEO 0 7PYVQZOH .VKYLQ 4HUHNPUN +PYLJ[VY *OPLM ,_LJ\[P]L 6MĉJLY VM .VKYLQ 7YVWLY[PLZ 3PTP[LK OLYLI` JVUĉYT W\YZ\HU[[V*SH\ZL 00,VM[OL3PZ[PUN(NYLLTLU[[OH[! ;OL )VHYK VM .VKYLQ 7YVWLY[PLZ 3PTP[LK OHZ SHPK KV^U H *VKL VM*VUK\J[ MVY HSS )VHYK TLTILYZ HUK ZLUPVY THUHNLTLU[ VM [OL *VTWHU` ;OL ZHPK JVKL VM JVUK\J[ OHZ HSZV ILLU WVZ[LK VU [OL *VTWHU`ëZ ^LIZP[L ]Pa^^^NVKYLQWYVWLY[PLZJVT(SS[OL)VHYKTLTILYZHUKZLUPVYTHUHNLTLU[WLYZVUULSOH]LHMĉYTLK[OLPY JVTWSPHUJL^P[O[OLZHPK*VKLVM*VUK\J[MVY[OLĉUHUJPHS`LHYLUKLK4HYJO

Pirojsha Godrej 4HUHNPUN+PYLJ[VY *OPLM,_LJ\[P]L6MĉJLY 4\TIHP (WYPS FFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFF

AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCE ;V;OL4LTILYZVM .VKYLQ7YVWLY[PLZ3PTP[LK >LOH]LL_HTPULK[OLJVTWSPHUJLVMJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJLI`.VKYLQ7YVWLY[PLZ3PTP[LKí[OL *VTWHU`î MVY [OL `LHY LUKLK 4HYJO HZ Z[PW\SH[LK PU *SH\ZL VM [OL 3PZ[PUN (NYLLTLU[Z VM [OL *VTWHU`^P[O[OL:[VJR,_JOHUNLZ ;OLJVTWSPHUJLVMJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJLPZ[OLYLZWVUZPIPSP[`VM[OLTHUHNLTLU[6\YL_HTPUH[PVU ^HZSPTP[LK[VWYVJLK\YLZHUKPTWSLTLU[H[PVU[OLYLVMHKVW[LKI`[OL*VTWHU`MVYLUZ\YPUN[OLJVTWSPHUJL VM[OLJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJL0[PZULP[OLYHUH\KP[UVYHUL_WYLZZPVUVMVWPUPVUVU[OLĉUHUJPHS Z[H[LTLU[ZVM[OL*VTWHU` 0UV\YVWPUPVUHUK[V[OLILZ[VMV\YPUMVYTH[PVUHUKHJJVYKPUN[V[OLL_WSHUH[PVUZNP]LU[V\Z^LJLY[PM`[OH[[OL *VTWHUÒHZJVTWSPLK^P[O[OLJVUKP[PVUZVM*VYWVYH[L.V]LYUHUJLHZZ[PW\SH[LKPU[OLHIV]LTLU[PVULK3PZ[PUN (NYLLTLU[ >LZ[H[L[OH[UVPU]LZ[VYNYPL]HUJLZHYLWLUKPUNMVYHWLYPVKL_JLLKPUNVULTVU[OHNHPUZ[[OL*VTWHU`HZWLY [OLYLJVYKTHPU[HPULKI`[OL:[HRLOVSKLYZ9LSH[PVUZOPW*VTTP[[LL >LM\Y[OLYZ[H[L[OH[Z\JOJVTWSPHUJLPZULP[OLYHUHZZ\YHUJLHZ[V[OLM\[\YL]PHIPSP[`VM[OL*VTWHUÙVY[OL LMĉJPLUJ`VYLMMLJ[P]LULZZ^P[OÔPJO[OLTHUHNLTLU[OHZJVUK\J[LK[OLHMMHPYZVM[OL*VTWHU`

-VYKalyaniwalla & Mistry *OHY[LYLK(JJV\U[HU[Z -PYT9LNPZ[YH[PVU5V>

Farhad M. Bhesania Partner 4LTILYZOPW5V +H[L!(WYPS 7SHJL!4\TIHP

090 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 General Shareholders’ Information Table 1: Monthly high and low prices and volumes of equity ZOHYLZVM[OL*VTWHU`H[):,MVY[OLĉUHUJPHS`LHYLUKLK P (UU\HS.LULYHS4LL[PUN March 31, 2015: Date (\N\Z[ Time WT Month High (`) Low (`) Volumes traded Venue (No. of equity .VKYLQ6UL;OL(\KP[VYP\T shares) 7PYVQZOHUHNHY,HZ[LYU,_WYLZZ/PNO^H` =PROYVSP,HZ[4\TIHP April ii) Financial Calendar May -PUHUJPHS@LHY!(WYPS[V4HYJO June -VY[OLĉUHUJPHS`LHYLUKLK4HYJO[OL July ĉUHUJPHSYLZ\S[Z^LYLHUUV\UJLKVU! August ò (\N\Z[ ! -PYZ[8\HY[LY ò 5V]LTILY ! :LJVUK8\HY[LY September ò 1HU\HY` ! ;OPYK8\HY[LY October ò (WYPS! (UU\HS November iii) Date of Book Closure December (KP]PKLUKVM`WLYLX\P[`ZOHYLVM9ZLHJO January OHZ ILLU YLJVTTLUKLK I` [OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` -VY WH`TLU[ VM February KP]PKLUK[OLIVVRJSVZ\YLPZMYVT1\S` [V March (\N\Z[IV[OKH`ZPUJS\ZP]L Table 2: Monthly high & low prices and volumes of equity iv) Dividend Payment Date ZOHYLZVM[OL*VTWHU`H[5:,MVY[OLĉUHUJPHS`LHYLUKLK March 31, 2015: ;OLKP]PKLUKPMKLJSHYLK^PSSILWH`HISLVUHUK MYVT(\N\Z[ Month High (`) Low (`) Volumes traded v) Listing information (No. of equity shares) ;OL *VTWHU`ëZ LX\P[` ZOHYLZ HYL SPZ[LK VU [OL ):,3PTP[LKHUK[OL5H[PVUHS:[VJR,_JOHUNLVM April 0UKPH3PTP[LK May Name of Stock Exchange Stock/Scrip code June ):,3PTP[LK July ;OL5H[PVUHS:[VJR,_JOHUNL .6+9,17967 August VM0UKPH3PTP[LK September ;OL 0:05 5V VM [OL *VTWHU`ëZ LX\P[` ZOHYLZ October VU IV[O 5H[PVUHS :LJ\YP[PLZ +LWVZP[VY` 3PTP[LK November HUK *LU[YHS +LWVZP[VY` :LY]PJLZ 0UKPH 3PTP[LK PZ 05, 1 ;OL *05 VM [OL *VTWHU` PZ December 34/ 73* January vi) Stock Data February ;HISLHUK;HISLYLZWLJ[P]LS`NP]L[OLTVU[OS`OPNO March HUK SV^ WYPJLZ HUK ]VS\TLZ VM LX\P[` ZOHYLZ VM [OL Note: High and low prices are in rupees per traded equity share *VTWHU`H[[OL):,3PTP[LKí):,îHUK[OL5H[PVUHS derived from the closing prices. Volume is the total monthly :[VJR,_JOHUNLVM0UKPH3PTP[LKí5:,îMVY[OLĉUHUJPHS volume of trade (in numbers) in equity shares of the Company on BSE and NSE . `LHYLUKLK4HYJO

091 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

The Company’s equity share performance compared to BSE Sensex & BSE Realty Index is as under:

Per Share `

1\S (WY 6J[ 1HU 1\U -LI 4HY (\N :LW 5V] +LJ 4H`

GPL Price ):,:LUZL_ ):,9LHS[`

The Company’s equity share performance compared to NSE Nifty & CNX Realty Index is as under:

Per Share

1\S 6J[ 1HU 1\U -LI 4HY (\N :LW 5V] +LJ 4H`

GPL Price 50-;@ *5?9LHS[`

092 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 vii) Distribution of shareholding as on March 31, 2015

Sr. Category No. of % of No. of equity Amount (`) % Amount No. shareholders shareholders shares 4 (IV]L Total 36,048 100.00 199,357,788 996,788,940.00 100.00 viii) Shareholding pattern as on March 31, 2015 Categories of equity shareholders Sr. Category No. of No. of equity % of No. shareholders shares held shareholding 1.06 Promoter Promoters 0.50 4\[\HS-PUKZ 9.02 4\[\HS-\UKZ 3.31 )HURZ )HURZ -VYLPNU0UZ[P[\[PVUHS 10.01 Investors 4 -VYLPNU0UZ[P[\[PVUHS0U]LZ[VYZ 0.03 6[OLY)VKPLZ Corporate 6[OLY)VKPLZ*VYWVYH[L 1.15 9LZPKLU[ 9LZPKLU[0UKP]PK\HSZ7\ISPJ 74.91 0UKP]PK\HSZ7\ISPJ 5VU9LZPKLU[0UKPHUZ 5VU9LZPKLU[ Others 0UKPHUZ Others Total 36,048 199,357,788 100.00

5V[L!;OLKL[HPSZVMV\[Z[HUKPUNLTWSV`LLZ[VJRVW[PVUZHZVU4HYJOHYLWYV]PKLKPU(UUL_\YLZ[V[OL +PYLJ[VYZë9LWVY[ ix) Shares held in physical and dematerialized form Break up of physical and dematerialized shares as on March 31, 2015 Category Number of Shareholders Number of Shareholding

shareholders % equity shares % 0.03 held 2.74 Physical 5:+3 Physical CDSL 5:+3 Total 36,048 100.00 199,357,788 100.00 CDSL

97.23

093 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 REPORT ON CORPORATE GOVERNANCE

x) Outstanding GDRs / ADRs / warrants convertible _PP *VTWSPHUJL6MĉJLY! instruments and their impact on equity 4Y:\YLUKLY=HYTH ;OL *VTWHU` KVLZ UV[ OH]L HU` V\[Z[HUKPUN *VTWHU`:LJYL[HY` *OPLM3LNHS6MĉJLY .+9Z(+9Z^HYYHU[ZVYJVU]LY[PISLPUZ[Y\TLU[Z .VKYLQ6UL7PYVQZOHUHNHY ,HZ[LYU,_WYLZZ/PNO^H` xi) Investor correspondence should be addressed to: =PROYVSP,HZ[4\TIHP 2HY]`*VTW\[LYZOHYL7YP]H[L3PTP[LK LTHPS!ZLJYL[HYPHS'NVKYLQWYVWLY[PLZJVT

Sr. Financial Year AGM Date of Dividend declared Due date for transfer No. declaration of per share (`) unclaimed/unpaid dividend dividend to IEPF YK 1\UL 1\S` [O 1\S` :LW[LTILY [O 1\S` (\N\Z[ 4 [O 1\S` (\N\Z[ [O 1\S` :LW[LTILY [O 1\S` :LW[LTILY [O (\N\Z[ :LW[LTILY xiv) Details of Demat Suspense Account: (ZWLY*SH\ZL(0VM[OL3PZ[PUN(NYLLTLU[[OL*VTWHU`YLWVY[Z[OLMVSSV^PUNKL[HPSZPUYLZWLJ[VMLX\P[` ZOHYLZS`PUNPU[OLZ\ZWLUZLHJJV\U[^OPJO^LYLPZZ\LKW\YZ\HU[[V[OLW\ISPJPZZ\L

Sr. Particulars No. of No. of No. (for the Financial Year 2014-2015) Cases Equity Shares (NNYLNH[L U\TILY VM ZOHYLOVSKLYZ HUK [OL V\[Z[HUKPUN LX\P[` ZOHYLZ PU [OL Z\ZWLUZLHJJV\U[S`PUNH[[OLILNPUUPUNVM[OL`LHY" 5\TILYVMZOHYLOVSKLYZ^OVHWWYVHJOLKPZZ\LYMVY[YHUZMLYVMLX\P[`ZOHYLZMYVT -- Z\ZWLUZLHJJV\U[K\YPUN[OL`LHY" 5\TILYVMZOHYLOVSKLYZ[V^OVTLX\P[`ZOHYLZ^LYL[YHUZMLYYLKMYVTZ\ZWLUZL -- HJJV\U[K\YPUN[OL`LHY" (NNYLNH[L U\TILY VM ZOHYLOVSKLYZ HUK [OL V\[Z[HUKPUN LX\P[` ZOHYLZ PU [OL Z\ZWLUZLHJJV\U[S`PUNH[[OLLUKVM[OL`LHY *The voting rights on the equity shares shall be frozen till the rightful owner claims such shares.

094 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 BUSINESS RESPONSIBILITY REPORT

SUSTAINABILITY EFFORTS BY THE GODREJ GROUP ;OL.VKYLQ.YV\WOHZILLUH[[OLMVYLMYVU[VMWOPSHU[OYVWPJ Table for Two HUK ZVJPHS HJ[P]P[PLZ MVY ZL]LYHS KLJHKLZ VM [OL ;OL.YV\WJVU[PU\LZ[VZ\WWVY[[OL0UKPHUJOHW[LYVM ZOHYLZVM[OL.VKYLQ.YV\WëZOVSKPUNJVTWHU`.VKYLQ í;HISLMVY;^Vî^OPJOP[PUP[PH[LKH[[OL>VYSK,JVUVTPJ )V`JLHYLOLSKPUH[Y\Z[[OH[PU]LZ[ZIHJRPUPUP[PH[P]LZ -VY\T0UKPH:\TTP[PU+LJLTILY ;OLPUP[PH[P]L [OH[ Z\WWVY[ [OL LU]PYVUTLU[ HUK PTWYV]L [OL X\HSP[` PZ [HYNL[LK H[ HKKYLZZPUN O\UNLY HUK THSU\[YP[PVU PU HUK H]HPSHIPSP[` VM OLHS[OJHYL HUK LK\JH[PVU ;OYV\NO [OLKL]LSVWPUN^VYSKI`JVTIPUPUNV\YVYNHUPaH[PVUëZ PU]LZ[TLU[ HUK V]LYZPNO[ I` [OL [Y\Z[ H SHYNL [YHJ[ VM [YHKP[PVUVMZLY]PUNZVJPL[`HUKPUKP]PK\HSPU]VS]LTLU[ THUNYV]L MVYLZ[Z PU 4\TIHP OH]L ILLU WYV[LJ[LK (WHY[ MYVT [OL ;HISL MVY ;^V PUP[PH[P]L .VKYLQP[LZ KL]LSVWLK HUK THPU[HPULK MVY ZL]LYHS `LHYZ HUK OH]L JVU[YPI\[LK[V[OLILULĉJPHY`VM[OLPUP[PH[P]Lè0:*265 ZLY]LKHZHZLJVUKZL[VMS\UNZMVY[OLJP[`;OL.VKYLQ MV\UKH[PVUMVY[OLPYTPKKH`TLHSWYVNYHTTLèK\YPUN .YV\WOHZZ\WWVY[LKLK\JH[PVUMVYHSS[OYV\NOP[ZZ\WWVY[ [OL1V`VM.P]PUN^LLR VM [OL

095 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 BUSINESS RESPONSIBILITY REPORT

0UK\Z[YPLZ OHZ JVU[YPI\[LK ZPNUPĉJHU[S` [V [OPZ NYV^[O H UVUWYVĉ[ VYNHUPZH[PVUëZ ULLKZ ;OYV\NO )YPNO[LY UV[ VUS` [OYV\NO KPYLJ[ M\UKPUN I\[ HSZV I` HSSV^PUN .P]PUNV\YLTWSV`LLZJHUKVUH[L[OLPY[PTLRUV^SLKNL LTWSV`LLZ[VWHY[PJPWH[LPU[OL`LHYMLSSV^ZOPWWYVNYHT HUK ZRPSSZ [V OLSW HKKYLZZ H UVUWYVĉ[ VYNHUPZH[PVUëZ [OYV\NOHZHIIH[PJHS(WHY[MYVT[OPZ[OLJVTWHUÒHZ ZWLJPĉJULLKZVUHWYVQLJ[IHZPZ)YPNO[LY.P]PUNHSZV HSZVWYV]PKLKHZWHJLVMZXM[^P[OPUP[ZJHTW\Z serves as a channel through which employees can MVYLZ[HISPZOPUN[OL;-0VMĉJL JVUULJ[ ^P[O HUK SLHYU TVYL HIV\[ .VVK .YLLU 4\JOSPRL[OLVSK*OPULZLWYV]LYIí.P]LHTHUHĉZO Godrej Good & Green HUK `V\ MLLK OPT MVY H KH`" [LHJO H THU [V ĉZO `V\ 0UJVUQ\UJ[PVU^P[OV\Y]PZPVUMVYíIYPNO[LYSP]PUNîMVYHSS MLLKOPTMVYHSPML[PTLî[OLWYVNYHT[HRLZHSVUN[LYT Z[HRLOVSKLYZ ^L OH]L KL]LSVWLK H SVUN[LYT ]PZPVU ]PL^ ZLLRPUN [V LUHISL HUK KYP]L TLHUPUNM\S PTWHJ[ for playing an active part in creating a more inclusive MVY ). UVUWYVĉ[ WHY[ULYZ HUKVY [OLPY ILULĉJPHYPLZ HUKNYLLULY0UKPH;OPZ]PZPVUOHZILLUUHTLKí.VKYLQ =VS\U[LLYZ HJJVTWSPZO [OPZ I` \ZPUN [OLPY JVYWVYH[L .VVK .YLLUî ZRPSSZHUKL_WLY[PZL[VI\PSKYLSL]HU[PTWSLTLU[HISLHUK Z\Z[HPUHISL ZVS\[PVUZ MVY [OL VYNHUPZH[PVUZ ^P[O ÔVT .VVK .YLLUPZMV\UKLKVU[OLWYPUJPWHSZVMYLZWVUZPISL [OL`^VYR;OLWYVNYHT^HZSH\UJOLKPU1\S`^P[O I\ZPULZZ WYHJ[PJLZ ;OLZL WYPUJPWHSZ HYL KLĉULK HZ HZ[HY[PUNJVOVY[VM)YPNO[LY.P]PUN]VS\U[LLYZ:PUJL WVSPJPLZ HUK VWLYH[PUN WYHJ[PJLZ [OH[ LUOHUJL [OL [OLU ^L OH]L HSZV WHY[ULYLK ^P[O [^V VYNHUPaH[PVUZ competitiveness of a company while simultaneously who are helping us connect our employees to relevant HK]HUJPUN [OL LJVUVTPJ HUK ZVJPHS JVUKP[PVUZ PU [OL WYVQLJ[Z HZ WLY [OLPY VÛ [PTL HUK JVU]LUPLUJL JVTT\UP[PLZPUÔPJOP[VWLYH[LZ(ZWHY[VM.VVK *\YYLU[S`HU\TILYVM.73LTWSV`LLZHYLWHY[PJPWH[PUN .YLLU [OL .YV\W HZWPYLZ I` [V JYLH[L H TVYL PU). LTWSV`HISL 0UKPHU ^VYRMVYJL H NYLLULY 0UKPH HUK PUUV]H[LMVYNVVKHUKNYLLUWYVK\J[Z PART B: BUSINESS RESPONSIBILITY INITIATIVES BY GODREJ PROPERTIES LIMITED :WLJPĉJHSS` V\Y NVHSZ H[ [OL .YV\W SL]LS MVY HZ (ZWLY[OL)\ZPULZZ9LZWVUZPIPSP[`N\PKLSPULZLZ[HISPZOLK WHY[VM[OPZ]PZPVUHYL! I`[OL4PUPZ[Y`VM*VYWVYH[L(MMHPYZHUK:,)0MVSSV^PUN HYL \WKH[LZ MVY .VKYLQ 7YVWLY[PLZ 3PTP[LK VU LHJO VM ò ;YHPUPUN1 million Y\YHSHUK\YIHU`V\[OPUZRPSSLK employment [OL7YPUJPWSLZHZZ[H[LKPU[OL.\PKLSPULZ ò (JOPL]PUN zero waste, carbon neutrality, Principle 1: Businesses should conduct positive water balance along with reducing our and govern themselves with Ethics, ZWLJPĉJ LULYN` JVUZ\TW[PVU HUK PUJYLHZPUN Transparency and Accountability proportion of renewable energy resources ([.VKYLQ7YVWLY[PLZ3PTP[LK[OLYLPZWVSPJ`VUJVKLVM ò /H]PUNHthird of our portfolio revenues comprising JVUK\J[,]LYÙL^LTWSV`LLÔVQVPUZ[OLJVTWHU` NVVKHUKVYNYLLUWYVK\J[ZHUKZLY]PJLZèKLĉULK NVLZ [OYV\NO [OL JVKL VM JVUK\J[ KVJ\TLU[ HUK HZ WYVK\J[Z [OH[ HYL LU]PYVUTLU[HSS` Z\WLYPVY HJJLW[ZHUKZPNUZHU\UKLY[HRPUN;OLJVKLVMJVUK\J[ VY HKKYLZZ H JYP[PJHS ZVJPHS PZZ\L LN OLHS[O ZWLHRZHIV\[]HYPV\ZJVKLZSPRL! ZHUP[H[PVU KPZLHZL WYL]LU[PVU MVY JVUZ\TLYZ H[ [OLIV[[VTVM[OLPUJVTLW`YHTPK Communication and Public Relations! We ]HS\L V\Y YLSH[PVUZOPW ^P[O [OL TLKPH HUK [OL ;OLZL NVHSZ HYL M\LSSLK I` )YPNO[LY .P]PUN ). W\ISPJH[SHYNLHUKKVV\YILZ[[VWYV]PKLM\SSHUK H Z[Y\J[\YLK ]VS\U[LLYPUN WSH[MVYT [OYV\NO ÔPJO WYVTW[ KPZJSVZ\YL VM HSS HWWYVWYPH[L PUMVYTH[PVU LTWSV`LLZJHUVMMLY[OLPY[PTLHUKZRPSSZ[VOLSWHKKYLZZ HUKL]LU[Z

096 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Compliance with the law! >L JVTWS` ^P[O HSS Quality! >L KLSP]LY OPNO X\HSP[` WYVK\J[Z HUK KVTLZ[PJHUKPU[LYUH[PVUHSSH^ZY\SLZYLN\SH[PVUZ ZLY]PJLZ[VKLSPNO[V\YJ\Z[VTLYZHUKJVU[PU\V\ZS` HUK Z[H[\[VY` YLX\PYLTLU[Z HWWSPJHISL [V V\Y L_WSVYLUL^^H`ZVMPTWYV]PUNV\YVMMLYPUNZ I\ZPULZZHUK[OLJV\U[YPLZÔLYL^LVWLYH[L Safety and Health! >L YLTHPU JVTTP[[LK *VUĉKLU[PHSP[` HUK 5VU *VTWL[L! >L [V WYV[LJ[PUN HUK I\PSKPUN H ZHML HUK OLHS[O` WYV[LJ[ JVUĉKLU[PHS JVTWHU` PUMVYTH[PVU MYVT ^VYRWSHJL \UH\[OVYPaLK KPZJSVZ\YL (U` ULJLZZHY` HUK H\[OVYPaLKZOHYPUNVM[OPZPUMVYTH[PVU^PSSILSPTP[LK ;OPZJVKLVMJVUK\J[PZHSZVHWHY[VM[OLWVSPJ`THU\HS [V [OVZL ÔV OH]L H SLNP[PTH[L ULLK [V IL RLW[ ÔPJOPZ\WSVHKLKVU[OLPU[YHUL[VM[OLJVTWHU` PUMVYTLK>L^PSSUV[LUNHNL^P[OHU`JVTWHU` ĉYTPUKP]PK\HSVYI\ZPULZZÔPJOJVTWL[LZ^P[O >VYSK,U]PYVUTLU[+H`>,+PZVIZLY]LKVU1\UL [OL I\ZPULZZ VM .VKYLQ MVY H WLYPVK VM VUL `LHY L]LY``LHY[VWYVTV[LH^HYLULZZVU[OLPTWVY[HUJL HM[LYSLH]PUN[OLZLY]PJLZVM[OLJVTWHU` VM WYLZLY]PUN V\Y IPVKP]LYZP[` [OL ULLK [V PKLU[PM` Customers!>LHYLHJ\Z[VTLYJLU[YPJJVTWHU` WYVISLTZYLSH[LK[V[OLLU]PYVUTLU[HUK^H`Z[V[HRL HUKNYLH[S`]HS\L[OL[Y\Z[ZH[PZMHJ[PVUHUKSV`HS[` JVYYLJ[P]L HJ[PVU >VYSK ,U]PYVUTLU[ +H` PZ H TLHUZ VM V\Y J\Z[VTLYZ HJYVZZ [OL ^VYSK 6\Y WYPTHY` [V[HJRSLLU]PYVUTLU[HSJOHSSLUNLZ[OH[PUJS\KLJSPTH[L MVJ\ZPZVUKLSPNO[PUNV\YJ\Z[VTLYZIV[OL_[LYUHS JOHUNLNSVIHS^HYTPUNKPZHZ[LYZHUKJVUĊPJ[ZOHYTM\S HUKPU[LYUHS Z\IZ[HUJLZ LU]PYVUTLU[HS NV]LYUHUJL LJVZ`Z[LT THUHNLTLU[HUKYLZV\YJLLMĉJPLUJ` Diversity and Anti-Discrimination! >L YLJVNUPaLTLYP[HUKWLYZL]LYHUJLHUKLUJV\YHNL .73OHZILLUJLSLIYH[PUN>VYSK,U]PYVUTLU[+H`V]LY KP]LYZP[`PUV\YJVTWHU`>LKVUV[[VSLYH[LHU` ZL]LYHS`LHYZ\UKLY[OL.VKYLQ.VVK .YLLU0UP[PH[P]L MVYT VM KPZJYPTPUH[PVU VU [OL IHZPZ VM JVSV\Y HZ ^LSS HZ H ZLWHYH[L .73 PUP[PH[P]L 7HU0UKPH .73 NLUKLY YHJL JHZ[L HNL THYP[HS Z[H[\Z ZL_\HS LTWSV`LLZHYLLUJV\YHNLK[V[HRLWHY[PUHU\TILYVM VYPLU[H[PVU VY KPZHIPSP[` HUK ^PSS HSSV^ MVY LX\HS HJ[P]P[PLZ VYNHUPaLK H[ VMĉJLZ ZP[LZ .73 LTWSV`LLZ VWWVY[\UP[PLZMVYHSS[LHTTLTILYZ WSHU[LK V]LY ZHWSPUNZ PU ]HYPV\Z ZP[LZ HZ WHY[ VM [OL>,+JLSLIYH[PVUZ[OPZ`LHY.VKYLQ*VYWVYH[L/9 Good and Green! >L HYL H ZVJPHSS` KPZ[YPI\[LK WSHU[HISL WHWLY WHWLY ZOLL[Z LTILKKLK LU]PYVUTLU[HSS` YLZWVUZPISL PL NVVK HUK ^P[O ZLLKZ [OH[ JHU IL KPYLJ[S` WSHU[LK VM ZLHZVUHS NYLLU JVTWHU` >L PKLU[PM` [YPWSL IV[[VT SPUL ĊV^LYÔPJOOH]LILLUZVÛHJYVZZ.73ZP[LZ. VWWVY[\UP[PLZÔPJOPTWS`HKKYLZZPUNZVJPHSHUK LU]PYVUTLU[HS MHJ[VYZ ÔPSL H[ [OL ZHTL [PTL 0U 4\TIHP .73 ^HZ WHY[ VM [OL >,+ JLSLIYH[PVUZ Z[YLUN[OLUPUNV\YKYP]LYZVMJVTWL[P[P]LULZZ VYNHUPaLK I` .VKYLQ *VYWVYH[L .VVK .YLLU [OH[ Individual Conduct! >L [HRL PUP[PH[P]L Z[YP]L [V PUJS\KLK HU VUSPUL X\Pa HJYVZZ .VKYLQ HU LUNHNPUN SLHYUHUKPTWYV]LHUKILLTV[PVUHSS`HUKZVJPHSS` KLIH[L VU LU]PYVUTLU[HS PZZ\LZ H THUNYV]L WOV[V H^HYL L_OPIP[PVUHZWHY[VM[OL.VKYLQJVTTP[TLU[[V4HUNYV]L WYV[LJ[PVUHSLJ[\YLVUIPVKP]LYZP[`ĉSTZJYLLUPUN H Integrity!>L\WOVSKPU[LNYP[`PUHSSV\YPU[LYHJ[PVUZ ^HZ[LWHWLYKYP]L HUK HZZVJPH[PVUZ IV[O ^P[OPU [OL JVTWHU` HUK HSZV^P[OL_[LYUHSZ[HRLOVSKLYZILP[^P[OYLNHYK 0U.VKYLQ.HYKLU*P[`(OTLKHIHKHRTYHSS`^HZ [VĉUHUJPHSVYPU[LSSLJ[\HSVYHU`V[OLYPZZ\L VYNHUPaLK MVY .73 LTWSV`LLZ ZP[L Z[HMM ^VYRLYZ [V YHPZLH^HYLULZZHIV\[LU]PYVUTLU[JVUZLY]H[PVU

097 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 BUSINESS RESPONSIBILITY REPORT

Godrej Properties Employees planting sapling as part of the Godrej Properties Employees planting sapling as part of the World Environment Day events at Vikhroli, Mumbai World Environment Day events at Vikhroli, Mumbai

GODREJ GARDEN CITY GODREJ GARDEN CITY

GODREJ ANANDAM GODREJ PRANA

098 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Godrej One, the new Godrej Headquarters at Vikhroli, has an energy saving potential of 29.6% under the LEED Core & Shell green building rating system.

Principle 2: Businesses should provide NYLLULY I\PSKPUNZ L ]HS\L KP]LYZP[` ^P[OPU [OL .VKYLQ JLY[PĉJH[PVUZ MVY .VKYLQ (YPH .VKYLQ 6HZPZ PU 5*9 .YV\W HUK HYL JVTTP[[LK [V VMMLYPUN LX\HS .VKYLQ)HKSHW\YPU4\TIHPHUK.VKYLQ7YHUHPU7\UL VWWVY[\UP[PLZ PU LTWSV`TLU[ >L KV UV[ \UKLY[OL0.)*.YLLU/VTLZYH[PUNZ`Z[LT];V KPZJYPTPUH[LHNHPUZ[HU`[LHTTLTILYVYHWWSPJHU[ JVUZPZ[LU[S` KLSP]LY NYLLU I\PSKPUNZ [OL JVTWHU` OHZ MVYLTWSV`TLU[VU[OLIHZPZVMUH[PVUHSP[`YHJL ZL[\WPU[LYUHSILUJOTHYRZHUKPU[LNYH[LKZ\Z[HPUHIPSP[` JVSV\Y YLSPNPVU JHZ[L NLUKLY NLUKLY PKLU[P[` NVHSZ^P[OWYVQLJ[WSHUUPUN0UHKKP[PVU.73JVU[PU\V\ZS` L_WYLZZPVU ZL_\HS VYPLU[H[PVU KPZHIPSP[` HNL VY LUNHNLZP[ZKLZPNUHUKJVUZ[Y\J[PVUWHY[ULYZ[VJYLH[L THYP[HSZ[H[\Z

099 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 BUSINESS RESPONSIBILITY REPORT

Prevention of Sexual Harassment! >L HYL YLX\PYLK [V WYL]LU[ JVYYLJ[ HUK PM ULJLZZHY` JVTTP[[LK [V JYLH[PUN HUK THPU[HPUPUN HU KPZJPWSPULILOH]PV\YÔPJO]PVSH[LZ[OPZWVSPJ` H[TVZWOLYL PU ÔPJO V\Y [LHT TLTILYZ JHU Flexi working hours! ;OL -SL_P;PTL 4VK\SL ^VYR[VNL[OLY^P[OV\[MLHYVMZL_\HSOHYHZZTLU[ PZ KLZPNULK [V ILZ[ LX\PW LTWSV`LLZ LUHISL L_WSVP[H[PVUVYPU[PTPKH[PVUê:L_\HS/HYHZZTLU[ëPZ LTWSV`LLZ[VOH]LHOLHS[O`^VYRSPMLIHSHUJL KLĉULKHZ\U^LSJVTLZL_\HSHK]HUJLZYLX\LZ[Z MVYZL_\HSMH]V\YZHUKV[OLY]LYIHSUVU]LYIHSVY Work from home! ;OL >VYR -YVT /VTL WO`ZPJHS JVUK\J[ VM H ZL_\HS UH[\YL,]LY` [LHT 4VK\SL PZ KLZPNULK [V ILZ[ LX\PW LTWSV`LLZ [V TLTILYPZTHKLH^HYL[OH[[OL.VKYLQ.YV\WPZ IHSHUJL[OLPY^VYRHUKWLYZVUHSYLZWVUZPIPSP[PLZVY Z[YVUNS`VWWVZLK[VZL_\HSOHYHZZTLU[HUK[OH[ L_PNLUJPLZHZ[OLJHZLTHÌL[OYV\NOHT\[\HSS` Z\JO ILOH]PV\Y PZ WYVOPIP[LK IV[O I` SH^ HUK ILULĉJPHSHYYHUNLTLU[MVY`V\HUK[OLJVTWHU` [OL.YV\WWVSPJ`>L[HRLHSSULJLZZHY`HJ[PVUZ

Ŏ6JG6TGGU+OCIKPG5VWFKQŏKUCPCFCRVKXGTGWUGQH%QIGPGTCVKQPDWKNFKPIUVQCOCTMGVKPIQHſEG6JGEQTGQHVJG%QIGP RNCPVUJCXGDGGPTGWUGFKPVJGPGYDWKNFKPIUCPFTGFWEGFVJGXKTIKPOCVGTKCNTGSWKTGOGPVCUYGNNCUVJGYCUVGRTQFWEGF HTQOTGFGXGNQRKPIVJGQNFUVTWEVWTG

100 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Part time work! ;OPZ WVSPJ` OHZ ILLU KLZPNULK .73]VS\U[LLYZ^VYRLKVU]HYPV\ZWYVQLJ[Z^P[O5.6Z [V MHJPSP[H[L [OL MVSSV^PUN ÔPSL LUZ\YPUN [OH[ [OL PUJS\KPUNKLZPNUPUN[OLPYTHYRL[PUNZ[YH[LNPLZJYLH[PUN KLTHUKZ VM [OL I\ZPULZZ HYL TL[! H )LULĉ[ /9WVSPJPLZHUKVYNHUPaH[PVUHSZ[Y\J[\YL[LHJOPUNIHZPJ L_PZ[PUN [LHT TLTILYZ I` WYV]PKPUN WLYZVUHS KLZPNUZRPSSZHUKJVUK\J[PUNJHYLLYJV\UZLSPUNZLZZPVUZ ĊL_PIPSP[Ì/LSW\ZH[[YHJ[HUKYL[HPUH[HSLU[WVVS MVY HKVSLZJLU[Z MYVT THYNPUHSPaLK JVTT\UP[PLZ >P[O ÔPJOPZUV[H]HPSHISLVUM\SS[PTL^VYRJVTTP[TLU[ TVU[OJVTTP[TLU[ZLTWSV`LLZOH]LILLUHISL ,TWSV`LLZJHUVW[[V^VYRWHY[[PTLMVY\W[VH [VJYLH[LHUPTWHJ[PU[OLPYWYVQLJ[Z `LHY PU VYKLY [V IHSHUJL \UL_WLJ[LK ^VYR HUK MHTPS` KLTHUKZ YLJV]LY MYVT HU PSSULZZ W\YZ\L ,TWSV`LLZ HSZV WHY[PJPWH[LK PU :[HUKHYK *OHY[LYLK HULK\JH[PVUKL]V[L[PTL[VH]VS\U[LLYHJ[P]P[`PU 4\TIHP4HYH[OVU:*44[VZ\WWVY[HUKYHPZL [OLJVTT\UP[`VYV[OLYL_PNLUJPLZ M\UKZMVY;LHJOMVY0UKPH;OLM\UKZYHPZLKI`LTWSV`LLZ HYLM\Y[OLY\ZLK[VWYV]PKLIL[[LYLK\JH[PVUMHJPSP[PLZ[V Leave! >L H[ .VKYLQ 7YVWLY[PLZ 3PTP[LK ILSPL]L JOPSKYLUMYVTTHYNPUHSPaLKIHJRNYV\UK that availing leave is necessary for employees [V OH]L H OLHS[O` ^VYRSPML IHSHUJL HUK PTWYV]L ,TWSV`LLZ JLSLIYH[LK HUK WHY[PJPWH[LK PU L]LU[Z H[ WYVK\J[P]P[` H[ [OL ^VYRWSHJL 6\Y *VUZVSPKH[LK [OL SHIVY JHTWZ H[ (OTLKHIHK YLNPVU JOPSKYLU 7YP]PSLNL3LH]L4VK\SLPZKLZPNULK[VILZ[LUHISL MYVT[OLHNLNYV\WVM[V`LHYZ^LYLPU]VS]LKPU LTWSV`LLZ[V[HRLYLN\SHYSLH]LHUKTHPU[HPU[OPZ JLSLIYH[PUN*OYPZ[THZ IHSHUJL

Maternity, Paternity, Adoption leave and (JHYLLYJV\UZLSPUNZLZZPVU^HZVYNHUPaLKMVYJOPSKYLU ILULĉ[Z!;OL(KVW[PVU3LH]LHUK)LULĉ[Z4VK\SL MYVT T\S[PWSL 5.6Z [V L_WVZL [OLT [V [OL ^VYRPUNZ PZKLZPNULK[VILZ[LX\PWLTWSV`LLZ[VIHSHUJL[OLPY VMVYNHUPaH[PVUZZ\JOHZ.VKYLQHUKOLUJLPUJLU[P]PaL YLZWVUZPIPSP[PLZHZHUL^WHYLU[IV[OVUHJHYLLY LK\JH[PVU;OPZ^HZMVSSV^LKI`HULK\JH[PVUHS[YPW[V HUK WLYZVUHS MYVU[ [OYV\NO H T\[\HSS` ILULĉJPHS [OLTHUNYV]LZ HYYHUNLTLU[MVYLTWSV`LLZHUK[OLJVTWHU` 4VYL[OHU LTWSV`LLZHYL^VTLU;OLYLOH]L Principle 5: Businesses should respect and ILLUUVJVTWSHPU[ZYLSH[PUN[VJOPSKSHIV\YMVYJLK promote human rights SHIV\YPU]VS\U[HY`SHIV\YVYZL_\HSOHYHZZTLU[PU .VKYLQ 7YVWLY[PLZ YLZWLJ[Z HUK WYVTV[LZ O\THU [OLJVTWHU` YPNO[Z MVY HSS PUKP]PK\HSZ 5V ]PVSH[PVUZ PU [OPZ YLNHYK OH]LVJJ\YYLK6\Y*VKLVM*VUK\J[JV]LYZHZWLJ[Z SPRL +P]LYZP[` (U[P+PZJYPTPUH[PVU LX\HS VWWVY[\UP[` Principle 4: Businesses should respect the JVTWSPHUJL^P[O[OLSH^HUKPU[LNYP[`^OPJOJVU[YPI\[L interests of, and be responsive towards [V YLZWLJ[PUN HUK WYVTV[PUN O\THU YPNO[Z >L HSZV all stakeholders, especially those who are OH]L WVSPJPLZ SPRL >OPZ[SLISV^LY 7YL]LU[PVU VM :L_\HS disadvantaged, vulnerable and marginalized /HYHZZTLU[[OH[LUJV\YHNLYLZWLJ[HUKWYVTV[PVUVM

101 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 BUSINESS RESPONSIBILITY REPORT

>L OH]L H WYVNYHT JHSSLK ê)LKOHKHR )VSVë ^OLYLI` Principle 6: Business should respect, L]LY` LTWSV`LL JHU L_WYLZZ OPZ OLY PKLHZ HUK protect, and make efforts to restore the Z\NNLZ[PVUZ ^P[OV\[ HU` OLZP[H[PVU HUK MLHY >L HSZV environment JVUK\J[VWLUOV\ZLZOPNO[LH^P[O+PYLJ[VYZHUKZTHSS .VKYLQ7YVWLY[PLZ3[KOHZHUPU[LYUHSTHUKH[L[VJLY[PM` NYV\W KPZJ\ZZPVUZ ^OLYL LTWSV`LLZ JHU ZOHYL [OLPY HSS WYVQLJ[Z SH\UJOLK PU VY HM[LY (WYPS \UKLY [OL JVUJLYUZPKLHZHUKZ\NNLZ[PVUZ YLSL]HU[0.)*.YLLU)\PSKPUN9H[PUNZ`Z[LT;OL7VSPJ` MVYZ\Z[HPUHISLI\PSKPUNYH[PUNZL_[LUKZ[VHSSI\ZPULZZ KLZPNU HUK JVUZ[Y\J[PVU WHY[ULYZ è PUJS\KPUN 1=Z Z\WWSPLYZHUKJVU[YHJ[VYZ

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103 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 BUSINESS RESPONSIBILITY REPORT

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104 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 105 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 BUSINESS RESPONSIBILITY REPORT

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106 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 FINANCIALS GODREJ PROPERTIES LIMITED

