Veegaland Developers Ltd.

This section provides an overview of the industry context, primarily drawing data from the ICRA Report. It discusses the global macroeconomic outlook, noting expected growth trends and inflationary pressures influenced by geopolitical events. It then compares the growth projections of various economies, including India, advanced economies, and emerging/developing economies, highlighting the differential impact of the Middle East conflict on different market segments.

The section discusses the global macroeconomic landscape, noting that geopolitical conflicts, rising commodity prices, and supply chain disruptions are shaping the environment. It details the performance of various global regions, including the Middle East, Sub-Saharan Africa, emerging European economies, and Latin America. The text then shifts to India's economic performance, highlighting its status as a fast-growing major economy and its resilience against global challenges. It covers trends in GDP growth, the impact of the Middle East crisis on global supply chains, and the positive contributions of domestic demand and infrastructure development to India's economy.

This section primarily discusses macroeconomic factors like inflation and interest rates, along with the broader Indian real estate market dynamics. It details the moderation of retail inflation, the projections from the Monetary Policy Committee (MPC) regarding future inflation, and the movement of the Repo rate by the RBI. Furthermore, it outlines various drivers for the real estate sector, including urbanization, demographic trends, and the impact of government policies on housing demand.

The Indian real estate sector is characterized by robust growth, driven by corporate expansion, urbanization, and housing demand, although it faces affordability challenges. The sector has seen significant private equity investment and strong performance in residential sales, with demand shifting towards premium and luxury segments. Key market dynamics include strong price appreciation in major cities, increased focus on green building standards, and various government initiatives aimed at boosting housing supply and ownership.

The text discusses various aspects of the Indian real estate sector, including government schemes, regulatory frameworks, and market trends for boutique flats. It details measures for beneficiary selection in social schemes, the impact of interest rates on the real estate sector, and various regulations like RERA, FDI policies, and GST implementation. Furthermore, it provides an overview of the boutique flats market, noting its growth trajectory, key features, pricing trends, market segmentation, and geographical shifts in demand.

The market analysis highlights several demand drivers related to wealth growth and shifting consumer preferences in the housing sector. Key trends include rising wealth among High-Net-Worth Individuals (HNIs) and a growing preference for larger, tech-enabled, and sustainable homes. Non-Resident Indian (NRI) investments are also noted in the luxury housing segment. Demand is further fueled by urbanization and infrastructure development, which enhances property values in prime locations. The analysis also details challenges such as high pricing, limited supply, intense competition, and regulatory hurdles for boutique developments.

The text provides an overview of the boutique flats market across various regions of India, detailing growth trends and market dynamics. In North India, the boutique flats market in East India shows strong growth projections, while Kolkata's market blends affordability with luxury. South India features high average project values and significant infrastructure investment boosting the construction sector. Kerala is emerging as a key destination for boutique residential developments, supported by the expansion of technology parks and the demand from professionals and expatriates.

The text discusses the thriving residential real estate markets in various parts of India, highlighting specific trends in different cities. Trivandrum is noted for its strong performance in residential transactions, particularly in the boutique flats segment, due to growing infrastructure and a preference for affordable, high-quality housing. Calicut's boutique flats market is projected to show significant growth, while Kozhikode is experiencing stable growth in its real estate sector. Bangalore's luxury residential market is performing strongly, with high-end transactions surpassing previous records, driven by investor confidence and demand from affluent individuals.

The text provides market study insights for the Hyderabad and Coimbatore real estate sectors, highlighting strong growth drivers and market dynamics. Hyderabad's residential market is supported by infrastructure development and a strong IT ecosystem, with specific growth noted in certain micro-markets. Coimbatore's market shows strong year-on-year growth in capital values across various submarkets, driven by end-user demand for better housing. Furthermore, the text details the presence of numerous companies in Coimbatore's IT infrastructure and mentions plans for significant residential expansions by a Bangalore-based real estate company.

This section provides an overview of the Indian real estate market, detailing trends across various regions and segments. It covers market breakdowns for residential real estate, including projections for different fiscal years, and discusses specific dynamics in South India and Kerala markets. Furthermore, it touches upon technological advancements in the housing sector, such as home automation, building automation, and the role of PropTech in the real estate industry.

The company's offerings span various technology domains including building automation, safety systems, comfort features, and energy efficiency. Key product areas include gas leak sensors, air quality management, voice-assisted utilities, and smart lighting. The company is also observing shifts in the market, such as the rise of PropTech startups and the adoption of new sustainable technologies like 3D-printed homes and low-cost construction materials. Furthermore, adoption of smart technologies is high in premium residential projects in South Indian metros.

The text describes various initiatives across different Indian states focused on urban planning, construction techniques, and integration of modern technologies in the residential sector. These initiatives include property mapping using LiDAR and GIS, flood mapping for smart residential zones, the use of specialized panels and modular techniques for construction speed, and the integration of solar energy and automation features in housing developments.

The section discusses the growing demand for home technology integration, particularly in Kerala, evidenced by a fast-growing smart home market. Kerala shows a significantly higher adoption rate for smart homes compared to the national average, and its annual smart home market growth rate exceeds the national average. The text also highlights the adoption of eco-friendly precast construction technologies and the emergence of PropTech startups offering branded home-building solutions. Furthermore, cutting-edge construction innovations like 3D concrete printing are being introduced in partnership with a state body, and various residential projects are incorporating sustainable features.

The residential real estate sector in India is characterized by strong demand driven by urbanization and supportive government policies. Key drivers include sustained housing demand from migrating populations, various government incentives, and rising middle-class income. However, the sector faces significant challenges such as volatility in raw material prices, complex regulatory hurdles, and dependence on debt financing. Opportunities exist in the growth of affordable housing segments and the adoption of technology to improve efficiency and market reach.

