Embassy Developments Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018

1. The standalone financial results of Indiabulls Real Estate Limited ('IBREL' or 'the Company') for the year ended 31 March 2018 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at its meeting held on 25 April 2018 and have been audited by the Statutory Auditors.

2. The standalone financial results are prepared in accordance with the recognition and measurement principles of Indian Accounting Standards as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013.

3. Figures for the quarters ended 31 March 2018 and 31 March 2017 represent the balancing figures between the audited figures for the full financial year and published year to date figures upto third quarter of the respective financial year.

4. During the quarter, the Company has sold its entire stake in two of its wholly owned subsidiaries, namely Selene Estate Limited and Airmid Infrastructure Limited (owned residential assets in Chennai) for an aggregate consideration of Rs. 28,500 Lakhs.

5. During the quarter, Century Limited, a wholly owned subsidiary of the Company, has elected to and will redeem, on 30 April 2018 (the 'Redemption Date'), all of the outstanding US$175,000,000 10.25% Senior Notes due 2019 ('Securities'), which were issued by Century Limited under an indenture dated 12 November 2014 and guaranteed by the Company along with its certain subsidiaries. These Securities are to be redeemed at redemption price i.e. amount equal to 105.125% of US$175,000,000. These Securities are presently listed on SGX-ST. Upon redemption of the Securities, the Securities will be cancelled and delisted from the SGX-ST.

6. Subsequent to the quarter end, Manjola Infrastructure Limited, a wholly owned subsidiary of the Company, has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building at Udyog Vihar, Phase IV, Gurugram, having leasable area of approximately 2.5 lakhs square feet. The deal is expected to get completed in coming months when the occupation certificate of this building is expected to be received.

7. Subsequent to the quarter end, Indiabulls Infraestate Ltd ('IIL'), a wholly owned subsidiary of the Company, has executed a non binding term sheet with Oricon Enterprises Limited ('OEL') for execution of definitive agreements for joint development of a commercial building at OEL's land parcel admeasuring approximately 3,512 square meters plot situated at Dr. E. Moses Road, Worli, Mumbai – 400018. Upon execution of the definitive agreements, IIL will get an exclusive ownership rights of approx. 2.55 lakhs square feet of leasable area.

8. During the quarter, a wholly-owned subsidiary of the Company has entered into a binding and definitive agreement to acquire a prime and newly constructed commercial building, having leasable area of around 2.5 lakhs square feet in Gurugram.