INDEPENDENT AUDITOR’S REPORT

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108 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 [OLYLX\PYLTLU[ZVM[OL.\PKHUJL5V[L[OL*VTWHUÒHZUV[JVUZPKLYLK[OL,:67;Y\Z[MVYPUJS\ZPVUPU[OLZ[HUKHSVUL ĉUHUJPHSZ[H[LTLU[ZMVY[OL`LHYLUKLKZ[4HYJO*VUZLX\LU[S`[OLZLĉUHUJPHSZ[H[LTLU[ZKVUV[PUJS\KL[OL HZZL[ZHUKSPHIPSP[PLZVM[OL,:67[Y\Z[HUK[V[OH[L_[LU[[OLWYL]PV\Z`LHYĉN\YLZHYLUV[JVTWHYHISL J 5V[LJ[V[OLĉUHUJPHSZ[H[LTLU[ZYLNHYKPUNHSVHUVM`JYVYL[V[OL.73,:67;Y\Z[MVYW\YJOHZLVM[OL *VTWHU`ëZZOHYLZMYVT.VKYLQ0UK\Z[YPLZ3PTP[LKLX\P]HSLU[[V[OLU\TILYVMVW[PVUZNYHU[LK\UKLYHU,TWSV`LL:[VJR 6W[PVU7SHU(ZH[Z[4HYJO[OLTHYRL[]HS\LVM[OLZOHYLZOLSKI`[OL.73,:67;Y\Z[PZSV^LY[OHU[OLOVSKPUN JVZ[VM[OLZOHYLZI``JYVYLUL[VMWYV]PZPVUVM` JYVYL;OLYLWH`TLU[VM[OLSVHUZNYHU[LK[V[OL.73,:67 ;Y\Z[PZKLWLUKLU[VU[OLL_LYJPZLVM[OLVW[PVUZI`[OLLTWSV`LLZHUK[OLTHYRL[WYPJLVM[OL\UKLYS`PUNLX\P[`ZOHYLZ VM[OL\UL_LYJPZLKVW[PVUZH[[OLLUKVM[OLL_LYJPZLWLYPVK0U[OLVWPUPVUVM[OLTHUHNLTLU[[OLMHSSPU]HS\LVM[OL \UKLYS`PUNLX\P[`ZOHYLZPZVUHJJV\U[VMJ\YYLU[THYRL[]VSH[PSP[`HUK[OLSVZZPMHU`JHUILKL[LYTPULKVUS`H[[OLLUK VM[OLL_LYJPZLWLYPVKPU]PL^VMÔPJOWYV]PZPVUMVY[OLKPTPU\[PVUPZUV[JVUZPKLYLKULJLZZHY`PU[OLĉUHUJPHSZ[H[LTLU[Z 6\YVWPUPVUVU[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[ZPZUV[TVKPĉLKPUYLZWLJ[VM[OLZLTH[[LYZ Report on Other Legal and Regulatory Requirements (ZYLX\PYLKI`[OL*VTWHUPLZ(\KP[VYëZ9LWVY[6YKLYí[OLVYKLYîPZZ\LKI`[OL*LU[YHS.V]LYUTLU[VM0UKPH PU[LYTZVMZ\IZLJ[PVUVMZLJ[PVUVM[OL(J[^LNP]LPU[OL(UUL_\YLHZ[H[LTLU[VU[OLTH[[LYZZWLJPĉLKPU WHYHNYHWOZHUKVM[OL6YKLY[V[OLL_[LU[HWWSPJHISL (ZYLX\PYLKI`:LJ[PVUVM[OL(J[^LYLWVY[[V[OLL_[LU[HWWSPJHISL[OH[! H >LOH]LZV\NO[HUKVI[HPULKHSS[OLPUMVYTH[PVUHUKL_WSHUH[PVUZÔPJO[V[OLILZ[VMV\YRUV^SLKNLHUKILSPLM ^LYLULJLZZHY`MVY[OLW\YWVZLVMV\YH\KP[ I 0UV\YVWPUPVUWYVWLYIVVRZVMHJJV\U[HZYLX\PYLKI`SHÔH]LILLURLW[I`[OL*VTWHU`ZVMHYHZP[HWWLHYZ MYVTV\YL_HTPUH[PVUVM[OVZLIVVRZ J ;OL)HSHUJL:OLL[[OL:[H[LTLU[VM7YVĉ[HUK3VZZHUK[OL*HZO-SV^:[H[LTLU[KLHS[^P[OI`[OPZ9LWVY[HYL PUHNYLLTLU[^P[O[OLIVVRZVMHJJV\U[ K 0UV\YVWPUPVU[OLHMVYLZHPKĉUHUJPHSZ[H[LTLU[ZJVTWS`^P[O[OL(JJV\U[PUN:[HUKHYKZZWLJPĉLK\UKLY:LJ[PVU VM[OL(J[YLHK^P[O9\SLVM[OL*VTWHUPLZ(JJV\U[Z9\SLZ L 6U[OLIHZPZVM[OL^YP[[LUYLWYLZLU[H[PVUZYLJLP]LKMYVT[OLKPYLJ[VYZHZVU4HYJOHUK[HRLUVUYLJVYK I`[OL)VHYKVM+PYLJ[VYZUVULVM[OLKPYLJ[VYZPZKPZX\HSPĉLKHZVU4HYJOMYVTILPUNHWWVPU[LKHZH KPYLJ[VYPU[LYTZVM:LJ[PVUVM[OL(J[ M >P[O YLZWLJ[ [V [OL V[OLY TH[[LYZ [V IL PUJS\KLK PU [OL (\KP[VYëZ 9LWVY[ PU HJJVYKHUJL ^P[O 9\SL VM [OL *VTWHUPLZ(\KP[HUK(\KP[VYZ9\SLZPUV\YVWPUPVUHUK[V[OLILZ[VMV\YPUMVYTH[PVUHUKHJJVYKPUN[V [OLL_WSHUH[PVUZNP]LU[V\Z! P ;OL *VTWHU` OHZ KPZJSVZLK [OL PTWHJ[ VM WLUKPUN SP[PNH[PVUZ VU P[Z ĉUHUJPHS WVZP[PVU PU P[Z ĉUHUJPHS Z[H[LTLU[Z9LMLY5V[LH0[V[OLĉUHUJPHSZ[H[LTLU[Z PP ;OL*VTWHUÒHZTHKLWYV]PZPVUHZYLX\PYLK\UKLY[OLHWWSPJHISLSH^VYHJJV\U[PUNZ[HUKHYKMVYTH[LYPHS MVYLZLLHISLSVZZLZPMHU`VUSVUN[LYTJVU[YHJ[ZPUJS\KPUNKLYP]H[P]LJVU[YHJ[Z PPP ;OLYLHYLUVHTV\U[ZÔPJO^LYLYLX\PYLK[VIL[YHUZMLYYLK[V[OL0U]LZ[VY,K\JH[PVUHUK7YV[LJ[PVU-\UK I`[OL*VTWHU`

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109 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT

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110 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 J (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU[V\Z[OLYLHYLUVHTV\U[ZYLX\PYLK[VIL[YHUZMLYYLK[V PU]LZ[VYLK\JH[PVUHUKWYV[LJ[PVUM\UK ;OL*VTWHU`KVLZUV[OH]LHJJ\T\SH[LKSVZZLZH[[OLLUKVM[OLĉUHUJPHS`LHYHUKOHZUV[PUJ\YYLKHU`JHZOSVZZLZPU [OLJ\YYLU[HUKPTTLKPH[LS`WYLJLKPUNĉUHUJPHS`LHYZ

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-VYKALYANIWALLA & MISTRY */(9;,9,+(**6<5;(5;: -PYT9LNPZ[YH[PVU5V>

FARHAD M. BHESANIA 7(9;5,9 4LTILYZOPW5V

7SHJL!4\TIHP +H[LK!(WYPS

111 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

BALANCE SHEET AS AT 31ST MARCH, 2015

(TV\U[` Crore Particulars 5V[L5V As At (Z([ 31.03.2015 0 EQUITY AND LIABILITIES 1) Shareholders Fund a) Share Capital 2 99.68 I 9LZLY]LZ :\YWS\Z 3 1,818.57 Total Shareholders' Funds 1,918.25 2) Non-Current Liabilities a) 3VUN;LYT)VYYV^PUN 5.48 I 6[OLY3VUN;LYT3PHIPSP[PLZ 5 1.42 c) 3VUN;LYT7YV]PZPVUZ 4.55 Total Non Current Liabilities 11.45 3) Current Liabilities a) Short Term Borrowing 1,885.98 I ;YHKL7H`HISLZ9LMLY5V[L 62.48 c) 6[OLY*\YYLU[3PHIPSP[PLZ 650.80 d) :OVY[;LYT7YV]PZPVUZ 50.35 Total Current Liabilities 2,649.61 Total Equity And Liabilities 4,579.31 00 ASSETS 1) Non-Current Assets a) -P_LK(ZZL[Z 10 (i) ;HUNPISL(ZZL[Z 8.82 (ii) 0U[HUNPISL(ZZL[Z 30.34 (iii) *HWP[HS^VYRPUWYVNYLZZ 82.78 (iv) 0U[HUNPISL(ZZL[Z\UKLY+L]LSVWTLU[ 0.10 Total Fixed Assets 122.04 I 5VU*\YYLU[0U]LZ[TLU[Z 11 557.67 c) +LMLYYLK;H_(ZZL[5L[ 12 4.05 d) 3VUN;LYT3VHUZ (K]HUJLZ 13 158.08 e) 6[OLY5VU*\YYLU[(ZZL[Z 22.83 Total Non Current Assets 864.67 2) Current Assets a) 0U]LU[VYPLZ 15 1,038.94 I ;YHKL9LJLP]HISLZ 90.09 c) *HZO )HUR)HSHUJLZ 356.50 d) :OVY[;LYT3VHUZ (K]HUJLZ 2,046.32 e) 6[OLY*\YYLU[(ZZL[Z 182.79 Total Current Assets 3,714.64 Total Assets 4,579.31 ACCOUNTING POLICIES 1

;OLHJJVTWHU`PUNUV[LZ[VMVYTHU :PNUH[\YLZ[V[OL)HSHUJL:OLL[HUK5V[LZ[V-PUHUJPHS:[H[LTLU[Z PU[LNYHSWHY[VMĉUHUJPHSZ[H[LTLU[Z -VYHUKVUILOHSMVM)VHYK (ZWLYV\Y9LWVY[VML]LUKH[L

-VYKALYANIWALLA & MISTRY A. B. GODREJ PIROJSHA GODREJ Chartered Accountants Chairman Managing Director & CEO -PYT9LNPZ[YH[PVU5\TILY> +055V! +055V! FARHAD M. BHESANIA SURENDER VARMA RAJENDRA KHETAWAT 7HY[ULY *VTWHU`:LJYL[HY` *OPLM-PUHUJPHS6MĉJLY 4LTILYZOPW5\TILY 0*:04LTILYZOPW5V( 4\TIHP+H[LK!(WYPS

112 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH, 2015

(TV\U[` Crore Particulars 5V[L5V For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 INCOME

9L]LU\LMYVT6WLYH[PVUZ 20 516.69

6[OLY0UJVTL 21 202.01

TOTAL REVENUE 718.70

EXPENDITURE

*VZ[VM:HSLZ 22 316.22

,TWSV`LL)LULĉ[Z,_WLUZL 23 35.22

-PUHUJL*VZ[Z 157.54

+LWYLJPH[PVU 8.69

6[OLY,_WLUZLZ 25 57.31

TOTAL EXPENSES 574.98

PROFIT BEFORE TAX 143.72

Tax Expense

*\YYLU[;H_ 24.83

4(;*YLKP[,U[P[SLTLU[ (6.95)

+LMLYYLK;H_ (2.06)

(KQ\Z[TLU[MVY;H_VM7YL]PV\Z@LHYZUL[ (0.02)

15.80

PROFIT AFTER TAX 127.92

Earnings Per Share (Amount in `) (Refer Note 38)

Basic 6.42

+PS\[LK 6.41

ACCOUNTING POLICIES 1

;OLHJJVTWHU`PUNUV[LZ[VMVYTHU :PNUH[\YLZ[V[OL:[H[LTLU[VM7YVĉ[ 3VZZHUK5V[LZ[V-PUHUJPHS:[H[LTLU[Z PU[LNYHSWHY[VMĉUHUJPHSZ[H[LTLU[Z -VYHUKVUILOHSMVM)VHYK (ZWLYV\Y9LWVY[VML]LUKH[L

113 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2015

(TV\U[` Crore Particulars For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 Cash Flow from Operating Activities 7YVĉ[ILMVYL;H_H[PVU 143.72 Adjustment for: +LWYLJPH[PVU 8.69 0U[LYLZ[7HPK 157.54 3VZZ7YVĉ[VUZHSLVM-P_LK(ZZL[ (0.02) (ZZL[Z>YP[[LUVMM 0.08 7YV]PZPVUMVY+V\I[M\S(K]HUJLZ^YP[[LUIHJR5L[ 5.89 ,:.:*VTWLUZH[PVU 4.19 ,_WLUZLZVM(THSNHTH[PVU - 7YV]PZPVU>YP[LIHJRMVY+PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z 0.00 0U[LYLZ[0UJVTL (149.28) +P]PKLUK9LJLP]LK (0.01) 7YVĉ[VU:HSLVM0U]LZ[TLU[ (51.80) 6WLYH[PUN7YVĉ[ILMVYL^VYRPUNJHWP[HSJOHUNLZ 119.00 Adjustment for: 0UJYLHZLKLJYLHZLPU5VU*\YYLU[3PHIPSP[PLZ 2.03 0UJYLHZLKLJYLHZLPU*\YYLU[3PHIPSP[PLZ (150.29) 0UJYLHZLKLJYLHZLPU5VU*\YYLU[(ZZL[Z (30.69) 0UJYLHZLKLJYLHZLPU*\YYLU[(ZZL[Z (334.38) (394.33) ;H_LZ7HPK5L[ (33.41) Net Cash Flow from Operating activities (427.74) Cash Flow from Investing Activities 7\YJOHZLVM-P_LK(ZZL[Z (21.25) :HSLVM-P_LK(ZZL[Z 1.27 7\YJOHZLVM0U]LZ[TLU[Z (213.40) :HSLVM0U]LZ[TLU[Z 0.07 0U]LZ[TLU[ZPU3PTP[LK3PHIPSP[`7HY[ULYZOPW (28.36) ,_WLUZLZVM(THSNHTH[PVU - 0U[LYLZ[9LJLP]LK 122.61 7YVĉ[VUZHSLVM0U]LZ[TLU[ 51.77 +P]PKLUK9LJLP]LK 0.01 0UJVTLVU9PNO[Z9LU\UJPH[PVUI`,:67;Y\Z[ - Net Cash Flow from Investing Activities (87.28)

114 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2015

(TV\U[` Crore Particulars For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 Cash Flow from Financing Activities 7YVJLLKZMYVT0ZZ\LVM,X\P[`:OHYL*HWP[HSUL[VMPZZ\LL_WLUZLZ 0.06 9LWH`TLU[VMMYVT3VUN;LYT)VYYV^PUNZUL[ (198.22) 7YVJLLKZMYVT:OVY[;LYT)VYYV^PUNZUL[ 621.09 0ZZ\LYLSH[LKL_WLUZLZ - 0U[LYLZ[7HPK (157.54) 7H`TLU[VM+P]PKLUK (39.86) ;H_VU+PZ[YPI\[LK7YVĉ[Z (6.78) Net Cash Flow from Financing Activities 218.75 Net Increase in Cash & Cash Equivalent (296.27) Cash & Cash Equivalent -Opening Balance 652.52 (JX\PYLK7\YZ\HU[[V[OL:JOLTLVM(THSNHTH[PVU - 6WLUPUN*HZO *HZO,X\P]HSLU[VM.73,:67;Y\Z[9LMLY5V[LI (0.00) Cash & Cash Equivalent -Closing Balance 356.25 (TV\U[SLZZ[OHU` Notes : *HZOHUK*HZO,X\P]HSLU[Z! *HZO *OLX\LZVU/HUKHUK)HSHUJLZ^P[O)HURZ 33.11 0U]LZ[TLU[ZPU3PX\PK4\[\HS-\UKZ 323.39 3LZZ!6[OLY)HUR)HSHUJLZ 0.25 Cash and Cash Equivalents 356.25 ;OLJHZOĊV^Z[H[LTLU[OHZILLUWYLWHYLK\UKLY[OL0UKPYLJ[4L[OVKHZZL[V\[PU[OL(JJV\U[PUN:[HUKHYK(:VU *HZO-SV^:[H[LTLU[HUKWYLZLU[ZJHZOĊV^ZI`VWLYH[PUNPU]LZ[PUNHUKĉUHUJPUNHJ[P]P[PLZ +P]PKLUKYLJLP]LK\UKLY0U]LZ[PUNHJ[P]P[PLZPUJS\KLZKP]PKLUKVM`5PS9LMLYUV[LI7YL]PV\Z`LHY`JYVYLYLJLP]LK I`[OL,:67[Y\Z[ -PN\YLZMVY[OLWYL]PV\Z`LHYOH]LILLUYLNYV\WLKYLZ[H[LK^OLYL]LYULJLZZHY`[VJVUMVYT[VJ\YYLU[`LHYZ JSHZZPĉJH[PVU

(ZWLYV\Y9LWVY[VML]LUKH[L -VYHUKVUILOHSMVM)VHYK

115 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Note 1 Accounting Policies: a) Company Overview .VKYLQ7YVWLY[PLZ3PTP[LKí[OL*VTWHU`î^HZPUJVYWVYH[LKVU-LIY\HY` ;OL*VTWHU`PZHSLHKPUNYLHSLZ[H[L KL]LSVWLYLUNHNLKWYPTHYPS`PU[OLI\ZPULZZVMYLHSLZ[H[LJVUZ[Y\J[PVUKL]LSVWTLU[HUKV[OLYYLSH[LKHJ[P]P[PLZ;OL *VTWHU`PZKVTPJPSLKPU0UKPHHUKPZSPZ[LKVU):,3PTP[LK):,HUK;OL5H[PVUHS:[VJR,_JOHUNLVM0UKPH3PTP[LK5:, b) Basis of Preparation ;OLĉUHUJPHSZ[H[LTLU[ZVM[OL*VTWHUÒH]LILLUWYLWHYLKVUHJJY\HSIHZPZ\UKLY[OLOPZ[VYPJHSJVZ[JVU]LU[PVUHUK VUNVPUNJVUJLYUIHZPZPUHJJVYKHUJL^P[O[OL.LULYHSS`(JJLW[LK(JJV\U[PUN7YPUJPWSLZPU0UKPHê0UKPHU.((7ë[V JVTWS`^P[O[OL(JJV\U[PUN:[HUKHYKZZWLJPĉLK\UKLYZLJ[PVUVM;OL*VTWHUPLZ(J[YLHK^P[O9\SLVM[OL *VTWHUPLZ(JJV\U[Z9\SLZHUK[OLYLSL]HU[WYV]PZPVUZVM;OL*VTWHUPLZ(J[ê[OL(J[ë;OL*VTWHUPLZ (J[ HZHWWSPJHISL;OLHJJV\U[PUNWVSPJPLZOH]LILLUJVUZPZ[LU[S`HWWSPLKI`[OL*VTWHU` c) Operating Cycle ;OLUVYTHSVWLYH[PUNJ`JSLPUYLZWLJ[VMVWLYH[PVUYLSH[PUN[V\UKLYJVUZ[Y\J[PVUYLHSLZ[H[LWYVQLJ[KLWLUKZVUZPNUPUN VMHNYLLTLU[ZPaLVM[OLWYVQLJ[WOHZPUNVM[OLWYVQLJ[[`WLVMKL]LSVWTLU[WYVQLJ[JVTWSL_P[PLZHWWYV]HSZULLKLK YLHSPaH[PVUVMWYVQLJ[PU[VJHZO JHZOLX\P]HSLU[ZHUKYHUNLMYVT[V`LHYZ(JJVYKPUNS`(ZZL[Z 3PHIPSP[PLZOH]LILLU JSHZZPĉLKPU[VJ\YYLU[ UVUJ\YYLU[IHZLKVUVWLYH[PUNJ`JSLVMYLZWLJ[P]LWYVQLJ[Z d) Fixed Assets -P_LKHZZL[ZHYLZ[H[LKH[JVZ[VMHJX\PZP[PVUVYJVUZ[Y\J[PVUSLZZHJJ\T\SH[LKKLWYLJPH[PVU*VZ[PUJS\KLZHSSPUJPKLU[HS L_WLUZLZYLSH[LK[VHJX\PZP[PVUHUKPUZ[HSSH[PVUV[OLYWYLVWLYH[PVUL_WLUZLZHUKPU[LYLZ[PUJHZLVMJVUZ[Y\J[PVU *HYY`PUNHTV\U[VMJHZONLULYH[PUN\UP[ZHZZL[ZHYLYL]PL^LKH[IHSHUJLZOLL[KH[L[VKL[LYTPULÔL[OLY[OLYLPZHU` PUKPJH[PVUVMPTWHPYTLU[0MZ\JOPUKPJH[PVUL_PZ[Z[OLYLJV]LYHISLHTV\U[PZLZ[PTH[LKHZ[OLUL[ZLSSPUNWYPJLVY]HS\L PU\ZLÔPJOL]LYPZOPNOLY0TWHPYTLU[SVZZPMHU`PZYLJVNUPaLKÔLUL]LYJHYY`PUNHTV\U[L_JLLKZ[OLYLJV]LYHISL HTV\U[ e) Depreciation / Amortization +LWYLJPH[PVUOHZILLUWYV]PKLKVU^YP[[LUKVÛ]HS\LIHZPZH[[OLYH[LKL[LYTPULK^P[OYLMLYLUJL[V[OL\ZLM\SSP]LZ ZWLJPĉLKPU:JOLK\SL00VM[OL*VTWHUPLZ(J[;OLPTWHJ[VM[OLJOHUNLPU\ZLM\SSPMLVMĉ_LKHZZL[ZOHZILLU JVUZPKLYLKPUHJJVYKHUJL^P[O[OLWYV]PZPVUVM:JOLK\SL00 (ZZL[ZHJX\PYLKVUSLHZLHYLKLWYLJPH[LKV]LY[OLWLYPVKVM[OLSLHZL 3LHZLOVSKPTWYV]LTLU[ZHYLHTVY[PaLKV]LY[OLWLYPVKVMSLHZL (ZZL[ZJVZ[PUNSLZZ[OHU` HYLKLWYLJPH[LKH[ PU[OL`LHYVMHJX\PZP[PVU ;YHKLTHYRPZHTVY[PaLKV]LYHWLYPVKVM`LHYZ 0U[HUNPISL(ZZL[ZV[OLY[OHU[YHKLTHYRHYLHTVY[PaLKV]LYHWLYPVKVMZP_`LHYZ f) Investments 0U]LZ[TLU[ZHYLJSHZZPĉLKPU[VSVUN[LYTHUKJ\YYLU[PU]LZ[TLU[Z 3VUN[LYTPU]LZ[TLU[ZHYLJHYYPLKH[JVZ[7YV]PZPVUMVYKPTPU\[PVUPMHU`PU[OL]HS\LVMLHJOSVUN[LYTPU]LZ[TLU[PZ THKL[VYLJVNUPaLHKLJSPULV[OLY[OHUVMH[LTWVYHYÙH[\YL *\YYLU[PU]LZ[TLU[ZHYLJHYYPLKPUKP]PK\HSS`H[SV^LYVMJVZ[HUKMHPY]HS\LHUK[OLYLZ\S[HU[KLJSPULPMHU`PZJOHYNLK[V YL]LU\L g) Inventories 0U]LU[VYPLZHYL]HS\LKHZ\UKLY! H *VTWSL[LK-SH[Z ([3V^LYVM*VZ[VY5L[9LHSPZHISL]HS\L I *VUZ[Y\J[PVU>VYRPU7YVNYLZZ ([*VZ[

116 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

*VUZ[Y\J[PVU >VYRPU7YVNYLZZ PUJS\KLZ JVZ[ VM SHUK WYLTP\T MVY KL]LSVWTLU[ YPNO[Z JVUZ[Y\J[PVU JVZ[Z HSSVJH[LK PU[LYLZ[HUKL_WLUZLZPUJPKLU[HS[V[OLWYVQLJ[Z\UKLY[HRLUI`[OL*VTWHU` h) Revenue Recognition ;OL*VTWHU`PZMVSSV^PUN[OLí7LYJLU[HNLVM*VTWSL[PVU4L[OVKîVMHJJV\U[PUN(ZWLY[OPZTL[OVKYL]LU\LMYVT ZHSLVMWYVWLY[PLZPZYLJVNUPaLKPU:[H[LTLU[VM7YVĉ[ 3VZZPUWYVWVY[PVU[V[OLHJ[\HSJVZ[PUJ\YYLKHZHNHPUZ[[OL[V[HS LZ[PTH[LKJVZ[VMWYVQLJ[Z\UKLYL_LJ\[PVU^P[O[OL*VTWHU`VU[YHUZMLYVMZPNUPĉJHU[YPZRHUKYL^HYKZ[V[OLI\`LY

117 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

;OLMHPY]HS\LVM[OLWSHUHZZL[ZPZYLK\JLKMYVT[OLNYVZZVISPNH[PVU\UKLY[OLKLĉULKILULĉ[WSHU[V YLJVNUPaL[OLVISPNH[PVUVUUL[IHZPZ 7HZ[ZLY]PJLJVZ[PZYLJVNUPaLKHZL_WLUZLVUHZ[YHPNO[SPULIHZPZV]LY[OLH]LYHNLWLYPVK\U[PS[OLILULĉ[Z ILJVTL]LZ[LK PPP 6[OLYSVUN[LYTLTWSV`LLILULĉ[Z! 6[OLYSVUN[LYTLTWSV`LLILULĉ[Z]PaSLH]LLUJHZOTLU[PZYLJVNUPaLKHZHUL_WLUZLPU[OL:[H[LTLU[ VM7YVĉ[HUK3VZZHZHUKÔLU[OL`HJJY\L;OL*VTWHU`KL[LYTPULZ[OLSPHIPSP[`\ZPUN[OL7YVQLJ[LKVYRPU7YVNYLZZ+\LVU4HUHNLTLU[7YVQLJ[HZHWHY[VM[OLJVZ[ VM[OLWYVQLJ[ZH[^LPNO[LKH]LYHNLVM[OLIVYYV^PUNJVZ[YH[LZHZWLY(NYLLTLU[ZYLZWLJ[P]LS` 6[OLYIVYYV^PUNJVZ[ZHYLYLJVNUPaLKHZHUL_WLUZLPU[OLWLYPVKPUÔPJO[OL`HYLPUJ\YYLK l) Earnings Per Share ;OLIHZPJLHYUPUNZWLYZOHYLPZJVTW\[LK\ZPUN[OL^LPNO[LKH]LYHNLU\TILYVMJVTTVUZOHYLZV\[Z[HUKPUNK\YPUN [OLWLYPVK+PS\[LKLHYUPUNZWLYZOHYLPZJVTW\[LK\ZPUN[OL^LPNO[LKH]LYHNLU\TILYVMJVTTVUHUKKPS\[P]LJVTTVU LX\P]HSLU[ZOHYLZV\[Z[HUKPUNK\YPUN[OLWLYPVKL_JLW[ÔLYL[OLYLZ\S[Z^V\SKILHU[PKPS\[P]L m) Provision For Taxation ;H_L_WLUZLJVTWYPZLZIV[OJ\YYLU[HUKKLMLYYLK[H_ *\YYLU[[H_PZTLHZ\YLKH[[OLHTV\U[L_WLJ[LK[VILWHPK[V[OL[H_H\[OVYP[PLZ\ZPUN[OLHWWSPJHISL[H_YH[LZHUK[H_ SH^Z +LMLYYLK[H_PZYLJVNUPaLKVU[PTPUNKPMMLYLUJLZILPUN[OLKPMMLYLUJLZIL[^LLU[OL[H_HISLPUJVTLHUK[OLHJJV\U[PUN PUJVTL[OH[VYPNPUH[LPUVULWLYPVKHUKHYLJHWHISLVMYL]LYZHSPUVULVYTVYLZ\IZLX\LU[WLYPVKZ+LMLYYLK[H_HZZL[Z Z\IQLJ[[VJVUZPKLYH[PVUVMWY\KLUJLHYLYLJVNUPaLKHUKJHYYPLKMVY^HYKVUS`[V[OLL_[LU[[OH[[OLYLPZHYLHZVUHISL JLY[HPU[`[OH[Z\MĉJPLU[M\[\YL[H_HISLPUJVTL^PSSILH]HPSHISLHNHPUZ[ÔPJOZ\JOKLMLYYLK[H_HZZL[ZJHUILYLHSPaLK;OL [H_LMMLJ[PZJHSJ\SH[LKVU[OLHJJ\T\SH[LK[PTPUNKPMMLYLUJLH[[OL`LHYLUKIHZLKVU[OL[H_YH[LZHUKSH^ZLUHJ[LKVY Z\IZ[HU[PHSS`LUHJ[LKVU[OLIHSHUJLZOLL[KH[L n) Foreign Currency Transactions ;YHUZHJ[PVUZPUMVYLPNUJ\YYLUJ`HYLYLJVYKLKH[[OLL_JOHUNLYH[LZWYL]HPSPUNVU[OLKH[LVM[OL[YHUZHJ[PVU(ZZL[Z HUKSPHIPSP[PLZYLSH[LK[VMVYLPNUJ\YYLUJ`[YHUZHJ[PVUZYLTHPUPUN\UZL[[SLKH[[OL`LHYLUKHYL[YHUZSH[LKH[[OL`LHY LUKL_JOHUNLYH[LZ-VY^HYKL_JOHUNLJVU[YHJ[ZYLTHPUPUN\UZL[[SLKH[[OL`LHYLUKIHJRLKI`\UKLYS`PUNHZZL[ZVY SPHIPSP[PLZHYLHSZV[YHUZSH[LKH[`LHYLUKL_JOHUNLYH[LZ;OLWYLTP\TWH`HISLVUMVYLPNUL_JOHUNLJVU[YHJ[ZPZHTVY[PZLK V]LY[OLWLYPVKVM[OLJVU[YHJ[,_JOHUNLNHPUZSVZZLZHYLYLJVNUPZLKPU[OL:[H[LTLU[VM7YVĉ[HUK3VZZ o) Allocation of Expenses *VYWVYH[L,TWSV`LL9LT\ULYH[PVUHUK(KTPUPZ[YH[PVUL_WLUZLZHYLHSSVJH[LK[V]HYPV\ZWYVQLJ[ZVUHYLHZVUHISLIHZPZ HZLZ[PTH[LKI`[OLTHUHNLTLU[ p) Provisions and Contingent Liabilities 7YV]PZPVUZHYLYLJVNUPaLKPU[OLHJJV\U[ZPUYLZWLJ[VMWYLZLU[WYVIHISLVISPNH[PVUZ[OLHTV\U[VMÔPJOJHUILYLSPHIS` LZ[PTH[LK *VU[PUNLU[SPHIPSP[PLZHYLKPZJSVZLKPUYLZWLJ[VMWVZZPISLVISPNH[PVUZ[OH[HYPZLMYVTWHZ[L]LU[ZI\[[OLPYL_PZ[LUJLPZ JVUĉYTLKI`[OLVJJ\YYLUJLVYUVUVJJ\YYLUJLVMVULVYTVYL\UJLY[HPUM\[\YLL]LU[ZUV[ÔVSS`^P[OPU[OLJVU[YVSVM [OL*VTWHU`

118 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As at (ZH[ 31.03.2015 NOTE 2 SHARE CAPITAL AUTHORISED ,X\P[`:OHYLZVM`LHJO7YL]PV\Z@LHY 117.00 ,X\P[`:OHYLVM`LHJO 117.00 ISSUED, SUBSCRIBED & PAID UP ,X\P[`:OHYLZVM`LHJO7YL]PV\Z@LHY 99.68 ,X\P[`:OHYLZVM`LHJOM\SS`WHPK\W 3LZZ!5PS7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOOLSKI`.73 - ,:67;Y\Z[9LMLYUV[LI 99.68

(a) Reconciliation of number of shares: 31.03.2015 No. of Shares ` 5VVM:OHYLZ ` 5\TILYVM:OHYLZV\[Z[HUKPUNH[[OL 199,234,030 99.62 ILNPUUPUNVM[OL`LHY Movement during the year prior to Split - - (KKP[PVUVUHJJV\U[VM:OHYL:WSP[MYVT` - - [V` 4V]LTLU[K\YPUN[OL`LHYWVZ[:WSP[ 123,758 0.06 5\TILYVM:OHYLZV\[Z[HUKPUNH[[OLLUKVM 199,357,788 99.68 the year

(b) Shareholding information: ,X\P[`:OHYLZHYLOLSKI`! .VKYLQ0UK\Z[YPLZ3PTP[LK/VSKPUN*VTWHU` 112,450,304 .VKYLQ )V`JL4HU\MHJ[\YPUN*VTWHU` 9,395,688 3PTP[LK

(c) Shareholders holding more than 5% of Equity Shares: 31.03.2015 No. of Shares % 5VVM:OHYLZ % .VKYLQ0UK\Z[YPLZ3PTP[LK 112,450,304 56.41%

119 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(d) Rights, preferences and restrictions attached to shares: ;OL*VTWHUÒHZVUS`VULJSHZZVMLX\P[`ZOHYLOH]PUNHWHY]HS\LVM`WLYZOHYL,HJOOVSKLYVMLX\P[`ZOHYLZPZ LU[P[SLK[VVUL]V[LWLYZOHYLOLSK;OLKP]PKLUKWYVWVZLKI`[OL)VHYKVM+PYLJ[VYZPZZ\IQLJ[[V[OLHWWYV]HSVM[OL :OHYLOVSKLYZPU[OL(UU\HS.LULYHS4LL[PUNL_JLW[PUJHZLVMPU[LYPTKP]PKLUK0U[OLL]LU[VMSPX\PKH[PVU[OLZOHYLOVSKLYZ HYLLSPNPISL[VYLJLP]L[OLYLTHPUPUNHZZL[ZVM[OL*VTWHU`HM[LYKPZ[YPI\[PVUVMHSSWYLMLYLU[PHSHTV\U[ZPUWYVWVY[PVU[V [OLPYZOHYLOVSKPUN 31.03.2015 (e) Equity Shares Reserved for Issue No. of Shares ` 5VVM:OHYLZ ` Under Options i) ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - MVY LX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU ii) ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - 1,252 MVYLX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU iii) ,TWSV`LL:[VJR.YHU[ZLSPNPISL 19,446 0.01 MVY LX\P[`ZOHYLZVM` LHJO HYL]LZ[PUNVU iv) ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - MVY LX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU v) ,TWSV`LL:[VJR.YHU[ZLSPNPISL 230 0.00 MVYLX\P[`ZOHYLZVM`LHJOHYL ]LZ[PUNVU vi) ,TWSV`LL:[VJR.YHU[ZLSPNPISL 240 0.00 MVYLX\P[`ZOHYLZVM`LHJOHYL ]LZ[PUNVU vii) ,TWSV`LL:[VJR.YHU[Z 74,966 0.04 LSPNPISLMVYLX\P[`ZOHYLZVM`LHJO 6\[VMÔPJOHYL]LZ[PUNVU HUK PZ]LZ[PUNVU viii) ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - 30,000 MVYLX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU P_ ,TWSV`LL:[VJR.YHU[Z 161,193 0.08 LSPNPISLMVYLX\P[`ZOHYLZVM`LHJO 6\[VMÔPJOPZ]LZ[PUNVU HYL]LZ[PUNVU HUKPZ]LZ[PUNVU _ ,TWSV`LL:[VJR.YHU[ZLSPNPISL 40,000 0.02 MVYLX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU _P ,TWSV`LL:[VJR.YHU[ZLSPNPISL 2,305 0.00 MVYLX\P[`ZOHYLZVM`LHJO6\[VM ÔPJO HYL]LZ[PUNVU HYL]LZ[PUNVUHUK HYL]LZ[PUNVU (TV\U[SLZZ[OHU`

120 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As At (Z([ 31.03.2015 NOTE 3 RESERVES & SURPLUS Securities Premium (ZWLYSHZ[)HSHUJL:OLL[ 1,689.52 (KKP[PVUK\YPUN[OL`LHY 3.77 <[PSPZH[PVUK\YPUN[OL`LHY - Closing Balance 1,693.29 ESOP Trust (KQ\Z[TLU[VM9L[HPULKLHYUPUN+P]PKLUK*VZ[VMZOHYLUL[VMMHJL - ]HS\L9LMLY5V[LI General Reserve (ZWLYSHZ[)HSHUJL:OLL[ 9.80 <[PSPZH[PVUK\YPUN[OL`LHY - (KKP[PVUK\YPUN[OL`LHY - Closing Balance 9.80 ,TWSV`LL:[VJR.YHU[:JOLTL9LZLY]L (ZWLYSHZ[)HSHUJL:OLL[ 4.36 (KKP[PVUK\YPUN[OL`LHY 4.19 <[PSPZH[PVUK\YPUN[OL`LHY 3.77 Closing Balance 4.78 :\YWS\ZPU:[H[LTLU[VM7YVĉ[HUK3VZZ (ZWLYSHZ[)HSHUJL:OLL[ 30.97 <[PSPZH[PVUK\YPUN[OL`LHY - (KQ\Z[TLU[VMVWLUPUNWYVĉ[SVZZVM,:67;Y\Z[9LMLY5V[LI (0.08) (KQ\Z[TLU[HYPZPUNMVY+LWYLJPH[PVUHZWLY*VTWHUPLZ(J[VU 0.25 -P_LK(ZZL[Z9LMLY5V[LH 7YVĉ[MVY[OL`LHY 127.92 (WWYVWYPH[PVUZK\YPUN[OL`LHY 7YVWVZLK+P]PKLUK-PUHS9LMLY5V[LH 39.90 ;H_VU+PZ[YPI\[LK7YVĉ[ 8.12 ;YHUZMLY[V.LULYHS9LZLY]L - Closing Balance 110.70 Total Reserves & Surplus 1,818.57 a) ;OL)VHYKVM+PYLJ[VYZVM[OLJVTWHU`OHZWYVWVZLKKP]PKLUKVM PL`WLYLX\P[`ZOHYLVM`LHJOMVY[OL`LHY HTV\U[PUN[V` JYVYL7YL]PV\Z@LHY PL`LX\P[`ZOHYLVM`LHJOHTV\U[PUN[V` JYVYL NOTE 4 LONG TERM BORROWINGS +LWVZP[Z

121 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As At (Z([ 31.03.2015 NOTE 6 LONG TERM PROVISIONS 7YV]PZPVUMVY,TWSV`LL)LULĉ[Z .YH[\P[`9LMLY5V[LI 4.49

a) 4V]LTLU[PU

NOTE 7 SHORT TERM BORROWINGS -YVT)HURZ :LJ\YLK3VHU *HZO*YLKP[9LMLY5V[LH 602.77 :OVY[;LYT3VHU9LMLY5V[LI 200.00

122 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS e) i) `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU(WYPS ii) `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU4H` iii) `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU4H` vi) `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU4H` v) `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU1\UL

(TV\U[` Crore As At (Z([ 31.03.2015 NOTE 8

OTHER CURRENT LIABILITIES *\YYLU[TH[\YP[PLZVMSVUN[LYTKLI[

NOTE 9 SHORT TERM PROVISIONS 7YV]PZPVUMVY,TWSV`LL)LULĉ[Z .YH[\P[`9LMLY5V[LI 0.67

6[OLY7YV]PZPVU -VY;H_H[PVU 1.04 5L[VM(K]HUJL;H_ ;H_KLK\J[LKH[ZV\YJL`JYVYL7YL]PV\Z @LHY` JYVYL 7YVWVZLK+P]PKLUK-PUHS 39.90 ;H_VU+P]PKLUK 8.12 50.35

123 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS 1.95 0.06 1.38 1.46 1.81 0.02 2.04 2.45 1.41 4.29 2014 As at 25.87 68.43 111.17 Crore ` 31st March 0.10 2015 As at Amount 82.78 31st March PU[OLVWLUPUNIHSHUJLVM - 0.06 LUKLK4HYJOOHZ Upto 0.39 4.96 1.31 2.89 1.66 0.02 0.68 2.96 0.01 4.61 1.47 2.57 2.58 1.05 6.50 2.48 5.82 24.52 2015 Y`LHYLUKLK4HYJO 31st March [ZVM[OLHZZL[ZVU[OLKH[LVM:JOLK\SL00 TOTAL 122.04 Deductions Year For the - - - - 0.07 0.65 - 0.49 - - 0.01 - - 1.56 - 0.01 1.35 - 0.28 1.11 0.02 0.09 0.73 0.08 2.17 0.00 0.04 1.04 1.76 0.16 0.38 8.69 2.55 27.38 39.16 40.79 KLWYLJPH[PVUMVY[OL`LHY (10 (a)) (refer note Adjustment ------on Merger Taken Over - Upto 0.32 4.80 1.59 0.01 2.25 4.12 1.69 4.95 1.13 2014 1st April ^OLYL[OLYLTHPUPUN\ZLM\SSPMLPZ5PSILPUNYLJVNUPZLK 1.70 6.62 3.57 0.03 4.43 7.19 3.62 0.06 2015 As at PUNHWWSPJHISL^LM(WYPS 12.32 27.00 :JOLK\SL00;OPZOHZYLZ\S[LKPU[OLKLWYLJPH[PVUL_WLUZLZMV 31st March JYVYLUL[VM+LMLYYLK;H_YLWYLZLU[Z[OLJHYY`PUNHTV\U ` Additions Deductions [OL*VTWHUPLZ(J[ILJVT on Merger Taken Over

2014 As at April st 1 JYVYL ` ` VM[OL*VTWHUPLZ(J[JVTPUNPU[VLMMLJ[UHTLS`(WYPS YL[HPULKLHYUPUNZ ILLUWYV]PKLKVU[OLIHZPZVM[OL\ZLM\SSP]LZHZWYLZJYPILKPU ILPUNOPNOLYI` TotalIntangible Assets under Development 61.65 - 8.74 3.85 66.54 20.86 Previous YearCapital Work-in- progress 27.55 1.91 33.52 1.33 61.65 15.51 1.19 - 4.95 0.80 20.86 - - ASSETS GROSS BLOCK DEPRECIATION NET BLOCK BuildingLeasehold ImprovementsOffice Equipment 6.26 Site EquipmentsFurniture & Fixtures - Computer 1.70 3.40 1.56 Motor Vehicle * 0.03 4.29 1.20 Intangible Assets - - Licenses & Software 0.38 - - Trade - Mark 0.21 0.40 6.57 3.10 - 9.24 0.26 - - - 2.47 0.71 - - 27.00 3.22 1.85 0.19 0.14 - - - Tangible Assets Land 0.06 - - - NOTE 10 FIXED ASSETS H (KQ\Z[TLU[ZPU+LWYLJPH[PVUHTV\U[PUN[V (TV\U[SLZZ[OHU I *VUZLX\LU[[V:JOLK\SL00[V

124 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As At (Z([ 31.03.2015 NOTE 11 NON-CURRENT INVESTMENTS 0 Trade Investments Investments in Subsidiary Companies / Joint Ventures Unquoted Investments 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Godrej Realty Private Limited 5.52 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Godrej Real Estate Private Limited 0.05 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM Happy Highrises Limited 16.36 5037YL]PV\Z@LHY,X\P[`:OHYLZ*SHZZ(VM`LHJOVM Godrej Buildwell Private Limited - 5037YL]PV\Z@LHY,X\P[`:OHYLZ*SHZZ+VM`LHJOVM Godrej Buildwell Private Limited * - 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Godrej Buildcon Private Limited 0.05 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Godrej Projects Development Private Limited 229.82 7YL]PV\Z@LHY5PS 9LKLLTHISL5VUJ\T\SH[P]LWYLMLYLUJL :OHYLVM`LHJOVM Godrej Projects Development Private Limited 0.03 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Godrej Premium Builders Private Limited 0.03 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Godrej Garden City Properties Private Limited 0.05 7YL]PV\Z@LHY ,X\P[`:OHYLZVM`LHJOVM*SHZZ ) 6YKPUHY`,X\P[`:OHYLZVM Wonder Space Properties Private Limited 1.66 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Wonder City Buildcon Private Limited 1.61 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM Godrej Green Homes Limited 0.05 255.23 II Investment in Debentures (Fully paid) Investments in Subsidiary Companies / Joint Ventures 7YL]PV\Z@LHY :LJ\YLK9LKLLTHISL VW[PVUHSS`*VU]LY[PISL+LILU[\YLZVM`LHJOVM Godrej Realty Private Limited 2.99 7YL]PV\Z@LHY5PS *VTW\SZVYPS`*VU]LY[PISL +LILU[\YLZ*SHZZ)VM`LHJOVM Wonder City Buildcon Private Limited 30.78 7YL]PV\Z@LHY *VTW\SZVYPS`*VU]LY[PISL +LILU[\YLZVM`LHJOVM Wonder Space Properties Private Limited 35.36 69.13