The text discusses market trends such as the expansion of Tier II and Tier III cities, which offer advantages like lower land costs and high capital appreciation potential for developers. It also highlights the growing demand for green housing and sustainable projects, driven by environmental awareness and government incentives, which aligns with global ESG priorities. However, the text outlines several threats to the market, including macroeconomic volatility, intense competition, litigation delays, and environmental regulations that can impact project timelines and costs.

The company is a real estate development company focused on planning, developing, and selling multi-storied residential apartment projects in the state of Kerala, India. Their projects span mid-premium to ultra-luxury residential segments, adhering to RERA provisions. The company operates under the brand name ‘Veegaland Homes’ and has undertaken projects in major cities within Kerala. The company is part of the broader ‘V-Guard Group,’ which has diversified interests beyond real estate. The company commenced its real estate activities in 2011 and has expanded its operations across various cities in Kerala. Construction activities are managed through independent third-party contractors, while the in-house team handles project monitoring, quality control, and regulatory compliance.

This section details various financial performance indicators, including revenue, profit, and return metrics, which are certified by Statutory Auditors. It then classifies the company's residential development portfolio into five segments: mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury, with descriptions detailing unit sizes, amenities, and target customer segments. The section also provides a breakdown of the project portfolio into completed, ongoing, and upcoming developments, along with specific details regarding the area, commencement, and estimated completion dates for each project.

The company highlights its competitive strengths, which include a proven track record for timely project completion and sales absorption. The company is recognized as Kerala’s fastest-selling real estate developer and a recognized residential developer in the state. The business model involves an integrated, process-driven approach covering the entire project lifecycle, from land identification to customer handover. The company employs an integrated land source approach, combining outright land acquisition with selective participation in Joint Development Agreements (JDAs). The company maintains a balanced portfolio across completed, ongoing, and upcoming projects, supported by structured strategies for timely execution and disciplined land acquisition for future launches.

The company plans to strengthen its development pipeline by acquiring land in existing and adjoining areas to diversify its presence across various residential micro-markets in Kerala and support sustained growth. A key strategy involves expanding the Luxe portfolio to address demand for larger apartment configurations, enhanced privacy, and improved amenities. The company focuses on deepening market presence through structured brand-building, multi-channel outreach, and customer-centric sales initiatives, including digital marketing and expanding its broker network. Furthermore, the company is enhancing its digital footprint through targeted campaigns and virtual tours, and is undertaking a digital transformation roadmap to streamline internal processes using various IT suites.

The company's operational processes cover various aspects of residential development, including tendering, procurement, construction execution, quality assurance, and after-sales support. The company manages the entire lifecycle from initial work package identification and contractor selection to material procurement and site execution, ensuring adherence to detailed project schedules. Furthermore, the company has established frameworks for marketing, pricing, and managing competition within the Kerala residential real estate market. The company also utilizes an IT framework to coordinate various internal functions and has specific policies regarding K-RERA regulations for fund utilization.

The provided text details various aspects of the company's operations, including insurance coverage, human resources, and regulatory compliance in India. The company maintains insurance for construction activities, project sites, labor, materials in transit, office premises, and equipment, aligning with statutory requirements. The company emphasizes employee development through onboarding, safety protocols, and skill development programs. Furthermore, the company has established a CSR policy and undertaken projects in education, rural development, and preventive healthcare. The text also outlines various industry-specific laws, such as the Real Estate (Regulation and Development) Act, 2016 (RERA), which imposes specific requirements on real estate promoters regarding project marketing, fund utilization, and transfer of rights.

This section primarily details various Indian laws and regulations pertinent to land acquisition, property registration, building construction, and labour relations, particularly within the context of real estate and development projects in Kerala. It outlines numerous acts and rules governing the transfer of property, stamp duties, building codes, and the rights and liabilities of various stakeholders. Furthermore, it discusses employment laws, including provisions related to layoffs, wages, social security, and the framework for dealing with workers and industrial relations.

This section details various Indian laws and regulations pertinent to business operations, including occupational safety, environmental protection, and foreign investment. It outlines several key legislation such as the Occupational Safety, Health and Working Conditions (OSH) Code, the Environment Protection Act, and various acts concerning water and air pollution. Furthermore, it covers intellectual property laws, foreign investment regulations, and taxation laws like the GST and Income Tax Act. The text also mentions regulations concerning customs, professional tax, and data protection.

This section primarily lists various Indian laws and regulations that may be applicable to the company's operations, covering areas such as data protection, contract law, competition, securities market regulations, and various other statutes. It details provisions related to personal data processing, contract validity, anti-competitive practices, insider trading, and the issuance and listing of securities. Furthermore, it mentions laws concerning electricity, and various laws related to fraud, corruption, and labor practices.

The company's history began with its incorporation as 'Vintes Solutions Private Limited' on August 10, 2007. The company underwent several name changes and subsequent incorporations, including changes to 'Vintes Developers Private Limited' and 'Veegaland Developers Private Limited', culminating in a conversion to a public limited company on September 30, 2025. The company's registered office has been shifted on several occasions between 2007 and 2025. The Memorandum of Association has seen significant amendments over the past ten years, including changes to the authorized share capital and the deletion of certain object clauses. The company has received numerous awards and recognitions for its projects, and there have been no material acquisitions or significant agreements with third parties.

The company confirms that as of the date of the Prospectus, it does not have any joint ventures. Furthermore, there are no special rights available to shareholders or promoters under the Articles of Association, and any future special rights would require shareholder approval. The document also confirms the absence of material clauses in the Articles of Association and ensures no conflicts of interest exist between suppliers/service providers and the company, its promoters, or directors. Additionally, it states that no directors or KMPs are appointed pursuant to inter-se agreements, and no conflict of interest exists regarding the lessor of crucial immovable properties.

