UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                   FORM 10-QSB


                  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

                  For the Quarterly Period Ended March 31, 2003

                        Commission File Number: 000-30724


                          MONTGOMERY REALTY GROUP, INC.
         ---------------------------------------------------------------
        (Exact name of small business issuer as specified in its charter)

                                     Nevada
          -------------------------------------------------------------
         (State or other jurisdiction of incorporation or organization)

                                   88-0377199
                         -------------------------------
                        (IRS Employer Identification No.)

                        400 Oyster Point Blvd., Suite 415
                          South San Francisco, CA 94080
                      -------------------------------------
                    (Address of principal executive offices)

                                 (650) 266-8080
                           --------------------------
                           (Issuer's telephone number)

                                       N/A
              ----------------------------------------------------
              (Former name, former address and former fiscal year,
                         if changed since last report)


         State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date: As of May 9, 2003, issuer
had 16,500,000 shares of issued and outstanding common stock, par value $0.001.

Transitional Small Business Disclosure Format: Yes [ ] No [X]

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<CAPTION>
                                              PART I--FINANCIAL INFORMATION

                                               ITEM 1. FINANCIAL STATEMENTS

MONTGOMERY REALTY GROUP, INC.
BALANCE SHEETS
MARCH 31, 2003 AND DECEMBER 31, 2002 (Unaudited)
-----------------------------------------------------------------------------------------------------------------------

                                                                                         March 31,       December 31,
                                                                                           2003              2002
<S>                                                                                    <C>               <C>
ASSETS
PROPERTY:
  Land                                                                                 $   2,699,500     $   2,699,500
  Building                                                                                 5,040,000         5,040,000
  Improvements                                                                             3,115,688         3,115,688
                                                                                       -------------     -------------
           Total                                                                          10,855,188        10,855,188

  Less accumulated depreciation                                                           (3,007,281)       (2,955,747)
                                                                                       -------------     -------------
           Property, net                                                                   7,847,907         7,899,441

CASH                                                                                         373,848           386,565
TENANT RECEIVABLES                                                                            26,113             6,872
PREPAID EXPENSES AND OTHER ASSETS                                                            168,631           145,093
DEFERRED LEASE COMMISSIONS                                                                     6,895             7,441
DEFERRED LOAN COSTS                                                                          100,305           115,028
DEFERRED RENT RECEIVABLE                                                                      34,021            34,548
DEFERRED TAX ASSET                                                                         1,686,222         1,679,091
                                                                                       -------------     -------------
TOTAL ASSETS                                                                           $  10,243,942     $  10,274,079
                                                                                       =============     =============

LIABILITIES AND STOCKHOLDERS' DEFICIT
LIABILITIES:
  Notes payable                                                                        $  12,612,703     $  12,676,866
  Accounts payable                                                                            25,567            31,303
  Accrued interest                                                                            73,599            67,949
  Security deposits and prepaid rent                                                          73,350            25,546
                                                                                       -------------     -------------
TOTAL LIABILITIES                                                                         12,785,220        12,801,664
                                                                                       -------------     -------------

STOCKHOLDERS' DEFICIT:
  Common stock, $0.001 par value; authorized 80,000,000 shares;
    issued and outstanding, 16,500,000 shares at March 31, 2003 and,
    December 31, 2002                                                                         16,500            16,500
  Preferred stock, $0.001 par value; authorized 20,000,000 shares; no
    shares issued and outstanding at March 31, 2003 and December 31, 2002                          -                 -
  Additional capital                                                                       1,692,742         1,692,742
  Accumulated deficit                                                                     (4,250,520)       (4,236,827)

TOTAL STOCKHOLDERS' DEFICIT                                                               (2,541,278)       (2,527,585)
                                                                                       -------------     -------------
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT                                            $  10,243,942     $  10,274,079
                                                                                       =============     =============

See notes to the financial statements.

                                                               2
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<CAPTION>
MONTGOMERY REALTY GROUP, INC.

STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2003 AND 2002 (Unaudited)
---------------------------------------------------------------------------------------------------------------------------

                                                                                           2003                2002
<S>                                                                                    <C>               <C>
REVENUES:
  Rent                                                                                 $     384,052     $     381,705
  Other                                                                                            0               862
                                                                                       -------------     -------------
           Total revenues                                                                    384,052           382,567
                                                                                       -------------     -------------
EXPENSES:
  Real estate taxes                                                                           61,107            60,701
  Utilities                                                                                    4,673             6,063
  Repairs and maintenance                                                                        310               474
  General building                                                                             6,838             2,962
  Administration                                                                              17,152            14,248
  Insurance                                                                                    4,453             2,664
  Management fee                                                                              30,000            30,000
  Depreciation                                                                                51,534            51,351
  Amortization                                                                                15,269            17,540
                                                                                       -------------     -------------
           Total expenses                                                                    191,335           186,003
                                                                                       -------------     -------------

INCOME BEFORE INTEREST EXPENSE
  AND INCOME TAXES                                                                           192,717           196,564

INTEREST EXPENSE, NET                                                                       (213,541)         (223,611)
                                                                                       -------------     -------------
LOSS BEFORE INCOME TAXES                                                                     (20,824)          (27,047)

INCOME TAX BENEFIT                                                                             7,131            10,548
                                                                                       -------------     -------------
NET LOSS                                                                               $     (13,693)    $     (16,499)
                                                                                       =============     =============

NET LOSS PER COMMON SHARE, BASIC AND DILUTED                                           $      (0.001)    $      (0.001)
                                                                                       =============     =============
WEIGHTED AVERAGE NUMBER OF COMMON SHARES,
  BASIC AND DILUTED                                                                       16,500,000        16,500,000
                                                                                       =============     =============


See notes to the financial statements.

                                                                  3
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<CAPTION>
MONTGOMERY REALTY GROUP, INC.

STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2003 AND 2002 (Unaudited)
-----------------------------------------------------------------------------------------------------------------------------

                                                                                            2003               2002
<S>                                                                                    <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss                                                                             $     (13,693)    $     (16,499)
  Depreciation and amortization                                                               66,803            68,891
  Deferred rent receivable                                                                       527            (1,366)
  Deferred taxes                                                                              (7,131)          (10,548)
  Adjustments to reconcile net loss to net cash
    provided by operating activities:
    Tenant receivables                                                                       (19,241)            5,767
    Prepaid expenses and other assets                                                        (23,538)          (15,168)
    Accounts payable                                                                          (5,735)            5,826
    Accrued interest                                                                           5,650            (1,125)
    Security deposits and prepaid rent                                                        47,804                 -
                                                                                       -------------     -------------
           Net cash provided by operating activities                                          51,446            35,778
                                                                                       -------------     -------------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to property                                                                            -            (5,814)
                                                                                       -------------     -------------
           Net cash used in investing activities                                                   -            (5,814)
                                                                                       -------------     -------------

CASH FLOWS FROM FINANCING ACTIVITIES:
  Proceeds from issuance of notes payable                                                          -         2,500,000
  Payment of loan costs                                                                            -           (67,258)
  Payments on notes payable                                                                  (64,163)       (2,080,721)
                                                                                       -------------     -------------
           Net cash provided by (used in) financing activities                               (64,163)          352,021
                                                                                       -------------     -------------
INCREASE(DECREASE) IN CASH                                                                   (12,717)          381,985

CASH, BEGINNING OF PERIOD                                                                    386,565            81,328
                                                                                       -------------     -------------
CASH, END OF PERIOD                                                                    $     373,848     $     463,313
                                                                                       =============     =============


See notes to the financial statements.

                                                            4
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                          MONTGOMERY REALTY GROUP, INC.

                          NOTES TO FINANCIAL STATEMENTS

1.       BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared from the
Company's accounting records in accordance with the rules and regulations of the
Securities and Exchange Commission. Accordingly, they do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements. Such statements include all adjustments,
consisting only of normal recurring adjustments, that are, in the opinion of
management, necessary for a fair presentation of the Company's financial
position, and results of operations for the interim period reported upon. The
interim financial statements should be read in conjunction with the Company's
annual report on Form 10-KSB for the year ended December 31, 2002, including the
financial statements and the notes thereto.

2.       TRANSACTIONS WITH AFFILIATE

Property management fees of $30,000 were paid to an affiliate of the majority
stockholder for the three months ended March 31, 2003 and 2002, respectively.

3.       BASIC AND DILUTED LOSS PER SHARE OF BENEFICIAL INTEREST

Basic and diluted loss per share are computed by dividing net loss by the
weighted average number of shares outstanding of 16,500,000 for the three months
ended March 31, 2003 and 2002. Common stock from options granted were not
included in the calculation of diluted loss per share because they were
antidilutive for the three months ended March 31, 2002. There were no
outstanding options for the three months ended March 31, 2003.