125 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As At (Z([ 31.03.2015 III Investments In Limited Liabilty Partnership Unquoted Investments 4VZPHJ3HUKTHYRZ337 12.39 .VKYLQ=PROYVSP7YVWLY[PLZ337 219.42 *HYVH7YVWLY[PLZ337 0.39 6_MVYK9LHS[`337 0.00 +YLHT>VYSK3HUKTHYRZ337 0.04 4:9HTHPHO=LU[\YLZ337 1.02 6HZPZ3HUKTHYRZ337 0.00 ::7+3.YLLU(JYLZ337 0.05 233.31 ([*VZ[ IV Non trade Investments (a) Investment in Fully paid up Equity Instruments Quoted Investments 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM (SHJYP[`/V\ZPUN3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM (UZHS)\PSK^LSS3PTP[LK 0.00 7YL]PV\Z@LHYVM`LHJOVM (UZHS/V\ZPUN *VUZ[Y\J[PVU3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM (UZHS7YVWLY[PLZ 0UMYHZ[Y\J[\YL3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 3VR/V\ZPUN *VUZ[Y\J[PVU3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM .SVIHS0UMYHZ[Y\J[\YL ;LJOUVSVNPLZ3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 7YLTPLY,ULYN` 0UMYHZ[Y\J[\YL3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM +:2\SRHYUP+L]LSVWLYZ3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM

126 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As At (Z([ 31.03.2015

Unquoted Investments 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM :HYHZ^H[*VVWLYH[P]L)HUR3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM ()*VYW3PTP[LK 0.00 0.00 ;V[HS5VU*\YYLU[0U]LZ[TLU[Z 557.67 *VZ[VM8\V[LK0U]LZ[TLU[Z 0.00 4HYRL[=HS\LVM8\V[LK0U]LZ[TLU[Z 0.03 (TV\U[SLZZ[OHU`

NOTE 12 DEFERRED TAX ASSET (NET) 3PHIPSP[PLZ 6U-P_LK(ZZL[ (2.12) (ZZL[Z On Others 6.17 4.05 NOTE 13 LONG TERM LOANS & ADVANCES :LJ\YLK *VUZPKLYLKNVVK +LWVZP[Z7YVQLJ[Z9LMLY5V[LH 115.88

NOTE 14 OTHER NON CURRENT ASSETS ,_WLUZLZ9LJV]LYHISL 0.74 6[OLYZ+LWVZP[^P[O)HURZ 22.09 +LWVZP[^P[O)HURPZOLSKHZ4HYNPU4VUL`HUKSPLUTHYRLKMVYPZZ\PUN IHURN\HYHU[LL 22.83

127 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As At (Z([ NOTE 15 31.03.2015 INVENTORIES -PUPZOLK.VVKZ9LMLY5V[LH 46.16 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 992.78 1,038.94 a) -PUPZOLKNVVKZPUJS\KLZZOHYLZVM;HOPY7YVWLY[PLZ3PTP[LKH[JVZ[VY UL[YLHSPZHISL]HS\L^OPJOL]LYPZSV^LY! a) ,X\P[`ZOHYLZVM`LHJO`WHPK\W I 9LKLLTHISL7YLMLYLUJL*SHZZ(ZOHYLZVM`LHJO `WHPK\W

NOTE 16 TRADE RECEIVABLES

NOTE 17 CASH & BANK BALANCES *HZO *HZO,X\P]HSLU[Z *HZOVU/HUK 0.02 *OLX\LZVU/HUK 0.57 )HSHUJL^P[O)HURZ VU*\YYLU[(JJV\U[Z9LMLY5V[LH 13.11 VU-P_LK+LWVZP[(JJV\U[Z9LMLY5V[LI 19.16 0U]LZ[TLU[ZPU4\[\HS-\UKZ9LMLY5V[LJ 323.39 6[OLY)HUR)HSHUJLZ VU-P_LK+LWVZP[(JJV\U[Z3VUN[LYTKLWVZP[Z^P[OTH[\YP[`TVYL[OHU 0.25 TVU[OZI\[SLZZ[OHUTVU[OZ 356.50 a) )HSHUJLZ^P[O)HURZPUJ\YYLU[HJJV\U[ZPUJS\KL`JYVYL 7YL]PV\Z@LHY`JYVYLLHYTHYRLKIHSHUJLMVY\UJSHPTLK KP]PKLUK0[HSZVPUJS\KLZIHSHUJLZVM[OL,:67;Y\Z[VM`5PS 7YL]PV\Z@LHY`JYVYL I )HSHUJLZ^P[OZJOLK\SLKIHURZVUKLWVZP[HJJV\U[ZPUJS\KL ` JYVYL7YL]PV\Z@LHY`JYVYLYLJLP]LKMYVTĊH[I\`LYZ HUKOLSKPU[Y\Z[VU[OLPYILOHSMPUHJVYW\ZM\UK

128 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As At (Z([ 31.03.2015 c) 0U]LZ[TLU[PU4\[\HS-\UKZ! i) 0U+LI[4\[\HS-\UKZ ;H\Y\Z3PX\PK-\UK:\WLY0UZ[P[\[PVUHS.YV^[O 25.00 7LLYSLZZ3PX\PK-\UK:\WLY07.YV^[O - 9LSPHUJL3PX\PK-\UK;7.YV^[O 25.00 9LSPNHYL0U]LZJV3PX\PK-\UK.YV^[O7SHU 25.00 (_PZ3PX\PK-\UK.YV^[O*-.7. - )PYSH:\U3PML*HZO7S\Z.YV^[O9LN\SHY7SHU - /+-**HZO4HUHNLTLU[-\UK:H]PUN7SHU.YV^[O - 0*0*07Y\KLU[PHS3PX\PK9LN\SHY.YV^[O7SHU - 3 ;3PX\PK-\UK.YV^[O 25.00 :\UKHYHT4VUL`-\UK9LN.YV^[O 26.39 ;H[H4VUL`4HYRL[-\UK7SHU(.YV^[O 25.00 )HYVKH7PVULLY3PX\PK-\UK7SHU(.YV^[O 25.00 +:7)SHJRYVJR3PX\PKP[`-\UK07.YV^[O 16.00 /+-*)HURPUN 7Z\+LI[-\UK9LN\SHY.YV^[O 56.00 <;03PX\PK-\UK*HZO7SHU07.YV^[O 25.00 0*0*07Y\KLU[PHS4VUL`4HYRL[-\UK9LN\SHY.YV^[O 50.00 323.39 ii)

NOTE 18 SHORT TERM LOANS & ADVANCES Secured :LJ\YLK+LWVZP[Z7YVQLJ[Z9LMLY5V[L H 224.25 6[OLY(K]HUJLZ9LMLY5V[L I 24.24

129 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore As At (Z([ 31.03.2015 c) Advances to Related Parties: To Ultimate Holding Company: .VKYLQ )V`JL4HU\MHJ[\YPUN*VTWHU`3PTP[LK 1.04 To Holding Company: .VKYLQ0UK\Z[YPLZ3PTP[LK 0.00 To Subsidiaries Company, Sub Subsidiary and Fellow Subsidiary .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK 168.18 /HWW`/PNOYPZLZ3PTP[LK 11.67 .VKYLQ)\PSK^LSS7YP]H[L3PTP[LK - .VKYLQ)\PSKJVU7YP]H[L3PTP[LK 549.10 .VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK 648.41 .VKYLQ7YLTP\T)\PSKLYZ7YP]H[L3PTP[LK 0.50 .VKYLQ.HYKLU*P[`7YVWLY[PLZ7YP]H[L3PTP[LK 0.00 .VKYLQ9LHS[`7YP]H[L3PTP[LK 0.25 >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK - .VKYLQ.YLLU/VTLZ3PTP[LK 0.00 To Limited Liability Partnership .VKYLQ7YVWLY[`+L]LSVWLYZ337 0.06 4VZPHJ3HUKTHYRZ337 20.74 +YLHT>VYSK3HUKTHYRZ337 32.17 6_MVYK9LHS[`337 77.88 ::7+3.YLLU(JYLZ337 9.66 4:9HTHPHO=LU[\YLZ337 0.30 6HZPZ3HUKTHYRZ337 89.27 *HYVH7YVWLY[PLZ337 52.95 (TP[PZ+L]LSVWLYZ337 2.00 From Company under same Management: .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK 0.01 1,664.19 d) +\L VU 4HUHNLTLU[ 7YVQLJ[Z PUJS\KL H Z\T VM ` JYVYL 7YL]PV\Z @LHY ` JYVYL VU HJJV\U[ VM H WYVQLJ[ ^OLYL [OL TH[[LYPZZ\IQ\KPJL^P[OHYIP[YH[VYZ e) ;OL *VTWHU` OHZ LU[LYLK PU[V +L]LSVWTLU[ (NYLLTLU[ ^P[O SHUKSVYKZ +L]LSVWTLU[ 4HUHNLTLU[ -LL HTV\U[PUN [V ` JYVYL 7YL]PV\Z @LHY ` JYVYL HJJY\LK HZ WLY [LYTZ VM [OL (NYLLTLU[HYLYLJLP]HISLI`[OL*VTWHU`IHZLK\WVUWYVNYLZZ TPSLZ[VULZZWLJPĉLKPU[OLYLZWLJ[P]L(NYLLTLU[ZHUKOH]LILLU KPZJSVZLKHZ+L]LSVWTLU[4HUHNLTLU[-LLHJJY\LKI\[UV[K\L (TV\U[SLZZ[OHU`

NOTE 19 OTHER CURRENT ASSETS

130 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 NOTE 20 REVENUE FROM OPERATIONS :HSLVM7YVK\J[Z 403.46 6[OLY6WLYH[PUN9L]LU\LZ :HSLVM:LY]PJLZ 77.19 *VTWLUZH[PVU9LJLP]LKMYVT7YVQLJ[ 4.64 6[OLY0UJVTLMYVT*\Z[VTLYZ 4.16 :OHYLVM7YVĉ[PU3PTP[LK3PHIPSP[`7HY[ULYZOPW 26.09 3LHZL9LU[ 1.15 3PJLUZL-LLZ 0.00 516.69 (TV\U[SLZZ[OHU`

NOTE 21 OTHER INCOME 0U[LYLZ[0UJVTL 7YVQLJ[ZHUKSHUKSVYKZ 144.66 Others 4.62 +P]PKLUKZ 0.01 7YVĉ[VUZHSLVM-P_LK(ZZL[Z5L[ 0.02 7YVĉ[VUZHSLVM0U]LZ[TLU[Z 51.80 +PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z^YP[[LUIHJR - 4PZJLSSHULV\Z0UJVTL 0.90 202.01 (TV\U[SLZZ[OHU`

NOTE 22 COST OF SALES 6WLUPUN:[VJR! -PUPZOLK.VVKZ 45.54 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 882.79 (KK!,_WLUKP[\YL;YHUZMLYZMYVT(K]HUJLZK\YPUN[OL`LHY :[VJR0U;YHKL(JX\PYLKVU(THSNHTH[PVU - :[VJR0U;YHKL(JX\PYLKK\YPUN[OL`LHY - +L]LSVWTLU[9PNO[Z 2.85 *VUZ[Y\J[PVU4H[LYPHS 3HIV\Y 258.13 (YJOP[LJ[-LLZ 4.96 Other Cost 155.45 0U[LYLZ[ 41.02 462.41 3LZZ!7YVQLJ[[YHUZMLYYLK[V:\IZPKPHYPLZ337Z 35.58 3LZZ!*SVZPUN:[VJR! -PUPZOLK.VVKZ 46.16 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 992.78 316.22

131 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(TV\U[` Crore For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 NOTE 23 EMPLOYEE BENEFITS EXPENSE :HSHYPLZ)VU\Z.YH[\P[` (SSV^HUJLZ 24.16 *VU[YPI\[PVU[V7YV]PKLU[ V[OLYM\UKZ 4.32 6[OLY,TWSV`LL)LULĉ[Z 2.55 ,_WLUZLVU,TWSV`LL:[VJR6W[PVU:JOLTL9LMLY5V[L 4.19 35.22

NOTE 24 FINANCE COST 0U[LYLZ[,_WLUZL )HURZ 98.91 7YVQLJ[ZHUKSHUKSVYKZ 13.91 Others 31.69 0U[LYLZ[VU0UJVTL;H_ - ;V[HS0U[LYLZ[,_WLUZLZ 144.51 Other Borrowing cost 55.73

Total Finance Cost 200.24

3LZZ!*HWP[HSPZLK[V7YVQLJ[Z 40.82 3LZZ!*HWP[HSPZLK[V*HWP[HS>07 1.88 NET FINANCE COST 157.54

NOTE 25 OTHER EXPENSES Consultancy Charges 5.76 9LU[ 3.87 0UZ\YHUJL 0.61 9H[LZ ;H_LZ 0.04 3VZZVUZHSLVM-P_LK(ZZL[Z5L[ - (K]LY[PZLTLU[ 4HYRL[PUN,_WLUZL 11.26 +PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z^YP[[LUVMM 0.00 7YV]PZPVUMVY+V\I[M\S(K]HUJLZ^YP[[LUIHJR5L[9LMLY5V[LI J 5.89 6[OLY,_WLUZLZ9LMLYUV[L 29.88 57.31 (TV\U[SLZZ[OHU`

132 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Note 26 a) Contingent Liabilities

Matters Current Year 7YL]PV\Z@LHY ` Crore ` Crore I) *SHPTZHNHPUZ[*VTWHUÙV[(JRUV^SLKNLKHZKLI[Z! i) *SHPTZHNHPUZ[[OL*VTWHUÙV[HJRUV^SLKNLKHZKLI[ZYLWYLZLU[ 8.19 JHZLZĉSLKI`WHY[PLZPU[OL*VUZ\TLYMVY\T*P]PS*V\Y[HUK/PNO *V\Y[HUKKPZW\[LKI`[OL*VTWHU`HZHK]PZLKI`V\YHK]VJH[LZ0U [OLVWPUPVUVM[OLTHUHNLTLU[[OLJSHPTZHYLUV[Z\Z[HPUHISL ii) *SHPTZHNHPUZ[[OL*VTWHU`\UKLY[OL3HIV\Y3H^ZMVYKPZW\[LKJHZLZ 0.20 iii) *SHPTZHNHPUZ[[OL*VTWHU`\UKLY)VTIH`:[HTW(J[ 1.49 iv) 6[OLY*SHPTZHNHPUZ[[OL*VTWHUÙV[HJRUV^SLKNLKHZKLI[Z 1.12 v) *SHPTZHNHPUZ[[OL*VTWHU`\UKLY0UJVTL;H_(J[(WWLHSWYLMLYYLK 19.63 [V+LW\[`*VTTPZZPVULY*VTTPZZPVULYVM0UJVTL;H_(WWLHSZ vi) *SHPTZHNHPUZ[[OL*VTWHU`\UKLY4=(;(WWLHSWYLMLYYLK[V;OL 0.62 +LW\[`*VTTPZZPVULYVM:HSLZ;H_LZ(WWLHSZ0=4\TIHP vii) *SHPTHNHPUZ[[OL*VTWHU`\UKLY/=(;*P]PS>YP[7L[P[PVUWYLMLYYLK 1.78 PU[OL/PNO*V\Y[MVY;OL:[H[LZVM7\UQHIHUK/HY`HUHH[*OHUKPNHYO viii) (WWLHS WYLMLYYLK [V *\Z[VTZ ,_JPZL HUK :LY]PJL ;H_ (WWLSSH[L 35.99 [YPI\UHSH[)LUNHS\Y\ II) Guarantees: i) .\HYHU[LLZNP]LUI`)HURJV\U[LYN\HYHU[LLKI`[OL*VTWHU` 31.09 III) Other Money for which Company is contingently liable i) 3L[[LYVMJYLKP[VWLULKI`)HURVUILOHSMVM[OL*VTWHU` 3.27 b) Commitments

Particulars Current Year 7YL]PV\Z@LHY ` Crore ` Crore 0

Note 27 H ;OL9PNO[0ZZ\LWYVJLLKZOH]LILLU\[PSPaLKHZWLYVIQLJ[ZVM[OLPZZ\LHZZ[H[LKPU[OLSL[[LYVMVMMLYHZ\UKLY!

Particulars (TV\U[ ` Crore (TV\U[9LJLP]LKMYVT9PNO[Z0ZZ\L <[PSPaH[PVUVM-\UKZ\W[V[OLYLWVY[PUNKH[L! 9LWH`TLU[VM3VHUZ 0ZZ\L,_WLUZLZ )HSHUJL\U\[PSPaLKHTV\U[[LTWVYHYPS`PU]LZ[LKPU! 4\[\HS-\UKZ TOTAL 699.99 (ZVUZ[4HYJO\U\[PSPaLKM\UKZOH]LILLU[LTWVYHYPS`PU]LZ[LKPUKLI[IHZLKT\[\HSM\UKZJOLTLZHZTLU[PVULKPU[OLSL[[LY VMVMMLYVM[OL*VTWHU`

133 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Note 28 Dues to Micro and Small Enterprise +PZJSVZ\YLVM[YHKLWH`HISLZHUKV[OLYSPHIPSP[PLZPZIHZLKVU[OLPUMVYTH[PVUH]HPSHISL^P[O[OL*VTWHU`YLNHYKPUN[OLZ[H[\ZVM[OL Z\WWSPLYZHZKLĉULK\UKLY[OLí4PJYV:THSS 4LKP\T,U[LYWYPZLZ+L]LSVWTLU[(J[î;OLYLPZUVHTV\U[V]LYK\LHZVUZ[ 4HYJO[V4PJYV :THSS,U[LYWYPZLZVUHJJV\U[VMWYPUJPWHSHTV\U[[VNL[OLY^P[OPU[LYLZ[HUKHSZVK\YPUN[OLWYL]PV\Z`LHY

Note 29 Amounts paid to Auditors:

Particulars Current Year 7YL]PV\Z@LHY ` Crore ` Crore (\KP[-LLZ 0.62 (\KP[

Note 30 ,TWSV`LL:[VJR6W[PVU7SHU! H +\YPUN[OLĉUHUJPHS`LHYLUKLKZ[4HYJO [OL*VTWHU`PUZ[P[\[LKHU,TWSV`LL:[VJR6W[PVU7SHU.73,:67 HWWYV]LKI`[OL)VHYKVM+PYLJ[VYZ:OHYLOVSKLYZHUK[OL9LT\ULYH[PVU*VTTP[[LL^OPJOWYV]PKLKHSSV[TLU[VM VW[PVUZJVU]LY[PISLPU[V ,X\P[`:OHYLZVM`LHJO[VLSPNPISLLTWSV`LLZVM.VKYLQ7YVWLY[PLZ3PTP[LKHUKP[Z :\IZPKPHY`*VTWHUPLZ[OL7HY[PJPWH[PUN*VTWHUPLZ^P[OLMMLJ[MYVT [O+LJLTILY ;OL:JOLTLPZHKTPUPZ[LYLKI`HU0UKLWLUKLU[,:67;Y\Z[^OPJOOHZW\YJOHZLKZOHYLZMYVT.VKYLQ0UK\Z[YPLZ3PTP[LK ;OL /VSKPUN *VTWHU` LX\P]HSLU[ [V [OL U\TILY VM VW[PVUZ NYHU[LK [V [OL LSPNPISL LTWSV`LLZ VM [OL 7HY[PJPWH[PUN *VTWHUPLZ

Particulars No. of Options Weighted Average Exercise Price As on March (ZVU4HYJO 31, 2015 6W[PVUZ6\[Z[HUKPUNH[[OLILNPUUPUNVM[OL`LHY 515,400 ` (plus interest till March 31,2012) Options granted - 6W[PVUZL_LYJPZLK - 3LZZ!-VYMLP[LK3HWZLK0KSL(]HPSHISLMVY 158,000 9LPZZ\L Options Outstanding at the year end 357,400 ` (plus interest till March 31,2012) (SS[OL6W[PVUZ6\[Z[HUKPUNHZVU4HYJOHYL]LZ[LK

;OLLTWSV`LLZOHYLIHZLKWH`TLU[WSHUZOH]LILLUHJJV\U[LKIHZLKVU[OLPU[YPUZPJ]HS\LTL[OVKHUKUVJVTWLUZH[PVU L_WLUZLOHZILLUYLJVNUPaLKZPUJL[OLWYPJLVM[OL\UKLYS`PUNLX\P[`ZOHYLZVU[OLNYHU[KH[LPZZHTLSLZZ[OHUL_LYJPZL WYPJLVM[OLVW[PVU[OLPU[YPUZPJ]HS\LVMVW[PVU[OLYLMVYLILPUNKL[LYTPULKHZ`5PS I ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH:,)0K\YPUN[OL`LHYLUKLK4HYJOOHZPZZ\LK[OL:,)0:OHYL )HZLK,TWSV`LL)LULĉ[Z9LN\SH[PVU[OL9LN\SH[PVUÔPJOYLX\PYLZ[OLHJJV\U[PUN[YLH[TLU[MVYLTWSV`LLZOHYL IHZLKWH`TLU[Z[VILIHZLKVU[OL.\PKHUJL5V[LVU(JJV\U[PUNMVY,TWSV`LL:OHYL)HZLK7H`TLU[ZPZZ\LKI`[OL 0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPH[OL.\PKHUJL5V[L(JJVYKPUNSÌHZLKVU[OLYLX\PYLTLU[ZVM[OL.\PKHUJL 5V[L[OL*VTWHUÒHZUV[JVUZPKLYLK[OL,:67;Y\Z[MVYPUJS\ZPVUPU[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[ZMVY[OL`LHY LUKLK4HYJO*VUZLX\LU[S`[OLZLĉUHUJPHSZ[H[LTLU[ZKVUV[PUJS\KL[OLHZZL[ZHUKSPHIPSP[PLZVM[OL,:67[Y\Z[ HUK[V[OH[L_[LU[[OLWYL]PV\Z`LHYĉN\YLZHYLUV[JVTWHYHISL

134 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

J ;OL*VTWHUÒHZWYV]PKLKSVHUVM`JYVYL[V.73,:67;Y\Z[ÔPJOOHZW\YJOHZLKZOHYLZVM.73MYVT.VKYLQ 0UK\Z[YPLZ3PTP[LKLX\P]HSLU[[V[OLU\TILYVMZ[VJRVW[PVUZNYHU[LKMYVT[PTL[V[PTL[VLSPNPISLLTWSV`LLZ;OL4HYRL[ =HS\LHZVU4HYJOVM[OLZOHYLZOLSKI`[OL,:67[Y\Z[PZSV^LY[OHU[OLOVSKPUNJVZ[VM[OLZLZOHYLZI` ` JYVYL5L[VM7YV]PZPVUVM` JYVYL;OLYLWH`TLU[VM[OLSVHUZNYHU[LKI`[OL*VTWHU`[V,:67;Y\Z[ PZKLWLUKLU[VU[OLL_LYJPZLVM[OLVW[PVUZI`[OLLTWSV`LLZHUK[OLTHYRL[WYPJLVM[OL\UKLYS`PUNZOHYLZVM[OL \UL_LYJPZLKVW[PVUZH[[OLLUKVM[OLL_LYJPZLWLYPVK;OLMHSSPU]HS\LVM[OL\UKLYS`PUNLX\P[`ZOHYLZPZVUHJJV\U[VM THYRL[]VSH[PSP[`HUK[OLSVZZPMHU`JHUILKL[LYTPULKVUS`H[[OLLUKVM[OLL_LYJPZLWLYPVK K ;OL*VTWHUÒHZWYV]PKLKSVHUVM`JYVYL7YL]PV\Z@LHY` JYVYL[V.VKYLQ0UK\Z[YPLZ3PTP[LK,TWSV`LL:[VJR 6W[PVU:JOLTL.03,:67;Y\Z[ÔPJOW\YJOHZLZZOHYLZVM.03MYVT[OLTHYRL[LX\P]HSLU[[V[OLU\TILYVMZ[VJR VW[PVUZNYHU[LKMYVT[PTL[V[PTL[VLSPNPISLLTWSV`LLZ;OLYLWH`TLU[VM[OLSVHUZNYHU[LKI`[OL*VTWHU`[V,:67 [Y\Z[PZKLWLUKLU[VU[OLL_LYJPZLVM[OLVW[PVUZI`[OLLTWSV`LLZHUK[OLTHYRL[WYPJLVM[OL\UKLYS`PUNZOHYLZVM[OL \UL_LYJPZLKVW[PVUZH[[OLLUKVM[OLL_LYJPZLWLYPVK

Note 31 ,TWSV`LL:[VJR.YHU[:JOLTL! H +\YPUN[OLWLYPVK(WYPS[V4HYJO[OL*VTWHU`PUZ[P[\[LKHU,TWSV`LL:[VJR.YHU[:JOLTL.73 ,:.:HWWYV]LKI`[OL)VHYKVM+PYLJ[VYZZOHYLOVSKLYZHUK[OL9LT\ULYH[PVU*VTTP[[LL^OPJOWYV]PKLKHSSV[TLU[VM VW[PVUZJVU]LY[PISLPU[V ,X\P[`:OHYLZVM`LHJO[VLSPNPISLLTWSV`LLZVM.VKYLQ7YVWLY[PLZ3PTP[LK P[Z/VSKPUNHUKP[Z:\IZPKPHY`*VTWHUPLZ[OL7HY[PJPWH[PUN*VTWHUPLZ6\[VM[OLZL VW[PVUZ^P[OLMMLJ[MYVT[O 4H`VW[PVUZ^LMZ[6J[VILYVW[PVUZ^LMZ[1\ULVW[PVUZ^LMZ[1\UL VW[PVUZ^LMZ[(\N\Z[ VW[PVUZ^LMZ[5V]LTILYVW[PVUZ^LMZ[-LIY\HY` VW[PVUZ^LMZ[1\ULHUKVW[PVUZ^LMZ[1\UL VW[PVUZ^LMZ[1\UL HUKVW[PVUZ^LMZ[1\ULVW[PVUZ^LMZ[5V]LTILY6\[VM[OL[V[HS Z[VJR NYHU[ZZ[VJRNYHU[ZOH]LSHWZLKVUHJJV\U[VMLTWSV`LLZSLH]PUN[OLZLY]PJLVM[OLJVTWHU`ILMVYL[OL]LZ[PUN KH[L Z[VJRNYHU[ZOHZILLU]LZ[LKHUKVW[PVUZOH]LILLUL_LYJPZLKOLUJL Z[VJRNYHU[ZHYL V\[Z[HUKPUNHZH[4HYJO

Particulars No. of Options Exercise Price (`) As on March (ZVU4HYJO 31, 2015 6W[PVUZ6\[Z[HUKPUNH[[OLILNPUUPUNVM[OL`LHY 223,358 Options granted 224,790 6W[PVUZL_LYJPZLK 123,758 3LZZ!6W[PVUSHWZLK 26,010 Options Outstanding at the year end 298,380 +PS\[LK,HYUPUNZWLY:OHYL,7:W\YZ\HU[[VPZZ\LVMZOHYLZVUL_LYJPZLVMVW[PVUPZ`WLYZOHYLHZVU4HYJO I ,TWSV`LLJVTWLUZH[PVUJVZ[\ZPUN[OLPU[YPUZPJ]HS\LTL[OVKYLJVNUPaLKI`[OLJVTWHU`PU[OL:[H[LTLU[VM7YVĉ[ 3VZZK\YPUN[OL`LHYLUKLK4HYJOPZ` JYVYL c) ;OL-HPY=HS\LVM[OLZOHYLVW[PVUZOHZILLUKL[LYTPULK\ZPUN[OL)SHJRè:JOVSLZ6W[PVU7YPJPUN4VKLS/HK[OLMHPY]HS\L TL[OVKVMHJJV\U[PUNILLU\ZLK[OLLHYUPUNZWLYZOHYL^V\SKOH]LILLUHZWLY[OLWYVMVYTHHTV\U[ZPUKPJH[LKILSV^ (Amount in ` Crore) Particulars Current Year 7YL]PV\Z@LHY 5L[7YVĉ[HZYLWVY[LK 127.92 (KK!:[VJRIHZLKJVTWLUZH[PVUL_WLUZLKL[LYTPULK\UKLY0U[YPUZPJ 4.19 =HS\LTL[OVKYLJVNUPaLKPU:[H[LTLU[VM7YVĉ[ 3VZZ 3LZZ!:[VJRIHZLKJVTWLUZH[PVUL_WLUZLKL[LYTPULK\UKLYMHPY]HS\L 4.30 IHZLKTL[OVK7YV-VYTH 5L[7YVĉ[7YV-VYTH 127.81

135 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

(Amount in `) Particulars Current Year 7YL]PV\Z@LHY )HZPJ,HYUPUNZWLYZOHYLHZYLWVY[LK +PS\[LK,HYUPUNZWLYZOHYLHZYLWVY[LK )HZPJ,HYUPUNZWLYZOHYL7YV-VYTH +PS\[LK,HYUPUNZWLYZOHYL7YV-VYTH

Note 32 ;OLHTV\U[VML_JOHUNLKPMMLYLUJLPUJS\KLKPU[OL:[H[LTLU[VM7YVĉ[HUK3VZZPZ`JYVYL5L[.HPU\UKLY[OLOLHK6[OLY 0UJVTL7YL]PV\Z@LHY`UL[NHPU (TV\U[SLZZ[OHU`

Note 33 i) Expenditure in Foreign Currency (Amount in ` Crore) Particulars Current Year 7YL]PV\Z@LHY (YJOP[LJ[-LLZ 0.10 (K]LY[PZLTLU[ 1.81 )YVRLYHNL 0.18 *VUZ\S[HUJ`-LLZ 0.27 ;YH]LSSPUN,_WLUKP[\YL 1.44 6[OLY,_WLUZL 0.73 Total 4.53 ii) Un-hedged Foreign Currency Exposures

Particulars Current Year 7YL]PV\Z@LHY Uncovered Foreign currency exposure Foreign Amount in ` Foreign Amount in ` as at the year end Currency Crore Currency Crore <:+VSSHY <(,+PYOHTZ 153,200

Note 34 ,TWSV`LL)LULĉ[Z H +LĉULK*VU[YPI\[PVU7SHUZ! *VU[YPI\[PVU[V+LĉULK*VU[YPI\[PVU7SHUYLJVNUPaLKHZL_WLUZLMVY[OL`LHYHYLHZ\UKLY! (Amount in ` Crore) Particulars Current Year 7YL]PV\Z@LHY ,TWSV`LYZ*VU[YPI\[PVU[V7YV]PKLU[-\UK 4.31 ,TWSV`LYZ*VU[YPI\[PVU[V,:0* 0.00 (TV\U[SLZZ[OHU`

136 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

;OLMVSSV^PUN[HISLZL[ZV\[[OLM\UKLKZ[H[\ZVM[OLNYH[\P[`WSHUHUK[OLHTV\U[ZYLJVNUPaLKPU[OL*VTWHU`ëZĉUHUJPHS Z[H[LTLU[Z! ;OLLZ[PTH[LZVMM\[\YLZHSHY`PUJYLHZLZJVUZPKLYLKPUHJ[\HYPHS]HS\H[PVU[HRLPU[VHJJV\U[PUĊH[PVUZLUPVYP[`WYVTV[PVU HUKV[OLYYLSL]HU[MHJ[VYZZ\JOHZZ\WWS`HUKKLTHUKPU[OLLTWSV`TLU[THYRL[ (Amount in ` Crore) Particulars Current Year 7YL]PV\Z@LHY Change in present value of obligation 7YLZLU[]HS\LVMVISPNH[PVUHZH[ILNPUUPUNVM[OL`LHY 2.41 0U[LYLZ[*VZ[ 0.22 Service Cost 0.51 )LULĉ[Z7HPK (0.43) ,MMLJ[VM3PHIPSP[`;YHUZMLYPU - ,MMLJ[VM3PHIPSP[`;YHUZMLYV\[ (0.60) (J[\HYPHSNHPUSVZZVUVISPNH[PVU 2.45 7YLZLU[]HS\LVMVISPNH[PVUHZH[LUKVM[OL`LHY 4.56

Amount recognized in the Balance Sheet 7YLZLU[]HS\LVMVISPNH[PVUHZH[LUKVM[OL`LHY 4.56 -HPY]HS\LVMWSHUHZZL[ZHZH[LUKVM[OL`LHY - 5L[VISPNH[PVUHZH[LUKVM[OL`LHY 4.56*

Net gratuity cost for the year ended Current Service Cost 0.51 0U[LYLZ[*VZ[ 0.22 ,_WLJ[LKYL[\YUVUWSHUHZZL[Z - 7HZ[:LY]PJL*VZ[=LZ[LK)LULĉ[ - 5L[(J[\HYPHSNHPUSVZZ[VILYLJVNUPaLK 2.45 5L[NYH[\P[`JVZ[ 3.18

Assumptions used in accounting for the 2014-15 2013-14 2012-13 2011-12 2010-11 gratuity plan for last 5 Years +PZJV\U[9H[L Salary escalation rate ([[YP[PVU9H[L Experience Adjustment 6U7SHU3PHIPSP[`(TV\U[PU` Crore) ,_JS\KLZHUHTV\U[VM`JYVYLHJJY\LKI\[UV[WHPKHZVU4HYJO

Note 35 Segment Information: (Z[OLJVTWHU`OHZVUS`VULI\ZPULZZZLNTLU[KPZJSVZ\YL\UKLY(JJV\U[PUN:[HUKHYKVUí:LNTLU[9LWVY[PUNîPZZ\LKI` [OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPHPZUV[HWWSPJHISL

137 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Note 36 1. Related Party Disclosures:

Related party disclosures as required by AS - 18, “Related Party Disclosures”, are given below: i) Relationships: Shareholders (Holding Company) .VKYLQ0UK\Z[YPLZ3PTP[LK.03OVSKZ 7YL]PV\Z@LHYè ZOHYLZPU[OL*VTWHU`.03PZ[OLZ\IZPKPHY`VM .VKYLQ )V`JL4MN*V3PTP[LK[OLVUKLY:WHJL7YVWLY[PLZ7YP]H[L3PTP[LK \W[V1\UL MYVT1\UL >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK \W[V1\UL MYVT1\UL .VKYLQ/VTL+L]LSVWLYZ7YP]H[L3PTP[LKH:\I:\IZPKPHY`PUJVYWVYH[LKVU4HYJO .VKYLQ/PSSZPKL7YVWLY[PLZ7][3[KPUJVYWVYH[LKVU4HYJO iii) Limited Liability Partnership : .VKYLQ7YVWLY[`+L]LSVWLYZ337 .VKYLQ=PROYVSP7YVWLY[PLZ337 4VZPHJ3HUKTHYRZ337 +YLHT>VYSK3HUKTHYR337 ::7+3.YLLU(JYLZ337 6_MVYK9LHS[`337 6HZPZ3HUKTHYRZ337 4:9HTHPHO=LU[\YLZ337 *HYVH7YVWLY[PLZ337 (TP[PZ+L]LSVWLYZ337 .VKYLQ/V\ZPUN7YVQLJ[Z337 .VKYLQ*VUZ[Y\J[PVU7YVQLJ[Z337 iv) Other Related Parties in Godrej Group, where common control exists : .VKYLQ0U]LZ[TLU[Z7YP]H[L3[K .VKYLQ0UMV[LJO3[K >HKHSH*VTTVKP[PLZ3[KTLYNLK^P[O.VKYLQ0UK\Z[YPLZ3[K^LMZ[5V]LTILY .VKYLQ4HSH`ZPH:KU)OKPUJVYWVYH[LKPU4HSH`ZPH .VKYLQ:PUNHWVYL7[L3[KPUJVYWVYH[LKPU:PUNHWVYL =LYVTH[PJ0U[LYUH[PVUHS)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZ )\ZIHY:`Z[LTZ0UKPH3[KMVYTLYS`)\ZIHY:`Z[LTZ0UKPH7YP]H[L3PTP[LKH>OVSS`VÛLKZ\IZPKPHY`^LM Z[-LIY\HYÙHTLJOHUNLK^LM[O4HYJO 4LYJ\Y`4MN*V3[KHZ\IZPKPHY`^LMZ[6J[VILY .VKYLQ(TLYPJHZ0UJHÔVSS`VÛLKZ\IZPKPHY`PUJVYWVYH[LKPU[OL<:(^LMZ[(WYPS -PYZ[9VJR0UMYHZ[Y\J[\YLZ7][3[KHÔVSS`VÛLKZ\IZPKPHY`^LMZ[4HYJO 4PYHJSL;V\JO+L]LSVWLYZ7][3[KHÔVSS`VÛLKZ\IZPKPHY`^LMZ[4HYJO ,HZ[=PL^,Z[H[LZ7][3[KHÔVSS`VÛLKZ\IZPKPHY`^LMZ[4HYJO =VYH:VHWZ3PTP[LK )HOHY(NYVJOLT-LLKZ7YP]H[L3PTP[LK *HY[PUP0UKPH3PTP[LK (UUHT\KP9LHS,Z[H[LZ337

138 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

A. Subsidiaries of Godrej Industries Ltd (GIL) : .VKYLQ(NYV]L[3[K.(=3 ,UZLTISL/VSKPUNZ -PUHUJL3[K .VKYLQ0U[LYUH[PVUHS3[KPUJVYWVYH[LKPU[OL0ZSLVM4HU 5H[\YLZ)HZRL[3[K .VKYLQ0U[LYUH[PVUHS;YHKPUN 0U]LZ[TLU[Z7[L3[K0UJVYWVYH[LKPU:PUNHWVYLHZ\IZPKPHY`VM.VKYLQ 0UK\Z[YPLZ3[K^LMZ[(\N\Z[ .VKYLQ0U[LYUH[PVUHS3[KHZ\IZPKPHY`PUJVYWVYH[LKPU3HI\HU4HSH`ZPHVU[O-LIY\HY` B. Subsidiaries of GAVL: .VSKLU-LLK7YVK\J[Z3[KTLYNLK^P[O.(=3^LM [O4H` .VKYLQ:LLKZ .LUL[PJZ3PTP[LK .VK]L[(NYVJOLT3[KHZ\IZPKPHY`VM.(=3PUJVYWVYH[LKVUUK1HU\HY` C. Subsidiaries of Godrej Infotech Ltd: .VKYLQ0UMV[LJO(TLYPJHZ0UJHÔVSS`VÛLKZ\IZPKPHY`PUJVYWVYH[LKPU5VY[O*HYVSPUH<:(VU [O -LIY\HY` .VKYLQ0UMV[LJO:PUNHWVYL7[L3[KHÔVSS`VÛLKZ\IZPKPHY`PUJVYWVYH[LKPU:PUNHWVYLVU[O4H` 3=+.VKYLQ0UMV[LJO5=PUJVYWVYH[LKPU)LSNP\TVU [O+LJLTILY HUKHZ\IZPKPHY`^LMUK 6J[VILY D. Subsidiary of Godrej (Malaysia) Sdn. Bhd.: . ),U[LYWYPZLZ4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZJLHZLK[VILHÔVSS`VÛLKZ\IZPKPHY` ^LMYK1\S` E. Subsidiaries of Godrej (Singapore) Pvt. Ltd.: 1;+YHNVU7[L3[K0UJVYWVYH[LKPU:PUNHWVYL .VKYLQ=PL[UHT*V3[K0UJVYWVYH[LKPU=PL[UHTHÔVSS`VÛLKZ\IZPKPHY`VM1;+YHNVU7[L3[K F. Subsidiaries of Veromatic International BV: =LYVTH[PJ:LY]PJLZ)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZ 7YV^HTH;YHKPUN)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZMVYTLYS`>H[LY>VUKLY)LULS\_)=\W[V5V]LTILY G. Other Subsidiaries (where the Group Company owns directly and/or indirectly through one or more subsidiaries, more than one half of the equity share capital) .VKYLQ*VUZ\TLY7YVK\J[Z3[K.*73 H. Subsidiaries and Sub-subsidiaries of GCPL: .VKYLQ:V\[O(MYPJH7YVWYPL[HY`3[KPUJVYWVYH[LKPU:V\[O(MYPJH .VKYLQ5L[OLYSHUKZ)=PUJVYWVYH[LKPU5L[OLYSHUKZ .VKYLQ.SVIHS4PK,HZ[-A,PUJVYWVYH[LKPU:OHYQHO<(,HZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z /VSKPUN4H\YP[P\Z3[K .VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3[K .VKYLQ*VUZ\TLY7YVK\J[Z/VSKPUN4H\YP[P\Z3[KPUJVYWVYH[LKPU4H\YP[P\Z .VKYLQ/V\ZLOVSK7YVK\J[Z3HURH7][3[KPUJVYWVYH[LKPU:YP3HURH .VKYLQ/V\ZLOVSK7YVK\J[Z)HUNSHKLZO7][3[KPUJVYWVYH[LKPU)HUNSHKLZO .VKYLQ*VUZ\TLY7YVK\J[Z)HUNSHKLZO3[KPUJVYWVYH[LKPU)HUNSHKLZO .VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\Z .VKYLQ>LH]L/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3[K .VKYLQ*VUZ\TLY7YVK\J[Z<23[KPUJVYWVYH[LKPU[OL