This section provides various definitions and abbreviations used throughout the Prospectus. It defines terms related to the company, such as the legal name, registered office, and key personnel. It also outlines specific terms related to the issuance process, including different types of bidders and the timeline for bidding periods.

This section details various terms related to the issuance process, including procedures for submitting forms, definitions of different bidders, and details about the issue itself. Key agreements and timelines are mentioned, such as the agreement with the Banker to the Issue, the finalization of the issue price, and the process for transferring funds. It specifies different categories of bidders like Retail Individual Bidders and Qualified Institutional Buyers, and outlines the structure of the issue in terms of various portions.

This section defines several key terms used within the prospectus, including terms related to bidding processes, such as 'Specified Locations' and the roles of various parties like the 'Sponsor Bank' and 'Sub-Syndicate Members'. It also defines terms related to the payment mechanism, like the 'UPI Mechanism', and various financial and industry-related concepts. The text outlines definitions for terms like 'Working Day', different types of cement, real estate concepts, and various financial instruments and regulatory bodies.

This section primarily lists various legal and financial terms used in the prospectus, such as definitions related to various Acts, policies, financial instruments, and regulatory bodies. It includes definitions for terms like the Companies Act, Competition Act, various tax and investment regulations, and financial standards. The text does not explicitly state the company's full legal name, CIN, registered office address, incorporation date, the type of issue, or the lead managers/registrar.

This section primarily defines various terms used within the prospectus, including venture capital funds (VCFs), key performance indicators (KPIs) for financial and operational metrics, and conventions regarding the use of financial information and market data. It specifies that certain financial data is derived from restated financial statements, and it details conventions for currency and units of presentation. Furthermore, it outlines that industry and market data is sourced from a specific ICRA Report commissioned by the company for the issue.

This section discusses various aspects related to the prospectus, including currency exchange rates and forward-looking statements. It notes that certain information is derived from publicly available sources and mentions that the company and its registrar will ensure that bidders in India are informed of material developments until listing and trading permission is granted. The text also details significant risks associated with the business, primarily due to its concentration in the Kerala residential real estate market, exposure to various market, regulatory, and natural events, and risks related to the timely execution of ongoing and upcoming projects.

The provided text discusses various risks associated with the company's construction activities, including delays from regulatory approvals, supply chain disruptions for materials, and unforeseen events like natural disasters or pandemics. It details dependencies on third-party contractors and consultants for design and execution, noting that performance is not fully guaranteed. Furthermore, the text covers risks related to obtaining and maintaining statutory approvals, which could necessitate project rescheduling or suspension. The text also outlines risks concerning the volatility of input costs and the potential inability to pass on cost increases to customers.

The provided text discusses various aspects related to the utilization of net proceeds, funding requirements, and risks associated with the company's business operations. It details that the utilization of funds is subject to changes based on current business plans and external factors, and that shortfalls may be met through internal accruals or additional debt/equity arrangements. The text also highlights the capital-intensive nature of the business, requiring significant upfront investment for land acquisition and construction. Furthermore, it outlines various risks, including exposure to volatility in raw material prices, delays in regulatory approvals, and potential impacts on liquidity and profitability.

The provided text details various financial relationships, transactions, and dependencies related to the company's operations and funding. It outlines transactions with entities like Chittilapilly Trust and Binoy Relative Professional, including fees and interest. Furthermore, it discusses reliance on promoter funding for borrowings and the risks associated with such funding. The text also covers joint development arrangements (JDAs) for land sourcing and development, detailing the split between completed, ongoing, and upcoming projects. Finally, it addresses the risks related to the utilization of net proceeds for funding, the dependency on senior management, and contingent liabilities arising from statutory matters.

The provided text discusses various aspects of the company's operations, including contingent liabilities, supplier dependencies, cash flow volatility, and risks associated with real estate projects. It highlights that the business relies on a limited number of suppliers for procurement and that disruptions in these relationships could negatively impact project execution. Furthermore, the text notes that operating cash flows have been negative in certain periods due to non-cash adjustments and working capital outflows, and that reliance on external funding could constrain liquidity. The company's brand perception is significantly tied to its association with the Promoter and the broader V-Guard Group.

The company relies on the vision, industry knowledge, market insights, and oversight of its Promoter, who is the founder of V-Guard Industries Limited and Wonderla Holidays Limited, for strategic decision-making. The company faces risks related to customer delays or cancellations, which can affect cash flows and liquidity, as cash flows depend on the timely payment of installment amounts. Furthermore, the company's ability to generate cash flows is tied to the ability to pre-sell residential units before project completion. The business is significantly dependent on demand for premium, ultra-premium, and luxe residential developments, and the company anticipates risks from evolving customer preferences and market downturns.

The text discusses various risks related to expansion, competition, regulatory compliance, and operational hazards for the company. It notes that expansion into new markets requires incurring additional costs for market assessment, regulatory compliance, and establishing local teams. The company operates in a highly competitive and fragmented residential real estate sector in Kerala, facing competition from various developers. Furthermore, the business is subject to extensive statutory and governmental regulations, including the Real Estate (Regulation and Development) Act, 2016 (RERA). The text also details potential liabilities arising from contractual indemnities and the risk of delays in statutory filings.

This section details various compliance timelines, such as for changes in director designations, satisfaction of charges, and appointments of Company Secretaries, along with associated fees and penalties. It also discusses potential regulatory issues arising from past non-compliance, including pending adjudication proceedings with the Registrar of Companies, Kochi. Furthermore, the text outlines risks related to bonus issuances depending on the availability of reserves, the potential impact of promoter guarantees on borrowings, and risks associated with interest rate fluctuations on debt servicing. The company also highlights reliance on registered trademarks and potential issues with intellectual property rights, as well as risks concerning land encroachments and insurance coverage.