                                       5
<PAGE>

       ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

Forward-Looking Information May Prove Inaccurate

         This report contains statements about the future, sometimes referred to
as "forward-looking" statements. Forward-looking statements are typically
identified by the use of the words "believe," "may," "will," "should," "expect,"
"anticipate," "estimate," "project," "propose," "plan," "intend" and similar
words and expressions. Statements that describe future strategic plans, goals or
objectives of Montgomery are also forward-looking statements. Montgomery intends
the forward-looking statements to be covered by the safe harbor provisions for
forward-looking statements contained in Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.

         Readers of this report are cautioned that any forward-looking
statements, including those regarding Montgomery or its management's current
beliefs, expectations, anticipations, estimations, projections, proposals, plans
or intentions, are not guarantees of future performance or results of events and
involve risks and uncertainties. The forward-looking information is based on
present circumstances and on Montgomery's predictions respecting events that
have not occurred, that may not occur, or that may occur with different
consequences from those now assumed or anticipated. Actual events or results may
differ materially from those discussed in the forward-looking statements as a
result of various factors. The forward-looking statements included in this
report are made only as of the date of this report. Montgomery is not obligated
to update such forward-looking statements to reflect subsequent events or
circumstances.

         The following discussion should be read in conjunction with the
financial statements of Montgomery and the notes thereto.

Overview

         Montgomery is a real estate company that emphasizes investment in both
developmental real estate assets and income-producing real estate assets.
Montgomery is engaged in the ownership, leasing, management, operation,
development, redevelopment, acquisition and sale of real estate assets in the
Greater San Francisco Bay Area. Montgomery currently owns retail shopping
centers and an office building. Montgomery also owns an undeveloped parcel of
land referred to as the "Eccles Project" in South San Francisco, as discussed in
more detail in Montgomery's report on Form 10-KSB.

         All of Montgomery's properties were acquired in June 1999 from
Montgomery's majority stockholder, Dinesh Maniar, who currently owns 97.3% of
the stock of Montgomery. They consist of the following:

         (1) the Keker & Van Nest Office Building in San Francisco, California;

         (2) the Orchard Supply Shopping Center in San Ramon, California;

         (3) the San Ramon Retail Center in San Ramon, California; and

         (4) the Eccles Project land located in South San Francisco, California.

These four properties are described in detail in Montgomery's Form 10-KSB.

         These assets had a market value of approximately $26,820,000 based upon
independent appraisals performed between September 1998 and February 2002, as
detailed in footnote 2 to the audited financial statements. With the acquisition
of these assets in 1999, Montgomery became and remains an operating real estate
company with approximately 80,000 square feet of leasable property. The lease
space is currently 100% occupied. The Eccles Project, which is the only
undeveloped real estate in Montgomery's portfolio, has a third-party appraisal
shows the property valued at $12,370,000. (See discussion below on Eccles
Project).

                                       6
<PAGE>

         Montgomery conducts all of its real property management and brokerage
activities through a written agreement with a related corporation, Diversified
Investment & Management Corporation, or DIMC, which is 100% owned by Mr. Maniar.

         Montgomery entered into an agreement, subject to certain contingencies,
effective April 2, 2003, to sell its San Ramon Retail Center in San Ramon,
California, to a qualified buyer for $1,891,625, payable in cash at closing. The
San Ramon Retail Center consists of a 4,823 square-foot building situated on a
..21 acre parcel of land that is contiguous with the Orchard Supply Shopping
Center. See discussion below under "Other Sales."

Basis of Presentation of Financial Information

         Montgomery accounts for its real estate assets using the historical
cost method consistent with generally accepted accounting principles. Since
Montgomery acquired all of its real estate assets from its principal
stockholder, Dinesh Maniar, in a "reverse acquisition," the historical cost as
shown on the financial statements is Mr. Maniar's original purchase cost, which
in some instances may be quite dated. For example, the historical cost of the
Eccles Project is $539,500 dating back to 1980. The appraised value of the
Eccles Project is $12,370,000. While the Eccles Project is the most extreme
example of such a disparity between historical cost and appraised value, the
reader's attention is drawn to the footnotes to the Form 10-KSB audited
financial statements.