139 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

.VKYLQ *VUZ\TLY /VSKPUNZ 5L[OLYSHUKZ )= PUJVYWVYH[LK PU [OL 5L[OLYSHUKZ H Z\IZPKPHY` VM .VKYLQ *VUZ\TLY7YVK\J[Z+\[JO*V»WLYH[PLM<( .VKYLQ *VUZ\TLY 7YVK\J[Z 5L[OLYSHUKZ )= PUJVYWVYH[LK PU [OL 5L[OLYSHUKZ H Z\IZPKPHY` VM .VKYLQ *VUZ\TLY7YVK\J[Z+\[JO*V»WLYH[PLM<( 7;4LNHZHYP4HRT\YPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= 7;0U[YHZHYP9H`HPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= 7;,RHTHZ:HYPQH`HPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= 7;0UKVTHZ:\ZLTP1H`HPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= 7;:HYPJV0UKHOPUJVYWVYH[LKPU0UKVULZPHHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY/VSKPUNZ5L[OLYSHUKZ)= .VKYLQ (YNLU[PUH +\[JO *VVWLYH[PLM <( PUJVYWVYH[LK PU 5L[OLYSHUKZ H Z\IZPKPHY` VM .VKYLQ *VUZ\TLY 7YVK\J[Z4H\YP[P\Z3[K .VKYLQ5L[OLYSHUKZ(YNLU[PUH/VSKPUN)=PUJVYWVYH[LKPU5L[OLYSHUKZHZ\IZPKPHY`VM.VKYLQ(YNLU[PUH +\[JO*V»WLYH[PLM<( .VKYLQ5L[OLYSHUKZ(YNLU[PUH)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZHZ\IZPKPHY`VM.VKYLQ(YNLU[PUH+\[JO *VVWLYH[PLM<( 7HUHTHY7YVJ\JJPVULZZ:YSPUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= (YNLUJVZ:(PUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= 3HIVYH[VYPH*\LUJH:(PUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= 0ZZ\L.YV\WLZ[(MYPJH/VSKPUNZ3PTP[LK 3VYUH 5PNLYPH 3[K PUJVYWVYH[LK PU 5PNLYPH H Z\IZPKPHY` VM >LH]L )\ZPULZZ /VSKPUNZ 4H\YP[P\Z 7][ 3[K >LH]L07/VSKPUN4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ>LZ[(MYPJH/VSKPUNZ3PTP[LK +./4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ>LH]L/VSKPUNZ3[K >LH]L)\ZPULZZ/VSKPUNZ4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM+./4H\YP[P\Z7][3[K >LH]L;YHKPUN4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ>LH]L/VSKPUNZ3[K /HPY;YHKPUNVMMZOVYL:(3PUJVYWVYH[LKPU3LIHUVUHZ\IZPKPHY`VM>LH]L;YHKPUN4H\YP[P\Z7][3[K >LH]L4VaHTIPX\L3PTP[HKHPUJVYWVYH[LKPU4VaHTIPX\LHZ\IZPKPHY`VM.VKYLQ>LZ[(MYPJH/VSKPUNZ3PTP[LK .VKYLQ*VUZ\TLY0U]LZ[TLU[Z*OPSL:WHPUJVYWVYH[LKPU*OPSLHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ)= .VKYLQ/VSKPUNZ*OPSL3PTP[HKHPUJVYWVYH[LKPU*OPSLHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY0U]LZ[TLU[Z:WH *VZTL[PJH5HJPVUHSPUJVYWVYH[LKPU*OPSLHZ\IZPKPHY`VM.VKYLQ/VSKPUNZ*OPSL3PTP[HKH 7SHZ[PJVZ5HJPVUHSPUJVYWVYH[LKPU*OPSLHZ\IZPKPHY`VM*VZTL[PJH5HJPVUHS .VKYLQ,HZ[(MYPJH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z3[K :[`SL0UK\Z[YPLZ3[KPUJVYWVYH[LKPU2LU`HHZ\IZPKPHY`VM+./7OHZL;^V4H\YP[P\Z7][3[K +./7OHZL;^V4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`.VKYLQ,HZ[(MYPJH/VSKPUNZ3PTP[LK .VKYLQ;HUaHUPH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z3[K +./;HUaHUPH3[KPUJVYWVYH[LKPU;HUaHUPHHZ\IZPKPHY`VM.VKYLQ;HUaHUPH/VSKPUNZ3[K :PNTH/HPY0UK\Z[YPLZ3[KPUJVYWVYH[LKPU;HUaHUPHHZ\IZPKPHY`VM+./;HUaHUPH3[K .VKYLQ>LZ[(MYPJH/VSKPUNZ3[KHZ\IZPKPHY`VM+./4H\YP[P\Z7][3[K .VKYLQ*VUZ\TLY0U]LZ[TLU[Z/VSKPUN3[KHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3PTP[LK +./7OHZL4H\YP[P\ZHZ\IZPKPHY`VM>LH]L)\ZPULZZ/VSKPUN4H\YP[P\Z7YP]H[L3PTP[LK^LM-LIY\HY` >LH]L.OHUH3[KHZ\IZPKPHY`VM+./7OHZL4H\YP[P\Z7][3[K^LM:LW[LTILY .VKYLQ,HZ`07/VSKPUNHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3PTP[LK^LM6J[VILY +HYSPUN;YHKPUN*VTWHU`4H\YP[P\Z3[KHZ\IZPKPHY`VM.VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3PTP[LK^LM1HU\HY` 22, 2015) .VKYLQ(MYPJH/VSKPUNZ3[KHZ\IZPKPHY`PUJVYWVYH[LKPU4H\YP[P\ZVM.VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3PTP[LK ^LM1HU\HY` .VKYLQ0UKVULZPH07/VSKPUNZ3[KHZ\IZPKPHY`^LM4HYJOVM.VKYLQ*VUZ\TLY7YVK\J[Z/VSKPUN 4H\YP[P\Z3PTP[LK .VKYLQ4LNHZHYP/VSKPUNZ3[KHZ\IZPKPHY`PUJVYWVYH[LKPU4H\YP[P\ZVM.VKYLQ*VUZ\TLY7YVK\J[Z/VSKPUN 4H\YP[P\Z3PTP[LK^LM4HYJO -YPRH>LH]L7[`3[KHZ\IZPKPHY`PUJVYWVYH[LKPU:V\[O(MYPJHVM+./4H\YP[P\Z7YP]H[L3PTP[LK^LM6J[VILY

140 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

v) Key Management Personnel : 4Y7PYVQZOH.VKYLQ 4Y=:YPUP]HZHU 4Y2;1P[OLUKYHU vi) 0UKP]PK\HSZL_LYJPZPUN:PNUPĉJHU[0UĊ\LUJL! 4Y().VKYLQ 4Y5).VKYLQ 2. The following transactions were carried out with the related parties in the ordinary course of business. (i) Details relating to parties referred to in items 1 (i), (ii) (iii) & (iv) above (Amount ` Crore) Sr. Description Godrej & Boyce Godrej Subsidiaries Other Related No Mfg. Co Ltd Industries Ltd & Limited Liability Parties In Godrej ( i ) ( i ) Partnership Group ( iv ) ( ii) & (iii) 0U]LZ[TLU[PU,X\P[`:OHYL*HWP[HS (JJV\U[ 11.39 436.23 167.61 :HSLVM0U]LZ[TLU[ 75.95 :HSLVM

:OHYLVM7YVĉ[PU337 84.69 (TV\U[YLJLP]LKVU[YHUZMLYVM ,TWSV`LL5L[ 0.27 0.33

141 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Sr. Description Godrej & Boyce Godrej Subsidiaries Other Related No Mfg. Co Ltd Industries Ltd & Limited Liability Parties In Godrej ( i ) ( i ) Partnership Group ( iv ) ( ii) & (iii)

(TV\U[WHPKVU[YHUZMLYVM,TWSV`LL 5L[ +P]PKLUK7HPK9LJLP]LK 0.51 19.19 0.59 6\[Z[HUKPUNYLJLP]HISLZUL[VM WH`HISLZ 42.88 (0.56) 1,284.07 0.14 (K]HUJLHNHPUZ[ZOHYLVM7YVĉ[ +LWVZP[Z9LJLP]HISL 0.65 7YVQLJ[[HRLUV]LY (35.57) +LILU[\YL6\[Z[HUKPUN 37.16 Figures in italics are for previous year (TV\U[SLZZ[OHU`

PP +L[HPSZYLSH[PUN[VWLYZVUZYLMLYYLK[VPUP[LTZ] ]PHIV]L (Amount in ` Crore) Sr. Key Management Personnel (KMP) Current Year Previous Year No 9LT\ULYH[PVU 9.79 +P]PKLUK7HPK 0.29 0U[LYLZ[WHPKVU+LWVZP[[V9LSH[P]LZVM247 0.00 +LWVZP[6\[Z[HUKPUNVM9LSH[P]LZVM247 0.03 (TV\U[YLJLP]LKMYVT:HSLVM-SH[Z

142 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

:PNUPĉJHU[9LSH[LK7HY[`;YHUZHJ[PVUZ

Nature of Transactions Name of Entity / Person Amount in ` Crore 0U]LZ[TLU[PU,X\P[`:OHYL*HWP[HS .VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LK *HWP[HS(JJV\U[ f 115.92 .VKYLQ7YVQLJ[Z+L]LSVWTLU[7][3[K f 50.00 >VUKLY*P[`)\PSKJVU7][3[K 4:9HTHPHO=LU[\YLZ337 7\YJOHZLVMĉ_LKHZZL[Z .VKYLQ )V`JL4MN*V3PTP[LK f 0.11 .VKYLQ0UK\Z[YPLZ3PTP[LK f 26.25 7\YJOHZLVM

.VKYLQ)\PSKJVU7YP]H[L3PTP[LK f 261.37 .VKYLQ=PROYVSP7YVWLY[PLZ337 f 299.61 >VUKLY:WHJL7YVWLY[PLZ7][3[K f 130.30

>VUKLY*P[`)\PSKJVU7][3[K f .VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK 28.08 .VKYLQ)\PSK^LSS7YP]H[L3PTP[LK 39.37

/HWW`/PNOYPZLZ3PTP[LK f 82.81 (TV\U[WHPKHNHPUZ[7\YJOHZLVM .VKYLQ=PROYVSP7YVWLY[PLZ337

+LWVZP[9LJLP]HISL .VKYLQ0UK\Z[YPLZ3PTP[LK 0.65

143 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Nature of Transactions Name of Entity / Person Amount in ` Crore (K]HUJLZ9LWHPK .VKYLQ7YVQLJ[Z+L]LSVWTLU[7][3[K f 117.82 /HWW`/PNOYPZLZ3PTP[LK f 98.25 .VKYLQ=PROYVSP7YVWLY[PLZ337 260.53 >VUKLY:WHJL7YVWLY[PLZ7][3[K 130.30 .VKYLQ)\PSKJVU7][3[K 46.23 .VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK 43.81 +LWVZP[.P]LU .VKYLQ0UK\Z[YPLZ3PTP[LK 0.25

+LWVZP[9LWHPK .VKYLQ0UK\Z[YPLZ3PTP[LK 0.19

:HSLVM0U]LZ[TLU[ .VKYLQ:LH=PL^7YVWLY[PLZ3PTP[LK 73.92

0U]LZ[TLU[PU+LILU[\YLZ >VUKLY*P[`)\PSKJVU7][3[K :HSLVM-P_LK(ZZL[ 6HZPZ3HUKTHYRZ337

:HSLVMVUKLY:WHJL7YVWLY[PLZ7][3[K f 8.76 >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK

144 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Nature of Transactions Name of Entity / Person Amount in ` Crore ,_WLUZLZJOHYNLKI`V[OLY .VKYLQ )V`JL4MN*V3PTP[LK JVTWHUPLZ f 14.67 .VKYLQ0UK\Z[YPLZ3PTP[LK f 5.05 .VKYLQ=PROYVSP7YVWLY[PLZ337 24.15

,_WLUZLZJOHYNLK[VV[OLY /HWW`/PNOYPZLZ3PTP[LK JVTWHUPLZLU[P[PLZ f 17.25 .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK f 9.52 .VKYLQ)\PSKJVU7YP]H[L3PTP[LK 29.26 .VKYLQ=PROYVSP7YVWLY[PLZ337 6.12

.VKYLQ7YVQLJ[Z+L]LSVWTLU[7][3[K f 33.44 .VKYLQ:LH]PL^7YVWLY[PLZ3PTP[LK 7.26

.VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK 6.92

:OHYLPU7YVĉ[VM337 .VKYLQ=PROYVSP7YVWLY[PLZ337 f 77.23 4VZPHJ3HUKTHYRZ337 f 7.46 (TV\U[YLJLP]LKVU[YHUZMLYVM .VKYLQ0UK\Z[YPLZ3PTP[LK ,TWSV`LL5L[ f 0.27 .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK f 0.33 (TV\U[WHPKVU[YHUZMLYVM .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK ,TWSV`LL5L[ 0.01

6\[Z[HUKPUNYLJLP]HISLZUL[VM .VKYLQ )V`JL4MN*V3PTP[LK WH`HISLZ f 42.88 .VKYLQ0UK\Z[YPLZ3PTP[LK f (0.56) .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK f 151.34

145 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Nature of Transactions Name of Entity / Person Amount in ` Crore /HWW`/PNOYPZLZ3PTP[LK f 179.45 .VKYLQ)\PSKJVU7YP]H[L3PTP[LK f 341.00 4VZPHJ3HUKTHYR337 f 31.76 .VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK f 327.18 .VKYLQ=PROYVSP7YVWLY[PLZ337 f 50) f (246.39) .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK f 0.14 .VKYLQ)\PSK^LSS7][3[K 98.80 +LWVZP[9LJLP]HISL .VKYLQ0UK\Z[YPLZ3PTP[LK 0.65

(K]HUJLYLJLP]LKHNHPUZ[ZOHYLVM 6HZPZ3HUKTHYRZ337 7YVĉ[ 7YVQLJ[[HRLUV]LY7YVQLJ[ .VKYLQ,Z[H[L+L]LSVWLYZ3PTP[LK ;YHUZMLYYLK (35.57) *HYVH7YVWLY[PLZ337 6HZPZ3HUKTHYRZ337 +P]PKLUK7HPK9LJLP]LK .VKYLQ )V`JL4MN*V3PTP[LK f 0.51 .VKYLQ0UK\Z[YPLZ3PTP[LK f 19.19 +LILU[\YL6\[Z[HUKPUN >VUKLY:WHJL7YVWLY[PLZ7YP]H[L3PTP[LK 34.17 >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK

(TV\U[SLZZ[OHU`

146 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Note 37 Leases H ;OL*VTWHU`ëZZPNUPĉJHU[SLHZPUNHYYHUNLTLU[ZHYLPUYLZWLJ[VMVWLYH[PUNSLHZLZMVY*VTTLYJPHSWYLTPZLZ3LHZL PUJVTL MYVT VWLYH[PUN SLHZLZ PZ YLJVNUPaLK VU H Z[YHPNO[SPUL IHZPZ V]LY [OL WLYPVK VM SLHZL ;OL WHY[PJ\SHYZ VM [OL WYLTPZLZNP]LU\UKLYVWLYH[PUNSLHZLZHYLHZ\UKLY! (Amount in ` Crore) Particulars Current Year 7YL]PV\Z@LHY -\[\YLTPUPT\TSLHZLWH`TLU[Z\UKLYVWLYH[PUNSLHZLZ ² 5V[SH[LY[OHU`LHY 1.15 ² 3H[LY[OHU`LHYHUKUV[SH[LY[OHU`LHYZ 4.94 ² 3H[LY[OHU`LHYZ 47.68

I ;OL*VTWHU`ëZZPNUPĉJHU[SLHZPUNHYYHUNLTLU[ZHYLPUYLZWLJ[VMVWLYH[PUNSLHZLZMVY*VTTLYJPHS9LZPKLU[PHSWYLTPZLZ 3LHZLL_WLUKP[\YLMVYVWLYH[PUNSLHZLZPZYLJVNUPaLKVUHZ[YHPNO[SPULIHZPZV]LY[OLWLYPVKVMSLHZL;OLZL3LHZPUN HYYHUNLTLU[ZHYLJHUJLSSHISLHUKHYLYLUL^HISLVUHWLYPVKPJIHZPZI`T\[\HSJVUZLU[VUT\[\HSS`HJJLW[LK[LYTZ;OL WHY[PJ\SHYZVM[OLWYLTPZLZ[HRLUVUVWLYH[PUNSLHZLZHYLHZ\UKLY! (Amount in ` Crore) Particulars Current Year 7YL]PV\Z@LHY -\[\YLTPUPT\TSLHZLWH`TLU[Z\UKLYVWLYH[PUNSLHZLZ ² 5V[SH[LY[OHU`LHY 3.77 ² 3H[LY[OHU`LHYHUKUV[SH[LY[OHU`LHYZ 3.75 ² 3H[LY[OHU`LHYZ 1.07 Note 38 Earnings Per Share Particulars Current Year 7YL]PV\Z@LHY 7YVĉ[HM[LY[H_HUKWYPVY`LHYëZ[H_HKQ\Z[TLU[ZHZWLY:[H[LTLU[VM7YVĉ[ 127.92 3VZZ` Crore) 5\TILYVM:OHYLZH[[OLILNPUUPUNVM[OL`LHY 199,234,030 5\TILYVM,X\P[`ZOHYLZV\[Z[HUKPUNH[[OLLUKVM[OL`LHY 199,357,788 >LPNO[LKH]LYHNLUVVMLX\P[`ZOHYLZV\[Z[HUKPUN 199,320,245 (KK!>LPNO[LKH]LYHNLU\TILYVMWV[LU[PHSLX\P[`ZOHYLZVUHJJV\U[VM 168,164 LTWSV`LLZ[VJRVW[PVUZ >LPNO[LKH]LYHNLUVVMJVTTVU KPS\[P]LJVTTVULX\P[`ZOHYLZ 199,488,409 V\[Z[HUKPUN5\TILYZ Basic earnings per share ` 6.42 ` +PS\[LKLHYUPUNZWLYZOHYL ` 6.41 ` 5VTPUHS]HS\LVMZOHYLZ ` 5 ` 5

147 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE FINANCIAL STATEMENTS

Note 39 Interest in Joint Ventures ;OL*VTWHU`ëZPU[LYLZ[ZHZ]LU[\YLYPUQVPU[S`JVU[YVSSLKLU[P[PLZHYL! Name Countries of Principal activities Percentage of 7LYJLU[HNLVM/VSKPUNHZ Incorporation Holding as at March H[4HYJO 31, 2015 .VKYLQ)\PSKJVYW337\W[V 0UKPH - 6J[VILY .VKYLQ7YVWLY[`+L]LSVWLYZ337 0UKPH 9LHS,Z[H[L 32% >VUKLY:WHJL7YVWLY[PLZ 0UKPH 9LHS,Z[H[L 25.1% 7YP]H[L3PTP[LK >VUKLY*P[`)\PSKJVU7YP]H[L 0UKPH 9LHS,Z[H[L 25.1% 5( 3PTP[LK^LM1\UL 7LYJLU[HNLVM/VSPKPUNPU337ëZPU[OLHIV]L[HISLKLUV[LZ[OLZOHYLVM7YVĉ[ZPU[OL337ëZ

;OL*VTWHU`ëZZOHYLVMLHJOVM(ZZL[ZSPHIPSP[PLZPUJVTLHUKL_WLUZLZL[JYLSH[LK[VPU[LYLZ[PU[OLZL1VPU[=LU[\YLZHYL! (Amount in ` Crore) Particulars Current Year 7YL]PV\Z@LHY 3PHIPSP[PLZ 375.32 (ZZL[Z 375.32 0UJVTL 7.36 ,_WLUKP[\YL 6.72

Note 40 Information in respect of Joint Development Projects 1VPU[S`*VU[YVSSLK6WLYH[PVUZ+L]LSVWTLU[VM[OLMVSSV^PUN9LZPKLU[PHS*VTTLYJPHS7YVQLJ[Z! .VKYLQ.VSK*V\U[`)LUNHS\Y\ 9L]LU\L:OHYPUN ,KLU^VVKZ4\TIHP 9L]LU\L7YVĉ[:OHYPUN )O\NHVU7\UL 7YVĉ[:OHYPUN .VKYLQ(SWPUL4HUNSVYL (YLH:OHYPUN9L]LU\L:OHYPUN :HUQH`2OHU)LUNHS\Y\ 9L]LU\L:OHYPUN .VKYLQ.HYKLU*P[`(OTLKHIHK (YLH:OHYPUN9L]LU\L:OHYPUN .VKYLQ*YLZ[)LUNHS\Y\ (YLH:OHYPUN 2VJOP 9L]LU\L:OHYPUN H[LYZPKL0;7HYR2VSRH[H (YLH:OHYPUN .VKYLQ,[LYUPH*OHUKPNHYO 9L]LU\L:OHYPUN .VKYLQ7HST.YV]L*OLUUHP 9L]LU\L:OHYPUN .VKYLQ(UHUKHT5HNW\Y 9L]LU\L:OHYPUN .VKYLQ7SH[PU\T4\TIHP 9L]LU\L:OHYPUN .VKYLQ7HSTZ4\TIHP (YLH:OHYPUN ,SLJ[YVUPJ*P[`)LUNHS\Y\ 9L]LU\L:OHYPUN 4VVZHWL[/`KLYHIHK 9L]LU\L:OHYPUN .VKYLQ7SH[PU\T2VSRH[H 9L]LU\L:OHYPUN )HKSHW\Y4\TIHP 9L]LU\L:OHYPUN .VKYLQOP[LĉLSK 9L]LU\L:OHYPUN .VKYLQ.HYKLU,UJSH]L4\TIHP 9L]LU\L:OHYPUN .VKYLQ/PSSZPKL4\TIHP 9L]LU\L:OHYPUN .VKYLQ7HYRZ4\TIHP 9L]LU\L:OHYPUN :LJ[VY .\YNHVU 9L]LU\L:OHYPUN Note 41 The Company has spent `JYVYLK\YPUN[OLĉUHUJPHS`LHYHZWLY[OLWYV]PZPVUZVM:LJ[PVUVM[OL*VTWHUPLZ(J[ [V^HYKZ*VYWVYH[L:VJPHS9LZWVUZPIPSP[`*:9HJ[P]P[PLZNYV\WLK\UKLYê6[OLY,_WLUZLZë9LMLY5V[L Note 42 7YL]PV\Z`LHYĉN\YLZOH]LILLUYLNYV\WLK^OLYL]LYULJLZZHY`[VJVUMVYT[VJ\YYLU[`LHYëZJSHZZPĉJH[PVU

148 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 INDEPENDENT AUDITOR’S REPORT

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149 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

INDEPENDENT AUDITOR’S REPORT

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150 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 Report on Other Legal and Regulatory Requirements (ZYLX\PYLKI`[OL*VTWHUPLZ(\KP[VYëZ9LWVY[6YKLYí[OL6YKLYîPZZ\LKI`[OL*LU[YHS.V]LYUTLU[ VM0UKPHPU[LYTZVMZ\IZLJ[PVUVM:LJ[PVUVM[OL(J[IHZLKVU[OLJVTTLU[ZPU[OLH\KP[VYZëYLWVY[VM [OL/VSKPUNJVTWHU`Z\IZPKPHYPLZHUKQVPU[S`JVU[YVSSLKLU[P[PLZPUJVYWVYH[LKPU0UKPH^LNP]LPU[OL(UUL_\YLH Z[H[LTLU[VU[OLTH[[LYZZWLJPĉLKPUWHYHNYHWOZHUKVM[OL6YKLY[V[OLL_[LU[HWWSPJHISL (ZYLX\PYLKI`:LJ[PVUVM[OL(J[^LYLWVY[[V[OLL_[LU[HWWSPJHISL[OH[! H >LOH]LZV\NO[HUKVI[HPULKHSS[OLPUMVYTH[PVUHUKL_WSHUH[PVUZ^OPJO[V[OLILZ[VMV\YRUV^SLKNLHUK ILSPLM^LYLULJLZZHY`MVY[OLW\YWVZLVMV\YH\KP[VM[OLHMVYLZHPKJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[Z I 0UV\YVWPUPVUWYVWLYIVVRZVMHJJV\U[HZYLX\PYLKI`SH^YLSH[PUN[VWYLWHYH[PVUVM[OLHMVYLZHPKJVUZVSPKH[LK ĉUHUJPHSZ[H[LTLU[ZOH]LILLURLW[ZVMHYHZP[HWWLHYZMYVTV\YL_HTPUH[PVUVM[OVZLIVVRZ J ;OL*VUZVSPKH[LK)HSHUJL:OLL[[OL*VUZVSPKH[LK:[H[LTLU[VM7YVĉ[HUK3VZZHUK[OL*VUZVSPKH[LK*HZO -SV^:[H[LTLU[KLHS[^P[OI`[OPZ9LWVY[HYLPUHNYLLTLU[^P[O[OLYLSL]HU[IVVRZVMHJJV\U[THPU[HPULKMVY [OLW\YWVZLVMWYLWHYH[PVUVM[OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[Z K 0U V\Y VWPUPVU [OL HMVYLZHPK JVUZVSPKH[LK ĉUHUJPHS Z[H[LTLU[Z JVTWS` ^P[O [OL (JJV\U[PUN :[HUKHYKZ ZWLJPĉLK\UKLYZLJ[PVUVM[OL(J[YLHK^P[O9\SLVM[OL*VTWHUPLZ(JJV\U[Z9\SLZ L 6U[OLIHZPZVM[OL^YP[[LUYLWYLZLU[H[PVUZYLJLP]LKMYVT[OLKPYLJ[VYZVM[OL.YV\WJVTWHUPLZHUKQVPU[S` JVU[YVSSLKJVTWHUPLZHZVU4HYJO[HRLUVUYLJVYKI`[OL)VHYKVM+PYLJ[VYZVM[OLYLZWLJ[P]L .YV\W*VTWHUPLZHUKQVPU[S`JVU[YVSSLKJVTWHUPLZPUJVYWVYH[LKPU0UKPHUVULVM[OLKPYLJ[VYZVM[OL.YV\W JVTWHUPLZHYLKPZX\HSPĉLKHZVU4HYJOMYVTILPUNHWWVPU[LKHZHKPYLJ[VYPU[LYTZVM:LJ[PVU VM[OL(J[ M >P[OYLZWLJ[[V[OLV[OLYTH[[LYZ[VILPUJS\KLKPU[OL(\KP[VYëZ9LWVY[PUHJJVYKHUJL^P[O9\SLVM [OL*VTWHUPLZ(\KP[HUK(\KP[VYëZ9\SLZPUV\YVWPUPVUHUK[V[OLILZ[VMV\YPUMVYTH[PVUHUK HJJVYKPUN[V[OLL_WSHUH[PVUZNP]LU[V\Z! P ;OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZKPZJSVZL[OLPTWHJ[VMWLUKPUNSP[PNH[PVUZVU[OLJVUZVSPKH[LK ĉUHUJPHSWVZP[PVUVM[OL.YV\WHUKQVPU[S`JVU[YVSSLKLU[P[PLZè9LMLY5V[L HI[V[OLJVUZVSPKH[LK ĉUHUJPHSZ[H[LTLU[Z PP 7YV]PZPVUOHZILLUTHKLPU[OLJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZHZYLX\PYLK\UKLY[OLHWWSPJHISL SH^VYHJJV\U[PUNZ[HUKHYKZMVYTH[LYPHSMVYLZLLHISLSVZZLZPMHU`VUSVUN[LYTJVU[YHJ[ZPUJS\KPUN KLYP]H[P]LJVU[YHJ[Z PPP ;OLYL^LYLUVHTV\U[Z^OPJO^LYLYLX\PYLK[VIL[YHUZMLYYLK[V[OL0U]LZ[VY,K\JH[PVUHUK7YV[LJ[PVU -\UKI`[OL/VSKPUN*VTWHU`P[ZZ\IZPKPHY`JVTWHUPLZHUKQVPU[S`JVU[YVSSLKJVTWHUPLZPUJVYWVYH[LK PU0UKPH

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151 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT

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152 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 K\LZVM[OL.YV\WHUKP[ZQVPU[S`JVU[YVSSLKJVTWHUPLZPUJVYWVYH[LKPU0UKPHVUHJJV\U[VMHU`KPZW\[LV[OLY[OHU [OLMVSSV^PUN!

Sr. Name of the Statute Amount in Period to which Forum where dispute is pending No ` crore the amount relates 0UJVTL;H_(J[ +LW\[`*VTTPZZPVULYVM0UJVTL;H_)LUNHS\Y\ 0UJVTL;H_(J[ )VTIH`/PNO*V\Y[ 0UJVTL;H_(J[ *VTTPZZPVULYVM0UJVTL;H_(WWLHSZè000 4=(;(J[ +LW\[`*VTTPZZPVULYVM:HSLZ;H_(WWLHSZ /=(;(J[ >YP[WL[P[PVUĉSLKH[/PNO*V\Y[VM7\UQHI /HY`HUH -PUHUJL(J[ *\Z[VTZ,_JPZL :LY]PJL;H_(WWLSSH[L ;YPI\UHS)LUNHS\Y\ J (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU[V\Z[OLYLHYLUVHTV\U[ZYLX\PYLK[VIL[YHUZMLYYLK[V PU]LZ[VYLK\JH[PVUHUKWYV[LJ[PVUM\UK One of the subsidiary companies incorporated in India has accumulated losses at the end of the financial year exceeding fifty percent of its net worth on a standalone basis./V^L]LYUVJHZOSVZZLZ^LYLPUJ\YYLKVUHZ[HUKHSVULIHZPZK\YPUN [OLJ\YYLU[HUKPTTLKPH[LS`WYLJLKPUNĉUHUJPHS`LHYOne other subsidiary company incorporated in India does not have accumulated losses at the end of the year on a standalone basis, but has incurred cash losses on a standalone basis in the current and immediately preceding financial year.;OL/VSKPUN*VTWHU`HUK[OLYLTHPUPUNZ\IZPKPHY`JVTWHUPLZ PUJVYWVYH[LK PU 0UKPH KV UV[ OH]L HU` HJJ\T\SH[LK SVZZLZ H[ [OL LUK VM [OL `LHY VU H Z[HUKHSVUL IHZPZ HUK OH]L UV[ PUJ\YYLK JHZO SVZZLZ VU H Z[HUKHSVUL IHZPZ K\YPUN [OL J\YYLU[ HUK PTTLKPH[LS` WYLJLKPUN ĉUHUJPHS `LHY 6U H JVUZVSPKH[LKIHZPZ[OL.YV\WHUKQVPU[S`JVU[YVSSLKJVTWHUPLZPUJVYWVYH[LKPU0UKPHKVUV[OH]LHU`HJJ\T\SH[LKSVZZLZ H[[OLLUKVM[OL`LHYHUKOH]LUV[PUJ\YYLKJHZOSVZZLZK\YPUN[OLJ\YYLU[HUKPTTLKPH[LS`WYLJLKPUNĉUHUJPHS`LHY (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU[V\ZHUKIHZLKVU[OLKVJ\TLU[ZHUKYLJVYKZWYVK\JLK[V\Z[OL .YV\WHUKP[ZQVPU[S`JVU[YVSSLKJVTWHUPLZPUJVYWVYH[LKPU0UKPHOH]LUV[KLMH\S[LKPUYLWH`TLU[VMK\LZ[VIHURZHUK KLILU[\YLOVSKLYZ;OL.YV\WHUKP[ZQVPU[S`JVU[YVSSLKJVTWHUPLZPUJVYWVYH[LKPU0UKPHKVLZUV[OH]LK\LZ[VĉUHUJPHS PUZ[P[\[PVUZ 0UV\YVWPUPVUHUKHJJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU[V\Z[OL.YV\WHUKP[ZQVPU[S`JVU[YVSSLKJVTWHUPLZ PUJVYWVYH[LKPU0UKPHOH]LUV[NP]LUHU`N\HYHU[LLMVYSVHUZ[HRLUI`V[OLYZMYVTIHURZVYV[OLYĉUHUJPHSPUZ[P[\[PVUZ (JJVYKPUN[V[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LU[V\ZHUKIHZLKVU[OLKVJ\TLU[ZHUKYLJVYKZL_HTPULKI`\Z VUHUV]LYHSSIHZPZ[OL[LYTSVHUVI[HPULKI`VULVM[OLZ\IZPKPHY`JVTWHUPLZPUJVYWVYH[LKPU0UKPHOHZILLUHWWSPLKMVY [OLW\YWVZLMVY^OPJO[OLSVHU^HZVI[HPULK;OL/VSKPUN*VTWHU`V[OLYZ\IZPKPHYPLZJVTWHUPLZHUKQVPU[S`JVU[YVSSLK JVTWHUPLZPUJVYWVYH[LKPU0UKPHOH]LUV[VI[HPULKHU`[LYTSVHU )HZLK\WVU[OLH\KP[WYVJLK\YLZWLYMVYTLKHUK[OLPUMVYTH[PVUHUKL_WSHUH[PVUZNP]LUI`[OLTHUHNLTLU[^LYLWVY[ [OH[UVMYH\KVUVYI`[OL.YV\WHUKP[ZQVPU[S`JVU[YVSSLKJVTWHUPLZPUJVYWVYH[LKPU0UKPHOHZILLUUV[PJLKVYYLWVY[LK K\YPUN[OL`LHY

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153 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2015

(TV\U[`*YVYL Particulars 5V[L5V As At (Z([ 31.03.2015 0 EQUITY AND LIABILITIES Shareholders’ Fund H :OHYL*HWP[HS 99.68 I 9LZLY]LZ :\YWS\Z 1,747.19 Total Shareholders' Funds 1,846.87 Minority Interest 227.90 Non-Current Liabilities H 3VUN;LYT)VYYV^PUN 567.06 I 6[OLY3VUN;LYT3PHIPSP[PLZ 1.42 J 3VUN;LYT7YV]PZPVUZ 4.59 Total Non Current Liabilities 573.07 Current Liabilities H :OVY[;LYT)VYYV^PUN 2,722.73 I ;YHKL7H`HISLZ9LMLY5V[L 713.55 J 6[OLY*\YYLU[3PHIPSP[PLZ 1,218.89 K :OVY[;LYT7YV]PZPVUZ 60.04 Total Current Liabilities 4,715.21 Total Equity And Liabilities 7,363.05 00 ASSETS Non-Current Assets H -P_LK(ZZL[Z ;HUNPISL(ZZL[Z 12.24 0U[HUNPISL(ZZL[Z 105.01 *HWP[HS^VYRPUWYVNYLZZ 72.41 0U[HUNPISL(ZZL[Z\UKLY+L]LSVWTLU[ 0.10 Total Fixed Assets 189.76 I 5VU*\YYLU[0U]LZ[TLU[Z 0.00 J +LMLYYLK;H_(ZZL[5L[ 4.48 K 3VUN;LYT3VHUZ (K]HUJLZ 170.34 L 6[OLY5VU*\YYLU[(ZZL[Z 28.29 Total Non Current Assets 392.87 Current Assets H 0U]LU[VYPLZ 4,727.11 I ;YHKL9LJLP]HISLZ 169.68 J *HZO )HUR)HSHUJLZ 695.41 K :OVY[;LYT3VHUZ (K]HUJLZ 831.25 L 6[OLY*\YYLU[(ZZL[Z 546.73 Total Current Assets 6,970.18 Total Assets 7,363.05 (TV\U[SLZZ[OHU` ACCOUNTING POLICIES

;OLHJJVTWHU`PUNUV[LZ[VMVYTHU :PNUH[\YLZ[V[OL)HSHUJL:OLL[HUK5V[LZ[V-PUHUJPHS:[H[LTLU[Z PU[LNYHSWHY[VMĉUHUJPHSZ[H[LTLU[Z -VYHUKVUILOHSMVM)VHYK (ZWLYV\Y9LWVY[VML]LUKH[L

154 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 CONSOLIDATED STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31 MARCH, 2015

(TV\U[`*YVYL Particulars 5V[L5V For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 INCOME 9L]LU\LMYVT6WLYH[PVUZ 1,843.09 6[OLY0UJVTL 83.47 TOTAL REVENUE 1,926.56 EXPENSES *VZ[VM:HSLZ 1,486.41 ,TWSV`LL)LULĉ[Z,_WLUZL 35.48 -PUHUJL*VZ[Z 4.73 +LWYLJPH[PVU 10.01 6[OLY,_WLUZLZ 63.96 TOTAL EXPENSES 1,600.59 PROFIT BEFORE TAX 325.97 Tax Expense *\YYLU[;H_ 99.68 4(;*YLKP[,U[P[SLTLU[ (6.95) +LMLYYLK;H_ (2.23) (KQ\Z[TLU[MVY;H_VM7YL]PV\Z@LHYZUL[ (0.11) 90.39

PROFIT AFTER TAX BEFORE MINORITY INTEREST 235.58 :OHYLVM4PUVYP[`0U[LYLZ[ (44.67) PROFIT AFTER MINORITY INTEREST 190.91 Earnings Per Share (Amount in `) (Refer Note 38) )HZPJ 9.58 +PS\[LK 9.57 ACCOUNTING POLICIES

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155 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2015

(TV\U[`*YVYL Particulars For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 Cash Flow from Operating Activities 7YVĉ[ILMVYL;H_H[PVU 325.97 Adjustment for: +LWYLJPH[PVU 10.01 0U[LYLZ[7HPK 4.73 7YVĉ[3VZZVUZHSLVM-P_LK(ZZL[ (0.02) 7YV]PZPVUMVY+V\I[M\S(K]HUJLZ^YP[[LUIHJR5L[ 5.89 ,:.:*VTWLUZH[PVU 4.19 7YLSPTPUHY`,_WLUZLZ>YP[[LU6MM - (ZZL[Z>YP[[LU6MM 0.09 ,_WLUZLZVM(THSNHTH[PVU - 7YV]PZPVU>YP[LIHJRMVY+PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z - 0U[LYLZ[0UJVTL (14.69) +P]PKLUK9LJLP]LK (0.01) 7YVĉ[VUZHSLVM3VUN;LYT *\YYLU[0U]LZ[TLU[ (65.99) 6WLYH[PUN7YVĉ[ILMVYL^VYRPUNJHWP[HSJOHUNLZ 270.17 Adjustment for: 0UJYLHZLKLJYLHZLPU5VU*\YYLU[3PHIPSP[PLZ 2.04 0UJYLHZLKLJYLHZLPU*\YYLU[3PHIPSP[PLZ 219.82 0UJYLHZLKLJYLHZLPU5VU*\YYLU[(ZZL[Z (35.75) 0UJYLHZLKLJYLHZLPU*\YYLU[(ZZL[Z (1,280.27) (823.99) ;H_LZ7HPK5L[ (116.76) Net Cash Flow from Operating activities (940.75) Cash Flow from Investing Activities 7\YJOHZLVM-P_LK(ZZL[Z (12.13) :HSLVM-P_LK(ZZL[Z 1.65 :HSLVMZ[HRLPU:\IZPKPHYPLZ 0.07 7\YJOHZLVM:[HRLPU:\IZPKPHYPLZ (162.01) ,_WLUZLZVM(THSNHTH[PVU (0.06) 0U[LYLZ[9LJLP]LK 10.46 +P]PKLUK9LJLP]LK 0.01 0UJVTLVU9PNO[Z9LU\UJPH[PVUI`,:67;Y\Z[ - 7YVĉ[VUZHSLVM0U]LZ[TLU[ 65.95 7YLSPTPUHY`,_WLUZLZ - Net Cash Flow from Investing Activities (96.06)

156 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH, 2015

(TV\U[`*YVYL Particulars For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 Cash Flow from Financing Activities 7YVJLLKZMYVT0ZZ\LVM,X\P[`:OHYL*HWP[HSUL[VMPZZ\LL_WLUZLZ 0.06 7YVJLLKZMYVT0ZZ\LVM,X\P[`:OHYLZ[V4PUVYP[`:[HRLOVSKLYZ 0.32 *HWP[HS*VU[YPI\[PVUPU3PTP[LK3PHIPSP[`7HY[ULYZOPW 1.30 7YVJLLKZMYVT3VUN;LYT)VYYV^PUNZUL[ 280.97 7YVJLLKZMYVT9LWH`TLU[VM:OVY[;LYT)VYYV^PUNZUL[ 621.09 0ZZ\LYLSH[LKL_WLUZLZ - 0U[LYLZ[7HPK (4.73) 7H`TLU[VM+P]PKLUK (39.86) ;H_VU+PZ[YPI\[LK7YVĉ[Z-PUHUJPUN (6.77) Net Cash Flow from Financing Activities 852.38

Net Increase in Cash & Cash Equivalent (184.43) Cash & Cash Equivalent -Opening Balance 860.16 6WLUPUN*HZO *HZO,X\P]HSLU[VM.73,:67;Y\Z[9LMLY5V[LI Cash & Cash Equivalent -Closing Balance 675.73 PUJS\KPUNZOHYLPUQVPU[S`JVU[YVSSLKLU[P[PLZ` JYVYL7YL]PV\Z@LHY`JYVYL (TV\U[SLZZ[OHU` Notes : *HZOHUK*HZO,X\P]HSLU[Z *HZO *OLX\LZVU/HUKHUK)HSHUJLZ^P[O)HURZ 0U]LZ[TLU[ZPU3PX\PK4\[\HS-\UKZ 3LZZ!6[OLY)HUR)HSHUJLZ Cash and Cash Equivalents. ;OLJHZOĊV^Z[H[LTLU[OHZILLUWYLWHYLK\UKLY[OLê0UKPYLJ[4L[OVKëHZZL[V\[PU[OL(JJV\U[PUN:[HUKHYK(: VUê*HZO-SV^:[H[LTLU[ëHUKWYLZLU[ZJHZOĊV^ZI`VWLYH[PUNPU]LZ[PUNHUKĉUHUJPUNHJ[P]P[PLZ +P]PKLUKYLJLP]LK\UKLY0U]LZ[PUNHJ[P]P[PLZPUJS\KLZKP]PKLUKVM`5039LMLYUV[LI7YL]PV\Z`LHY`JYVYL YLJLP]LKI`[OL,:67[Y\Z[ -PN\YLZMVY[OLWYL]PV\Z`LHYOH]LILLUYLNYV\WLKYLZ[H[LK^OLYL]LYULJLZZHY`[VJVUMVYT[VJ\YYLU[`LHYëZJSHZZPĉJH[PVU