The provided text details various aspects related to the company's financial health, insurance coverage, legal compliance, and governance structure. It discusses insurance coverage against various risks, potential liabilities from construction defects, and the impact of non-compliance with safety, health, and environmental laws. Furthermore, the text addresses outstanding dues to creditors, the risks associated with business strategy implementation, and the need for robust internal controls and anti-corruption compliance. It also notes that the company cannot assure future dividend payments and highlights related party transactions involving promoters.

This section details various risks faced by the company, including fraud, corruption, and improper conduct within the real estate development industry, which involves numerous third parties. It also outlines risks related to compulsory acquisition of land by the Government of India and potential delays in payment of statutory dues, which could lead to penalties. Furthermore, the text discusses risks arising from changing laws and regulations, including updates to tax laws and labor codes, and the uncertainty surrounding their interpretation. The section also covers risks associated with economic and political factors, volatility in financial markets, and potential adverse effects from global financial instability. Finally, it addresses issues related to the process of issuing equity shares, such as restrictions on selling shares and the uncertainty of listing and trading on stock exchanges.

The provided text discusses various risks and considerations related to the company's securities and operations, including issues concerning foreign judgments, investment restrictions, and market volatility. It details that the company's assets and directors are largely located in India, which can complicate enforcement of foreign judgments. Furthermore, the text outlines restrictions imposed by Indian law on foreign investment, such as limitations on direct investment and external commercial borrowings, which may impede capital raising efforts. The text also covers aspects related to the sale of equity shares, including potential tax implications and the possibility of pre-emptive surveillance measures by stock exchanges following a listing.

The section details the specifics of an equity share issue, including the number of shares, face value, and issue price. The total issue involves 1,50,0 Equity Shares for cash at a price of ₹140 per share, aggregating to ₹21,000.00 lakh. The issue is categorized into QIB, Non-Institutional, and Retail portions, with specific allocations and rules for bid allocation. The issue was authorized by a Board resolution dated November 20, 2025, and a special resolution by Shareholders dated November 22, 2025.

This section details the various parties involved in the issuance process, including the company's directors, compliance officers, and the entities responsible for managing the issue. It specifies who can be contacted for grievances related to the issue, distinguishing between general investors and anchor investors. Furthermore, it outlines the roles of the Book Running Lead Manager and the Registrar to the Issue, along with the legal counsel and statutory auditors.

This section details various procedural aspects related to the issuance, including the lists of eligible brokers, RTAs, and CDPs, which are provided on Stock Exchange websites. It also outlines the monitoring agency appointed to oversee the utilization of gross proceeds and the company's obligations regarding the disclosure of these funds. Furthermore, it specifies that no credit agency has been appointed for grading the issue, and details the expert consents obtained from Statutory Auditors, an Independent Architect, and a Practicing Company Secretary for inclusion in the prospectus. The section also covers the process for book building, the underwriting agreement with underwriters, and the rules regarding the withdrawal or lowering of bids by different types of investors.

The company's authorized share capital is set at 7,50,0 equity shares with a face value of ₹10 each. The section details the various components of the share capital, including the issued, subscribed, and paid-up capital before and after a specific issue. Furthermore, the document outlines the history of paid-up equity share capital, including details of allotments, such as those made in 2011 and 2025, which involved cash and bonus issues. The section also mentions that the company currently does not have any preference share capital and has not issued equity shares for consideration other than cash or revaluation of reserves since incorporation.

The company has not issued any equity shares under schemes approved by various sections of the Companies Act. Furthermore, there have been no transactions of equity shares by the promoters and promoter group between the filing of the Draft Red Herring Prospectus and the filing of the Prospectus. All equity shares held by directors, KMP, senior management, and the promoter group are in dematerialized form as of the prospectus date. The document details various transactions involving the allotment or transfer of equity shares, including gift transfers to numerous individuals in March 2025.

This section details various transactions involving the allotment or transfer of equity shares, primarily through gift transfers, occurring around August 27, 2025. The transactions involve different numbers of shares, ranging from 1,000 to 30,63,000 shares, with face values around ₹10 per share. The transactions are categorized by the nature of the consideration, which is mostly 'Gift Transfer of Equity Shares'. Some transactions show a negligible impact on the pre-issue capital, while others show a minor reduction in post-issue capital.

This section details various transactions involving the allotment or transfer of equity shares on August 27, 2025, primarily through Gift Transfers. The data includes the number of shares transferred, the face value per share, and the corresponding percentage changes in pre-issue and post-issue capital. Several individuals and entities were involved in these transfers, with the nature of the consideration being 'Gift Transfer of Equity Shares'.

The section details various secondary transactions involving the transfer and acquisition of Equity Shares by the Promoters and members of the Promoter Group. Most transactions were conducted as gifts with no consideration specified. There were several transfers recorded on March 10, 2017, and numerous subsequent transfers on March 19, 2025, and August 27, 2025. The data includes the number of shares transferred, the face value, the price per share, and the nature of the consideration for these transactions.

This section details various share transfers and holdings, including recent transfers of equity shares. It also lists the percentage of paid-up share capital held by key shareholders as of the prospectus date and prior to it. Furthermore, it outlines provisions regarding the Promoters' Contribution, including minimum holdings and lock-in periods, and confirms that certain shares have not been acquired under specific conditions.