Results of Operations

         Three Months Ended March 31, 2003, Compared to Three Months Ended
         March 31, 2002

         Montgomery's net loss for the three months ended March 31, 2003, was
$13,693, a decrease of $2,806 or 17.0%, from the net loss of $16,499 for the
three months ended March 31, 2002. The decrease in net loss is principally
attributable to the refinancing of the Eccles project, which resulted in reduced
interest expense.

         Montgomery's total revenues increased from $382,567 at March 31, 2002,
to $384,052 at March 31, 2003, or 0.4%. This increase is due primarily to
minimal contractual increase in base rent of two minor tenants.

         With the exception of the Eccles Project, all of Montgomery's
properties are 100% leased under lease terms extending beyond the end of 2003,
so that no rent reductions due to vacancies are expected for the balance of the
year nor are significant rent increases likely, absent early termination of an
existing lease and a releasing. Our revenue will be decreased by $12,574 per
month upon the closing of the sale of the San Ramon Retail Center; however, upon
repayment of the promissory note of approximately $784,000 secured by the
property, which will occur at closing, we will no longer be required to make
payments on the promissory note of $6,495 per month. Revenues will vary slightly
due to changes in the amount of expenses reimbursable under net leases and
changes in base rents that are keyed to the Consumer Price Index.

         Total operating expenses for the three months ended March 31, 2003,
increased from $186,003 at March 31, 2002, to $191,335 at March 31, 2003, or
2.9%.

                                       7
<PAGE>

         Management fees remained constant at $10,000 per month. The management
fees are set to increase to $15,000 per month July 1, 2003.

         Net interest expense for the three months ended March 31, 2003,
decreased from $223,611 at March 31, 2002, to $213,541 at March 31, 2003, or
4.5%. This decrease is due to the refinancing of Eccles project which reduced
interest expense.

     Liquidity and Capital Resources

         Montgomery has met its requirements for liquidity and capital resources
principally from cash provided by operations, refinancing and realization of
equity.

     Operating Activities

         Operating activities for the three months ended March 31, 2003,
provided net cash of $51,446, compared to net cash of $35,778 provided by
operating activities for the three months ended March 31, 2002, an increase of
$15,668, or 43.8%. The increase in cash provided by operating activities is
attributable primarily to prepaid rent from the Orchard Supply Shopping Center
and two minor tenants (one month advance).

         Cash at March 31, 2003, decreased to $373,848 from the balance on
December 31, 2002, of $386,565, a decrease of $12,717, or 3.3%. This decrease is
primarily attributable to the payment of a refundable advance of $40,000 to DIMC
for the cost of the potential sale of the San Ramon Retail Center and/or Orchard
Supply Shopping Center.

     Investing Activities

         Investing activities used no cash for the three months ended March 31,
2003, as compared to $5,814 used during the same period in 2002. The investing
activities for the three months ended March 31, 2002 consisted of capital
improvements to the roof at the 710 Sansome Street Building. Expenditure of said
funds was consistent with annual capital improvements incurred by Montgomery to
enhance the value of its properties.

     Financing Activities

         Montgomery had no financing activities for the three months ended
March 31, 2003, except for schedule repayments on existing debt.

     Equity in Real Estate

         Montgomery has net cash flow from its current activities, which it
believes will continue on a long-term basis, providing sufficient cash to cover
activities, other than new acquisitions or developments, while sheltering cash
flow from income tax by reason of the net taxable loss that is generated by
depreciation and amortization. While Montgomery is able to realize cash flow
from refinancing of existing assets, Montgomery's principal methods for
obtaining acquisition and development capital come from either additional
financing activities, as discussed below, or the sale or exchange of existing
real estate assets, so as to realize a cash or trade value from the equity
generated by appreciation of real estate assets. Absent additional capital from
financing activities or the sale or exchange of real estate assets, Montgomery
may not have sufficient cash flow to fund expansions or acquisitions.

         Based upon independent appraisals performed between October 1998 and
February 2002, Montgomery's properties had a combined value of approximately
$26,820,000, as compared to the historical cost, net of depreciation of
$7,847,907, with which such properties are reported in Montgomery's financial
statements as of March 31, 2003. The related indebtedness secured by such
properties totaled $12,612,703 as of March 31, 2003. The difference of
$14,207,297 represents an important financial resource for Montgomery.
Montgomery is able to draw upon from this important resource.