(ZWLYV\Y9LWVY[VML]LUKH[L -VYHUKVUILOHSMVM)VHYK

157 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Note 1 Accounting Policies: a) Group Overview .VKYLQ 7YVWLY[PLZ 3PTP[LK í[OL *VTWHU`î PUJS\KPUN P[Z Z\IZPKPHYPLZ SPTP[LK SPHIPSP[` WHY[ULYZOPWZ HUK QVPU[ ]LU[\YLZ JVSSLJ[P]LS`YLMLYYLK[VHZí[OL.YV\WîPZLUNHNLKWYPTHYPS`PU[OLI\ZPULZZVMYLHSLZ[H[LJVUZ[Y\J[PVUKL]LSVWTLU[HUK V[OLYYLSH[LKHJ[P]P[PLZ;OL*VTWHU`PZKVTPJPSLKPU0UKPHHUKPZSPZ[LKVU):,3PTP[LK):,HUK;OL5H[PVUHS:[VJR ,_JOHUNLVM0UKPH3PTP[LK5:, b) Principle of Consolidation ;OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[ZVM[OL.YV\WOH]LILLUWYLWHYLKPUHJJVYKHUJL^P[O(JJV\U[PUN:[HUKHYK(: í*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[ZîPZZ\LKI`[OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPHê0*(0ë ;OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[ZPUJS\KL[OLĉUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU`HUKHSSP[Z:\IZPKPHYPLZ 3PTP[LK 3PHIPSP[`7HY[ULYZOPWÔPJOHYLTVYL[OHUWLYJLU[VÛLKVYJVU[YVSSLKHUK1VPU[=LU[\YLZÔVZLĉUHUJPHSZ[H[LTLU[ HYLKYHÛ\W[V[OLZHTLYLWVY[PUNKH[LHZVM[OL*VTWHU`PLZ[4HYJO ;OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[ZMVY:\IZPKPHYPLZ 3PTP[LK3PHIPSP[`7HY[ULYZOPWOH]LILLUJVTIPULKVUHSPULI` SPULIHZPZI`HKKPUN[OLIVVR]HS\LZVMSPRLP[LTZVMHZZL[ZSPHIPSP[PLZPUJVTLHUKL_WLUZLZHM[LYLSPTPUH[PUNPU[YHNYV\W IHSHUJLZ[YHUZHJ[PVUZHUKYLZ\S[PUN\UYLHSPaLKWYVĉ[ZPUM\SS 0U]LZ[TLU[Z PU 1VPU[ =LU[\YLZ HYL KLHS[ ^P[O PU HJJVYKHUJL ^P[O (JJV\U[PUN :[HUKHYK (: ê-PUHUJPHS 9LWVY[PUN VM 0U[LYLZ[Z PU 1VPU[ =LU[\YLZë ;OL *VTWHU`ëZ PU[LYLZ[ PU QVPU[S` JVU[YVSSLK LU[P[PLZ HYL YLWVY[LK \ZPUN WYVWVY[PVUH[L JVUZVSPKH[PVU ÔLYLI` [OL *VTWHU`ëZ ZOHYL VM QVPU[S` JVU[YVSSLK HZZL[Z HUK SPHIPSP[PLZ HUK [OL ZOHYL VM PUJVTL HUK L_WLUZLZVM[OLQVPU[S`JVU[YVSSLKLU[P[PLZHYLYLWVY[LKHZZLWHYH[LSPULP[LTZ 0U[OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[Zê.VVK^PSSëYLWYLZLU[Z[OLL_JLZZVM[OLJVZ[[V[OL*VTWHU`VMP[ZPU]LZ[TLU[Z PU[OLZ\IZPKPHYPLZHUKVYQVPU[]LU[\YLZV]LYP[ZZOHYLVMLX\P[`H[[OLYLZWLJ[P]LKH[LZVUÔPJOPU]LZ[TLU[ZHYLTHKL (S[LYUH[P]LS`ÔLYL[OLZOHYLVMLX\P[`HZVU[OLKH[LVMPU]LZ[TLU[ZPZPUL_JLZZVMJVZ[VMPU]LZ[TLU[ZP[PZYLJVNUPaLKHZ ê*HWP[HS9LZLY]LëPU[OL*VUZVSPKH[LK-PUHUJPHS:[H[LTLU[Zê4PUVYP[`0U[LYLZ[ëYLWYLZLU[Z[OLHTV\U[VMLX\P[`H[[YPI\[HISL [VTPUVYP[`ZOHYLOVSKLYZH[[OLKH[LVUÔPJOPU]LZ[TLU[PUHZ\IZPKPHY`PZTHKLHUKP[ZZOHYLVMTV]LTLU[ZPU[OLLX\P[` ZPUJL[OH[KH[L(U`L_JLZZJVUZPKLYH[PVUYLJLP]LKMYVTTPUVYP[`ZOHYLOVSKLYZVMZ\IZPKPHYPLZV]LY[OLHTV\U[VMLX\P[` H[[YPI\[HISL[V[OLTPUVYP[`VU[OLKH[LVMPU]LZ[TLU[PZYLĊLJ[LK\UKLY9LZLY]LZHUK:\YWS\Z c) Basis of Preparation ;OLĉUHUJPHSZ[H[LTLU[ZVM[OL.YV\WOH]LILLUWYLWHYLKVUHJJY\HSIHZPZ\UKLY[OLOPZ[VYPJHSJVZ[JVU]LU[PVUHUK VUNVPUNJVUJLYUIHZPZPUHJJVYKHUJL^P[O[OL.LULYHSS`(JJLW[LK(JJV\U[PUN7YPUJPWSLZPU0UKPHê0UKPHU.((7ë[V JVTWS`^P[O[OL(JJV\U[PUN:[HUKHYKZZWLJPĉLK\UKLYZLJ[PVUVM;OL*VTWHUPLZ(J[YLHK^P[O9\SLVM[OL *VTWHUPLZ(JJV\U[Z9\SLZHUK[OLYLSL]HU[WYV]PZPVUZVM;OL*VTWHUPLZ(J[ê[OL(J[ë;OL*VTWHUPLZ (J[ HZHWWSPJHISL;OLHJJV\U[PUNWVSPJPLZOH]LILLUJVUZPZ[LU[S`HWWSPLKI`[OL.YV\W d) Operating Cycle ;OLUVYTHSVWLYH[PUNJ`JSLPUYLZWLJ[VMVWLYH[PVUYLSH[PUN[V\UKLYJVUZ[Y\J[PVUYLHSLZ[H[LWYVQLJ[KLWLUKZVUZPNUPUN VMHNYLLTLU[ZPaLVM[OLWYVQLJ[WOHZPUNVM[OLWYVQLJ[[`WLVMKL]LSVWTLU[WYVQLJ[JVTWSL_P[PLZHWWYV]HSZULLKLK YLHSPaH[PVUVMWYVQLJ[PU[VJHZO JHZOLX\P]HSLU[ZHUKYHUNLMYVT[V`LHYZ(JJVYKPUNS`(ZZL[Z 3PHIPSP[PLZOH]LILLU JSHZZPĉLKPU[VJ\YYLU[ UVUJ\YYLU[IHZLKVUVWLYH[PUNJ`JSLVMYLZWLJ[P]LWYVQLJ[Z e) Fixed Assets -P_LKHZZL[ZHYLZ[H[LKH[JVZ[VMHJX\PZP[PVUVYJVUZ[Y\J[PVUSLZZHJJ\T\SH[LKKLWYLJPH[PVU*VZ[PUJS\KLZHSSPUJPKLU[HS L_WLUZLZYLSH[LK[VHJX\PZP[PVUHUKPUZ[HSSH[PVUV[OLYWYLVWLYH[PVUL_WLUZLZHUKPU[LYLZ[PUJHZLVMJVUZ[Y\J[PVU *HYY`PUNHTV\U[VMJHZONLULYH[PUN\UP[ZHZZL[ZHYLYL]PL^LKH[IHSHUJLZOLL[KH[L[VKL[LYTPULÔL[OLY[OLYLPZHU` PUKPJH[PVUVMPTWHPYTLU[0MZ\JOPUKPJH[PVUL_PZ[Z[OLYLJV]LYHISLHTV\U[PZLZ[PTH[LKHZ[OLUL[ZLSSPUNWYPJLVY]HS\LPU\ZL ÔPJOL]LYPZOPNOLY0TWHPYTLU[SVZZPMHU`PZYLJVNUPaLKÔLUL]LYJHYY`PUNHTV\U[L_JLLKZ[OLYLJV]LYHISLHTV\U[ f) Depreciation / Amortization +LWYLJPH[PVUOHZILLUWYV]PKLKVU^YP[[LUKVÛ]HS\LIHZPZH[[OLYH[LKL[LYTPULK^P[OYLMLYLUJL[V[OL\ZLM\SSP]LZ ZWLJPĉLKPU:JOLK\SL00VM[OL*VTWHUPLZ(J[;OLPTWHJ[VM[OLJOHUNLPU\ZLM\SSPMLVMĉ_LKHZZL[ZOHZILLU JVUZPKLYLKPUHJJVYKHUJL^P[O[OLWYV]PZPVUVM:JOLK\SL00 (ZZL[ZJVZ[PUNSLZZ[OHU`HYLKLWYLJPH[LKH[ PU[OL`LHYVMHJX\PZP[PVU (ZZL[ZHJX\PYLKVUSLHZLHYLKLWYLJPH[LKV]LY[OLWLYPVKVM[OLSLHZL ;YHKLTHYRPZHTVY[PaLKV]LYHWLYPVKVM`LHYZ 3LHZLOVSKPTWYV]LTLU[ZHYLHTVY[PaLKV]LY[OLWLYPVKVMSLHZL 0U[HUNPISL(ZZL[ZV[OLY[OHU[YHKLTHYRHYLHTVY[PaLKV]LYHWLYPVKVMZP_`LHYZ

158 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS g) Investments 0U]LZ[TLU[ZHYLJSHZZPĉLKPU[VSVUN[LYTHUKJ\YYLU[PU]LZ[TLU[Z 3VUN[LYTPU]LZ[TLU[ZHYLJHYYPLKH[JVZ[7YV]PZPVUMVYKPTPU\[PVUPMHU`PU[OL]HS\LVMLHJOSVUN[LYTPU]LZ[TLU[PZ THKL[VYLJVNUPaLHKLJSPULV[OLY[OHUVMH[LTWVYHY`UH[\YL *\YYLU[PU]LZ[TLU[ZHYLJHYYPLKPUKP]PK\HSS`H[SV^LYVMJVZ[HUKMHPY]HS\LHUK[OLYLZ\S[HU[KLJSPULPMHU`PZJOHYNLK[V YL]LU\L h) Inventories 0U]LU[VYPLZHYL]HS\LKHZ\UKLY! H *VTWSL[LK-SH[Z ([SV^LYVM*VZ[VY5L[9LHSPZHISL=HS\L I *VUZ[Y\J[PVU>VYRPU7YVNYLZZ ([*VZ[ *VUZ[Y\J[PVU >VYR PU 7YVNYLZZ PUJS\KLZ JVZ[ VM SHUK WYLTP\T MVY KL]LSVWTLU[ YPNO[Z JVUZ[Y\J[PVU JVZ[Z HSSVJH[LK PU[LYLZ[HUKL_WLUZLZPUJPKLU[HS[V[OLWYVQLJ[Z\UKLY[HRLUI`[OL.YV\W i) Revenue Recognition ;OL.YV\WPZMVSSV^PUN[OLí7LYJLU[HNLVM*VTWSL[PVU4L[OVKîVMHJJV\U[PUN(ZWLY[OPZTL[OVKYL]LU\LMYVTZHSL VMWYVWLY[PLZPZYLJVNUPaLKPU:[H[LTLU[VM7YVĉ[ 3VZZPUWYVWVY[PVU[V[OLHJ[\HSJVZ[PUJ\YYLKHZHNHPUZ[[OL[V[HS LZ[PTH[LKJVZ[VMWYVQLJ[Z\UKLYL_LJ\[PVU^P[O[OL.YV\WVU[YHUZMLYVMZPNUPĉJHU[YPZRHUKYL^HYKZ[V[OLI\`LY

159 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

I 7VZ[LTWSV`TLU[ILULĉ[Z! P +LĉULK*VU[YPI\[PVU7SHUZ! 7H`TLU[ZTHKL[VKLĉULKJVU[YPI\[PVUWSHUZZ\JOHZ7YV]PKLU[-\UKHYLJOHYNLKHZHUL_WLUZLHZ[OL`MHSSK\L PP +LĉULK)LULĉ[7SHUZ! ;OLJVZ[VMWYV]PKPUNILULĉ[ZPLNYH[\P[`PZKL[LYTPULK\ZPUN[OL7YVQLJ[LKVYRPU7YVNYLZZ+\LVU4HUHNLTLU[7YVQLJ[HZHWHY[VM[OLJVZ[ VM[OLWYVQLJ[ZH[^LPNO[LKH]LYHNLVM[OLIVYYV^PUNJVZ[YH[LZHZWLY(NYLLTLU[ZYLZWLJ[P]LS` 6[OLYIVYYV^PUNJVZ[ZHYLYLJVNUPaLKHZHUL_WLUZLPU[OLWLYPVKPUÔPJO[OL`HYLPUJ\YYLK m) Earnings Per Share ;OLIHZPJLHYUPUNZWLYZOHYLPZJVTW\[LK\ZPUN[OL^LPNO[LKH]LYHNLU\TILYVMJVTTVUZOHYLZV\[Z[HUKPUNK\YPUN [OLWLYPVK+PS\[LKLHYUPUNZWLYZOHYLPZJVTW\[LK\ZPUN[OL^LPNO[LKH]LYHNLU\TILYVMJVTTVUHUKKPS\[P]LJVTTVU LX\P]HSLU[ZOHYLZV\[Z[HUKPUNK\YPUN[OLWLYPVKL_JLW[ÔLYL[OLYLZ\S[Z^V\SKILHU[PKPS\[P]L n) Provision For Taxation ;H_L_WLUZLJVTWYPZLZIV[OJ\YYLU[HUKKLMLYYLK[H_ *\YYLU[[H_PZTLHZ\YLKH[[OLHTV\U[L_WLJ[LK[VILWHPK[V[OL[H_H\[OVYP[PLZ\ZPUN[OLHWWSPJHISL[H_YH[LZHUK[H_SH^Z +LMLYYLK[H_PZYLJVNUPaLKVU[PTPUNKPMMLYLUJLZILPUN[OLKPMMLYLUJLZIL[^LLU[OL[H_HISLPUJVTLHUK[OLHJJV\U[PUN PUJVTL[OH[VYPNPUH[LPUVULWLYPVKHUKHYLJHWHISLVMYL]LYZHSPUVULVYTVYLZ\IZLX\LU[WLYPVKZ+LMLYYLK[H_HZZL[Z Z\IQLJ[[VJVUZPKLYH[PVUVMWY\KLUJLHYLYLJVNUPaLKHUKJHYYPLKMVY^HYKVUS`[V[OLL_[LU[[OH[[OLYLPZHYLHZVUHISL JLY[HPU[`[OH[Z\MĉJPLU[M\[\YL[H_HISLPUJVTL^PSSILH]HPSHISLHNHPUZ[ÔPJOZ\JOKLMLYYLK[H_HZZL[ZJHUILYLHSPaLK ;OL[H_LMMLJ[PZJHSJ\SH[LKVU[OLHJJ\T\SH[LK[PTPUNKPMMLYLUJLH[[OL`LHYLUKIHZLKVU[OL[H_YH[LZHUKSH^ZLUHJ[LK VYZ\IZ[HU[PHSS`LUHJ[LKVU[OLIHSHUJLZOLL[KH[L o) Foreign Currency Transactions ;YHUZHJ[PVUZPUMVYLPNUJ\YYLUJ`HYLYLJVYKLKH[[OLL_JOHUNLYH[LZWYL]HPSPUNVU[OLKH[LVM[OL[YHUZHJ[PVU(ZZL[Z HUKSPHIPSP[PLZYLSH[LK[VMVYLPNUJ\YYLUJ`[YHUZHJ[PVUZYLTHPUPUN\UZL[[SLKH[[OL`LHYLUKHYL[YHUZSH[LKH[[OL`LHY LUKL_JOHUNLYH[LZ-VY^HYKL_JOHUNLJVU[YHJ[ZYLTHPUPUN\UZL[[SLKH[[OL`LHYLUKIHJRLKI`\UKLYS`PUNHZZL[ZVY SPHIPSP[PLZHYLHSZV[YHUZSH[LKH[`LHYLUKL_JOHUNLYH[LZ;OLWYLTP\TWH`HISLVUMVYLPNUL_JOHUNLJVU[YHJ[ZPZHTVY[PZLK V]LY[OLWLYPVKVM[OLJVU[YHJ[ p) Allocation of Expenses *VYWVYH[L,TWSV`LL9LT\ULYH[PVUHUK(KTPUPZ[YH[PVUL_WLUZLZHYLHSSVJH[LK[V]HYPV\ZWYVQLJ[ZVUHYLHZVUHISLIHZPZ HZLZ[PTH[LKI`[OLTHUHNLTLU[ q) Provisions and Contingent Liabilities 7YV]PZPVUZHYLYLJVNUPaLKPU[OLHJJV\U[ZPUYLZWLJ[VMWYLZLU[WYVIHISLVISPNH[PVUZ[OLHTV\U[VMÔPJOJHUILYLSPHIS`LZ[PTH[LK *VU[PUNLU[SPHIPSP[PLZHYLKPZJSVZLKPUYLZWLJ[VMWVZZPISLVISPNH[PVUZ[OH[HYPZLMYVTWHZ[L]LU[ZI\[[OLPYL_PZ[LUJLPZJVUĉYTLK I`[OLVJJ\YYLUJLVYUVUVJJ\YYLUJLVMVULVYTVYL\UJLY[HPUM\[\YLL]LU[ZUV[ÔVSS`^P[OPU[OLJVU[YVSVM[OL.YV\W

160 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As at (ZH[ 31.03.2015 NOTE 2 SHARE CAPITAL AUTHORISED ,X\P[`:OHYLZVM`LHJO7YL]PV\Z@LHY 117.00 ,X\P[`:OHYLVM`LHJO 117.00 ISSUED, SUBSCRIBED & PAID UP ,X\P[`:OHYLZVM`LHJO7YL]PV\Z@LHY 99.68 ,X\P[`:OHYLZVM`LHJOM\SS`WHPK\W 3LZZ!5037YL]PV\Z`LHY ,X\P[`:OHYLZVM`LHJOOLSKI`.73 - ,:67;Y\Z[9LMLY5V[LI 99.68

(a) Reconciliation of number of shares: 31.03.2015 No. of Shares ` 5VVM:OHYLZ ` 5\TILYVM:OHYLZV\[Z[HUKPUNH[[OL 199,234,030 99.62 ILNPUUPUNVM[OL`LHY 4V]LTLU[K\YPUN[OL`LHYWYPVY[V:WSP[ - - (KKP[PVUVUHJJV\U[VM:OHYL:WSP[MYVT - - `[V` 4V]LTLU[K\YPUN[OL`LHYWVZ[:WSP[ 123,758 0.06 5\TILYVM:OHYLZV\[Z[HUKPUNH[[OLLUKVM 199,357,788 99.68 [OL`LHY

(b) Shareholding information: ,X\P[`:OHYLZHYLOLSKI`! .VKYLQ0UK\Z[YPLZ3PTP[LK/VSKPUN*VTWHU` 112,450,304 .VKYLQ )V`JL4HU\MHJ[\YPUN*VTWHU` 9,395,688 3PTP[LK

(c) Shareholders holding more than 5% of Equity Shares: 31.03.2015 No. of Shares % 5VVM:OHYLZ % .VKYLQ0UK\Z[YPLZ3PTP[LK 112,450,304 56.41%

161 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(d) Rights, preferences and restrictions attached to shares: ;OL*VTWHUÒHZVUS`VULJSHZZVMLX\P[`ZOHYLOH]PUNHWHY]HS\LVM`WLYZOHYL,HJOOVSKLYVMLX\P[`ZOHYLZPZ LU[P[SLK[VVUL]V[LWLYZOHYLOLSK;OLKP]PKLUKWYVWVZLKI`[OL)VHYKVM+PYLJ[VYZPZZ\IQLJ[[V[OLHWWYV]HSVM[OL :OHYLOVSKLYZPU[OL(UU\HS.LULYHS4LL[PUNL_JLW[PUJHZLVMPU[LYPTKP]PKLUK0U[OLL]LU[VMSPX\PKH[PVU[OLZOHYLOVSKLYZ HYLLSPNPISL[VYLJLP]L[OLYLTHPUPUNHZZL[ZVM[OL*VTWHU`HM[LYKPZ[YPI\[PVUVMHSSWYLMLYLU[PHSHTV\U[ZPUWYVWVY[PVU[V [OLPYZOHYLOVSKPUN 31.03.2015 (e) Equity Shares Reserved for Issue No. of Shares ` 5VVM:OHYLZ ` Under Options P ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - MVY LX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU PP ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - MVYLX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU PPP ,TWSV`LL:[VJR.YHU[ZLSPNPISL 19,446 0.01 MVY LX\P[`ZOHYLZVM`LHJO HYL]LZ[PUNVU P] ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - MVY LX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU ] ,TWSV`LL:[VJR.YHU[ZLSPNPISLMVY 230 0.00 LX\P[`ZOHYLZVM`LHJOHYL ]LZ[PUNVU ]P ,TWSV`LL:[VJR.YHU[ZLSPNPISL 240 0.00 MVYLX\P[`ZOHYLZVM`LHJOHYL ]LZ[PUNVU ]PP ,TWSV`LL:[VJR.YHU[ZLSPNPISL 74,966 0.04 MVYLX\P[`ZOHYLZVM`LHJO 6\[VMÔPJOHYL]LZ[PUNVU HUK PZ]LZ[PUNVU ]PPP ,TWSV`LL:[VJR.YHU[ZLSPNPISL - - MVYLX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU P_ ,TWSV`LL:[VJR.YHU[Z 161,193 0.08 LSPNPISLMVYLX\P[`ZOHYLZVM`LHJO 6\[VMÔPJOPZ]LZ[PUNVU HYL]LZ[PUNVU HUKPZ]LZ[PUNVU _ ,TWSV`LL:[VJR.YHU[ZLSPNPISL 40,000 0.02 MVYLX\P[`ZOHYLZVM`LHJO ]LZ[PUNVU _P ,TWSV`LL:[VJR.YHU[ZLSPNPISL 2,305 0.00 MVYLX\P[`ZOHYLZVM`LHJOV\[VM ÔPJO HYL]LZ[PUNVU HYL]LZ[PUNVUHUK PZ]LZ[PUNVU (TV\U[SLZZ[OHU`

162 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As At (Z([ 31.03.2015 NOTE 3 RESERVES & SURPLUS Securities Premium (ZWLYSHZ[)HSHUJL:OLL[ 1,689.52 (KKP[PVUK\YPUN[OL`LHY 3.77 <[PSPZH[PVUK\YPUN[OL`LHY - *SVZPUN)HSHUJL 1,693.29 ESOP Trust (KQ\Z[TLU[VM9L[HPULKLHYUPUN+P]PKLUK*VZ[VMZOHYLUL[VMMHJL - ]HS\L9LMLY5V[LI General Reserve (ZWLYSHZ[)HSHUJL:OLL[ 9.80 3LZZ!(KQ\Z[TLU[HYPZPUNVU(THSNHTH[PVUVM:\IZPKPHYPLZ9LMLY5V[L 9.80 (KKP[PVUK\YPUN[OL`LHY - *SVZPUN)HSHUJL - ,TWSV`LL:[VJR.YHU[:JOLTL9LZLY]L (ZWLYSHZ[)HSHUJL:OLL[ 4.36 (KKP[PVUK\YPUN[OL`LHY 4.19 <[PSPZH[PVUK\YPUN[OL`LHY 3.77 *SVZPUN)HSHUJL 4.78 :\YWS\ZPU:[H[LTLU[VM7YVĉ[HUK3VZZ (ZWLYSHZ[)HSHUJL:OLL[ 34.21 3LZZ!(KQ\Z[TLU[HYPZPUNVU(THSNHTH[PVUVM:\IZPKPHYPLZ9LMLY5V[L 127.81 (KQ\Z[TLU[VMVWLUPUNWYVĉ[SVZZVM:\IZPKPHYPLZ,:67;Y\Z[ (0.08) 9LMLY5V[LI (KQ\Z[TLU[HYPZPUNMVY+LWYLJPH[PVUHZWLY*VTWHUPLZ(J[ 0.25 VU-P_LK(ZZL[Z9LMLY5V[LH (KK!7YVĉ[MVY[OL`LHY 190.91 (WWYVWYPH[PVUZK\YPUN[OL`LHY 7YVWVZLK+P]PKLUK-PUHS9LMLY5V[LH 39.90 ;H_VU+PZ[YPI\[LK7YVĉ[ 8.12 ;YHUZMLY[V.LULYHS9LZLY]L - *SVZPUN)HSHUJL 49.12 Total Reserves & Surplus 1,747.19 H ;OL)VHYKVM+PYLJ[VYZVM[OLJVTWHU`OH]LWYVWVZLKKP]PKLUKVM PL`WLYLX\P[`ZOHYLVM`LHJOMVY[OL `LHYHTV\U[PUN[V` JYVYL7YL]PV\Z@LHY PL`WLYLX\P[`ZOHYLVM`LHJOHTV\U[PUN[V ` JYVYL

163 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL NOTE 4 As At (Z([ 31.03.2015 LONG TERM BORROWINGS +LILU[\YLZ 7YL]PV\Z `LHY :LJ\YLK 9LKLLTHISL 2.87 6W[PVUHSS`*VU]LY[PISL+LILU[\YLZ9LMLY5V[LH 5V[LH 5PS7YL]PV\Z`LHY *VTW\SZVYPS`*VU]LY[PISL+LILU[\YLZ - 9LMLY5V[LI 7YL]PV\Z `LHY *VTW\SZVYPS` *VU]LY[PISL 58.71 +LILU[\YLZ9LMLY5V[LJ 5V[LJ K :LJ\YLK;LYT3VHU9LMLY5V[LK 500.00 +LWVZP[Z

567.06

H ZLJ\YLKVW[PVUHSS`JVU]LY[PISLKLILU[\YLZVM`LHJOHYLYLKLLTHISLVU[O(WYPSHUKHYLZLJ\YLK [V[OLL_[LU[VMZWLJPĉJPTTV]HISLHZZL[ZVM[OL*VTWHU`KPZJSVZLK\UKLY[OLOLHKí-P_LK(ZZL[Zî9LMLY5V[L I +\YPUN[OL`LHY *VTW\SZVYPS`*VU]LY[PISL+LILU[\YLZVM`LHJOOH]LILLUJVU]LY[LKPU[V LX\P[`ZOHYLZVM`LHJO J *VTW\SZVYPS`*VU]LY[PISL+LILU[\YLZVMMHJL]HS\LVM`LHJO;OLZL*VTW\SZVY`*VU]LY[PISL +LILU[\YLZ^PSSILJVU]LY[LKPU[VLX\P[`ZOHYLZPU[OL`LHY IHZLKVU[OL-HPY=HS\L K :LJ\YLK[LYTSVHUMYVT-PUHUJPHS0UZ[P[\[PVU!;V[HS:HUJ[PVUHTV\U[`JYVYLZILHYPUNPU[LYLZ['*739TPU\Z )7:HUKZLJ\YLKI`^H`VML_JS\ZP]LTVY[NHNLHUKJOHYNLVMTV]HISLHUKPTTV]HISLWYVWLY[`YPNO[[P[SLPU[LYLZ[PU[OL KLZPNUH[LKHJJV\U[LZJYV^HJJV\U[HUKYLJLP]HISLZVM[OLWYVQLJ[ZP[\H[LKH[)HUKYH2\YSH*VTWSL_H[4\TIHPHUK WSLKNLVM VMLX\P[`ZOHYLZVM.VKYLQ)\PSKJVU7][3[KOLSKI`[OL*VTWHU`*VTWHU`^PSSYLWH`HJLY[HPUWLYJLU[HNL VMHSSZHSLZYLJLPW[ZMYVT[OLWYVQLJ[^OPJOWLYJLU[HNLYLJLP]HISLZPZZ\IQLJ[[VYL]PL^VUHX\HY[LYS`IHZPZ/V^L]LY TH_PT\TWYPUJPWSLV\[Z[HUKPUNZOHSSUV[L_JLLKHZILSV^MYVT[OLKH[LVMĉYZ[KPZI\YZLTLU[! `PUJYVYL ([[OLLUKVM[O4VU[O ([[OLLUKVM[O4VU[O ([[OLLUKVM [O4VU[O ([[OLLUKVM [O4VU[O ([[OLLUKVM[O4VU[O 503 L +LWVZP[ZOH]PUNTH[\YP[`VMTVYL[OHU`LHYHTV\U[PUN[V` JYVYL ILHYPUNPU[LYLZ[YH[L' [V WH`HISLOHSM`LHYS`

NOTE 5 OTHER LONG TERM LIABILITIES +LWVZP[Z3LHZL - ;YHKL7H`HISLZ9LMLY5V[L 1.42 1.42

164 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As At (Z([ 31.03.2015 NOTE 6 LONG TERM PROVISIONS 7YV]PZPVUMVY,TWSV`LL)LULĉ[Z .YH[\P[`9LMLY5V[LI 4.53

6WLUPUN7YV]PZPVU

NOTE 7 SHORT TERM BORROWINGS +LILU[\YLZ

7YL]PV\Z`LHY :LJ\YLK*\T\SH[P]L 76.25 6W[PVUHSS`*VU]LY[PISL+LILU[\YLZ*SHZZ)9LMLY5V[LH I -YVT)HURZ :LJ\YLK3VHU

*HZO*YLKP[9LMLY5V[LI 602.77 :OVY[;LYT3VHU9LMLY5V[LJ 200.00

*HZO*YLKP[0U]VPJL-PUHUJPUN9LMLY5V[LK 153.21 6[OLY3VHUZ9LMLY5V[LL 570.00

-YVT6[OLYZ :LJ\YLK3VHU ;LYT3VHU9LMLY5V[LM 750.00

6[OLY3VHUZ9LMLY5V[LN 370.50 2,722.73

165 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

H *\T\SH[P]L6W[PVUHSS`*VU]LY[PISL*SHZZ)+LILU[\YLZVMMHJL]HS\LVM`LHJOHYLZLJ\YLKI`^H` VM:LJVUKTVY[NHNL*OHYNLV]LY[OLKL]LSVWTLU[YPNO[ZVM7YVQLJ[.VKYLQ*LU[YHS;OLKLILU[\YLZHYLYLKLLTHISLV\[ VM9LTHPUKLY(TV\U[ZHZKLĉULKPU:OHYL7\YJOHZL:\IZJYPW[PVUHUK:OHYLOVSKLYZ(NYLLTLU[KH[LKZ[4HYJO HM[LY[OLJVTWSL[PVUVMWYVQLJ[;OLPU[LYLZ[PZHJJY\LKVUHUHUU\HSIHZPZ I :LJ\YLK*HZO*YLKP[H]HPSLKMYVT)HURPZZLJ\YLKIÒ`WV[OLJH[PVUVM[OLJ\YYLU[HZZL[ZVM[OL*VTWHU`0TTV]HISL WYVWLY[`VM[OL*VTWHU`H[=PROYVSP4\TIHP.VKYLQ6UL[O-SVVYHUK*\YYLU[(ZZL[ZVM.VKYLQ9LHS,Z[H[L7YP]H[L 3PTP[LKÔVSS`VÛLKZ\IZPKPHY`PZWYV]PKLKHZJVSSH[LYHSZLJ\YP[`HUKJHYYPLZPU[LYLZ[H[)HZL9H[L WHLMMLJ[P]L YH[L J :LJ\YLKZOVY[[LYTSVHUH]HPSLKMYVT)HURPZZLJ\YLKIÒ`WV[OLJH[PVUVM[OLJ\YYLU[HZZL[ZVM[OL*VTWHU`0TTV]HISL WYVWLY[`VM[OL*VTWHU`H[=PROYVSP4\TIHP.VKYLQ6UL[O-SVVYHUK*\YYLU[(ZZL[ZVM.VKYLQ9LHS,Z[H[L7YP]H[L 3PTP[LKÔVSS`VÛLKZ\IZPKPHY`PZWYV]PKLKHZJVSSH[LYHSZLJ\YP[`HUKJHYYPLZPU[LYLZ[H[ YLWH`HISLVU1\UL K

M :LJ\YLK[LYTSVHUMYVT-PUHUJPHS0UZ[P[\[PVU!:HUJ[PVUHTV\U[`JYVYLZILHYPUNPU[LYLZ['*739TPU\Z)7:HUK ZLJ\YLKI`^H`VML_JS\ZP]LTVY[NHNLHUKJOHYNLVMTV]HISLHUKPTTV]HISLWYVWLY[`YPNO[[P[SLPU[LYLZ[PU[OLKLZPNUH[LK HJJV\U[LZJYV^HJJV\U[HUKYLJLP]HISLZVM[OLWYVQLJ[ZP[\H[LKH[)HUKYH2\YSH*VTWSL_H[4\TIHPHUKWSLKNLVM VMLX\P[`ZOHYLZVM.VKYLQ)\PSKJVU7][3[KOLSKI`[OL*VTWHU`-YVT[OTVU[OMYVT[OLKH[LVMĉYZ[KPZI\YZLTLU[ *VTWHU`^PSSYLWH`HJLY[HPUWLYJLU[HNLVMHSSZHSLZYLJLPW[ZMYVT[OLWYVQLJ[WLYJLU[HNLVMZHSLZYLJLP]HISLZPZZ\IQLJ[ [VYL]PL^VUHX\HY[LYS`IHZPZ/V^L]LYTH_PT\TWYPUJPWSLV\[Z[HUKPUNZOHSSUV[L_JLLKHZILSV^MYVT[OLKH[LVMĉYZ[ KPZI\YZLTLU[! ` in crore ([[OLLUKVMYK4VU[O ([[OLLUKVM[O4VU[O ([[OLLUKVM[O4VU[O ([[OLLUKVM[O4VU[O ([[OLLUKVM[O4VU[O ([[OLLUKVM [O4VU[O ([[OLLUKVM [O4VU[O ([[OLLUKVM[O4VU[O 503 N P `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU(WYPS PP `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU4H` PPP `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU4H` P] `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU4H` ] `JYVYLH]HPSLKMYVT*VTTLYJPHS7HWLYZJHYY`PUNPU[LYLZ[H[ WHYLWH`HISLVU1\UL ]P `JYVYLSVHUZMYVTWHY[ULYZV\[VM^OPJO`JYVYLJHYYPLZPU[LYLZ[' WH

166 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As At (Z([ 31.03.2015 NOTE 8 OTHER CURRENT LIABILITIES *\YYLU[TH[\YP[PLZVMSVUN[LYTKLI[

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NOTE 9 SHORT TERM PROVISIONS 7YV]PZPVUMVY,TWSV`LL)LULĉ[Z .YH[\P[`9LMLY5V[LI 0.67

6[OLY7YV]PZPVU -VY;H_H[PVU5L[VM(K]HUJL;H_ ;H_KLK\J[LKH[ZV\YJL` 10.72 JYVYL7YL]PV\Z@LHY`JYVYL 7YVWVZLK+P]PKLUK-PUHS 39.90 ;H_VU+P]PKLUK 8.13 60.04

167 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS 4.37 1.58 2.64 3.14 1.47 2.24 0.07 1.94 1.38 0.09 2014 *YVYL 25.87 20.89 59.85 March ` 125.53 As at 31st (TV\U[ 0.10 2015 WLUZLZMVY`LHY NYLJVNUPZLKPU 72.41 March LUKLK4HYJO As at 31st As at 31st - 74.16 - 0.09 6.55 2.48 6.33 24.52 2.71 1.25 5.01 2.76 3.84 3.06 5.51 3.44 2.33 0.08 1.28 0.15 0.38 1.32 2015 Total 189.76 22.47 March Upto 31st [ZVM[OLHZZL[ZVU[OLKH[LVM Deductions/ Adjustments Year KLWYLJPH[PVUMVY[OL`LHY For the (10 (a)) (Refer Note (Refer Note Adjustment ------Upto 4.96 1.13 - - 1.61 1.35 0.02 - 1.75 0.00 1.11 0.15 4.47 0.08 2.37 1.91 5.30 1.77 0.01 - 0.28 2.76 0.70 1.50 - 0.01 0.49 0.07 0.11 1.24 - 0.17 0.32 - 0.06 - 2014 1st April LS`(WYPS^OLYL[OLYLTHPUPUN\ZLM\SSPMLPZ5PSILPU JYPILKPU:JOLK\SL00;OPZOHZYLZ\S[LKPU[OLKLWYLJPH[PVUL_ PUNHWWSPJHISL^LM(WYPS 3.96 7.77 7.84 4.72 0.23 6.90 1.70 0.09 2015 As at 12.88 27.00 74.16 31st March Adjustments JYVYLUL[VM+LMLYYLK;H_YLWYLZLU[Z[OLJHYY`PUNHTV\U ` JYVYL ` Additions Deductions/ [OL*VTWHUPLZ(J[ILJVT Taken Over on Acquisition

As at April 9.33 - 3.73 0.18 3.33 - 0.82 0.19 7.11 0.01 2.68 2.03 6.77 4.01 0.08 - 0.02 5.90 2.28 - 0.92 0.13 1.21 0.15 0.23 1.60 - 0.73 1.70 - - - 0.09 - - - 2014 st 27.00 86.21 - 0.16 152.29 - 91.41 147.25 - 22.47 0.37 10.01 2.85 30.00 117.25 63.74 20.89 - 140.11 86.84 68.04 - 226.90 208.74 86.21 17.49 - 5.77 0.80 1 ` LUKLK4HYJOILPUNOPNOLYI` OHZILLUWYV]PKLKVU[OLIHZPZVM[OL\ZLM\SSP]LZHZWYLZ [OLVWLUPUNIHSHUJLVMYL[HPULKLHYUPUNZ :JOLK\SL00VM[OL*VTWHUPLZ(J[JVTPUNPU[VLMMLJ[UHT Licenses & Software Trade Mark Total Previous Year Intangible Assets Goodwill Motor Vehicle * Computer Leasehold Improvements Office Equipment Site Equipments Furniture & Fixtures Capital Work-In-Progress Intangible Assets under Development Building Tangible Assets Land (Refer Note 4 (a)) ASSETS GROSS BLOCK DEPRECIATION NET BLOCK I *VUZLX\LU[[V:JOLK\SL00[V H (KQ\Z[TLU[ZPU+LWYLJPH[PVUHTV\U[PUN[V (TV\U[SLZZ[OHU NOTE 10 FIXED ASSETS

168 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As At (Z([ 31.03.2015 NOTE 11 NON-CURRENT INVESTMENTS ([*VZ[ I Trade Investments H Investment in Fully paid up Equity Instruments Quoted Investments 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM (SHJYP[`/V\ZPUN3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM (UZHS)\PSK^LSS3PTP[LK 0.00 7YL]PV\Z@LHYVM`LHJOVM (UZHS/V\ZPUN *VUZ[Y\J[PVU3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM (UZHS7YVWLY[PLZ 0UMYHZ[Y\J[\YL3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 3VR/V\ZPUN *VUZ[Y\J[PVU3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM .SVIHS0UMYHZ[Y\J[\YL ;LJOUVSVNPLZ3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM 7YLTPLY,ULYN` 0UMYHZ[Y\J[\YL3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM +:2\SRHYUP+L]LSVWLYZ3PTP[LK 0.00 7YL]PV\Z@LHY,X\P[`:OHYLZVM`LHJOVM

169 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As At (Z([ 31.03.2015 NOTE 12 DEFERRED TAX ASSET (NET) 3PHIPSP[PLZ 6U-P_LK(ZZL[ (2.14) (ZZL[Z 6U-P_LK(ZZL[ 0.34 6U6[OLYZ 6.28 4.48

NOTE 13 LONG TERM LOANS & ADVANCES :LJ\YLK *VUZPKLYLKNVVK +LWVZP[Z7YVQLJ[Z9LMLY5V[LH 115.88

NOTE 14 OTHER NON CURRENT ASSETS ,_WLUZLZ9LJV]LYHISL 0.75 6[OLYZ+LWVZP[^P[O)HURZ 25.08 +LWVZP[^P[O)HURPZOLSKHZ4HYNPU4VUL`HUKSPLUTHYRLKMVYPZZ\PUN IHURN\HYHU[LL :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 2.46 28.29 NOTE 15 INVENTORIES -PUPZOLK.VVKZ9LMLY5V[LH 46.16 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 4,661.60 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 19.35 4,727.11

H -PUPZOLKNVVKZPUJS\KLZZOHYLZVM;HOPY7YVWLY[PLZ3PTP[LKH[JVZ[VY UL[YLHSPZHISL]HS\L^OPJOL]LYPZSV^LY! P,X\P[`ZOHYLZVM`LHJO`WHPK\W PP9LKLLTHISL7YLMLYLUJL*SHZZ(ZOHYLZVM`LHJO `WHPK

170 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As At (Z([ 31.03.2015 NOTE 16 TRADE RECEIVABLES

NOTE 17 CASH & BANK BALANCES *HZO *HZO,X\P]HSLU[Z *HZOVU/HUK 0.05 *OLX\LZVU/HUK 0.78 )HSHUJL^P[O)HURZ VU*\YYLU[(JJV\U[Z9LMLY5V[LH 25.14 VU-P_LK+LWVZP[(JJV\U[Z9LMLY5V[LI 25.01 0U]LZ[TLU[ZPU4\[\HS-\UKZ9LMLY5V[LJ 614.91

6[OLY)HUR)HSHUJLZ VU-P_LK+LWVZP[(JJV\U[Z3VUN[LYTKLWVZP[Z^P[OTH[\YP[`TVYL 19.68 [OHUTVU[OZI\[SLZZ[OHUTVU[OZ 9LMLY5V[LI :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ9LMLY5V[LK 9.84 695.41

H )HSHUJLZ^P[O)HURZPUJ\YYLU[HJJV\U[ZPUJS\KL`JYVYL 7YL]PV\Z@LHY`JYVYLLHYTHYRLKIHSHUJLMVY\UJSHPTLK KP]PKLUK0[HSZVPUJS\KLZIHSHUJLZVM[OL,:67;Y\Z[`5PS7YL]PV\Z @LHY`JYVYL I P -P_LK+LWVZP[VM`5PS7YL]PV\Z@LHY`JYVYLPZOLSKHZ THYNPUTVUL` PP )HSHUJLZ^P[OZJOLK\SLKIHURZVUKLWVZP[HJJV\U[ZPUJS\KL ` JYVYL7YL]PV\Z`LHY`JYVYLYLJLP]LKMYVTĊH[I\`LYZ HUKOLSKPU[Y\Z[VU[OLPYILOHSMPUHJVYW\ZM\UK J 0U]LZ[TLU[PU4\[\HS-\UKZ! P 0U+LI[4\[\HS-\UKZ <;04VUL`4HYRL[0UZ[P[\[PVUHS7SHU.YV^[O 1.07 ;H\Y\Z3PX\PK-\UK:\WLY0UZ[P[\[PVUHS.YV^[O 41.97 /+-*)HURPUN 7Z\+LI[-\UK9LN\SHY.YV^[O 56.00 <;03PX\PK-\UK*HZO7SHU07.YV^[O 25.00 7LLYSLZZ3PX\PK-\UK:\WLY07.YV^[O - 9LSPHUJL3PX\PK-\UK;7.YV^[O 73.25 9LSPNHYL0U]LZJV3PX\PK-\UK.YV^[O7SHU 30.73 9LSPNHYL0U]LZJV*YLKP[6WWVY[\UP[PLZ-\UK.YV^[O 51.65 (_PZ3PX\PK-\UK.YV^[O 0.09 )PYSH:\U3PML*HZO7S\Z.YV^[O9LN\SHY7SHU 10.86 /+-**HZO4HUHNLTLU[-\UK:H]PUN7SHU.YV^[O 2.79 0*0*07Y\KLU[PHS3PX\PK9LN\SHY.YV^[O7SHU 0.50

171 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As At (Z([ 31.03.2015 3 ;3PX\PK-\UK.YV^[O 25.00 :\UKHYHT4VUL`-\UK9LN.YV^[O 42.25 )HYVKH7PVULLY3PX\PK-\UK7SHU(.YV^[O 61.95 ;H\Y\Z3PX\PK-\UK:\WLY0UZ[P[\[PVUHS.YV^[O - 0*0*07Y\KLU[PHS4VUL`4HYRL[-\UK9LN\SHY.YV^[O7SHU 90.21 /+-*3PX\PK-\UK.YV^[O 60.59 ;H[H4VUL`4HYRL[-\UK7SHU.YV^[O 25.00 +:7)SHJRYVJR3PX\PKP[`-\UK07.YV^[O 16.00 614.91 PP

NOTE 18 SHORT TERM LOANS & ADVANCES :LJ\YLK :LJ\YLK+LWVZP[Z7YVQLJ[Z9LMLY5V[L H 352.74 3VHUZHUK(K]HUJLZ[V6[OLYZ9LMLY5V[L I 60.24