This section details various regulatory requirements concerning the allotment and holding of Equity Shares, including lock-in periods for different investor categories. It specifies conditions for pledging of promoter holdings and outlines restrictions on altering the capital structure, such as issuing new shares or splitting existing ones, for a specified period. Furthermore, it confirms that no financing arrangements were in place for the purchase of securities by others during the preceding six months. The text also clarifies that the company does not intend to alter its capital structure by issuing new shares or consolidating existing ones during the period leading up to the listing.

The Issue involves a fresh issuance of equity shares up to 1,50,0 shares with a face value of ₹10 each, aiming to raise gross proceeds of ₹2,131.71 lakhs after deducting issue-related expenses. The net proceeds are proposed for two main purposes: funding ongoing project development and funding unidentified acquisitions and general corporate purposes. The company believes that listing its equity shares will enhance its corporate image and provide benefits related to capital markets access and stakeholder credibility.

The company notes that cash inflows from customer collections may not align with scheduled construction-related cash outflows under RERA regulations. Several projects have achieved high sales percentages, but significant construction expenditure remains due before project completion and handover. Consequently, the company proposes utilizing a portion of the Net Proceeds to partially fund the development of these ongoing projects. The deployment of funds is based on management estimates, quotations from third-party suppliers, and other commercial considerations.

The company has stipulated that any cost increases beyond the estimated amount must be covered by general corporate purposes, debt arrangements, or internal accruals. The utilization of Net Proceeds is planned to be partial, as the project is expected to receive funding from internal accruals or sanctioned borrowings before the funds are received. The promoters and related parties have no interest in the proposed acquisitions. The estimation basis involves technical teams using approved drawings, sanctioned plans, and market rates for various components. Assumptions include fixed rates for executed contracts, escalation for uncontracted works based on market movements, a contingency for unforeseen costs, and interest on borrowings. The company has not experienced cost overruns beyond the contingency provided. A significant portion of the Net Proceeds is proposed for unidentified land acquisitions and general corporate purposes, subject to limits on individual and collective utilization.

The company discusses the strategy for funding unidentified land acquisitions, noting that the availability of financial resources is a competitive advantage. The company details the breakdown of completed, ongoing, and upcoming projects based on the type of land acquisition. Furthermore, the company outlines its commitment to obtaining necessary registrations and approvals for acquired land and ensuring the land is free from encumbrances. The proposed use of net proceeds for general corporate purposes is flexible, allowing the Board to determine the quantum based on business requirements. The company also commits to temporary investment of funds with scheduled commercial banks and prohibits using the proceeds for trading in other listed company shares.

The section discusses the certification of the utilization of proceeds and the company's commitment not to vary the objects of the issue without shareholder authorization. It further clarifies that no part of the net proceeds will be paid back to promoters or related parties except in the normal course of business. The text also details the basis for determining the issue price, including the face value of equity shares and the relationship between the floor and cap prices. Various quantitative factors, such as earnings per share, price-to-earnings ratios, return on net worth, and net asset value, are presented based on restated financial information.

This section primarily details various financial metrics and operational KPIs for the company, including comparisons with listed peers. It provides data on revenue, EBITDA, profit after tax, and various operational indicators like attrition rate and the status of projects. Furthermore, it includes details regarding the weighted average cost of acquisition for equity shares, including information on rights issues and bonus share allotments.

This section details various justifications related to the issue price and provides a statement on possible special tax benefits available to the company and its shareholders under Indian tax laws. It outlines factors such as the company's ranking in the real estate sector, its group affiliations, project pipeline, and sales performance. Furthermore, it discusses provisions related to corporate tax rates, amortization of preliminary expenses, deduction of additional employee costs, and rules concerning the computation of total income under various accounting standards and tax laws.

This section details various special tax benefits and implications for shareholders and investors under Direct Tax Laws, primarily concerning dividend income and capital gains. It outlines rules regarding tax deductions, surcharge restrictions for certain shareholders, and different tax rates for capital gains depending on the nature of the asset transferred. Furthermore, it discusses provisions related to non-resident shareholders and the applicability of Double Taxation Avoidance Agreements. The section also clarifies that shareholders are generally not entitled to special tax benefits under Indirect Tax Laws.

This section provides a summary of the company's financial information for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024, presented in various financial statements. The data includes restated statements of assets and liabilities, profit and loss, and cash flows. The summary is intended to be read in conjunction with the detailed financial information and management's discussion and analysis.

The section details the status of various legal and regulatory proceedings involving the Company, its Directors, and Promoters. It clarifies that there are no outstanding criminal proceedings, actions by statutory or regulatory authorities, or claims related to direct and indirect taxes. It outlines a materiality policy for identifying material litigation, which involves thresholds based on turnover, net worth, or profit/loss, and specifies that litigation exceeding ₹91.10 Lakhs shall be considered Material Litigation. Furthermore, it discusses policies for material outstanding dues to creditors, which are to be disclosed separately, and lists specific pending litigation cases.

The section details various aspects of litigation, tax proceedings, and regulatory approvals related to the company's operations. It reports a specific income tax demand against the Promoter, outlines the materiality policy for outstanding dues to creditors, lists numerous licenses, registrations, and permits obtained by the company, and notes that certain approvals may expire in the ordinary course of business.

The section details various aspects related to intellectual property, group company relationships, and regulatory approvals for the company's issue. It mentions pending trademark applications and clarifies the definition of 'Group Company' under SEBI ICDR Regulations, including criteria for material transactions. Furthermore, it asserts that the Group Company has no pending litigation, business interests, or related transactions that would significantly impact the company's financial performance. Finally, it confirms the company's eligibility for an issue based on the utilization of its net tangible assets.