                                       8
<PAGE>

     Capital Requirements

         Montgomery plans to expand its asset base in the future. Expansion is
currently focused upon the development, sale or exchange of the Eccles Project.
Montgomery has no specific capital commitments at this time.

         Montgomery believes that diversification is the key to long-term real
estate industry viability and success. Therefore, Montgomery plans to diversify
its current portfolio with future acquisitions of income-producing real estate
and/or real estate with development potential. Montgomery may seek the capital
for such growth and diversification through a combination of asset sales or
exchanges, refinancings through commercial loan sources, as well as through the
sale of debt or equity securities.

     Eccles Project

         The Eccles Project area consists of approximately 7.4 acres of
unimproved land located at Eccles Avenue and Gull Road in South San Francisco,
California. This area, known as Oyster Point, is approximately four miles from
the downtown central business district of South San Francisco, California.

         Management has evaluated three alternatives with respect to the Eccles
Project land: (1) development by Montgomery, either alone or through a joint
venture with third parties; (2) sale or exchange of the property; or (3) a
long-term ground lease. Montgomery has placed its development efforts for the
Eccles Project on indefinite hold due to the downturn in the real estate market
and the national recession.

         Dinesh Maniar, the majority stockholder of Montgomery (and its
president and chairman of the board), has more than 28 years experience in real
estate development. With such a background and the assistance of DIMC,
Montgomery believes it is capable of developing the project once economic
conditions again warrant such development.

         In addition to the potential development of the Eccles Project as noted
above, management has also considered the possibility of selling or exchanging
the Eccles Project land. A tax-free exchange would allow Montgomery to exchange
the Eccles Project for another property that would provide additional
opportunities to Montgomery consistent with its strategies while deferring the
realization of a taxable gain that would result from a sale of the Eccles
Project.

         Management has also considered the possibility of entering into a
long-term ground lease. This would provide cash flow to Montgomery while
eliminating any tax liability associated with the sale of the Eccles Project.

         Management will continue to evaluate the available options to determine
how to proceed with the Eccles Project in a manner that provides the greatest
return and cash flow to Montgomery while minimizing risk and advancing
Montgomery's strategy. There can be no assurance that management will indeed be
successful in identifying and pursuing the best possible financial return to
Montgomery for the Eccles Project.

     Other Sales

         Montgomery entered into an agreement, subject to certain contingencies,
effective April 2, 2003, to sell its San Ramon Retail Center in San Ramon,
California, to a qualified buyer for $1,891,625, payable in cash at closing. The
San Ramon Retail Center consists of a 4,823 square-foot building situated on a
..21 acre parcel of land that is contiguous with Montgomery's Orchard Supply
Shopping Center.

                                       9
<PAGE>

         Buyer has a 30-day period from the date of the contract to review the
property conditions, including title matters, and 45 days from the date of the
contract to obtain financing of $1,324,138. The property will be sold "as is."
The buyer, a current tenant, is currently reviewing the property and plans to
keep the property as an end user.

         DIMC, which is 100% owned by Dinesh Maniar, who also owns approximately
97.3% of Montgomery's common stock, is acting as broker for Montgomery and will
be receiving a commission of 2% of the gross sales price. DIMC's role as broker
and its commission amount were approved by Montgomery's board of directors at a
special meeting, with Dinesh Maniar abstaining.

         Montgomery's management currently intends to structure the sale as a
tax-free exchange under Internal Revenue Code ss. 1031. Montgomery has reserved
the right to extend the closing for up to 60 days while Montgomery seeks a
replacement property.

Other Matters

         Montgomery has reviewed all recently issued, but not yet effective,
accounting standards in order to determine their effects, if any, on
Montgomery's financial condition or results of operations. Based on that review,
Montgomery believes that none of these pronouncements will have a significant
effect on current of future earnings or operations.

                                       10
<PAGE>

                         ITEM 3. CONTROLS AND PROCEDURES

         Montgomery maintains a system of internal controls and procedures
designed to provide reasonable assurance as to the reliability of its financial
statements and other disclosures included in this report. Montgomery's board of
directors, operating through its audit committee, provides oversight to its
financial reporting process.