172 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL As At (Z([ 31.03.2015 J 3VHUZ(UK(K]HUJLZ[V9LSH[LK7HY[PLZ! To Holding Company: .VKYLQ )V`JL4HU\MHJ[\YPUN*VTWHU`3PTP[LK 1.04 .VKYLQ0UK\Z[YPLZ3PTP[LK 0.00 To Company under same Management: .VKYLQ*VUZ\TLY7YVK\J[Z3PTP[LK 0.01 To Limited Liability Partnership: .VKYLQ7YVWLY[`+L]LSVWLYZ337 0.04 To Joint Venture & Associates: 9HTLZO7)OH[PH7HY[ULY 0.77 9LW[VU3HUKTHYRZ3377HY[ULY 4.89 3V[\Z3HUK+L]LSVWLYZ3377HY[ULY 0.61 5\THaHY+VYHI4LO[H7HY[ULY 0.88 1HOHU5\THaHY4LO[H7HY[ULY 0.88 491HUHRPYHT7HY[ULY 0.50 1HN7YH]LZO7HY[ULY 6.35 15.97 K +\LVU4HUHNLTLU[7YVQLJ[ZPUJS\KLHZ\TVM`JYVYL7YL]PV\Z @LHY`JYVYLVUHJJV\U[VMHWYVQLJ[ÔLYL[OLTH[[LYPZZ\I Q\KPJL^P[OHYIP[YH[VYZ L ;OL*VTWHUÒHZLU[LYLKPU[V+L]LSVWTLU[(NYLLTLU[^P[OSHUKSVYKZ +L]LSVWTLU[4HUHNLTLU[-LLHTV\U[PUN[V`JYVYL7YL]PV\Z@LHY `JYVYLHJJY\LKHZWLY[LYTZVM[OL(NYLLTLU[HYLYLJLP]HISLI` [OL*VTWHUÌHZLK\WVUWYVNYLZZTPSLZ[VULZZWLJPĉLKPU[OLYLZWLJ[P]L (NYLLTLU[ZHUKOH]LILLUKPZJSVZLKHZ+L]LSVWTLU[4HUHNLTLU[-LL HJJY\LKI\[UV[K\L M :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZPUJS\KLZ`JYVYL7YL]PV\Z@LHY `JYVYLHZZLJ\YLKHK]HUJLZ (TV\U[SLZZ[OHU`

Note 19 OTHER CURRENT ASSETS

For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 NOTE 20 REVENUE FROM OPERATIONS :HSLVM7YVK\J[Z 1,742.88 6[OLY6WLYH[PUN9L]LU\LZ :HSLVM:LY]PJLZ 76.68 *VTWLUZH[PVU9LJLP]LKMYVT7YVQLJ[ 4.64 6[OLY0UJVTLMYVT*\Z[VTLYZ 16.43 3LHZL9LU[ 2.46 3PJLUZL-LLZ 0.00 6[OLY0UJVTLMYVT7YVQLJ[ - 1,843.09 (TV\U[SLZZ[OHU`

173 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 NOTE 21 OTHER INCOME 0U[LYLZ[0UJVTL 14.69 +P]PKLUKZ 0.01 7YVĉ[VU:HSLVM-P_LK(ZZL[Z5L[ 0.02 7YVĉ[VU:HSLVM0U]LZ[TLU[Z 65.99 +PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z^YP[[LUIHJR - 4PZJLSSHULV\Z0UJVTL 0.87 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 1.89 83.47 (TV\U[SLZZ[OHU`

NOTE 22 COST OF SALES 6WLUPUN:[VJR! -PUPZOLK.VVKZ 45.54 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 3,676.30 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 4.95 3LZZ!(KQ\Z[TLU[VM-HPY=HS\LVU(THSNHTH[PVU9LMLY5V[L 50.37 (KK!,_WLUKP[\YL;YHUZMLYZMYVT(K]HUJLZK\YPUN[OL`LHY :[VJR0U;YHKL(JX\PYLKK\YPUN[OL`LHY 3.81 3HUK+L]LSVWTLU[9PNO[Z 519.36 *VUZ[Y\J[PVU4H[LYPHS 3HIV\Y 799.24 (YJOP[LJ[-LLZ 20.39 6[OLY*VZ[ 666.75 0U[LYLZ[ 517.43 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 13.76 2,540.74 3LZZ!;YHUZMLYYLK[V,_WLUZLZ 0.73 3LZZ!;YHUZMLYYLK[V*HWP[HS>07 2.91 3LZZ!*SVZPUN:[VJR! -PUPZOLK.VVKZ 46.16 *VUZ[Y\J[PVU>VYRPUWYVNYLZZ 4,661.60 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 19.35 1,486.41

NOTE 23 EMPLOYEE BENEFITS EXPENSE :HSHYPLZ)VU\Z.YH[\P[` (SSV^HUJLZ 24.38 *VU[YPI\[PVU[V7YV]PKLU[ V[OLYM\UKZ 4.36 6[OLY,TWSV`LL)LULĉ[Z 2.55 ,_WLUZLVU,TWSV`LL:[VJR6W[PVU:JOLTL9LMLY5V[L 4.19 35.48

174 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(TV\U[`*YVYL For the Year Ended -VY[OL@LHY,UKLK 31.03.2015 NOTE 24 FINANCE COST 0U[LYLZ[,_WLUZL )HURZ-PUHUJPHS0UZ[P[\[PVU 243.20 6[OLYZ 219.17 0U[LYLZ[VU0UJVTL;H_ 1.38 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 10.88 ;V[HS0U[LYLZ[,_WLUZLZ 474.63

6[OLY)VYYV^PUNJVZ[ 58.36 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 0.03 Total Finance Cost 533.02

3LZZ!*HWP[HSPZLK[V7YVQLJ[Z 517.24 3LZZ!*HWP[HSPZLK[V*HWP[HS>07 1.87 3LZZ!:OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 9.18 NET FINANCE COST 4.73

NOTE 25 OTHER EXPENSES *VUZ\S[HUJ`*OHYNLZ 5.75 9LU[ 3.90 0UZ\YHUJL 0.61 9H[LZ ;H_LZ 0.04 3VZZVUZHSLVM-P_LK(ZZL[Z5L[ - (K]LY[PZLTLU[ 4HYRL[PUN,_WLUZL 11.81 +PTPU\[PVUPU]HS\LVMPU]LZ[TLU[Z^YP[[LUVMM 0.00 7YV]PZPVUMVY+V\I[M\S(K]HUJLZ^YP[[LUIHJR5L[9LMLY5V[LI J 5.89 6[OLY,_WLUZLZ9LMLY5V[L 35.95 :OHYLPU1VPU[S`*VU[YVSSLK,U[P[PLZ 0.01 63.96 (TV\U[SLZZ[OHU`

175 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Note 26 0UMVYTH[PVUVU:\IZPKPHYPLZ3PTP[LK3PHIPSP[`7HY[ULYZOPWZHUK1VPU[=LU[\YLZ! a) Information on subsidiaries: Sr. Name of the Company Country of Percentage of Holding No. Incorporation Current Year 7YL]PV\Z@LHY % .VKYLQ9LHS[`7YP]H[L3PTP[LK India 51% .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK India 100% /HWW`/PNOYPZLZ3PTP[LK India 51% .VKYLQ )\PSK^LSS 7YP]H[L 3PTP[LK \W [V 5V]LTILY India - Z\IZPKPHY`^LM5V]LTILY .VKYLQ)\PSKJVU7YP]H[L3PTP[LK India 100% .VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK India 100% .VKYLQ7YLTP\T)\PSKLYZ7YP]H[L3PTP[LK Z\IZPKPHY` India 100% ^LM+LJLTILY .VKYLQ.HYKLU*P[`7YVWLY[PLZ7YP]H[L3PTP[LK India 100% .VKYLQ3HUKTHYR9LKL]LSVWLYZ7YP]H[L3PTP[LK India 51% .VKYLQ9LKL]LSVWLYZ4\TIHP7YP]H[L3PTP[LK India 51% .VKYLQ.YLLU/VTLZ3PTP[LK India 100% >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK India -

Sr. Name of the LLP Country of Percentage of Holding* No. Incorporation Current Year 7YL]PV\Z@LHY % .VKYLQ=PROYVSP7YVWLY[PLZ337 India 60% 4VZPHJ3HUKTHYRZ337 India 51% +YLHT>VYSK3HUKTHYRZ337*VU[YVS[OYV\NO4HQVYP[` India 40% =V[PUN9PNO[Z 6_MVYK9LHS[`337*VU[YVS[OYV\NO4HQVYP[`=V[PUN9PNO[Z India 26.67% ::7+3.YLLU(JYLZ337*VU[YVS[OYV\NO4HQVYP[`=V[PUN India 44% 9PNO[Z 6HZPZ3HUKTHYRZ337^LM[O(\N\Z[*VU[YVS India 38% 5( [OYV\NO4HQVYP[`=V[PUN9PNO[Z 4 : 9HTHPHO =LU[\YLZ 337 ^LM [O (WYPS India 49.50% 5( *VU[YVS[OYV\NO4HQVYP[`=V[PUN9PNO[Z

176 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Sr. Name of the LLP Country of Percentage of Holding No. Incorporation Current Year 7YL]PV\Z@LHY % *HYVH 7YVWLY[PLZ 337 ^LM [O (WYPS *VU[YVS India 35% 5( [OYV\NO4HQVYP[`=V[PUN9PNO[Z .VKYLQ*VUZ[Y\J[PVU7YVQLJ[Z337^LMUK+LJLTILY India 100% 5( .VKYLQ /V\ZPUN 7YVQLJ[Z 337 ^LM UK +LJLTILY India 40% 5( *VU[YVS[OYV\NO4HQVYP[`=V[PUN9PNO[Z (TP[PZ+L]LSVWLYZ337^LM[O4HYJO*VU[YVS India 46% 5( [OYV\NO4HQVYP[`=V[PUN9PNO[Z 7LYJLU[HNLVMOVSKPUNPU337ëZPU[OLHIV]L[HISLKLUV[LZ[OLZOHYLVM7YVĉ[ZPU337ëZ C. Information on Joint Venture:

Sr. Name of the LLP Country of Percentage of Holding No. Incorporation Current Year 7YL]PV\Z@LHY % .VKYLQ)\PSKJVYW337\W[V6J[VILY India - .VKYLQ7YVWLY[`+L]LSVWLYZ337 India 32% >VUKLY:WHJL7YVWLY[PLZ7YP]H[L3PTP[LK India 25.1% >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK India 25.1% 5( ^LM1\UL 7LYJLU[HNLVMOVSKPUNPU337ZPU[OLHIV]L[HISLKLUV[LZ[OL:OHYL7YVĉ[ZPU337Z Note 27 Amalgamation of Godrej Buildwell Private Limited (GBWPL) with Godrej Projects Development Private Limited (GPDPL) 7\YZ\HU[[V[OL:JOLTLVM(THSNHTH[PVU[OL:JOLTL\UKLY:LJ[PVUZ [V VM[OL*VTWHUPLZ(J[ YLHK^P[O ZLJ[PVUVM[OL*VTWHUPLZ(J[HUK:LJ[PVUZ[VVM[OL*VTWHUPLZ(J[ ZHUJ[PVULKI`[OL/VUVYHISL/PNO *V\Y[VM1\KPJH[\YLH[)VTIH`VU(WYPS HUKĉSLK^P[O[OL9LNPZ[YHYVM*VTWHUPLZ9V*VU(WYPS .VKYLQ )\PSK^LSS7YP]H[L3PTP[LK.)>73H:\IZPKPHY`VM.VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK.7+73PZHTHSNHTH[LK^P[O .7+73^LM+LJLTILY[OL(WWVPU[LK+H[L (ZWLY[OLZHPK:JOLTL" P (SS[OLHZZL[ZHUKSPHIPSP[PLZHZHWWLHYPUNPU[OLIVVRZVM.)>73HZVU[OL(WWVPU[LK+H[LOH]LILLUYLJVYKLKPU[OL IVVRZVM.7+73H[[OLPYYLZWLJ[P]LMHPY]HS\LZHUKPU[LYJVTWHU`IHSHUJLZOH]LILLUJHUJLSSLK PP ;OL*VZ[HUKL_WLUZLZHYPZPUNV\[VMVYPUJ\YYLKPUJHYY`PUNV\[HUKPTWSLTLU[PUN[OLZJOLTLHTV\U[PUN` JYVYLOH]L ILLUKPYLJ[S`HKQ\Z[LKHNHPUZ[VWLUPUNIHSHUJLVM:\YWS\ZPU[OL:[H[LTLU[VM7YVĉ[HUK3VZZVM[OL;YHUZMLYLL*VTWHU` PPP ;OLHTV\U[VM`JYVYLHYPZPUNV\[VM[OLKPMMLYLUJLIL[^LLU[OLMHPY]HS\LVM[OLUL[HZZL[ZVM[OL;YHUZMLYVY *VTWHU`[HRLUV]LYHUKJHUJLSSH[PVUVMPU[LYJVTWHU`PU]LZ[TLU[ZIL[^LLU[OL;YHUZMLYVY*VTWHU`HUK[OL;YHUZMLYLL *VTWHU`OHZILLUHKQ\Z[LKPU[OLIHSHUJLPU.LULYHS9LZLY]LZHUKVWLUPUNIHSHUJLVM:\YWS\ZPU[OL:[H[LTLU[VM7YVĉ[ HUK3VZZHZ\UKLY! Particulars Amount in ` Crore +PMMLYLUJLHYPZPUNW\YZ\HU[[V:JOLTLVM(THSNHTH[PVU 137.05 *VZ[HUK,_WLUZLZVM(THSNHTH[PVU 0.38 Total 137.43 3LZZ!(KQ\Z[TLU[PUIHSHUJLPU.LULYHS9LZLY]L 9.80 3LZZ!(KQ\Z[TLU[PU:\YWS\ZPU:[H[LTLU[VM7YVĉ[HUK3VZZ 127.63 Balance NIL

177 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

P] 0UHJJVYKHUJL^P[O[OL:JOLTLHUHTV\U[VM`JYVYLVUHJJV\U[VM.VVK^PSSVUHTHSNHTH[PVUOHZILLUHKQ\Z[LK MYVT[OLIHSHUJLPU.LULYHS9LZLY]LZHUK:\YWS\ZPU:[H[LTLU[VM7YVĉ[HUK3VZZPUZ[LHKVMHTVY[PZPUN[OLZHTLPU[OL :[H[LTLU[VM7YVĉ[ 3VZZV]LYHWLYPVKVMĉ]L`LHYZ;OLJVZ[HUKL_WLUZLZPUJ\YYLKPUJHYY`PUNV\[HUKPTWSLTLU[PUN the scheme amounting to ` JYVYLOH]LILLUKPYLJ[S`HKQ\Z[LKMYVT[OLIHSHUJLPU:\YWS\ZPU:[H[LTLU[VM7YVĉ[HUK 3VZZ/HK[OPZHTV\U[ILLUJOHYNLK[V[OL:[H[LTLU[VM7YVĉ[ 3VZZ[OLWYVĉ[MVY[OL`LHY^V\SKOH]LILLUSV^LYI` ` JYVYL[OL.VVK^PSS^V\SKOH]LILLUOPNOLYI`` JYVYLUL[^YP[[LUKVÛ]HS\L[OLIHSHUJLPU.LULYHS 9LZLY]LZ^V\SKOH]LILLUOPNOLYI`` JYVYLHUK:\YWS\ZPU[OL:[H[LTLU[VM7YVĉ[HUK3VZZ^V\SKOH]LILLUOPNOLY I`` JYVYL ] 0UHJJVYKHUJL^P[O[OL:JOLTL YLKLLTHISLUVUJ\T\SH[P]LWYLMLYLUJLZOHYLZVMMHJL]HS\LVM`VM[OL ;YHUZMLYLL*VTWHUÒHZILLUPZZ\LKPUSPL\VM *SHZZ(HUK*SHZZ+LX\P[`ZOHYLZVMMHJL]HS\LVM` LHJOVM;YHUZMLYVY*VTWHUÒLSKI`TLTILYZV[OLY[OHU;YHUZMLYLL*VTWHU` (JJVYKPUNS`[OLJVUZVSPKH[LKYLZ\S[ZVM[OL*VTWHU`MVY[OL`LHYLUKLK4HYJOPUJS\KL[OLLMMLJ[ZVM[OLHIV]L YLMLYYLKHTHSNHTH[PVUHUKOLUJLHYLUV[JVTWHYHISL^P[OWYL]PV\Z`LHYYLZ\S[Z Note 28 a) Contingent Liabilities:

Matters Current Year 7YL]PV\Z@LHY ` Crore ` *YVYL 0 *SHPTZUV[(JRUV^SLKNLKHZKLI[Z! P *SHPTZUV[HJRUV^SLKNLKHZKLI[ZYLWYLZLU[JHZLZĉSLKI` 9.69 WHY[PLZ PU [OL *VUZ\TLY MVY\T *P]PS *V\Y[ HUK /PNO *V\Y[ HUKKPZW\[LKHZHK]PZLKI`V\YHK]VJH[LZ0U[OLVWPUPVUVM [OLTHUHNLTLU[[OLJSHPTZHYLUV[Z\Z[HPUHISL PP *SHPTZ\UKLY[OL3HIV\Y3H^ZMVYKPZW\[LKJHZLZ 0.20 PPP *SHPTZ\UKLY)VTIH`:[HTW(J[ 1.49 P] 6[OLY*SHPTZUV[HJRUV^SLKNLKHZKLI[Z 1.12 ] *SHPTZ \UKLY 0UJVTL ;H_ (J[ (WWLHS WYLMLYYLK [V +LW\[` 19.69 *VTTPZZPVULY*VTTPZZPVULYVM0UJVTL;H_(WWLHSZ ]P *SHPTZ \UKLY 0UJVTL ;H_ (J[ JHZL ĉSLK I` 0UJVTL ;H_ 0.96 6MĉJLY4\TIHPPU)VTIH`/PNO*V\Y[ ]PP *SHPTZ \UKLY 4=(; (WWLHS WYLMLYYLK [V ;OL +LW\[` 0.62 *VTTPZZPVULYVM:HSLZ;H_LZ(WWLHSZ0=4\TIHP ]PPP *SHPTZ\UKLY/=(;*P]PS>YP[7L[P[PVUWYLMLYYLKPU[OL/PNO 1.78 *V\Y[MVY;OL:[H[LZVM7\UQHIHUK/HY`HUHH[*OHUKPNHYO P_ (WWLHS WYLMLYYLK [V *\Z[VTZ ,_JPZL HUK :LY]PJL ;H_ 35.99 (WWLSSH[L[YPI\UHSH[)LUNHS\Y\ II) Guarantees; P .\HYHU[LLZNP]LUI`)HURJV\U[LYN\HYHU[LLKI`[OL.YV\W 78.55 III) Other Money for which Group is contingently liable: P 3L[[LYVMJYLKP[VWLULKI`)HUR 3.27

178 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS b) Commitments

Particulars Current Year 7YL]PV\Z@LHY ` Crore ` *YVYL 0

(TV\U[SLZZ[OHU`

Note 29 H ;OL9PNO[0ZZ\LWYVJLLKZOH]LILLU\[PSPaLKHZWLYVIQLJ[ZVM[OLPZZ\LHZZ[H[LKPU[OLSL[[LYVMVMMLYHZ\UKLY!

Particulars Amount ` Crore (TV\U[9LJLP]LKMYVT9PNO[Z0ZZ\L 699.99 <[PSPaH[PVUVM-\UKZ\W[V[OLYLWVY[PUNKH[L! 9LWH`TLU[VM3VHUZ 415.98 0ZZ\L,_WLUZLZ 9.01 )HSHUJL\U\[PSPaLKHTV\U[[LTWVYHYPS`PU]LZ[LKPU! 4\[\HS-\UKZ 275.00 TOTAL 699.99 (Z VU Z[ 4HYJO \U\[PSPaLK M\UKZ OH]L ILLU [LTWVYHYPS` PU]LZ[LK PU KLI[ IHZLK T\[\HS M\UK ZJOLTLZ HZ TLU[PVULKPU[OLSL[[LYVMVMMLYVM[OL*VTWHU` Note 30 H 6\[Z[HUKPUN:LJ\YLK+LILU[\YLZ[V/+-*=LU[\YLZ;Y\Z[LL*VTWHU`3PTP[LK!

Sr. Particulars Issuer Deemed Date Units Amount ` No. of Allotment Crore :LJ\YLK9LKLLTHISL .VKYLQ9LHS[` [O4HYJO 6W[PVUHSS`*VU]LY[PISL+LILU[\YLZ 7YP]H[LSPTP[LK [O4HYJO Total 2,871,876 2.87 ;OLZ\IZPKPHY`JVTWHU`í[OL0ZZ\LYJVTWHU`îOHKPZZ\LKKLILU[\YLZ[V/+-*=LU[\YLZ;Y\Z[LL*VTWHU`3PTP[LK ^OPJO HYL YLKLLTHISL VU (WYPS HUK HYL ZLJ\YLK [V [OL L_[LU[ VM ZWLJPĉJ PTTV]HISL HZZL[Z VM [OL .YV\W KPZJSVZLK\UKLY[OLOLHKí-P_LK(ZZL[ZîHTV\U[PUN[V`JYVYL -\Y[OLY[OL0ZZ\LY*VTWHU`OHZJYLH[LKH+LILU[\YL9LKLTW[PVU9LZLY]LHZYLX\PYLK\UKLY9\SL VM[OL*VTWHUPLZ :OHYL*HWP[HSHUK+LILU[\YLZ9\SLZ[V[OLL_[LU[VMWYVĉ[H]HPSHISLMVYKPZ[YPI\[PVU

179 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS b) Outstanding Secured Debentures to ASK Property Investment Advisor & Group

Sr. Particulars Issuer Date of Allotment Units Amount ` No. Crore :LJ\YLK*\T\SH[P]L .VKYLQ3HUKTHYR Z[(WYPS 6W[PVUHSS`*VU]LY[PISL*SHZZ) 9LKL]LSVWLYZ [O(WYPS +LILU[\YLZ 7YP]H[L3PTP[LK [O4H` [O5V]LTILY Z[4HYJO [O4H` [O:LW[LTILY Z[6J[VILY [O+LJLTILY TOTAL 7,624,900 76.25 ;OLKLILU[\YLZHYLYLKLLTHISLVU[OLIHZPZVM9LTHPUKLY(TV\U[ZHZKLĉULKPU:OHYL7\YJOHZL:\IZJYPW[PVUHUK :OHYLOVSKLYZ(NYLLTLU[KH[LKZ[4HYJO;OLPU[LYLZ[PZHJJY\LKVUHUU\HSIHZPZ c) Outstanding Compulsorily Convertible Debentures to Heritage Investments

Sr. Particulars Issuer Date of Allotment Units Amount ` No. Crore P *VTW\SZVYPS`*VU]LY[PISL .VKYLQ [O1\UL +LILU[\YLZ 9LKL]LSVWLYZ Z[6J[VILY 4\TIHP7YP]H[L [O4H` 3PTP[LK TOTAL 20,150 2.01 ;OL*VTW\SZVY`*VU]LY[PISL+LILU[\YLZ^PSSILJVU]LY[LKPU[VLX\P[`ZOHYLZPU[OL`LHY IHZLKVU[OL-HPY=HS\L d) Outstanding Compulsorily Convertible Debentures to Shubh Properties Coöperatief U.A.

Sr. Particulars Issuer Date of Allotment Units Amount (`) No. Crore P *VTW\SZVYPS`*VU]LY[PISL .VKYLQ [O1\UL +LILU[\YLZ 9LKL]LSVWLYZ Z[6J[VILY 4\TIHP7YP]H[L [O4H` 3PTP[LK TOTAL 566,911 56.69 ;OL*VTW\SZVY`*VU]LY[PISL+LILU[\YLZ^PSSILJVU]LY[LKPU[VLX\P[`ZOHYLZPU[OL`LHY IHZLKVU[OL-HPY=HS\L Note 31 Dues to Micro and Small Enterprise +PZJSVZ\YLVM[YHKLWH`HISLZHUKV[OLYSPHIPSP[PLZPZIHZLKVU[OLPUMVYTH[PVUH]HPSHISL^P[O[OL.YV\WYLNHYKPUN[OLZ[H[\ZVM [OLZ\WWSPLYZHZKLĉULK\UKLY[OLí4PJYV:THSS 4LKP\T,U[LYWYPZLZ+L]LSVWTLU[(J[î;OLYLPZUVHTV\U[V]LYK\L HZVUZ[4HYJO[V4PJYV :THSS,U[LYWYPZLZVUHJJV\U[VMWYPUJPWHSHTV\U[[VNL[OLY^P[OPU[LYLZ[HUKHSZVK\YPUN[OL WYL]PV\Z`LHY

180 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Note 32 ,TWSV`LL:[VJR6W[PVU7SHU! H +\YPUN[OLĉUHUJPHS`LHYLUKLKZ[4HYJO [OL*VTWHU`PUZ[P[\[LKHU,TWSV`LL:[VJR6W[PVU7SHU.73,:67 HWWYV]LKI`[OL)VHYKVM+PYLJ[VYZ:OHYLOVSKLYZHUK[OL9LT\ULYH[PVU*VTTP[[LL^OPJOWYV]PKLKHSSV[TLU[VM VW[PVUZJVU]LY[PISLPU[V ,X\P[`:OHYLZVM`LHJO[VLSPNPISLLTWSV`LLZVM.VKYLQ7YVWLY[PLZ3PTP[LKHUKP[Z :\IZPKPHY`*VTWHUPLZ[OL7HY[PJPWH[PUN*VTWHUPLZ^P[OLMMLJ[MYVT [O+LJLTILY ;OL:JOLTLPZHKTPUPZ[LYLKI`HU0UKLWLUKLU[,:67;Y\Z[^OPJOOHZW\YJOHZLKZOHYLZMYVT.VKYLQ0UK\Z[YPLZ3PTP[LK ;OL /VSKPUN *VTWHU` LX\P]HSLU[ [V [OL U\TILY VM VW[PVUZ NYHU[LK [V [OL LSPNPISL LTWSV`LLZ VM [OL 7HY[PJPWH[PUN *VTWHUPLZ

Particulars No. of Options Weighted Average As on March (ZVU4HYJO Exercise Price 31, 2015 6W[PVUZ6\[Z[HUKPUNH[[OLILNPUUPUNVM[OL`LHY 515,400 ` WS\ZPU[LYLZ[[PSS4HYJO 6W[PVUZNYHU[LK - 6W[PVUZL_LYJPZLK - 3LZZ!-VYMLP[LK3HWZLK0KSL(]HPSHISLMVY 158,000 9LPZZ\L 6W[PVUZ6\[Z[HUKPUNH[[OL`LHYLUK 357,400 ` WS\ZPU[LYLZ[[PSS4HYJO (SS[OL6W[PVU6\[Z[HUKPUNHZVU4HYJOHYL]LZ[LK ;OLLTWSV`LLZOHYLIHZLKWH`TLU[WSHUZOH]LILLUHJJV\U[LKIHZLKVU[OLPU[YPUZPJ]HS\LTL[OVKHUKUVJVTWLUZH[PVU L_WLUZLOHZILLUYLJVNUPaLKZPUJL[OLWYPJLVM[OL\UKLYS`PUNLX\P[`ZOHYLZVU[OLNYHU[KH[LPZZHTLSLZZ[OHUL_LYJPZL WYPJLVM[OLVW[PVU[OLPU[YPUZPJ]HS\LVMVW[PVU[OLYLMVYLILPUNKL[LYTPULKHZ5PS I ;OL:LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH:,)0K\YPUN[OL`LHYLUKLK4HYJOOHZPZZ\LK[OL:,)0:OHYL )HZLK,TWSV`LL)LULĉ[Z9LN\SH[PVU[OL9LN\SH[PVUÔPJOYLX\PYLZ[OLHJJV\U[PUN[YLH[TLU[MVYLTWSV`LLZOHYL IHZLKWH`TLU[Z[VILIHZLKVU[OL.\PKHUJL5V[LVU(JJV\U[PUNMVY,TWSV`LL:OHYL)HZLK7H`TLU[ZPZZ\LKI`[OL 0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPH[OL.\PKHUJL5V[L(JJVYKPUNSÌHZLKVU[OLYLX\PYLTLU[ZVM[OL.\PKHUJL 5V[L[OL*VTWHUÒHZUV[JVUZPKLYLK[OL,:67;Y\Z[MVYPUJS\ZPVUPU[OLZ[HUKHSVULĉUHUJPHSZ[H[LTLU[ZMVY[OL`LHY LUKLKZ[4HYJO*VUZLX\LU[S`[OLZLĉUHUJPHSZ[H[LTLU[ZKVUV[PUJS\KL[OLHZZL[ZHUKSPHIPSP[PLZVM[OL,:67 [Y\Z[HUK[V[OH[L_[LU[[OLWYL]PV\Z`LHYĉN\YLZHYLUV[JVTWHYHISL J ;OL*VTWHUÒHZWYV]PKLKSVHUVM`JYVYL[V.73,:67;Y\Z[ÔPJOOHZW\YJOHZLKZOHYLZVM.73MYVT.VKYLQ 0UK\Z[YPLZ3PTP[LKLX\P]HSLU[[V[OLU\TILYVMZ[VJRVW[PVUZNYHU[LKMYVT[PTL[V[PTL[VLSPNPISLLTWSV`LLZ;OL4HYRL[ =HS\LHZVU4HYJOVM[OLZOHYLZOLSKI`[OL,:67[Y\Z[PZSV^LY[OHU[OLOVSKPUNJVZ[VM[OLZLZOHYLZI`` JYVYL5L[VM7YV]PZPVUVM` JYVYL;OLYLWH`TLU[VM[OLSVHUZNYHU[LKI`[OL*VTWHU`[V,:67;Y\Z[PZKLWLUKLU[ VU[OLL_LYJPZLVM[OLVW[PVUZI`[OLLTWSV`LLZHUK[OLTHYRL[WYPJLVM[OL\UKLYS`PUNZOHYLZVM[OL\UL_LYJPZLKVW[PVUZ H[[OLLUKVM[OLL_LYJPZLWLYPVK;OLMHSSPU]HS\LVM[OL\UKLYS`PUNLX\P[`ZOHYLZPZVUHJJV\U[VMTHYRL[]VSH[PSP[`HUK[OL SVZZPMHU`JHUILKL[LYTPULKVUS`H[[OLLUKVM[OLL_LYJPZLWLYPVK K ;OL*VTWHUÒHZWYV]PKLKSVHUVM`JYVYL7YL]PV\Z@LHY` JYVYL[V.VKYLQ0UK\Z[YPLZ3PTP[LK,TWSV`LL:[VJR 6W[PVU:JOLTL.03,:67;Y\Z[ÔPJOW\YJOHZLZZOHYLZVM.03MYVT[OLTHYRL[LX\P]HSLU[[V[OLU\TILYVMZ[VJR VW[PVUZNYHU[LKMYVT[PTL[V[PTL[VLSPNPISLLTWSV`LLZ;OLYLWH`TLU[VM[OLSVHUZNYHU[LKI`[OL*VTWHU`[V,:67 [Y\Z[PZKLWLUKLU[VU[OLL_LYJPZLVM[OLVW[PVUZI`[OLLTWSV`LLZHUK[OLTHYRL[WYPJLVM[OL\UKLYS`PUNZOHYLZVM[OL \UL_LYJPZLKVW[PVUZH[[OLLUKVM[OLL_LYJPZLWLYPVK

181 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Note 33 ,TWSV`LL:[VJR.YHU[:JOLTL H +\YPUN[OLWLYPVK(WYPS[V4HYJO[OL*VTWHU`PUZ[P[\[LKHU,TWSV`LL:[VJR.YHU[:JOLTL.73 ,:.:HWWYV]LKI`[OL)VHYKVM+PYLJ[VYZZOHYLOVSKLYZHUK[OL9LT\ULYH[PVU*VTTP[[LL^OPJOWYV]PKLKHSSV[TLU[VM VW[PVUZJVU]LY[PISLPU[V ,X\P[`:OHYLZVM`LHJO[VLSPNPISLLTWSV`LLZVM.VKYLQ7YVWLY[PLZ3PTP[LK P[Z/VSKPUNHUKP[Z:\IZPKPHY`*VTWHUPLZ[OL7HY[PJPWH[PUN*VTWHUPLZ6\[VM[OLZL VW[PVUZ^P[OLMMLJ[MYVT[O 4H`VW[PVUZ^LMZ[6J[VILYVW[PVUZ^LMZ[1\ULVW[PVUZ^LMZ[1\UL VW[PVUZ^LMZ[(\N\Z[ VW[PVUZ^LMZ[5V]LTILYVW[PVUZ^LMZ[-LIY\HY` VW[PVUZ^LMZ[1\ULHUKVW[PVUZ^LMZ[1\UL VW[PVUZ^LMZ[1\UL HUKVW[PVUZ^LMZ[1\ULVW[PVUZ^LMZ[5V]LTILY6\[VM[OL[V[HS Z[VJR NYHU[ZZ[VJRNYHU[ZOH]LSHWZLKVUHJJV\U[VMLTWSV`LLZSLH]PUN[OLZLY]PJLVM[OLJVTWHU`ILMVYL[OL]LZ[PUN KH[L Z[VJRNYHU[ZOHZILLU]LZ[LKHUKVW[PVUZOH]LILLUL_LYJPZLKOLUJL Z[VJRNYHU[ZHYL V\[Z[HUKPUNHZH[4HYJO Particulars No. of Options Exercise Price (`) As on March (ZVU4HYJO 31, 2015 6W[PVUZ6\[Z[HUKPUNH[[OLILNPUUPUNVM[OL`LHY 223,358 6W[PVUZNYHU[LK 224,790 6W[PVUZL_LYJPZLK 123,758 3LZZ!6W[PVUSHWZLK 26,010 6W[PVUZ6\[Z[HUKPUNH[[OL`LHYLUK 298,380 +PS\[LK,HYUPUNZWLY:OHYL,7:W\YZ\HU[[VPZZ\LVMZOHYLZVUL_LYJPZLVMV\[Z[HUKPUNVW[PVUPZ` WLYZOHYLHZVU 4HYJO I ,TWSV`LLJVTWLUZH[PVUJVZ[\ZPUN[OLPU[YPUZPJ]HS\LTL[OVKYLJVNUPaLKI`[OLJVTWHU`PU[OL:[H[LTLU[VM7YVĉ[ 3VZZK\YPUN[OL`LHYLUKLKVU4HYJOPZ` JYVYL J ;OL-HPY=HS\LVM[OLZOHYLVW[PVUZOHZILLUKL[LYTPULK\ZPUN[OL)SHJRè:JOVSLZ6W[PVU7YPJPUN4VKLS/HK[OLMHPY]HS\L TL[OVKVMHJJV\U[PUNILLU\ZLK[OLLHYUPUNZWLYZOHYL^V\SKOH]LILLUHZWLY[OLWYVMVYTHHTV\U[ZPUKPJH[LKILSV^ Amount ` Crore Particulars Current Year 7YL]PV\Z@LHY 5L[7YVĉ[HZYLWVY[LK 190.91 (KK!:[VJRIHZLKJVTWLUZH[PVUL_WLUZLKL[LYTPULK\UKLY0U[YPUZPJ 4.19 =HS\LTL[OVKYLJVNUPaLKPU:[H[LTLU[VM7YVĉ[ 3VZZ 3LZZ!:[VJRIHZLKJVTWLUZH[PVUL_WLUZLKL[LYTPULK\UKLYMHPY]HS\L 4.30 IHZLKTL[OVK7YV-VYTH 5L[7YVĉ[7YV-VYTH 190.79 Amount ` Crore Particulars Current Year 7YL]PV\Z@LHY )HZPJ,HYUPUNZWLYZOHYLHZYLWVY[LK 9.58 +PS\[LK,HYUPUNZWLYZOHYLHZYLWVY[LK 9.57 )HZPJ,HYUPUNZWLYZOHYL7YV-VYTH 9.57 +PS\[LK,HYUPUNZWLYZOHYL7YV-VYTH 9.56

182 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15

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Note 34 Leases: H ;OL.YV\WëZZPNUPĉJHU[SLHZPUNHYYHUNLTLU[ZHYLPUYLZWLJ[VMVWLYH[PUNSLHZLZMVY*VTTLYJPHSWYLTPZLZ3LHZLPUJVTL MYVTVWLYH[PUNSLHZLZPZYLJVNUPaLKVUHZ[YHPNO[SPULIHZPZV]LY[OLWLYPVKVMSLHZL;OLWHY[PJ\SHYZVM[OLWYLTPZLZNP]LU \UKLYVWLYH[PUNSLHZLZHYLHZ\UKLY! Amount ` Crore Particulars Current Year 7YL]PV\Z@LHY -\[\YLTPUPT\TSLHZLYLJLPW[Z\UKLYUVUJHUJLSSHISLVWLYH[PUNSLHZLZ ² 5V[SH[LY[OHU`LHY 2.45 ² 3H[LY[OHU`LHYHUKUV[SH[LY[OHU`LHYZ 6.24 ² 3H[LY[OHU`LHYZ 47.68

I ;OL.YV\WëZZPNUPĉJHU[SLHZPUNHYYHUNLTLU[ZHYLPUYLZWLJ[VMVWLYH[PUNSLHZLZMVY*VTTLYJPHS9LZPKLU[PHSWYLTPZLZ 3LHZLL_WLUKP[\YLMVYVWLYH[PUNSLHZLZPZYLJVNUPaLKVUHZ[YHPNO[SPULIHZPZV]LY[OLWLYPVKVMSLHZL;OLZL3LHZPUN HYYHUNLTLU[ZHYLJHUJLSSHISLHUKHYLYLUL^HISLVUHWLYPVKPJIHZPZI`T\[\HSJVUZLU[VUT\[\HSS`HJJLW[LK[LYTZ;OL WHY[PJ\SHYZVM[OLWYLTPZLZ[HRLUVUVWLYH[PUNSLHZLZHYLHZ\UKLY! Amount ` Crore Particulars Current Year 7YL]PV\Z@LHY -\[\YLTPUPT\TSLHZLWH`TLU[Z\UKLYVWLYH[PUNSLHZLZ ² 5V[SH[LY[OHU`LHY 4.37 ² 3H[LY[OHU`LHYHUKUV[SH[LY[OHU`LHYZ 4.26 ² 3H[LY[OHU`LHYZ 1.07

Note 35 ,TWSV`LL)LULĉ[Z! a. +LĉULK*VU[YPI\[PVU7SHUZ! *VU[YPI\[PVU[V+LĉULK*VU[YPI\[PVU7SHUYLJVNUPaLKHZL_WLUZLMVY[OL`LHYHYLHZ\UKLY! Amount ` Crore Particulars Current Year 7YL]PV\Z@LHY ,TWSV`LYZ*VU[YPI\[PVU[V7YV]PKLU[-\UK 4.36 ,TWSV`LYZ*VU[YPI\[PVU[V,:0* 0.00 (TV\U[SLZZ[OHU`

I +LĉULK)LULĉ[7SHUZ! Contribution to Gratuity Fund .YH[\P[` PZ WH`HISL [V HSS LSPNPISL LTWSV`LLZ VU KLH[O VY VU ZLWHYH[PVU[LYTPUH[PVU PU [LYTZ VM [OL WYV]PZPVUZ VM [OL 7H`TLU[VM.YH[\P[`(J[VYHZWLY[OL.YV\WëZWVSPJ`^OPJOL]LYPZILULĉJPHS[V[OLLTWSV`LLZ ;OLMVSSV^PUN[HISLZL[ZV\[[OLM\UKLKZ[H[\ZVM[OLNYH[\P[`WSHUHUK[OLHTV\U[ZYLJVNUPaLKPU[OL.YV\WëZĉUHUJPHS Z[H[LTLU[ZHZH[Z[4HYJO

183 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

;OLLZ[PTH[LZVMM\[\YLZHSHY`PUJYLHZLZJVUZPKLYLKPUHJ[\HYPHS]HS\H[PVU[HRLPU[VHJJV\U[PUĊH[PVUZLUPVYP[`WYVTV[PVU HUKV[OLYYLSL]HU[MHJ[VYZZ\JOHZZ\WWS`HUKKLTHUKPU[OLLTWSV`TLU[THYRL[ Amount ` Crore Particulars Current Year 7YL]PV\Z@LHY Change in present value of obligation 7YLZLU[]HS\LVMVISPNH[PVUHZH[ILNPUUPUNVM[OL`LHY 2.43 0U[LYLZ[*VZ[ 0.23 :LY]PJL*VZ[ 0.51 )LULĉ[Z7HPK (0.43) ,MMLJ[VM3PHIPSP[`;YHUZMLYPU - ,MMLJ[VM3PHIPSP[`;YHUZMLYV\[ (0.60) (J[\HYPHSNHPUSVZZVUVISPNH[PVU 2.45 7YLZLU[]HS\LVMVISPNH[PVUHZH[LUKVM[OL`LHY 4.59

Particulars Current Year 7YL]PV\Z@LHY Amount recognized in the Balance Sheet 7YLZLU[]HS\LVMVISPNH[PVUHZH[LUKVM[OL`LHY 4.59 -HPY]HS\LVMWSHUHZZL[ZHZH[LUKVM[OL`LHY - 5L[VISPNH[PVUHZH[LUKVM[OL`LHY 4.59* Net gratuity cost for the year ended *\YYLU[:LY]PJL*VZ[ 0.51 0U[LYLZ[*VZ[ 0.23 ,_WLJ[LKYL[\YUVUWSHUHZZL[Z - 7HZ[:LY]PJL*VZ[=LZ[LK)LULĉ[ - 5L[(J[\HYPHSNHPUSVZZ[VILYLJVNUPaLK 2.45 5L[NYH[\P[`JVZ[ 3.19 Assumptions used in accounting for 2014-15 2013-14 2012-13 2011-12 2010-11 the gratuity plan for 5 Years +PZJV\U[9H[L :HSHY`LZJHSH[PVUYH[L ([[YP[PVU9H[L ,_WLYPLUJL(KQ\Z[TLU[6U7SHU3PHIPSP[` (TV\U[`*YVYL ,_JS\KPUN`JYVYLHJJY\LKI\[UV[WHPKHZVU4HYJO

184 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Note 36 Segment Information: (Z[OL.YV\WOHZVUS`VULI\ZPULZZZLNTLU[KPZJSVZ\YL\UKLY(JJV\U[PUN:[HUKHYKVUí:LNTLU[9LWVY[PUNîPZZ\LKI` [OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPHPZUV[HWWSPJHISL Note 37 Related Party Disclosures: Related party disclosures as required by AS – 18, “ Related Party Disclosures”, are given below: P Shareholders (Holding Company) .VKYLQ0UK\Z[YPLZ3PTP[LK.03OVSKZ 7YL]PV\Z@LHYè ZOHYLZPU[OL*VTWHU`.03PZ[OLZ\IZPKPHY`VM .VKYLQ )V`JL4MN*V3PTP[LK[OLHKHSH*VTTVKP[PLZ3PTP[LK4LYNLK^P[O.03^LM5V]LTILY .VKYLQ(TLYPJHZ0UJHÔVSS`VÛLKZ\IZPKPHY`PUJVYWVYH[LKPU[OL<:(^LMZ[(WYPS -PYZ[9VJR0UMYHZ[Y\J[\YLZ7][3[KHÔVSS`VÛLKZ\IZPKPHY`^LMZ[4HYJO 4PYHJSL;V\JO+L]LSVWLYZ7][3[KHÔVSS`VÛLKZ\IZPKPHY`^LMZ[4HYJO ,HZ[=PL^,Z[H[LZ7][3[KHÔVSS`VÛLKZ\IZPKPHY`^LMZ[4HYJO A. Subsidiaries of Godrej Industries Ltd.: .VKYLQ(NYV]L[3[K.(=3 ,UZLTISL/VSKPUNZ -PUHUJL3[K .VKYLQ0U[LYUH[PVUHS3[KPUJVYWVYH[LKPU[OL0ZSLVM4HU 5H[\YLZ)HZRL[3[K .VKYLQ0U[LYUH[PVUHS;YHKPUN 0U]LZ[TLU[Z7[L3[K0UJVYWVYH[LKPU:PUNHWVYL .VKYLQ0U[LYUH[PVUHS3[KHZ\IZPKPHY`PUJVYWVYH[LKPU3HI\HU4HSH`ZPHVU[O-LIY\HY` B. Subsidiaries of GAVL: .VSKLU-LLK7YVK\J[Z3[KTLYNLK^P[O.(=3^LM [O4H` .VKYLQ:LLKZ .LUL[PJZ3PTP[LK .VKYLQ(NYVJOLT3[KHZ\IZPKPHY`VM.(=3PUJVYWVYH[LKVUUK1HU\HY` C. Subsidiaries of Godrej Infotech Ltd: .VKYLQ0UMV[LJO(TLYPJHZ0UJHÔVSS`VÛLKZ\IZPKPHY`PUJVYWVYH[LKPU5VY[O*HYVSPUH<:(VU [O -LIY\HY` .VKYLQ0UMV[LJO:PUNHWVYL7[L3[KHÔVSS`VÛLKZ\IZPKPHY`PUJVYWVYH[LKPU:PUNHWVYLVU[O4H` 3=+.VKYLQ0UMV[LJO5=PUJVYWVYH[LKPU)LSNP\TVU [O+LJLTILY HUKHZ\IZPKPHY`^LMUK 6J[VILY D. Subsidiary of Godrej (Malaysia) Sdn. Bhd.: . ),U[LYWYPZLZ4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\Z*LHZLK[VILHÔVSS`VÛLKZ\IZPKPHY`VM .VKYLQ4HSH`ZPH:KU)OK>LM1\S` E. Subsidiaries of Godrej (Singapore) Pvt. Ltd.: 1;+YHNVU7[L3[K0UJVYWVYH[LKPU:PUNHWVYL .VKYLQ=PL[UHT*V3[K0UJVYWVYH[LKPU=PL[UHT(ÔVSS`VÛLKZ\IZPKPHY`VM1;+YHNVU7[L3[K