This section primarily details financial metrics and compliance statements related to the company's financial standing and adherence to regulatory requirements. It provides historical data on net tangible assets, operating profit, and net worth over the last three fiscal years, along with various disclaimers regarding the prospectus content and the role of the Book Running Lead Manager. Furthermore, it outlines compliance with certain SEBI ICDR Regulations and confirms the dematerialization of equity shares. The text also covers various disclaimers from BSE and NSE regarding the offer document, and specifies the jurisdiction for any disputes.

The section details various consents received from professionals to be included in the Prospectus, such as Chartered Accountants and Independent Architects, for specific reports. It also confirms that the Company has not made any capital issues or public/rights issues during the last three years, nor does it have any subsidiaries, associates, listed group companies, or listed subsidiaries. Furthermore, the text outlines the track record of past issues handled by the Lead Manager, including a detailed table of past public issues and summary statistics on the performance of those issues across different financial years.

This section primarily outlines the legal framework governing the issuance of equity shares, referencing various provisions of the Companies Act, SEBI regulations, and other applicable laws. It details the ranking of equity shares, the rules for dividend payments, the pricing structure (including Floor Price, Cap Price, and Issue Price), and the procedures for the allotment and trading of the shares. Furthermore, it specifies compliance requirements for disclosure and accounting norms and details the rights of equity shareholders, such as the right to dividends and voting rights. The section also covers the allotment process, including the use of dematerialized form, the agreements signed for the issue, and the various timelines related to the bid/issue programme.

This section details various procedural aspects related to the bidding and allotment process for the Issue, including timelines, rules for bid revisions, and conditions for subscription. It specifies different timelines for bid uploading based on the type of bidder, the process for handling cancelled or withdrawn applications, and the requirements for minimum subscription levels. Furthermore, it outlines the structure of the issue, including the number of equity shares, the process for allotment based on different bidder categories, and the mode of bidding.

This section details various aspects of the bidding process for the issue, including requirements for different investor categories, allocation rules, and procedural changes mandated by SEBI. It outlines how bid amounts were to be blocked, the allocation of shares across different portions of the issue (QIB, Mutual Funds, Non-Institutional Bidders, and RIBs), and the rules for handling undersubscription. Furthermore, it discusses the implementation of the UPI mechanism for certain investors and the timelines for listing, as well as investor grievance redressal procedures.

This section details various procedural requirements and restrictions related to the bidding process for the Issue, covering different investor categories such as Anchor Investors, various types of Bidders (including UPI Bidders, QIBs, NIBs, FPIs, NRIs, and HUFs), and the documentation required for their applications. It outlines rules regarding the submission of forms, the blocking of funds, the acceptance of bids, and the reconciliation processes involving various entities like Stock Exchanges, Sponsor Banks, and NPCI. Specific rules are provided concerning the handling of bids, the limits on investment by different investor types, and the requirements for FPIs and NRIs.

This section details various restrictions and requirements concerning the participation in the Issue by different categories of investors, including FPIs, SEBI-registered AIFs, VCFs, FVCIs, Limited Liability Partnerships, Banking Companies, SCSBs, Systemically Important NBFCs, Insurance Companies, Provident Funds, and Pension Funds. It outlines specific documentation requirements, investment limits, and rules related to how these entities can participate in the offering, including restrictions on investment amounts and the need for proper certification and account details.

This section primarily details various compliance requirements and restrictions for investors and bidders participating in the issuance process, covering aspects such as PAN requirements, document attestation, and procedures for different types of bids (like ASBA and UPI). It outlines strict rules regarding the submission of documents, the use of bank accounts, and the timing of bids. It also specifies procedures for handling pre-issue advertisements, allotment announcements, and the signing of underwriting agreements and regulatory filings.

This section details various legal provisions, undertakings, and restrictions related to the issuance of equity shares, including provisions from the Companies Act concerning fraudulent activities, undertakings by the company regarding bid collections and listing timelines, and restrictions on foreign ownership of Indian securities. It outlines liabilities for fraud involving certain monetary thresholds and specifies procedures for handling bid amounts, including refunds and withdrawal rights.

This section primarily defines various legal and corporate terms used within the company's documents, such as Annual General Meetings, Articles, Auditors, Board, Capital, Charges, Debentures, and various legal instruments. It also details definitions for terms like Directors, Members, various types of documents, and securities. Furthermore, it outlines rules regarding the issuance and transfer of share certificates, the rights of shareholders, and the provisions for varying rights attached to different classes of shares.

This section details various provisions related to the issuance, transfer, and lien rights concerning the company's securities. It covers the company's powers regarding share-based benefits, the ability to issue securities in foreign countries, and the application of certain articles to debentures. Furthermore, the text outlines procedures for dematerialization of securities, the treatment of beneficial ownership, and the company's lien rights over shares, including provisions for the sale of such shares and the payment of calls. It also specifies rules for the transfer of shares, including conditions for registration and the handling of transfers involving indebted parties.

This section of the DRHP primarily details various procedural aspects related to shareholding, including the transfer and registration of shares, nomination rights, forfeiture procedures, and alterations to the company's capital structure. It outlines rules for how holders can elect to transfer shares, the rights of nominees, and the process for dealing with unpaid calls or installments. Furthermore, it covers the company's power to capitalize profits and the rules governing the buy-back of its own shares.

This section primarily outlines the procedural rules for meetings, voting, and the composition and powers of the Board of Directors. It details procedures for chairpersons, adjournment of meetings, voting rights, proxy appointments, and the composition of the Board, including minimum and maximum numbers of directors, requirements for resident directors, and powers related to contracts and appointments of Nominee Directors. It also covers provisions for the Board's ability to appoint directors, remove directors, and the quorum requirements for Board meetings.

