create custom homepage in magento

First go to magento root directory : -

app/design/frontend/packa/template/page

and create phtml file (home.phtml) then defile it in xml layout file
app\design\frontend\base\default\layout\page.xml


<!--  set home page   -->
        <page_home translate="label">
        <label>home page</label>
        <reference name="root">
        <action method="setTemplate"><template>page/home.phtml</template></action>
        <!-- Mark root page block that template is applied -->
        <action method="setIsHandle"><applied>1</applied></action>
        </reference>
        </page_home>
    
<!--  set home page   --> 

last define in  config xml file

app\code\core\Mage\Page\etc\config.xml

<!--  set home page   -->
            <home module="page" translate="label">
                    <label>home page</label>
                    <template>page/home.phtml</template>
                    <layout_handle>page_home</layout_handle>
                </home>
 <!--  set home page   -->