185 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

F. Subsidiaries of Veromatic International BV: =LYVTH[PJ:LY]PJLZ)=PUJVYWVYH[LKPU5L[OLYSHUKZ 7YV^HTH;YHKPUN)=PUJVYWVYH[LKPU[OL5L[OLYSHUKZMVYTLYS`>H[LY>VUKLY)LULS\_)=\W[V Z[5V] G. Other Subsidiaries (where the Group Company owns directly and/or indirectly through one or more subsidiaries, more than one half of the equity share capital) .VKYLQ*VUZ\TLY7YVK\J[Z3[K.*73 H. Subsidiaries and Sub-subsidiaries of GCPL: .VKYLQ:V\[O(MYPJH7YVWYPL[HY`3[KPUJVYWVYH[LKPU:V\[O(MYPJHMVYTLYS`9HWPKVS7[`3[K .VKYLQ5L[OLYSHUKZ)=PUJVYWVYH[LKPU5L[OLYSHUKZ .VKYLQ.SVIHS4PK,HZ[-A,PUJVYWVYH[LKPU:OHYQHO<(, .VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3[K .VKYLQ*VUZ\TLY7YVK\J[Z/VSKPUN4H\YP[P\Z3[KPUJVYWVYH[LKPU4H\YP[P\Z .VKYLQ/V\ZLOVSK7YVK\J[Z3HURH7][3[KPUJVYWVYH[LKPU:YP3HURH .VKYLQ/V\ZLOVSK7YVK\J[Z)HUNSHKLZO7][3[KPUJVYWVYH[LKPU)HUNSHKLZO .VKYLQ*VUZ\TLY7YVK\J[Z)HUNSHKLZO3[KPUJVYWVYH[LKPU)HUNSHKLZO .VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\Z .VKYLQ>LH]L/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3[K .VKYLQ*VUZ\TLY7YVK\J[Z<23[KHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[ZOVSKPUN<23[K .VKYLQ*VUZ\TLY7YVK\J[/VSKPUNZ<23[KPUJVYWVYH[LKPU[OL

186 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

3HIVYH[VYPH*\LUJH:(PUJVYWVYH[LKPU(YNLU[PUHHZ\IZPKPHY`VM.VKYLQ5L[OLYSHUKZ(YNLU[PUH)= 0ZZ\L.YV\WLZ[(MYPJH/VSKPUNZ3PTP[LK 3VYUH5PNLYPH3[KPUJVYWVYH[LKPU5PNLYPHHZ\IZPKPHY`VM>LH]L)\ZPULZZ/VSKPUNZ4H\YP[P\Z7][3[K >LH]L07/VSKPUN4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ>LZ[(MYPJH /VSKPUNZ3PTP[LK +./4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ>LH]L/VSKPUNZ3[K >LH]L)\ZPULZZ/VSKPUNZ4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM+./4H\YP[P\Z7][3[K >LH]L;YHKPUN4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ>LH]L/VSKPUNZ3[K /HPY;YHKPUNVMMZOVYL:(3PUJVYWVYH[LKPU3LIHUVUHZ\IZPKPHY`VM>LH]L;YHKPUN4H\YP[P\Z7][3[K >LH]L4VaHTIPX\L3PTP[HKHPUJVYWVYH[LKPU4VaHTIPX\LHZ\IZPKPHY`VM.VKYLQ>LZ[(MYPJH/VSKPUNZ 3PTP[LK .VKYLQ*VUZ\TLY0U]LZ[TLU[Z*OPSL:WHPUJVYWVYH[LKPU*OPSLHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z /VSKPUNZ<23[K .VKYLQ/VSKPUNZ*OPSL3PTP[HKHPUJVYWVYH[LKPU*OPSLHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY0U]LZ[TLU[Z *OPSL:WH *VZTL[PJH5HJPVUHSPUJVYWVYH[LKPU*OPSLHZ\IZPKPHY`VM.VKYLQ/VSKPUNZ*OPSL3PTP[HKH 7SHZ[PJVZ5HJPVUHSPUJVYWVYH[LKPU*OPSLHZ\IZPKPHY`VM*VZTL[PJH5HJPVUHS .VKYLQ,HZ[(MYPJH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z3[K :[`SL0UK\Z[YPLZ3[KPUJVYWVYH[LKPU2LU`HHZ\IZPKPHY`VM+./7OHZL;^V4H\YP[P\Z7][3[K +./7OHZL;^V4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`.VKYLQ,HZ[(MYPJH/VSKPUNZ 3PTP[LK .VKYLQ;HUaHUPH/VSKPUNZ3[KPUJVYWVYH[LKPU4H\YP[P\ZHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z3[K +./;HUaHUPH3[KPUJVYWVYH[LKPU;HUaHUPHHZ\IZPKPHY`VM.VKYLQ;HUaHUPH/VSKPUNZ3[K :PNTH/HPY0UK\Z[YPLZ3[KPUJVYWVYH[LKPU;HUaHUPHHZ\IZPKPHY`VM+./;HUaHUPH3[K .VKYLQ>LZ[(MYPJH/VSKPUNZ3[KHZ\IZPKPHY`VM+./4H\YP[P\Z7][3[KPUJVYWVYH[LKPU4H\YP[P\ZVU[O -LI .VKYLQ*VUZ\TLY0U]LZ[TLU[Z/VSKPUN3[KHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3[K +./7OHZL4H\YP[P\Z7][3[KHZ\IZPKPHY`VM>LH]L)\ZPULZZ/VSKPUN4H\YP[P\Z7YP]H[L3PTP[LK^LM [O-LI >LH]L.OHUH3[KHZ\IZPKPHY`VM+./7OHZL4H\YP[P\Z7][3[K^LM[O:LW[ .VKYLQ,HZ`07/VSKPUN3[KHZ\IZPKPHY`VM.VKYLQ*VUZ\TLY7YVK\J[Z4H\YP[P\Z3PTP[LK^LM[O6J[ +HYSPUN;YHKPUN*VTWHU`3[KHZ\IZPKPHY`VM.VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3PTP[LK^LMUK1HU .VKYLQ(MYPJH/VSKPUNZ3[KHZ\IZPKPHY`PUJVYWVYH[LKPU4H\YP[P\ZVM.VKYLQ4H\YP[P\Z(MYPJH/VSKPUNZ3PTP[LK ^LM1HU\HY` .VKYLQ0UKVULZPH07/VSKPUNZ3[KHZ\IZPKPHY`PUJVYWVYH[LKPU4H\YP[P\ZVM.VKYLQ*VUZ\TLY7YVK\J[Z /VSKPUN4H\YP[P\Z3PTP[LK^LM[O4HYJO .VKYLQ4LNHZHYP/VSKPUNZ3[KHZ\IZPKPHY`PUJVYWVYH[LKPU4H\YP[P\ZVM.VKYLQ*VUZ\TLY7YVK\J[Z/VSKPUN 4H\YP[P\Z3PTP[LK^LM [O4HYJO -YPRH7[`3[KHZ\IZPKPHY`PUJVYWVYH[LKPU:V\[O(MYPJHVM+./4H\YP[P\Z7YP]H[L3PTP[LK^LMZ[6J[

187 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

PPP Joint Ventures and Associates: /+-*=LU[\YL;Y\Z[LL*VTWHU`3PTP[LK 9LK-VY[0UKPH9LHS,Z[H[L)HI\Y

] 0UKP]PK\HSZL_LYJPZPUN:PNUPĉJHU[0UĊ\LUJL! 4Y().VKYLQ 4Y5).VKYLQ

2. The following transactions were carried out with the related parties in the ordinary course of business. (i) Details relating to parties referred to in items 1 (i), (ii) and (iii) above Amount ` Crore

Sr. Description Godrej & Godrej Joint - Other Related No. Boyce Mfg Industries Ltd Ventures Parties In Co Ltd and Associates Godrej Group ( i ) ( i ) (iii) ( ii ) 0ZZ\L*VU]LYZPVUVMLX\P[` ZOHYLJHWP[HSJHWP[HSHJJV\U[ 11.39 436.23 7.26 7\YJOHZLVMLX\P[`ZOHYLZVM Z\IZPKPHYPLZ 191.70 :HSLVMLX\P[`ZOHYLZVM Z\IZPKPHYPLZ 38.69 7\YJOHZLVMĉ_LKHZZL[Z 0.15 26.25 (K]HUJLZNP]LU[HRLU (TV\U[YLJLP]LKHNHPUZ[:HSLVM

188 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Amount ` Crore Sr. Description Godrej & Godrej Joint - Other Related No. Boyce Mfg Industries Ltd Ventures Parties In Co Ltd and Associates Godrej Group ( i ) ( i ) (iii) ( ii ) +LWVZP[ZNP]LU 0.25 16.8 +LWVZP[YLWHPK 0.19 0UJVTL9LJLP]LKMYVTV[OLY *VTWHUPLZ 54.57 1.23 0.45 ,_WLUZLZJOHYNLKI`V[OLY companies 22.94 13.59 0.50 :OHYLVM7YVĉ[PU337 51.49 7.17 - (TV\U[YLJLP]LKVU[YHUZMLYVM ,TWSV`LL5L[ 0.27 0.33 (TV\U[ WHPK VU [YHUZMLY VM ,TWSV`LL 0.01 :HSLVM

Figures in italics are for previous year * Amount Less than ` 50,000/-

189 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(ii) Details relating to persons referred to in items 1 (iv) & (v) above

Sr. Key Management Personnel (KMP) Current Year 7YL]PV\Z@LHY No. ` Crore ` *YVYL 9LT\ULYH[PVU 9.79 +P]PKLUKWHPK 0.29 0U[LYLZ[WHPKVU+LWVZP[[VYLSH[P]LVM247 0.00 +LWVZP[6\[Z[HUKPUNVMYLSH[P]LZVM247 0.03 (TV\U[YLJLP]LKMYVT:HSLVM-SH[Z

:PNUPĉJHU[9LSH[LK7HY[`;YHUZHJ[PVUZ

Nature of Transactions Name of Entity / Person Amount (`) Crore 0ZZ\LVMLX\P[`ZOHYLJHWP[HS*HWP[HS(JJV\U[ :O\IO7YVWLY[PLZ*V»WLYH[PLM<( 7.26 .VKYLQ )V`JL4MN*V3PTP[LK 11.39 .VKYLQ0UK\Z[YPLZ3PTP[LK 436.23 7\YJOHZLVMLX\P[`ZOHYLZVMZ\IZPKPHYPLZ 0UKPH9LHS[`,_JLSSLUJL-\UK 4HKOH]P:(0U]LZ[TLU[Z33* 4HKOH]P=LU[\YLZ3[K /+-*74: 189.70 :HSLVMLX\P[`ZOHYLZVMZ\IZPKPHYPLZ :O\IO7YVWLY[PLZ*V»WLYH[PLM<( 38.69 (K]HUJLZNP]LU[HRLU 5\THaHY4LO[H 1HOHU4LO[H 7\YJOHZLVMĉ_LKHZZL[Z .VKYLQ )V`JL4MN*V3PTP[LK 0.15 .VKYLQ0UK\Z[YPLZ3PTP[LK 26.25 (TV\U[9LJLP]LKHNHPUZ[:HSLZVM

190 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Nature of Transactions Other Related Parties Amount in the Godrej Group (`) Crore +LWVZP[.P]LU .VKYLQ0UK\Z[YPLZ3PTP[LK 0.25 6_MVYK:OLS[LYZ7][3[K 16.86 +LWVZP[9LWHPK .VKYLQ0UK\Z[YPLZ3PTP[LK 0.19

0UJVTL9LJLP]LKMYVTV[OLY*VTWHUPLZ .VKYLQ )V`JL4MN*V3PTP[LK 54.57 .VKYLQ0UK\Z[YPLZ3PTP[LK 1.23 9LW[VU3HUKTHYRZ337 0.39 ,_WLUZLZJOHYNLKI`V[OLY*VTWHUPLZ .VKYLQ )V`JL4MN*V3PTP[LK 22.94 .VKYLQ0UK\Z[YPLZ3PTP[LK 13.59 6_MVYK,U[LYWYPZLZ7][3[K :OHYLVM7YVĉ[PU337 .VKYLQ0UK\Z[YPLZ3PTP[LK 51.49 9HTLZO)OH[PH 2.93 9LW[VU3HUKTHYRZ337 4.24 (TV\U[YLJLP]LKVU[YHUZMLYVM,TWSV`LL5L[ .VKYLQ*VUZ\TLY7YVK\J[Z3[K 0.33 .VKYLQ0UK\Z[YPLZ3PTP[LK 0.27 :HSLVM

191 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Nature of Transactions Other Related Parties Amount in the Godrej Group (`) Crore

0U]LZ[TLU[PU+LILU[\YL :O\IO7YVWLY[PLZ*V»WLYH[PLM<( 149.48 (ZR74: 6[OLYZ 33.99 +LILU[\YLZ6\[Z[HUKPUN :O\IO7YVWLY[PLZ*V»WLYH[PLM<( 149.48 (ZR74: 6[OLYZ 76.25 4HKOH]P:(0U]LZ[TLU[Z33* 26.70 /+-*=LU[\YL;Y\Z[LL*VTWHU`3[K 2.87 6\[Z[HUKPUNYLJLP]HISLZUL[VMWH`HISLZ .VKYLQ )V`JL4MN*V3PTP[LK (458.72) :O\IO7YVWLY[PLZ*V»WLYH[PLM<( (17.65) 6_MVYK:OLS[LYZ7YP]H[L3PTP[LK 16.86 .VKYLQ0UK\Z[YPLZ3PTP[LK (10.24) /+-*=LU[\YL;Y\Z[LL*VTWHU`3[K (0.04) +LWVZP[9LJLP]HISL .VKYLQ0UK\Z[YPLZ3PTP[LK 0.65 (TV\U[WHPKVU[YHUZMLYVM,TWSV`LL5L[ .VKYLQ*VUZ\TLY7YVK\J[Z3[K 0.01

Figures in italics are for previous year (TV\U[3LZZ[OHU`

Note 38 Earnings Per Share Particulars Current Year 7YL]PV\Z@LHY 7YVĉ[ HM[LY [H_ 0UJS\KPUN WYPVY `LHYëZ [H_ HKQ\Z[TLU[Z 7YPVY 7LYPVK 0UJVTL HUK 190.91 L_JS\KPUN4PUVYP[`0U[LYLZ[HZWLY:[H[LTLU[VM7YVĉ[ 3VZZ(TV\U[PU`*YVYL 5\TILYVM:OHYLZH[[OLILNPUUPUNVM[OL`LHY 199,234,030 5\TILYVM,X\P[`ZOHYLZV\[Z[HUKPUNH[[OLLUKVM[OL`LHY 199,357,788 >LPNO[LKH]LYHNLUVVMLX\P[`ZOHYLZV\[Z[HUKPUN 199,320,245 (KK!>LPNO[LKH]LYHNLU\TILYVMWV[LU[PHSLX\P[`ZOHYLZVUHJJV\U[VMLTWSV`LL 168,164 Z[VJRVW[PVUZ >LPNO[LKH]LYHNLUVVMJVTTVU KPS\[P]LJVTTVULX\P[`ZOHYLZV\[Z[HUKPUN 199,488,409 )HZPJLHYUPUNZWLYZOHYL ` 9.58 ` +PS\[LKLHYUPUNZWLYZOHYL ` 9.57 ` 5VTPUHS]HS\LVMZOHYLZ ` 5 /- `

192 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Note 39 i) Un-hedged Foreign Currency Exposures

Particulars Current Year 7YL]PV\Z@LHY Uncovered Foreign currency exposure Foreign Amount in Foreign Amount in as at the year end Currency ` Crore Currency ` Crore <:+VSSHY <(,+PYOHTZ

Note 40 Information in respect of Joint Development Projects. Joint Development Projects - Development of the following Residential / Commercial Projects: .VKYLQ.VSK*V\U[`)LUNHS\Y\ 9L]LU\L:OHYPUN ,KLU^VVKZ4\TIHP 9L]LU\L7YVĉ[:OHYPUN )O\NHVU7\UL 7YVĉ[:OHYPUN .VKYLQ(SWPUL4HUNSVYL (YLH:OHYPUN9L]LU\L:OHYPUN :HUQH`2OHU)LUNHS\Y\ 9L]LU\L:OHYPUN .VKYLQ.HYKLU*P[`(OTLKHIHK (YLH:OHYPUN9L]LU\L:OHYPUN .VKYLQ*YLZ[)LUNHS\Y\ (YLH:OHYPUN 2VJOP 9L]LU\L:OHYPUN H[LYZPKL0;7HYR2VSRH[H (YLH:OHYPUN .VKYLQ.LULZPZ2VSRH[H (YLH:OHYPUN .VKYLQ,[LYUPH*OHUKPNHYO 9L]LU\L:OHYPUN .VKYLQ7HST.YV]L*OLUUHP 9L]LU\L:OHYPUN .VKYLQ(UHUKHT5HNW\Y 9L]LU\L:OHYPUN .VKYLQ*P[`4\TIHP 7YVĉ[:OHYPUN .VKYLQ7HYR4\TIHP 9L]LU\L:OHYPUN .VKYLQ7SH[PU\T4\TIHP 9L]LU\L:OHYPUN .VKYLQ7HSTZ4\TIHP (YLH:OHYPUN .VKYLQ)2*4\TIHP 7YVĉ[:OHYPUN ,SLJ[YVUPJ*P[`)LUNHS\Y\ 9L]LU\L:OHYPUN .VKYLQ:\TTP[.\YNHVU (YLH:OHYPUN 4VVZHWL[/`KLYHIHK 9L]LU\L:OHYPUN .VKYLQ*LU[YHS4\TIHP (YLH:OHYPUN9L]LU\L:OHYPUN .VKYLQ7SH[PU\T2VSRH[H 9L]LU\L:OHYPUN ;OL;YLLZ4\TIHP 7YVĉ[:OHYPUN :\UKHY:HUNHT9LKL]LSVWTLU[4\TIHP (YLH:OHYPUN .VKYLQ7YPTL4\TIHP (YLH:OHYPUN9L]LU\L:OHYPUN .VKYLQOP[LĉLSK 9L]LU\L:OHYPUN .VKYLQ.HYKLU,UJSH]L4\TIHP 9L]LU\L:OHYPUN .VKYLQ/PSSZPKL4\TIHP 9L]LU\L:OHYPUN .VKYLQ6HZPZ.\YNHVU 7YVĉ[:OHYPUN

193 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

.VKYLQ:R`4\TIHP 9L]LU\L:OHYPUN .VKYLQ3PURZ4\TIHP (YLH:OHYPUN *\YYL`9VHK4\TIHP 9L]LU\L:OHYPUN . )3H^RPT4\TIHP 7YVĉ[:OHYPUN .VKYLQ7SH[PU\T6ROSH 9L]LU\L:OHYPUN )HKSHW\Y4\TIHP 9L]LU\L:OHYPUN +L]HUHOHSSP)LUNHS\Y\ 7YVĉ[:OHYPUN >OP[LĉLSK)LUNHS\Y\ 7YVĉ[:OHYPUN .VKYLQ/VYPaVU7\UL 7YVĉ[:OHYPUN .VKYLQ7YHUH7\UL 7YVĉ[:OHYPUN .VKYLQ0UĉUP[`7\UL 7YVĉ[:OHYPUN .VKYLQ(a\YL*OLUUHP 7YVĉ[:OHYPUN .VKYLQ(YPH.\YNHVU 9L]LU\L:OHYPUN :LJ[VY .\YNHVU 9L]LU\L:OHYPUN 1VRH2VSRH[H 7YVĉ[:OHYPUN

Note 41 ;OL.YV\WOHZZWLU[`JYVYLK\YPUN[OLĉUHUJPHS`LHYHZWLY[OLWYV]PZPVUZVM:LJ[PVUVM[OL*VTWHUPLZ(J[ [V^HYKZ*VYWVYH[L:VJPHS9LZWVUZPIPSP[`*:9HJ[P]P[PLZNYV\WLK\UKLYê6[OLY,_WLUZLZë9LMLY5V[L

Note 42 (KKP[PVUHS0UMVYTH[PVUHZYLX\PYLK\UKLY:JOLK\SL000[V[OL*VTWHUPLZ(J[VMLU[LYWYPZLZJVUZVSPKH[LKHZ:\IZPKPHY` 3PTP[LK3PHIPSP[`7HY[ULYZOPW1VPU[=LU[\YLZ

Sr. Name of the Entity Net Assets i.e. Total Share in No. Assets minus 7YVĉ[VY3VZZ Total Liabilities As % of Amount As % of Amount consolidated in ` Crore consolidated in ` Crore net assets WYVĉ[VYSVZZ f Parent: ffff f .VKYLQ7YVWLY[PLZ3PTP[LK f Subsidiaries/Limited Liability Partnerships (Indian): ff ff .VKYLQ)\PSKJVU7YP]H[L3PTP[LK .VKYLQ)\PSK^LSS7YP]H[L3PTP[LK .VKYLQ.HYKLU*P[`7YVWLY[PLZ7YP]H[L3PTP[LK .VKYLQ.YLLU/VTLZ3PTP[LK .VKYLQ/PSSZPKL7YVWLY[PLZ7YP]H[L3PTP[LK .VKYLQ/VTL+L]LSVWLYZ7YP]H[L3PTP[LK .VKYLQ3HUKTHYR9LKL]LSVWLYZ7YP]H[L3PTP[LK .VKYLQ7YLTP\T)\PSKLYZ7YP]H[L3PTP[LK .VKYLQ7YVQLJ[Z+L]LSVWTLU[7YP]H[L3PTP[LK .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK

194 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Sr. Name of the Entity Net Assets i.e. Total Share in No. Assets minus 7YVĉ[VY3VZZ Total Liabilities As % of Amount As % of Amount consolidated in ` Crore consolidated in ` Crore net assets WYVĉ[VYSVZZ .VKYLQ9LHS[`7YP]H[L3PTP[LK .VKYLQ9LKL]LSVWLYZ4\TIHP7YP]H[L3PTP[LK /HWW`/PNOYPZLZ3PTP[LK (TP[PZ+L]LSVWLYZ337 *HYVH7YVWLY[PLZ337 +YLHT>VYSK3HUKTHYRZ337 .VKYLQ*VUZ[Y\J[PVU7YVQLJ[Z337 .VKYLQ/V\ZPUN7YVQLJ[Z337 .VKYLQ=PROYVSP7YVWLY[PLZ337 4:9HTHPHO=LU[\YLZ337 4VZPHJ3HUKTHYRZ337 6HZPZ3HUKTHYRZ337 6_MVYK9LHS[`337 ::7+3.YLLU(JYLZ337 f Joint Ventures (Indian): ff ff >VUKLYZWHJL7YVWLY[PLZ7][3[K >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK .VKYLQ7YVWLY[`+L]LSVWLYZ337 f 0U[LYJVTWHU`,SPTPUH[PVU *VUZVSPKH[PVU(KQ\Z[TLU[Z f 4PUVYP[`0U[LYLZ[ZPUHSS:\IZPKPHYPLZ3PTP[LK3PHIPSP[` 7HY[ULYZOPWZ f Total f 1,846.87 f 190.91 (TV\U[SLZZ[OHU`

Note 43 7YL]PV\Z`LHYĉN\YLZOH]LILLUYLNYV\WLK^OLYL]LYULJLZZHY`[VJVUMVYT[VJ\YYLU[`LHYëZJSHZZPĉJH[PVU

195 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENTS OF SUBSIDIARY / Part “A” : Subsidiaries/Limited Liability Partnership

Sr. Name of Accounting Period Capital Reserves & Surplus Total Assets Total Liabilities6 No. Subsidiary/Limited Liability Partnership 1 Godrej Buildcon Private Limited 2014-15 0.05 (1.42) 1,878.55 1,878.55 2 Godrej Buildwell Private Limited 1 01.04.2014 TO - - - - 30.11.2014 1 3 Godrej Garden City Properties Private Limited * 2014-15 0.05 0.95 33.96 33.96 4 Godrej Green Homes Limited 2014-15 0.05 (0.02) 0.04 0.04 5 Godrej Hillside Properties Private Limited 31.03.2015 TO - - - - 31.03.2015 6 Godrej Home Developers Private Limited 30.03.2015 TO - - - - 31.03.2015 7 Godrej Landmark Redevelopers Private Limited 2014-15 0.05 31.78 272.35 272.35 2 8 Godrej Premium Builders Private Limited 2014-15 0.10 78.96 303.20 303.20 9 Godrej Projects Development Private Limited 2014-15 0.24 44.01 746.06 746.06 10 Godrej Real Estate Private Limited 2014-15 0.05 (0.23) 169.51 169.51 11 Godrej Realty Private Limited * 2014-15 1.74 1.92 9.98 9.98 12 Godrej Redevelopers (Mumbai) Private Limited 2014-15 0.05 8.62 195.16 195.16 2 13 Happy Highrises Limited 2014-15 0.20 98.27 324.34 324.34 14 Amitis Developers LLP 3 08.01.2015 to - - 2.01 2.01 31.03.2015 15 Caroa Properties LLP 3 2014-15 1.27 - 251.64 251.64 16 Dream World Landmarks LLP 3 2014-15 0.10 (0.09) 54.55 54.55 17 Godrej Construction Projects LLP * 3 22.12.2014 to 0.00 (0.01) 0.00 0.00 31.03.2015 18 Godrej Housing Projects LLP 3 22.12.2014 to - - 0.01 0.01 31.03.2015 19 Godrej Vikhroli Properties LLP 3 2014-15 365.70 - 798.94 798.94 20 M S Ramaiah Ventures LLP 3 04.04.2014 to 2.04 - 2.37 2.37 31.03.2015 21 Mosiac Landmarks LLP 3 2014-15 24.29 - 73.56 73.56 22 Oasis Landmarks LLP 3 25.06.2014 To 0.01 (0.15) 158.74 158.74 31.03.2015 23 Oxford Realty LLP * 3 2014-15 0.01 (0.01) 88.69 88.69 24 SSPDL Green Acres LLP 3 2014-15 7.02 - 29.72 29.72

* Amount less than ` 50,000/- Note: 1 Merged with Godrej Projects Development Private Limited w.e.f. 1st December, 2014 2 Subsidiary of Godrej Projects Developments Private Limited 3 % of holding in LLPs denotes the Share of Profits in LLPs. 4 49% (Subsidiary due to control over composition of Board of Directors) upto November 13, 2014. 5 51% upto December 28, 2014 6. Total liabilities includes equity. 7. Turnover includes other Income

196 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

LIMITED LIABILITY PARTNERSHIP / JOINT VENTURES AS PER COMPANIES ACT , 2013

(Amount in ` Crore) Investments Turnover7 Profit before taxation Provision for taxation Profit after taxation Proposed Dividend % of Holding Country

- 596.34 (1.30) (0.03) (1.27) - 100% INDIA - 26.15 0.64 0.20 0.44 - 100% 4 INDIA

0.00 5.19 1.18 0.39 0.80 - 100% INDIA - - (0.01) - (0.01) - 100% INDIA ------100% INDIA

------100% INDIA

- 223.02 48.35 16.62 31.72 - 51% INDIA

- 236.21 67.90 23.29 44.62 - 100% 5 INDIA 227.93 83.73 (5.72) (0.08) (5.64) - 100% INDIA - - (0.08) (0.02) (0.06) - 100% INDIA - - (0.08) (0.00) (0.08) - 51% INDIA - 4.89 0.92 0.26 0.65 - 51% INDIA

- 81.90 28.01 9.55 18.46 - 51% INDIA ------46% INDIA

- 3.15 1.57 0.54 1.03 - 35% INDIA - 0.03 (0.11) (0.02) (0.09) - 40% INDIA - - (0.01) - (0.01) - 100% INDIA

------40% INDIA

- 109.93 55.65 18.93 36.71 - 60% INDIA - 0.03 0.03 0.01 0.02 - 49.50% INDIA

- 46.74 14.32 4.87 9.45 - 51% INDIA - 0.70 (0.14) 0.02 (0.15) - 38% INDIA

- - (0.01) (0.00) (0.00) - 26.67% INDIA - 0.54 - - - - 44% INDIA

197 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

Part “B” : Joint Ventures Statement pursuant to Section 129 (3) of the Companies Act , 2013 related to Associate Companies and Joint Ventures

Shares of Joint Ventures held by the company on the year end Latest audited Sr. Name of Joint Ventures Balance Sheet Amount of No. Extent of Date No of Share Investment Holding % in Joint Venture

>VUKLY:WHJL7YVWLY[PLZ7][3[K >VUKLY*P[`)\PSKJVU7YP]H[L3PTP[LK .VKYLQ7YVWLY[`+L]LSVWLYZ337 5( (TV\U[SLZZ[OHU`

-VYHUKVUILOHSMVM)VHYK

A. B. GODREJ PIROJSHA GODREJ Chairman Managing Director & CEO +055V! +055V!

SURENDER VARMA RAJENDRA KHETAWAT *VTWHU`:LJYL[HY` *OPLM-PUHUJPHS6MĉJLY ICSI Membership No. A10428

198 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTES FORMING PART OF THE CONSOLIDATED FINANCIAL STATEMENTS

(Amount in ` Crore)

Reason 7YVĉ[3VZZMVY[OL`LHY Description Networth attributable why the of how to associate/ there is Shareholding as per joint venture Considered Not Considered ZPNUPĉJHU[ latest audited is not in in PUĊ\LUJL Balance Sheet consolidated Consolidation Consolidation

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199 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTICE

5V[PJLPZOLYLI`NP]LU[OH[[OLth(UU\HS.LULYHS4LL[PUN(.4VM[OLTLTILYZVM.VKYLQ7YVWLY[PLZ3PTP[LKí4LTILYZî ^PSSILOLSKVU;\LZKH`(\N\Z[H[!WTH[;OL(\KP[VYP\T.VKYLQ6UL7PYVQZOHUHNHY,HZ[LYU,_WYLZZ/PNO^H` =PROYVSP,HZ[4\TIHP [V[YHUZHJ[[OLMVSSV^PUNI\ZPULZZ! ORDINARY BUSINESS: ;VJVUZPKLYHUKHKVW[[OLH\KP[LKĉUHUJPHSZ[H[LTLU[ZHUK[OLH\KP[LKJVUZVSPKH[LKĉUHUJPHSZ[H[LTLU[ZVM[OL*VTWHU` MVY[OLĉUHUJPHS`LHYLUKLK4HYJO[VNL[OLY^P[O[OLYLWVY[VM[OL)VHYKVM+PYLJ[VYZëHUKYLWVY[VM[OL(\KP[VYZë [OLYLVU ;VKLJSHYLKP]PKLUKVU[OLLX\P[`ZOHYLZPZZ\LKI`[OL*VTWHU`MVY[OLĉUHUJPHS`LHYLUKLK4HYJO ;VHWWVPU[H+PYLJ[VYPUWSHJLVM4Y1HTZO`K5.VKYLQ+05!ÔVYL[PYLZI`YV[H[PVUHUKILPUNLSPNPISLVMMLYZ OPTZLSMMVYYLHWWVPU[TLU[ ;VYH[PM`[OLHWWVPU[TLU[VM(\KP[VYZMVY[OLĉUHUJPHS`LHYHUKPU[OPZYLNHYK[VJVUZPKLYHUKPM[OV\NO[ĉ[[V WHZZ[OLMVSSV^PUNYLZVS\[PVUHZHU6YKPUHY`9LZVS\[PVU! íRESOLVED THATPUHJJVYKHUJL^P[O[OLWYV]PZPVUZVMZ\IZLJ[PVUVM:LJ[PVU HSVUN^P[OV[OLYHWWSPJHISL WYV]PZPVUZPMHU`VM[OL*VTWHUPLZ(J[HUK*VTWHUPLZ(\KP[HUK(\KP[VYZ9\SLZ[OLHWWVPU[TLU[VM4Z 2HS`HUP^HSSH 4PZ[Y`*OHY[LYLK(JJV\U[HU[Z4\TIHPèYLNPZ[LYLK^P[O[OL0UZ[P[\[LVM*OHY[LYLK(JJV\U[HU[ZVM0UKPH ]PKL9LNPZ[YH[PVU5V>HZ:[H[\[VY`(\KP[VYZVM[OL*VTWHU`[VOVSKVMĉJLMYVT[OLJVUJS\ZPVUVM[OPZTLL[PUN \W[V[OLJVUJS\ZPVUVM[OLUL_[(UU\HS.LULYHS4LL[PUNVM[OL*VTWHUÌLHUKPZOLYLI`YH[PĉLKHUKJVUĉYTLKî SPECIAL BUSINESS: ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ[OLMVSSV^PUNYLZVS\[PVUHZHUOrdinary Resolution! íRESOLVED THAT4Y4VOP[4HSOV[YH+05!ÔV^HZHWWVPU[LKHZHU(KKP[PVUHS+PYLJ[VYVU[OL)VHYKVM +PYLJ[VYZVM[OL*VTWHU`^P[OLMMLJ[MYVT(WYPSW\YZ\HU[[VHYLZVS\[PVUWHZZLKI`[OL)VHYKVM+PYLJ[VYZH[ P[ZTLL[PUNOLSKVU-LIY\HY`PU[LYTZVM:LJ[PVUVM[OL*VTWHUPLZ(J[YLHK^P[O[OLY\SLZTHKL [OLYL\UKLYPUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYLLUHJ[TLU[[OLYLVMMVY[OL[PTLILPUNPUMVYJL[OLí*VTWHUPLZ (J[îHUK(Y[PJSLVM[OL(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU`HUKÔVOVSKZVMĉJL\W[V[OLKH[LVM[OPZ(UU\HS .LULYHS4LL[PUNHUKPZLSPNPISLMVYHWWVPU[TLU[HZH+PYLJ[VYVM[OL*VTWHU`HUKPUYLZWLJ[VMÔVTHUV[PJLOHZILLU YLJLP]LKPU^YP[PUN\UKLY:LJ[PVUVM[OL*VTWHUPLZ(J[ILHUKPZOLYLI`HWWVPU[LKHZH+PYLJ[VYVM[OL*VTWHU` ÔVZLVMĉJLZOHSSILSPHISL[VYL[PYLI`YV[H[PVUî ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ[OLMVSSV^PUNYLZVS\[PVUHZHSpecial Resolution! íRESOLVED THATW\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVUZ HUKYLHK^P[O:JOLK\SL=HUKV[OLYHWWSPJHISL WYV]PZPVUZPMHU`VM[OL*VTWHUPLZ(J[YLHK^P[O[OLY\SLZTHKL[OLYL\UKLYPUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZ VYYLLUHJ[TLU[[OLYLVMMVY[OL[PTLILPUNPUMVYJL[OLí*VTWHUPLZ(J[îHUKW\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZ VM(ZZVJPH[PVUVM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTHÌLYLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL *VTWHUÌLHUKPZOLYLI`HJJVYKLKMVYHWWVPU[TLU[VM4Y4VOP[4HSOV[YH+05!HZHU,_LJ\[P]L+PYLJ[VYVM [OL*VTWHU`MVYHWLYPVKVM[OYLL`LHYZ^P[OLMMLJ[MYVT(WYPSHUKMVYWH`TLU[VMYLT\ULYH[PVUHZWLY[OL[LYTZ HUKJVUKP[PVUZZL[V\[ILSV^! I. Fixed Compensation: -P_LK*VTWLUZH[PVUZOHSSPUJS\KLIHZPJZHSHY`HUK[OL*VTWHU`ëZJVU[YPI\[PVU[V[OL7YV]PKLU[-\UKHUK[OL .YH[\P[`-\UK ;OLIHZPJZHSHY`WH`HISL[V4Y4VOP[4HSOV[YHPZ` WLYTVU[O;OLHUU\HSIHZPJZHSHY`HUKPUJYLTLU[Z K\YPUNOPZ[LYT^PSSILYLJVTTLUKLKI`[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLHUK^PSSILKLJPKLKI` [OL)VHYKVM+PYLJ[VYZKLWLUKPUNVU[OLWLYMVYTHUJLVM4Y4VOP[4HSOV[YH[OLWYVĉ[HIPSP[`VM[OL*VTWHU`HUK V[OLYYLSL]HU[MHJ[VYZ II. Performance Bonus for teams: 7LYMVYTHUJL IVU\Z MVY [LHTZ í7)-;î HJJVYKPUN [V [OL ZJOLTL VM [OL *VTWHU` MVY LHJO ĉUHUJPHS `LHY PU HJJVYKHUJL^P[O[OLWLYMVYTHUJLVM4Y4VOP[4HSOV[YH ;OLJVSSLJ[P]L[HYNL[JVTWVULU[PZ`

200 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTICE

III. Flexible Compensation: 0UHKKP[PVU[V[OLĉ_LKJVTWLUZH[PVUHUK[OLWLYMVYTHUJLIVU\ZTLU[PVULKHIV]L4Y4VOP[4HSOV[YH^PSSIL LU[P[SLK[V[OLMVSSV^PUNHSSV^HUJLZWLYX\PZP[LZILULĉ[ZMHJPSP[PLZHUKHTLUP[PLZHZWLYY\SLZVM[OL*VTWHU`HUK Z\IQLJ[[V[OLYLSL]HU[WYV]PZPVUZVM[OL*VTWHUPLZ(J[JVSSLJ[P]LS`[OLíWLYX\PZP[LZHUKHSSV^HUJLZî ;OLZLWLYX\PZP[LZHUKHSSV^HUJLZZOHSSILNYHU[LK[V4Y4VOP[4HSOV[YHHZWLY[OLY\SLZVM[OL*VTWHU`HUKPU [OLTHUULYHZ[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLTH`YLJVTTLUKHUK[OL)VHYKVM+PYLJ[VYZTH` KLJPKL P /V\ZLYLU[HSSV^HUJL" PP :\WWSLTLU[HY`HSSV^HUJL" PPP 3LH]L[YH]LSHZZPZ[HUJLMVYZLSMHUKMHTPS`" P] -VVK=V\JOLYZWL[YVSYLPTI\YZLTLU[ [LSLWOVULYLPTI\YZLTLU[" ] ,HYULKWYP]PSLNLSLH]LVUM\SSWH`HUKHSSV^HUJLUV[L_JLLKPUNKH`ZPUHĉUHUJPHS`LHY,UJHZOTLU[ HJJ\T\SH[PVUVMSLH]L^PSSILWLYTPZZPISLPUHJJVYKHUJL^P[O[OLY\SLZZWLJPĉLKI`[OL*VTWHU`:PJRSLH]L HZWLY[OLY\SLZVM[OL*VTWHU`" ;OLTH_PT\TJVZ[[V[OL*VTWHU`WLYHUU\TMVY[OLNYHU[VM[OLWLYX\PZP[LZHUKHSSV^HUJLZSPZ[LKHIV]L[V 4Y 4VOP[ 4HSOV[YH HZ HU ,_LJ\[P]L +PYLJ[VY VM [OL *VTWHU` PZ 9Z 0U HKKP[PVU [V [OL HIV]L 4Y 4VOP[ 4HSOV[YH ^PSS IL LSPNPISL [V WYV]PZPVU VM [LSLWOVUL H[ YLZPKLUJL WH`TLU[YLPTI\YZLTLU[ VM TLKPJHS L_WLUZLZMVYZLSMHUKMHTPS`*VTWHU`JHY^P[OKYP]LYMVYVMĉJPHS\ZLLUJHZOTLU[VMSLH]LJS\IMHJPSP[PLZNYV\W PUZ\YHUJLJV]LYNYV\WOVZWP[HSPaH[PVUJV]LYYLPTI\YZLTLU[VMTVIPSLL_WLUZLZOV\ZPUNSVHUHUKVYJVU[PUNLUJ` SVHUHZWLYY\SLZVM[OL*VTWHU`Z\IQLJ[[V*LU[YHS.V]LYUTLU[ëZHWWYV]HSPMYLX\PYLKHUKVYHU`V[OLYHSSV^HUJLZ HUKWLYX\PZP[LZHUKMHJPSP[PLZHZWLY[OLY\SLZVM[OL*VTWHU`PUMVYJLHUKVYHZYLJVTTLUKLKI`[OL5VTPUH[PVU HUK9LT\ULYH[PVU*VTTP[[LLHUKKLJPKLKI`[OL)VHYKVM+PYLJ[VYZMYVT[PTL[V[PTL-\Y[OLY4Y4VOP[4HSOV[YH ^PSSHSZVILLU[P[SLK[V[OLZ[VJRVW[PVUZZ[VJRNYHU[ZHZWLY[OLWYL]HPSPUNZJOLTLZVM[OL*VTWHU` Explanation: P -VY[OLSLH]L[YH]LSHZZPZ[HUJLHUKYLPTI\YZLTLU[VMTLKPJHSHUKOVZWP[HSPaH[PVUL_WLUZLZêMHTPS`ëTLHUZ [OLZWV\ZLKLWLUKLU[JOPSKYLUHUKKLWLUKLU[WHYLU[Z PP 7LYX\PZP[LZZOHSSIL]HS\LKH[HJ[\HSJVZ[VYPM[OLJVZ[PZUV[HZJLY[HPUHISL[OLZHTLZOHSSIL]HS\LKHZWLY [OLHWWSPJHISLPUJVTL[H_Y\SLZ IV. Other Reimbursements: 4Y4VOP[4HSOV[YH^PSSHSZVILLU[P[SLKMVY[OLYLPTI\YZLTLU[VMHJ[\HSLU[LY[HPUTLU[[YH]LSSPUNIVHYKPUNHUK SVKNPUNL_WLUZLZPUJ\YYLKIÒPTPUJVUULJ[PVU^P[O[OL*VTWHU`ëZI\ZPULZZHUKZ\JOV[OLYILULĉ[ZHTLUP[PLZ HUKV[OLYWYP]PSLNLZHZPUMVYJLMYVT[PTL[V[PTL RESOLVED FURTHER THAT [OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` IL HUK PZ OLYLI` H\[OVYPaLK [V L_LJ\[L [OL HNYLLTLU[^P[O4Y4VOP[4HSOV[YHMVYHWWVPU[TLU[HZHU,_LJ\[P]L+PYLJ[VY^P[OLMMLJ[MYVT(WYPSVU[OL[LYTZ HUKJVUKP[PVUZHZWYV]PKLKHIV]LHUK[VKVHSSZ\JOHJ[ZKLLKZTH[[LYZHUK[OPUNZHZPUP[ZHIZVS\[LKPZJYL[PVUP[TH` JVUZPKLYULJLZZHY`L_WLKPLU[VYKLZPYHISLMVYNP]PUNLMMLJ[[V[OLMVYLNVPUNYLZVS\[PVUHUK[VZL[[SLHU`X\LZ[PVUVYKV\I[ [OH[TH`HYPZLPUYLSH[PVU[OLYL[Vî ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ[OLMVSSV^PUNYLZVS\[PVUHZHSpecial Resolution! “RESOLVED THAT W\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVUZ HUKYLHK^P[O:JOLK\SL=HUKV[OLYHWWSPJHISL WYV]PZPVUZPMHU`VM[OL*VTWHUPLZ(J[YLHK^P[O[OLY\SLZTHKL[OLYL\UKLYPUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZ VYYLLUHJ[TLU[[OLYLVMMVY[OL[PTLILPUNPUMVYJL[OLí*VTWHUPLZ(J[îHUKW\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZ VM(ZZVJPH[PVUVM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTHÌLYLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL *VTWHUÌLHUKPZOLYLI`HJJVYKLKMVYYLHWWVPU[TLU[VM4Y7PYVQZOH.VKYLQ+05! HZ[OL4HUHNPUN+PYLJ[VY HUK*OPLM,_LJ\[P]L6MĉJLY4+ *,6VM[OL*VTWHU`MVYHWLYPVKVM[OYLL`LHYZ^P[OLMMLJ[MYVT(WYPSHUKMVY WH`TLU[VMYLT\ULYH[PVUHZWLY[OL[LYTZHUKJVUKP[PVUZZL[V\[ILSV^!