This section primarily outlines the internal governance and procedural aspects of the company, detailing the powers of the Board and committees, the validity of resolutions, and the appointment and management of various directors and officers. It covers delegation of powers, rules for committee meetings, the validity of resolutions passed by circulation, and the management of day-to-day business by appointed executives. Furthermore, it addresses issues related to the use of the company seal, the declaration and payment of dividends, and the procedures for serving documents and accessing company accounts.

This section primarily outlines various procedural and governance aspects of the company's operations, including document inspection rights, the disposal of company shares, and provisions related to the issuance and transfer of share certificates. It details the Board's authority regarding share allotment, the payment of amounts due on shares, and procedures for handling various legal documents and resolutions.

This section primarily details various provisions related to the disqualification and vacation of office for Directors, the delegation of powers by the Board and Committees, and the validity of such acts. It also outlines procedures for serving documents and contracts, including the availability of documents for inspection and the submission of various material contracts and resolutions for the Red Herring Prospectus. Furthermore, it lists numerous documents, including various certificates, reports, and consents from different parties, including auditors, legal counsel, and others, which were attached to the DRHP.

This section details various certificates issued by Statutory Auditors concerning financial aspects such as dividends, cost of acquisition, related party transactions, and outstanding dues. It also lists tripartite agreements with NSDL and CDSL for the issue process, a due diligence certificate addressed to SEBI, and in-principle listing approvals from BSE and NSE. Furthermore, the section includes SEBI final observation letters and various declarations by company directors affirming compliance with applicable laws and the truthfulness of the prospectus statements.

The provided section primarily consists of declarations certifying compliance with various laws and regulations, including the Companies Act, 2013, and rules issued by the Government of India or the Securities and Exchange Board of India. These declarations are signed by the Chairman and Non-Executive Independent Director, a Non-Executive Independent Director, and a Non-Executive Independent Director, affirming the truth and correctness of the statements made in the Prospectus.

This section summarizes related party transactions between the company and various parties, categorized by the relationship to Key Management Personnel (KMP) and Directors. Key management personnel include various individuals with different designations and tenure periods. Relationships with relatives of KMP and members with substantial interest are also disclosed. Several transactions involve loans, remuneration, and fees, some of which are categorized by the fiscal year. Furthermore, transactions with enterprises where KMP or their relatives can exercise significant influence are detailed.

The Board of Directors comprises seven members, including three Whole-time Directors, one Non-executive Director, and three Non-executive Independent Directors, including one Woman Independent Director. The Board composition adheres to the provisions of the Companies Act, 2013, and SEBI Listing Regulations. Key personnel profiles detail their qualifications, years of experience, and previous associations with various companies. The document also confirms that no directors have any relationship with key managerial personnel or senior management, and assures that no directors are prohibited from accessing the capital market.

The section details salary and appointment terms for Whole-Time Directors, including specific salary increases approved by the NRC Committee. It outlines remuneration for Non-executive Directors, including sitting fees and potential commission on net profits. Furthermore, it confirms that no Directors are entitled to certain bonuses or profit-sharing plans, and clarifies various aspects of director relationships, including shareholding, service contracts, and conflicts of interest. The text also lists changes in the Board over the last three years and details the composition of various Board committees.

The document outlines the scope and functions of several key committees within the company, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders’ Relationship Committee, and the Risk Management Committee. These committees have specific responsibilities related to financial oversight, director appointments, remuneration policies, shareholder grievances, and risk management systems. The text details various powers granted to these committees concerning financial reporting, related party transactions, internal controls, and compliance with various regulations.

The section details the composition of the IPO Committee and the responsibilities delegated to it, which involve various aspects of the issuance process. It also outlines the constitution of the Corporate Social Responsibility Committee, which is responsible for formulating and monitoring CSR activities. Furthermore, the text introduces the Key Managerial Personnel and Senior Management, including the Company Secretary, Chief Financial Officer, and several Senior Managers involved in different functional areas like customer relations, legal operations, marketing, and projects.

The section details the relationship and financial interests of the Key Managerial Personnel (KMP) and Senior Management. It clarifies that these personnel are permanent employees and that their interests in the company are limited to remuneration, benefits, and reimbursement of business expenses, as well as dividends on equity shares they hold. Furthermore, no bonus or profit-sharing plans exist for this group. The text also confirms that no consideration other than remuneration has been paid to the KMP/SMPs by the company for their roles, and no contingent or deferred compensation is payable. Finally, it states that no service contracts exist with the company, and except for certain advances received, no loans have been availed by the KMP/SMPs from the company.

The company's promoters are Kochouseph Thomas Chittilappilly and K. Chittilappilly Trust, holding 92.00% of the pre-issue equity shares. Kochouseph Thomas Chittilappilly is identified as a Promoter and also serves as the Whole-Time Director and Vice Chairman of the Company. The promoters have been involved in promoting several other ventures, including V-Guard Industries Limited and Wonderla Holidays Limited. K. Chittilappilly Trust is an irrevocable private trust set up by Kochouseph Thomas Chittilappilly, with various trustees and beneficiaries.

The section addresses conflicts of interest concerning the Company's operations, specifically regarding suppliers of raw materials and third-party service providers, and the lessor of immovable properties. It confirms that no such conflicts exist, except for a property purchased from K Chittilappilly Foundation. The section also details the composition of the Promoter Group, listing numerous natural persons and entities that form part of the group. Furthermore, it outlines the policy for declaring and paying dividends, including factors that may influence dividend decisions, and notes that no dividends have been declared in the preceding fiscal years.

The provided text details the reliance on various auditor's reports for financial statements and outlines the financial performance and cash flows of VEEGALAND absbilmbop LIMITED. The text covers the preparation of financial statements according to various accounting standards and the resulting financial results for the years ended March 31, 2026, 2025, and 2024. It also presents a statement of cash flows, showing operating, investing, and financing activities, along with the resulting cash position changes.