         Within the 90-day period prior to the date of this report, Montgomery
evaluated the effectiveness of the design and operation of its disclosure
controls and procedures pursuant to Rule 13a-14 of the Securities Exchange Act
of 1934. Based upon that evaluation, Montgomery's Chief Executive Officer and
Chief Financial Officer concluded that its disclosure controls and procedures
are effective in alerting him in a timely manner to material information
relating to Montgomery required to be included in this quarterly report on Form
10-QSB.

         There have been no significant changes in Montgomery's internal
controls or in other factors that could significantly affect internal controls
subsequent to the date that it carried out its evaluation and there were no
corrective actions regarding significant deficiencies or material weaknesses.

                                       11
<PAGE>

                           PART II. OTHER INFORMATION


                            ITEM 1. LEGAL PROCEEDINGS

         None.



                          ITEM 2. CHANGES IN SECURITIES

         None.


                     ITEM 3. DEFAULTS UPON SENIOR SECURITIES

         None.


           ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

         None.


                            ITEM 5. OTHER INFORMATION

         None.


                    ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

         (a)      Exhibits. The following exhibits are included as part of this
report at the location indicated:

              SEC
 Exhibit   Reference
  Number     Number        Title of Document                        Location
---------- --------- ----------------------------------------   ----------------

 Item 99                 Certifications
---------- --------- ----------------------------------------   ----------------
  99.01        99    Certification Pursuant to 18 U.S.C.           This filing
                     Section 1350, as  Adopted Pursuant to
                     Section 906 of the Sarbanes-Oxley Act
                     of 2002 (Chief Executive Officer)
  99.02        99    Certification Pursuant to 18 U.S.C.           This filing
                     Section 1350, as Adopted Pursuant to
                     Section 906 of the Sarbanes-Oxley Act
                     of 2002 (Chief Financial Officer)

         (b)      Reports on Form 8-K. During the quarter ended March 31, 2003,
Montgomery did not file any reports on Form 8-K.

                                       12
<PAGE>

                                    Signature

         In accordance with the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                                 MONTGOMERY REALTY GROUP, INC.
                                                 (Registrant)

Date: May 9, 2003                                By: /s/ Dinesh Maniar
                                                    ----------------------------
                                                     Dinesh Maniar, President
                                                     Principal Executive Officer

Date: May 9, 2003                                By: /s/ O. Lee Barnett
                                                    ----------------------------
                                                     O. Lee Barnett
                                                     Principal Financial Officer

                                       13
<PAGE>

                                  CERTIFICATION

         I, Dinesh Maniar, certify that:

         1. I have reviewed this quarterly report on Form 10-QSB of Montgomery
Realty Group, Inc;

         2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

         4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         a)       designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

         b)       evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

         c)       presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

         5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent functions):

         a)       all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         b)       any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

         6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 9, 2003

/s/ Dinesh Maniar
Dinesh Maniar
Principal Executive Officer

                                       14
<PAGE>

                                  CERTIFICATION

         I, O. Lee Barnett, certify that:

         1. I have reviewed this quarterly report on Form 10-QSB of Montgomery
Realty Group, Inc;

         2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this
quarterly report;

         3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all material
respects the financial condition, results of operations and cash flows of the
registrant as of, and for, the periods presented in this quarterly report;

         4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-14 and 15d-14) for the registrant and have:

         a)       designed such disclosure controls and procedures to ensure
                  that material information relating to the registrant,
                  including its consolidated subsidiaries, is made known to us
                  by others within those entities, particularly during the
                  period in which this quarterly report is being prepared;

         b)       evaluated the effectiveness of the registrant's disclosure
                  controls and procedures as of a date within 90 days prior to
                  the filing date of this quarterly report (the "Evaluation
                  Date"); and

         c)       presented in this quarterly report our conclusions about the
                  effectiveness of the disclosure controls and procedures based
                  on our evaluation as of the Evaluation Date;

         5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and the audit
committee of registrant's board of directors (or persons performing the
equivalent functions):

         a)       all significant deficiencies in the design or operation of
                  internal controls which could adversely affect the
                  registrant's ability to record, process, summarize and report
                  financial data and have identified for the registrant's
                  auditors any material weaknesses in internal controls; and

         b)       any fraud, whether or not material, that involves management
                  or other employees who have a significant role in the
                  registrant's internal controls; and

         6. The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of our most recent evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

Date: May 9, 2003

/s/ O. Lee Barnett
O. Lee Barnett
Principal Financial Officer

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