201 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTICE

I. Fixed Compensation: -P_LK*VTWLUZH[PVUZOHSSPUJS\KLIHZPJZHSHY`HUK[OL*VTWHU`ëZJVU[YPI\[PVU[V[OL7YV]PKLU[-\UKHUK[OL .YH[\P[`-\UK ;OLIHZPJZHSHY`WH`HISL[V4Y7PYVQZOH.VKYLQPZ`WLYTVU[O;OLHUU\HSIHZPJZHSHY`HUKPUJYLTLU[Z K\YPUNOPZ[LYT^PSSILYLJVTTLUKLKI`[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLHUK^PSSILKLJPKLKI` [OL)VHYKVM+PYLJ[VYZKLWLUKPUNVU[OLWLYMVYTHUJLVM4Y7PYVQZOH.VKYLQHZ4+ *,6[OLWYVĉ[HIPSP[`VM[OL *VTWHU`HUKV[OLYYLSL]HU[MHJ[VYZ II. Performance Bonus for teams: 7LYMVYTHUJL IVU\Z MVY [LHTZ í7)-;î HJJVYKPUN [V [OL ZJOLTL VM [OL *VTWHU` MVY LHJO ĉUHUJPHS `LHY PU HJJVYKHUJL^P[O[OLWLYMVYTHUJLVM4Y7PYVQZOH.VKYLQHZ4+ *,6 ;OLJVSSLJ[P]L[HYNL[JVTWVULU[VMWLYMVYTHUJLIVU\ZPZ` III. Flexible Compensation: 0UHKKP[PVU[V[OLĉ_LKJVTWLUZH[PVUHUK[OLWLYMVYTHUJLIVU\ZTLU[PVULKHIV]L4Y7PYVQZOH.VKYLQ^PSSIL LU[P[SLK[V[OLMVSSV^PUNHSSV^HUJLZWLYX\PZP[LZILULĉ[ZMHJPSP[PLZHUKHTLUP[PLZHZWLYY\SLZVM[OL*VTWHU`HUK Z\IQLJ[[V[OLYLSL]HU[WYV]PZPVUZVM[OL*VTWHUPLZ(J[JVSSLJ[P]LS`[OLíWLYX\PZP[LZHUKHSSV^HUJLZî ;OLZLWLYX\PZP[LZHUKHSSV^HUJLZZOHSSILNYHU[LK[V4Y7PYVQZOH.VKYLQHZWLY[OLY\SLZVM[OL*VTWHU`HUKPU [OLTHUULYHZ[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLTH`YLJVTTLUKHUK)VHYKVM[OL+PYLJ[VYZTH` KLJPKL P /V\ZPUNPL\UM\YUPZOLKYLZPKLU[PHSSLHZLKHJJVTTVKH[PVUVYOV\ZLYLU[HSSV^HUJLHZWLY[OL*VTWHU`ëZ Y\SLZ" PP :\WWSLTLU[HY`HSSV^HUJL" PPP 3LH]L[YH]LSHZZPZ[HUJLMVYZLSMHUKMHTPS`" P] -VVK=V\JOLYZ" ] ,HYULKWYP]PSLNLSLH]LVUM\SSWH`HUKHSSV^HUJLUV[L_JLLKPUNKH`ZPUHĉUHUJPHS`LHY,UJHZOTLU[ HJJ\T\SH[PVUVMSLH]L^PSSILWLYTPZZPISLPUHJJVYKHUJL^P[O[OLY\SLZZWLJPĉLKI`[OL*VTWHU`:PJRSLH]L HZWLY[OLY\SLZVM[OL*VTWHU` ;OLTH_PT\TJVZ[[V[OL*VTWHU`WLYHUU\TMVY[OLNYHU[VM[OLWLYX\PZP[LZHUKHSSV^HUJLZSPZ[LKHIV]L[V 4Y7PYVQZOH.VKYLQHZ4+ *,6PZ9Z0UHKKP[PVU[V[OLHIV]L4Y7PYVQZOH.VKYLQPZLU[P[SLK[V M\YUPZOPUNH[YLZPKLUJLWYV]PZPVUVM[LSLWOVULH[YLZPKLUJLSLHZLKSPULIYVHKIHUKL_WLUZLZLSLJ[YPJP[`L_WLUZLZ MVY[OLSLHZLKHJJVTTVKH[PVUWH`TLU[YLPTI\YZLTLU[VM[LSLWOVULHUKTVIPSLL_WLUZLZ*VTWHU`JHYZ^P[O KYP]LYZ MVY VMĉJPHS \ZL WL[YVS YLPTI\YZLTLU[ JS\I MHJPSP[PLZ WH`TLU[YLPTI\YZLTLU[ VM TLKPJHS L_WLUZLZ MVY ZLSM HUK MHTPS` NYV\W PUZ\YHUJL JV]LY NYV\W OVZWP[HSPaH[PVU JV]LY OV\ZPUN SVHU HUKVY JVU[PUNLUJ` SVHU HZ WLYY\SLZVM[OL*VTWHU`Z\IQLJ[[V*LU[YHS.V]LYUTLU[ëZHWWYV]HSPMYLX\PYLKHUKVYHU`V[OLYHSSV^HUJLZ WLYX\PZP[LZHUKMHJPSP[PLZHZWLY[OLY\SLZVM[OL*VTWHU`PUMVYJLHUKVYHZYLJVTTLUKLKI`[OL5VTPUH[PVUHUK 9LT\ULYH[PVU*VTTP[[LLHUKKLJPKLKI`[OL)VHYKVM+PYLJ[VYZMYVT[PTL[V[PTL;OLJVZ[VMTHPU[LUHUJLVM *VTWHU`SLHZLKHJJVTTVKH[PVU^PSSILH[HJ[\HSZ Explanation: P -VY[OLSLH]L[YH]LSHZZPZ[HUJLHUKYLPTI\YZLTLU[VMTLKPJHSHUKOVZWP[HSPaH[PVUL_WLUZLZêMHTPS`ëTLHUZ [OLZWV\ZLKLWLUKLU[JOPSKYLUHUKKLWLUKLU[WHYLU[Z PP 7LYX\PZP[LZZOHSSIL]HS\LKH[HJ[\HSJVZ[VYPM[OLJVZ[PZUV[HZJLY[HPUHISL[OLZHTLZOHSSIL]HS\LKHZWLY [OLHWWSPJHISLPUJVTL[H_Y\SLZ

202 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTICE

IV. Other Reimbursements: 4Y7PYVQZOH.VKYLQ^PSSHSZVILLU[P[SLKMVY[OLYLPTI\YZLTLU[VMHJ[\HSLU[LY[HPUTLU[[YH]LSSPUNIVHYKPUNHUK SVKNPUNL_WLUZLZPUJ\YYLKIÒPTPUJVUULJ[PVU^P[O[OL*VTWHU`ëZI\ZPULZZHUKZ\JOV[OLYILULĉ[ZHTLUP[PLZ HUKV[OLYWYP]PSLNLZHZPUMVYJLMYVT[PTL[V[PTL RESOLVED FURTHER THAT [OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` IL HUK PZ OLYLI` H\[OVYPaLK [V L_LJ\[L [OL HNYLLTLU[^P[O4Y7PYVQZOH.VKYLQMVYYLHWWVPU[TLU[HZ4+ *,6^P[OLMMLJ[MYVT(WYPSVU[OL[LYTZHUK JVUKP[PVUZHZWYV]PKLKHIV]LHUK[VKVHSSZ\JOHJ[ZKLLKZTH[[LYZHUK[OPUNZHZPUP[ZHIZVS\[LKPZJYL[PVUP[TH` JVUZPKLYULJLZZHY`L_WLKPLU[VYKLZPYHISLMVYNP]PUNLMMLJ[[V[OLMVYLNVPUNYLZVS\[PVUHUK[VZL[[SLHU`X\LZ[PVUVYKV\I[ [OH[TH`HYPZLPUYLSH[PVU[OLYL[Vî ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ[OLMVSSV^PUNYLZVS\[PVUHZHSpecial Resolution! “RESOLVED THAT W\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVU YLHK^P[O:JOLK\SL=HUKV[OLYHWWSPJHISLWYV]PZPVUZ PMHU`VM[OL*VTWHUPLZ(J[YLHK^P[O[OLY\SLZTHKL[OLYL\UKLYPUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYL LUHJ[TLU[[OLYLVMMVY[OL[PTLILPUNPUMVYJL[OLí*VTWHUPLZ(J[îHUKW\YZ\HU[[V[OLWYV]PZPVUZVM[OL(Y[PJSLZVM (ZZVJPH[PVUVM[OL*VTWHU`HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZHZTHÌLYLX\PYLKJVUZLU[VM[OL4LTILYZVM[OL *VTWHUÌLHUKPZOLYLI`HJJVYKLKMVYWH`TLU[VMYL]PZLKYLT\ULYH[PVU[V4Y2;1P[OLUKYHUè,_LJ\[P]L+PYLJ[VY +05! ^P[OLMMLJ[MYVT(WYPSVU[OL[LYTZHUKJVUKP[PVUZHZTLU[PVULKOLYLPUILSV^! I. Fixed Compensation: -P_LK*VTWLUZH[PVUZOHSSPUJS\KLIHZPJZHSHY`HUK[OL*VTWHU`ëZJVU[YPI\[PVU[V[OL7YV]PKLU[-\UKHUK[OL .YH[\P[`-\UK ;OLIHZPJZHSHY`WH`HISL[V4Y2;1P[OLUKYHUPZ` WLYTVU[O;OLHUU\HSIHZPJZHSHY`HUKPUJYLTLU[Z K\YPUNOPZ[LYT^PSSILYLJVTTLUKLKI`[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLHUK^PSSILKLJPKLKI`[OL )VHYKVM+PYLJ[VYZKLWLUKPUNVU[OLWLYMVYTHUJLVM4Y2;1P[OLUKYHU[OLWYVĉ[HIPSP[`VM[OL*VTWHU`HUK V[OLYYLSL]HU[MHJ[VYZ II. Performance Bonus for teams: 7LYMVYTHUJL IVU\Z MVY [LHTZ í7)-;î HJJVYKPUN [V [OL ZJOLTL VM [OL *VTWHU` MVY LHJO ĉUHUJPHS `LHY PU HJJVYKHUJL^P[O[OLWLYMVYTHUJLVM4Y2;1P[OLUKYHU ;OLJVSSLJ[P]L[HYNL[JVTWVULU[PZ` III. Flexible Compensation: 0UHKKP[PVU[V[OLĉ_LKJVTWLUZH[PVUHUK[OLWLYMVYTHUJLIVU\ZTLU[PVULKHIV]L4Y2;1P[OLUKYHU^PSSIL LU[P[SLK[V[OLMVSSV^PUNHSSV^HUJLZWLYX\PZP[LZILULĉ[ZMHJPSP[PLZHUKHTLUP[PLZHZWLYY\SLZVM[OL*VTWHU`HUK Z\IQLJ[[V[OLYLSL]HU[WYV]PZPVUZVM[OL*VTWHUPLZ(J[JVSSLJ[P]LS`[OLíWLYX\PZP[LZHUKHSSV^HUJLZî ;OLZLWLYX\PZP[LZHUKHSSV^HUJLZZOHSSILNYHU[LK[V4Y2;1P[OLUKYHUHZWLY[OLY\SLZVM[OL*VTWHU`HUK PU[OLTHUULYHZ[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLTH`YLJVTTLUKHUK[OL)VHYKVM+PYLJ[VYZTH` KLJPKL P OV\ZLYLU[HSSV^HUJL" PP :\WWSLTLU[HY`HSSV^HUJL" PPP 3LH]L[YH]LSHZZPZ[HUJLMVYZLSMHUKMHTPS`" P] -VVK=V\JOLYZWL[YVSYLPTI\YZLTLU[ [LSLWOVULYLPTI\YZLTLU[" ] ,HYULKWYP]PSLNLSLH]LVUM\SSWH`HUKHSSV^HUJLUV[L_JLLKPUNKH`ZPUHĉUHUJPHS`LHY,UJHZOTLU[ HJJ\T\SH[PVUVMSLH]L^PSSILWLYTPZZPISLPUHJJVYKHUJL^P[O[OLY\SLZZWLJPĉLKI`[OL*VTWHU`:PJRSLH]L HZWLY[OLY\SLZVM[OL*VTWHU`"

203 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTICE

;OLTH_PT\TJVZ[[V[OL*VTWHU`WLYHUU\TMVY[OLNYHU[VM[OLWLYX\PZP[LZHUKHSSV^HUJLZSPZ[LKHIV]L[V 4Y2;1P[OLUKYHUHZHU,_LJ\[P]L+PYLJ[VYVM[OL*VTWHU`PZ9Z 0UHKKP[PVU[V[OLHIV]L 4Y2;1P[OLUKYHU^PSSILLSPNPISL[VWYV]PZPVUVM[LSLWOVULH[YLZPKLUJLWH`TLU[YLPTI\YZLTLU[VMTLKPJHS L_WLUZLZMVYZLSMHUKMHTPS`*VTWHU`JHY^P[OKYP]LYMVYVMĉJPHS\ZLLUJHZOTLU[VMSLH]LJS\IMHJPSP[PLZNYV\W PUZ\YHUJLJV]LYNYV\WOVZWP[HSPaH[PVUJV]LYYLPTI\YZLTLU[VMTVIPSLL_WLUZLZOV\ZPUNSVHUHUKVYJVU[PUNLUJ` SVHU HZ WLY Y\SLZ VM [OL *VTWHU` Z\IQLJ[ [V *LU[YHS .V]LYUTLU[ëZ HWWYV]HS PM YLX\PYLK HUK VY HU` V[OLY HSSV^HUJLZHUKWLYX\PZP[LZHUKMHJPSP[PLZHZWLY[OLY\SLZVM[OL*VTWHU`PUMVYJLHUKVYHZYLJVTTLUKLKI` [OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLHUKKLJPKLKI`[OL)VHYKVM+PYLJ[VYZMYVT[PTL[V[PTL-\Y[OLY 4Y2;1P[OLUKYHU^PSSHSZVILLU[P[SLK[V[OLZ[VJRVW[PVUZZ[VJRNYHU[ZHZWLY[OLWYL]HPSPUNZJOLTLZVM [OL*VTWHU` Explanation: P -VY[OLSLH]L[YH]LSHZZPZ[HUJLHUKYLPTI\YZLTLU[VMTLKPJHSHUKOVZWP[HSPaH[PVUL_WLUZLZêMHTPS`ëTLHUZ [OLZWV\ZLKLWLUKLU[JOPSKYLUHUKKLWLUKLU[WHYLU[Z PP 7LYX\PZP[LZZOHSSIL]HS\LKH[HJ[\HSJVZ[VYPM[OLJVZ[PZUV[HZJLY[HPUHISL[OLZHTLZOHSSIL]HS\LKHZWLY [OLHWWSPJHISLPUJVTL[H_Y\SLZ IV. Other Reimbursements: 4Y2;1P[OLUKYHU^PSSHSZVILLU[P[SLKMVY[OLYLPTI\YZLTLU[VMHJ[\HSLU[LY[HPUTLU[[YH]LSSPUNIVHYKPUNHUK SVKNPUNL_WLUZLZPUJ\YYLKIÒPTPUJVUULJ[PVU^P[O[OL*VTWHU`ëZI\ZPULZZHUKZ\JOV[OLYILULĉ[ZHTLUP[PLZ HUKV[OLYWYP]PSLNLZHZPUMVYJLMYVT[PTL[V[PTL RESOLVED FURTHER THAT [OL )VHYK VM +PYLJ[VYZ VM [OL *VTWHU` IL HUK PZ OLYLI` H\[OVYPaLK [V L_LJ\[L [OL HNYLLTLU[^P[O4Y2;1P[OLUKYHUMVY[OLYL]PZLKYLT\ULYH[PVU^P[OLMMLJ[MYVT(WYPSVU[OL[LYTZHUKJVUKP[PVUZ HZ WYV]PKLK HIV]L HUK [V KV HSS Z\JO HJ[Z KLLKZ TH[[LYZ HUK [OPUNZ HZ PU P[Z HIZVS\[L KPZJYL[PVU P[ TH` JVUZPKLY ULJLZZHY`L_WLKPLU[VYKLZPYHISLMVYNP]PUNLMMLJ[[V[OLMVYLNVPUNYLZVS\[PVUHUK[VZL[[SLHU`X\LZ[PVUVYKV\I[[OH[TH` HYPZLPUYLSH[PVU[OLYL[Vî ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ[OLMVSSV^PUNYLZVS\[PVUHZHUOrdinary Resolution! “RESOLVED THATW\YZ\HU[[V[OLWYV]PZPVUZVM:LJ[PVU HUKHSSV[OLYHWWSPJHISLWYV]PZPVUZVM[OL*VTWHUPLZ (J[HUK[OL*VTWHUPLZ(\KP[HUK(\KP[VYZ9\SLZPUJS\KPUNHU`Z[H[\[VY`TVKPĉJH[PVUZVYYLLUHJ[TLU[ [OLYLVMMVY[OL[PTLILPUNPUMVYJL4Z95HUHIOV` *V*VZ[(JJV\U[HU[ZHWWVPU[LKHZ*VZ[(\KP[VYZI`[OL)VHYK VM+PYLJ[VYZVM[OL*VTWHU`MVY[OLĉUHUJPHS`LHYZHUK[VJVUK\J[[OLH\KP[VM[OLJVZ[YLJVYKZVM [OL*VTWHUÌLWHPK[OLYLT\ULYH[PVUVM`9\WLLZ-PM[`;OV\ZHUKVUS`MVY[OLĉUHUJPHS`LHYHUK `9\WLLZ6UL3HRO6US`MVY[OLĉUHUJPHS`LHYL_JS\ZP]LVMZLY]PJL[H_HUKV\[VMWVJRL[VML_WLUZLZ RESOLVED FURTHER THAT[OL)VHYKVM+PYLJ[VYZVM[OL*VTWHUÌLHUKPZOLYLI`H\[OVYPZLK[VKVHSSHJ[ZHUK[HRL HSSZ\JOZ[LWZHZTHÌLULJLZZHY`WYVWLYVYL_WLKPLU[[VNP]LLMMLJ[[V[OPZYLZVS\[PVUî ;VJVUZPKLYHUKPM[OV\NO[ĉ[[VWHZZ[OLMVSSV^PUNYLZVS\[PVUHZHSpecial Resolution! “RESOLVED THATW\YZ\HU[[V[OLWYV]PZPVUZVM[OL*VTWHUPLZ(J[HUKHU`HWWSPJHISLSH^MVY[OL[PTLILPUNPU MVYJL4LTVYHUK\THUK(Y[PJSLZVM(ZZVJPH[PVUVM[OL*VTWHU`9LN\SH[PVUHUKV[OLYHWWSPJHISLWYV]PZPVUZVM[OL :LJ\YP[PLZHUK,_JOHUNL)VHYKVM0UKPH:OHYL)HZLK,TWSV`LL)LULĉ[Z9LN\SH[PVUZHZHTLUKLK[OL“ESOP Regulations”HUKZ\IQLJ[[VZ\JOV[OLYHWWYV]HSZWLYTPZZPVUZHUKZHUJ[PVUZHZTHÌLULJLZZHY`HUKZ\IQLJ[[VZ\JO JVUKP[PVUZHUKTVKPĉJH[PVUZHZTHÌLWYLZJYPILKVYPTWVZLKÔPSLNYHU[PUNZ\JOHWWYV]HSZWLYTPZZPVUZHUKZHUJ[PVUZ [OLJVUZLU[VM[OL*VTWHUÌLHUKPZOLYLI`HJJVYKLK[V[OL)VHYKVM+PYLJ[VYZVM[OL*VTWHUÒLYLPUHM[LYYLMLYYLK to as the “Board”ÔPJO[LYTZOHSSILKLLTLK[VPUJS\KLHU`*VTTP[[LLPUJS\KPUN[OL5VTPUH[PVUHUK9LT\ULYH[PVU *VTTP[[LLÔPJO[OL)VHYKOHZJVUZ[P[\[LK[VL_LYJPZLP[ZWV^LYZPUJS\KPUN[OLWV^LYZJVUMLYYLKI`[OPZYLZVS\[PVU [VJHYY`V\[Z\P[HISLTVKPĉJH[PVUZPU[OL.VKYLQ7YVWLY[PLZ3PTP[LK,TWSV`LLZ:[VJR6W[PVU7SHU“GPL ESOP”[VNP]L LMMLJ[[V[OLMVSSV^PUN! Increase the exercise period of 357,400 options granted under GPL ESOP from three years to four years from the date of vesting. Accordingly, the exercise period which would have previously ceased on December 27, 2015 is now extended to December 27, 2016.

204 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTICE

RESOLVED FURTHER THAT[OL)VHYKILHUKPZOLYLI`H\[OVYPZLK[VTHRLZ\JOTVKPĉJH[PVUZJOHUNLZ]HYPH[PVUZ HS[LYH[PVUZVYYL]PZPVUZPU[OL.73,:67HZTH`ILYLX\PYLK[VNP]LLMMLJ[[V[OLHIV]LYLZVS\[PVUHUK[VKLSLNH[LHSSVY HU`VM[OLWV^LYZJVUMLYYLKOLYLPU[V[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LL^P[OWV^LYZ[VKLSLNH[L[OLZHTL [VHU`L_LJ\[P]LZVMĉJLYZVM[OL*VTWHU`[VKVHSSZ\JOHJ[ZKLLKZTH[[LYZHUK[OPUNZHZ[OL`TH`PU[OLPYHIZVS\[L KPZJYL[PVUKLLTĉ[VYULJLZZHY`VYKLZPYHISLVYL_WLKPLU[VYWYVWLYMVYZ\JOW\YWVZLHUK^P[OH\[OVYP[`VUILOHSMVM[OL *VTWHU`[VZL[[SLHU`PZZ\LZX\LZ[PVUZKPMĉJ\S[PLZVYKV\I[Z[OH[TH`HYPZLPU[OPZYLNHYKVYHU`V[OLYTH[[LYPUJPKLU[HS VYJVUZLX\LU[PHS[OLYL[VHUKP[ZKLJPZPVUZOHSSILĉUHSHUKIPUKPUNVU[OL4LTILYZ^P[OV\[YLX\PYPUN[OL)VHYK[VZLJ\YL HU`M\Y[OLYJVUZLU[VYHWWYV]HSVM[OL4LTILYZVM[OL*VTWHU`î

By Order of the Board of Directors For Godrej Properties Limited

Sd/- 7SHJL ! 4\TIHP Surender Varma +H[LK ! (WYPS *VTWHU`:LJYL[HY` *OPLM3LNHS6MĉJLY 0*:04LTILYZOPW5V(

9LNPZ[LYLK6MĉJL! ^LM4H` .VKYLQ6UL th-SVVY7PYVQZOHUHNHY ,HZ[LYU,_WYLZZ/PNO^H` =PROYVSP,HZ[4\TIHP *05!34/ 73* ;LS! -H_! >LIZP[L!^^^NVKYLQWYVWLY[PLZJVT

NOTES: 1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON A POLL INSTEAD OF HIMSELF/ HERSELF. SUCH A PROXY NEED NOT BE A MEMBER OF THE COMPANY. THE INSTRUMENT OF PROXY IN ORDER TO BE EFFECTIVE MUST BE RECEIVED BY THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE COMMENCEMENT OF THE MEETING. A PROXY SO APPOINTED SHALL NOT HAVE ANY RIGHT TO SPEAK AT THE MEETING. A person can act as a proxy on ILOHSMVMUV[TVYL[OHUĉM[`TLTILYZHUKOVSKPUNPU[OLHNNYLNH[LUV[TVYL[OHU[LUWLYJLU[VM[OL[V[HS share capital of the Company carrying voting rights. A member holding more than ten percent of the total share capital of the Company carrying voting rights may appoint a single person as proxy and such person shall not act as a proxy for any other person or shareholder. (SSKVJ\TLU[ZYLMLYYLK[VPU[OLHJJVTWHU`PUN5V[PJLHYLH]HPSHISLMVYPUZWLJ[PVUH[[OL9LNPZ[LYLK6MĉJLVM[OL*VTWHU` K\YPUNVMĉJLOV\YZVUHSSKH`ZL_JLW[:H[\YKH`Z:\UKH`ZHUKW\ISPJOVSPKH`Z\W[V[OLKH[LVM[OPZth(.4 (UL_WSHUH[VY`Z[H[LTLU[W\YZ\HU[[V:LJ[PVUVM[OL*VTWHUPLZ(J[HZHTLUKLK[OLí*VTWHUPLZ(J[î^P[O YLZWLJ[[V0[LT5VZ[VVM[OLUV[PJLZL[V\[HIV]LPZHUUL_LKOLYL[V ;OL9LNPZ[LYVM4LTILYZHUK:OHYL;YHUZMLY)VVRZVM[OL*VTWHU`^PSSILJSVZLKMYVT1\S` [V(\N\Z[ IV[OKH`ZPUJS\ZP]LMVYHZJLY[HPUPUN[OLUHTLZVM[OL4LTILYZ[VÔVT[OLKP]PKLUKPMKLJSHYLKH[[OL(.4PZWH`HISL ;OLKP]PKLUKPMKLJSHYLKH[[OL(.4^PSSILWHPKVUHUKMYVT(\N\Z[HZMVSSV^Z! H -VYZOHYLZOLSKPUWO`ZPJHSMVYTè[V[OVZL4LTILYZÔVZLUHTLZHWWLHYPU[OL9LNPZ[LYVM4LTILYZVU[OLJSVZL VM[OLKH`VU;\LZKH`1\S` "HUK I -VYZOHYLZOLSKPUKLTH[LYPHSPaLKMVYT[V[OVZLILULĉJPHYPLZÔVZLUHTLZHYLM\YUPZOLKI`[OL5H[PVUHS:LJ\YP[PLZ +LWVZP[VY`3PTP[LKHUK*LU[YHS+LWVZP[VY`:LY]PJLZ0UKPH3PTP[LKHZILULĉJPHSVÛLYZVU[OLJSVZLVM[OLKH`VU ;\LZKH`1\S`

205 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTICE

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206 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTICE

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207 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTICE

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208 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTICE

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

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209 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTICE

ITEM NO. 8: ;OL)VHYKVM[OL*VTWHU`PUP[ZTLL[PUNOLSKVU4H`HUK[OL4LTILYZVM[OL*VTWHU`H[[OL(UU\HS.LULYHS 4LL[PUNOLSKVU1\S`HWWVPU[LK4Y2;1P[OLUKYHUHZHU,_LJ\[P]L+PYLJ[VYVM[OL*VTWHU`MVYHWLYPVKVM[OYLL `LHYZ^P[OLMMLJ[MYVT4H` ;OL)VHYKVM[OL*VTWHU`H[P[ZTLL[PUNOLSKVU4H` HUK[OL4LTILYZVM[OL*VTWHU`H[[OL(UU\HS.LULYHS 4LL[PUNVM[OL*VTWHUÒLSKVU1\S`HWWYV]LK[OLYLHWWVPU[TLU[VM4Y2;1P[OLUKYHUHZH>OVSL[PTL+PYLJ[VY KLZPNUH[LKHZ,_LJ\[P]L+PYLJ[VYVM[OL*VTWHU`MVYHM\Y[OLYWLYPVKVM[OYLL`LHYZ^P[OLMMLJ[MYVT4H` ([[OLTLL[PUNVM[OL)VHYKOLSKVU(WYPS[OLYLT\ULYH[PVUWH`HISL[V4Y2;1P[OLUKYHUOHZILLUYL]PZLK^P[O LMMLJ[ MYVT (WYPS Z\IQLJ[ [V [OL HWWYV]HS VM [OL 4LTILYZ VM [OL *VTWHU` ;OL 4LTILYZ HYL PUMVYTLK [OH[ [OL WYVWVZLKYLT\ULYH[PVUVM4Y2;1P[OLUKYHUPZ^P[OPU[OLSPTP[ZWYV]PKLKPU:JOLK\SL=VM[OL*VTWHUPLZ(J[HZ HTLUKLK[OLí*VTWHUPLZ(J[î (JJVYKPUNS`[OLHWWYV]HSVM[OL4LTILYZVM[OL*VTWHU`PZZV\NO[MVYYL]PZPVUPU[OL[LYTZ JVUKP[PVUZVM[OLYLT\ULYH[PVU WH`HISL[V4Y2;1P[OLUKYHUHZ,_LJ\[P]L+PYLJ[VYHZTLU[PVULKPU[OL9LZVS\[PVUH[P[LTUV VM[OPZUV[PJL^P[OLMMLJ[ MYVT(WYPS ;OL)VHYKYLJVTTLUK[OLWHZZPUNVM[OL9LZVS\[PVUZL[V\[H[P[LTUV VM[OPZ5V[PJL Nature of concern or interest of Directors: 5VULVM[OLKPYLJ[VYZHUKVYRL`THUHNLYPHSWLYZVUULSVM`V\Y*VTWHU`HUK[OLPYYLSH[P]LZL_JLW[4Y2;1P[OLUKYHUHYL JVUJLYULKVYPU[LYLZ[LKĉUHUJPHSS`VYV[OLY^PZLPU[OLHIV]L9LZVS\[PVU ITEM NO.9 ;OL )VHYK VU [OL YLJVTTLUKH[PVU VM [OL (\KP[ *VTTP[[LL OHZ HWWYV]LK [OL HWWVPU[TLU[ HUK YLT\ULYH[PVU VM 4Z95HUHIOV` *V*VZ[(JJV\U[HU[ZHZ*VZ[(\KP[VYZ[VJVUK\J[[OLH\KP[VM[OLJVZ[YLJVYKZVM[OL*VTWHU`MVY[OL ĉUHUJPHS`LHYZHUK0UHJJVYKHUJL^P[O[OLWYV]PZPVUZVM:LJ[PVU VM[OL*VTWHUPLZ(J[YLHK^P[O[OL *VTWHUPLZ(\KP[HUK(\KP[VYZ9\SLZ[OLYLT\ULYH[PVUWH`HISL[V[OL*VZ[(\KP[VYZOHZ[VILYH[PĉLKI`[OL4LTILYZ VM[OL*VTWHU` (JJVYKPUNS`JVUZLU[VM[OL4LTILYZPZZV\NO[MVYWHZZPUN6YKPUHY`9LZVS\[PVUHZZL[V\[H[0[LTZ5V VM[OL5V[PJLMVY YH[PĉJH[PVUVM[OLYLT\ULYH[PVUWH`HISL[V[OL*VZ[(\KP[VYZMVY[OLĉUHUJPHS`LHYZHUK Nature of concern or interest of Directors: 5VUL VM [OL KPYLJ[VYZ HUKVY RL` THUHNLYPHS WLYZVUULS VM `V\Y *VTWHU` HUK [OLPY YLSH[P]LZ HYL JVUJLYULK VY PU[LYLZ[LK ĉUHUJPHSS`VYV[OLY^PZLPU[OLHIV]L9LZVS\[PVUZ ITEM NO. 10 7\YZ\HU[[V[OLHWWYV]HSVM4LTILYZH[[OLL_[YHVYKPUHY`NLULYHSTLL[PUNOLSKVU+LJLTILY[OL5VTPUH[PVUHUK 9LT\ULYH[PVU*VTTP[[LLVM[OL)VHYKVM[OL*VTWHU`H[P[ZTLL[PUNOLSKVU+LJLTILYOHKHWWYV]LK.VKYLQ 7YVWLY[PLZ 3PTP[LK ,TWSV`LL :[VJR 6W[PVU 7SHU í.73 ,:67î 7\YZ\HU[ [V [OL .73 ,:67 VW[PVUZ OH]L ILLU NYHU[LK[V[OLLSPNPISLLTWSV`LLZHZH[4HYJO6\[VM[OLZL[PSS4HYJO VW[PVUZOH]LSHWZLKVU HJJV\U[VMYLZPNUH[PVU;OLIHSHUJL]HSPKVW[PVUZHZVMKH[LHYL ;OL4LTILYZ]PKLZWLJPHSYLZVS\[PVUWHZZLK[OYV\NO7VZ[HS)HSSV[[OLYLZ\S[ZVMÔPJO^LYLHUUV\UJLKVU4HYJO HJJVYKLK[OLPYJVUZLU[[VL_[LUK[OLL_LYJPZLWLYPVKMVY[OL]LZ[LKVW[PVUZMYVT+LJLTILY[V+LJLTILY PU]PL^VM[OLNSVIHSTLS[KVÛHUKSV^LYTHYRL[WYPJLZVM[OLZOHYLZVM[OL*VTWHU`^P[OH]PL^[VWYV[LJ[[OLPU[LYLZ[VM[OL LTWSV`LLZVM[OL*VTWHU`[VÔVTVW[PVUZOH]LILLU]LZ[LK ;OLJ\YYLU[THYRL[WYPJLZVM[OLZOHYLZVM[OL*VTWHU`ÔPJOHYLT\JOSV^LY[OHU[OLL_LYJPZLWYPJLKL[LYTPULKI`[OL 5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLOH]LYLUKLYLK[OLHMVYLZHPKZ[VJRVW[PVUZ\UH[[YHJ[P]L;OLTHPUVIQLJ[P]LVM[OL .73,:67:JOLTLPZ[VWYV]PKLHUPUJLU[P]L[VH[[YHJ[YL[HPUHUKYL^HYKLTWSV`LLZVM[OL*VTWHU`HUK[VTV[P]H[L[OLT HUKJYLH[LVÛLYZOPWH[[P[\KLHTVUNZ[[OLT 0U VYKLY [V WYV[LJ[ [OL PU[LYLZ[ VM [OL LTWSV`LLZ VM [OL *VTWHU` [OL )VHYK VM [OL *VTWHU` H[ P[Z TLL[PUN OLSK VU (WYPSIHZLKVU[OLYLJVTTLUKH[PVUVM[OL5VTPUH[PVUHUK9LT\ULYH[PVU*VTTP[[LLOHZWYVWVZLK[V\UKLY[HRL [OLMVSSV^PUNHTLUKTLU[PU[OL.73,:67!

210 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTICE

Increase exercise period of the 3,57,400 options granted under GPL ESOP from three years from the date of vesting to four years from the date of vesting. Accordingly, the exercise period which would have ceased on December 27, 2015 is now extended to December 27, 2016. ;OL)VHYKJVUZPKLYZ[OLHMVYLZHPKTVKPĉJH[PVUZ[VILPU[OLPU[LYLZ[VM[OLVW[PVUZNYHU[LLZ ;OL)VHYKYLJVTTLUK[OLWHZZPUNVM[OL9LZVS\[PVUZL[V\[H[0[LT5VVM[OPZ5V[PJL Nature of concern or interest of Directors: 5VULVM[OLKPYLJ[VYZHUKVYRL`THUHNLYPHSWLYZVUULSVM`V\Y*VTWHU`HUK[OLPYYLSH[P]LZL_JLW[4Y2;1P[OLUKYHUHUK 4Y9HQLUKYH2OL[H^H[[V[OLL_[LU[VMVW[PVUZ]LZ[LK[V[OLTHYLJVUJLYULKVYPU[LYLZ[LKĉUHUJPHSS`VYV[OLY^PZLPU[OL HIV]L9LZVS\[PVU

By Order of the Board of Directors For Godrej Properties Limited

Sd/- 7SHJL ! 4\TIHP Surender Varma +H[LK ! (WYPS *VTWHU`:LJYL[HY` *OPLM3LNHS6MĉJLY 0*:04LTILYZOPW5V(

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211 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTICE 3PTP[LK 7YP]H[L3PTP[LK 3PTP[LK /HWW`/PNOYPZLZ3PTP[LK .VKYLQ.YLLU/VTLZ3PTP[LK .VKYLQ7YLTP\T)\PSKLYZ7YP]H[L .VKYLQ.HYKLU*P[`7YVWLY[PLZ .VKYLQ/VTL+L]LSVWLYZ7YP]H[L .VKYLQ9LHS,Z[H[L7YP]H[L3PTP[LK

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,UNPULLYPUNHUK4HUHNLTLU[ 4HUHNLTLU[ 4HUHNLTLU[ VM:JPLUJLMYVT[OL0SSPUVPZ0UZ[P[\[LVM ;LJOUVSVN`<:( ,_WLY[PZLPUZWLJPÄJ M\UJ[PVUHSHYLH +PYLJ[VYZOPWOLSKPUV[OLY JVTWHUPLZ Name of the DirectorParticulars (NL5H[PVUHSP[` Mr. Jamshyd N. Godrej+H[LVM(WWVPU[TLU[:OHYLZOLSKPU[OL*VTWHU`8\HSPÄJH[PVU Mr. Pirojsha Godrej Mr. Mohit Malhotra (WYPS 4Y1HTZO`K5.VKYLQOVSKZH)HJOLSVY 0UKPHU 6J[VILY 0UKPHU (WYPS 0UKPHU furnished about the Directors proposed to be re-appointed/appointed. 7\YZ\HU[[V*SH\ZL VM[OL3PZ[PUN(NYLLTLU[LU[LYLKPU[V^P[ 7\YZ\HU[[V*SH\ZL

212 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 NOTICE 5VUL 5PS 5PS 4YZ7HYTLZO^HY(.VKYLQ 5LWOL^VM4Y5HKPY.VKYLQ 5VUL :VUVM4Y(KP).VKYLQHUK 7YP]H[L3PTP[LK -V\UKH[PVU:PUNHWVYL -V\UKH[PVU0UKPH -V\UKH[PVU (ZZVJPH[PVU )YLHJO*HUK`/VZWP[HS;Y\Z[ 0SSPUVPZ0UZ[P[\[LVM;LJOUVSVN`0UKPH :PUNHWVYL0UKPH7HY[ULYZOPW .VKYLQ 2OPTQP4PKKSL,HZ[33* )HQHQ(\[V3PTP[LK .VKYLQ4HSH`ZPH:+5)/+ .VKYLQ:PUNHWVYL7[L3[K .VKYLQ=PL[UHT*VTWHU`3[K *SPTH[L>VYRZ-V\UKH[PVU<:( >VYSK9LZV\YJL0UZ[P[\[L<:( .SVIHS-VV[WYPU[5L[^VYR<:( )YLHJO*HUK`/VZWP[HS;Y\Z[ :PUNHWVYL0UKPH7HY[ULYZOPW :OHR[P:\Z[HPUHISL,ULYN`-V\UKH[PVU 9HW[VY9LZLHYJOHUK*VUZLY]H[PVU 0UKPHU4HJOPUL;VVS4HU\MHJ[\YLYZ 04;4(4HJOPUL;VVS0UK\Z[Y`7HYR

*OHPYTHU! 0U]LZ[VYZ.YPL]HUJLZ9LKYLZZHS *VTTP[[LL¶.LVTL[YPJ3[K 4LTILYZOPW! :OHYLOVSKLYZ»*VTTP[[LL¶.VKYLQ *VUZ\TLY7YVK\J[Z3[K :OHYLOVSKLYZ»0U]LZ[VYZ.YPL]HUJL *VTTP[[LL¶)HQHQ(\[V3[K Name of the DirectorParticulars +PYLJ[VYZOPWOLSKPUV[OLY JVTWHUPLZ Mr. Jamshyd N. Godrej Mr. Pirojsha Godrej Mr. Mohit Malhotra 0U[LYZLYLSH[PVUZOPW^P[OV[OLY KPYLJ[VYZ *OHPYTHU4LTILYZOPWPUV[OLY *VTTP[[LLZVM[OL)VHYK

213 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 GODREJ PROPERTIES LIMITED

NOTES

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214 GODREJ PROPERTIES LIMITED ANNUAL REPORT 2014-15 PROXY FORM GODREJ PROPERTIES LIMITED *05!34/ 73* 9LNPZ[LYLK6MĉJL!.VKYLQ6ULth-SVVY7PYVQZOHUHNHY,HZ[LYU,_WYLZZ/PNO^H`=PROYVSP,HZ[4\TIHPè ,THPS!ZLJYL[HYPHS'NVKYLQWYVWLY[PLZJVT^LIZP[L!^^^NVKYLQWYVWLY[PLZJVT Form No. MGT-11 B7\YZ\HU[[VZLJ[PVUVM[OL*VTWHUPLZ(J[HUKY\SL VM[OL*VTWHUPLZ4HUHNLTLU[HUK(KTPUPZ[YH[PVU9\SLZD -VSPV5V*SPLU[0+ +70+ 5HTLVM[OL4LTILYZ 9LNPZ[LYLK(KKYLZZ

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Godrej Properties Limited, Godrej One, 5th Floor, Pirojshanagar, Eastern Express Highway, Vikhroli (East), Mumbai 400 079. India Tel: 91-22-61698500 | Website: www.godrejproperties.com