This section details the financial statements and accounting policies for VEEGALAND absbilmbop LIMITED, including the restated statement of cash flows and changes in equity. It outlines the basis of preparation for the financial information, which adheres to Indian Accounting Standards (Ind AS). The company's financial statements were prepared for inclusion in various prospectuses and have been approved by the Board of Directors. The text also specifies the basis of measurement for financial assets and liabilities, including the classification of current and non-current items based on the operating cycle.

This section details various accounting policies related to property, plant and equipment (PPE), intangible assets, investment property, inventories, revenue recognition, and leases for VEEGALAND absbilmbop LIMITED. It outlines specific rules for depreciation, impairment testing, amortization, and how different types of assets and contracts are accounted for under accounting standards. The text covers aspects such as the useful lives for various assets, the treatment of construction costs, and the recognition of revenue from contracts with customers, including considerations for performance obligations and contract balances.

This section primarily details various accounting treatments related to financial reporting, including taxation, employee benefits, and financial instruments. It outlines how current and deferred tax are recognized, the accounting for short-term and long-term employee benefits, and the treatment of borrowing costs and financial liabilities. Furthermore, it specifies rules for impairment of financial assets, the classification and measurement of financial instruments, and the recognition of provisions and contingent liabilities.

This section primarily details various accounting and reporting policies, including commitments, cash management, segment reporting, and the application of new and revised Indian Accounting Standards (Ind AS). It outlines how different financial items are treated, such as exchange differences, cash equivalents, and the calculation of basic and diluted earnings per share. Furthermore, it discusses the impact of recent Ministry of Corporate Affairs (MCA) notifications and amendments to various accounting standards, noting that certain amendments did not have a material impact on the company's financial statements.

This section details various financial and asset particulars for VEEGALAND absbilmbop LIMITED, including property, plant and equipment, intangible assets, financial assets, inventories, trade receivables, and cash balances. It also provides information on the shareholding structure, identifying major shareholders and their respective holdings. The text also mentions the increase in authorized share capital through Extraordinary General Meetings and lists the individuals who held shares in the company.

The provided section details various financial and structural aspects of VEEGALAND absbilmbop LIMITED, including shareholding, reserves, borrowings, and trade payables. It outlines the issuance of rights shares and bonus shares during the reporting period. Furthermore, it details various loans, including term loans from banks secured by project mortgages, and various liabilities such as retention money, joint development agreements, and provisions for employee benefits and warranties. The text also confirms that the company has not been declared a wilful defaulter by any lender.

This section details various financial notes for VEEGALAND absbilmbop LIMITED, including information on dues, liabilities, revenue, operating costs, and various expenses. It provides breakdowns of outstanding dues to MSMEs, non-current and current liabilities, revenue from completed and ongoing projects, and details on interest income, provisions, and various operating and finance costs. The text also includes information regarding depreciation, amortization, tax expenses, and earnings per equity share.

The provided text details various financial and actuarial disclosures for VEEGALAND absbilmbop LIMITED, primarily concerning its defined benefit gratuity plan. It includes tables showing changes in various financial components, such as employer and employee contributions, interest costs, and remeasurements on the defined benefit obligation and plan assets over several years. Furthermore, the text outlines risks associated with the defined benefit plan, including actuarial risk, legislative risk, and liquidity risk, and discusses contingent liabilities and commitments related to the company's operations and contracts.

This section details various aspects of the company's financial reporting, including the classification of financial instruments, risk management policies, and accounting standards adoption. It outlines the hierarchy for classifying financial instruments based on market inputs, discusses various financial risks such as market, credit, and liquidity risks, and describes the company's procedures for managing these risks. Furthermore, it covers the transition to Indian Accounting Standards (Ind AS) and the specific adjustments made when preparing financial statements for the comparative period.

This section details various financial notes, including comparative balance sheets and profit and loss statements, primarily focusing on the transition from Indian GAAP to Ind AS. It outlines adjustments made to financial statements, such as the recognition of employee benefit costs and the treatment of various financial instruments and contracts under the new accounting standards. Furthermore, it lists related parties, including Key Managerial Personnel, members with substantial interest, relatives of key management, and enterprises where key management has significant influence.

This section details various financial transactions and personnel information for VEEGALAND absbilmbop LIMITED, including related party transactions, balances outstanding, and compensation details for key managerial personnel. It lists specific loan amounts, remuneration, and staff loan repayments for individuals such as Kochouseph Thomas Chittilappilly, Sheela Grace Kochouseph, and others. Furthermore, it outlines certain balances related to members with substantial interest and provides details on various accounting ratios derived from restated financial information.

This section details various aspects of the company's financial reporting and indebtedness, including related party transactions, capitalization statements, and details concerning credit facilities. It outlines the methodology for reporting related party transactions and provides a breakdown of borrowings, including secured and unsecured facilities, as of March 31, 2026. Furthermore, it specifies the interest rates applicable to various loans and details the penal charges that may be incurred in case of financial or non-financial irregularities with the credit facilities availed by the company.

This section details various loan facilities availed by the company from different banks, including Axis Bank Ltd and The South Indian Bank Ltd, specifying the tenure and terms for pre-payment penalties. It lists numerous facilities such as Overdrafts and Term Loans with different sanctioned limits and tenures, as well as the security arrangements for each facility. Furthermore, it outlines restrictive covenants imposed by the lenders, which cover aspects like financial covenants, restrictions on inducting certain individuals onto the board, and limitations on borrowing or trading activities.

This section details various covenants and events of default related to financial facilities availed by the company from different banks. It outlines restrictions on the borrower concerning investments, borrowings, guarantees, and changes in management or business operations. Furthermore, it specifies various penalties and consequences that can arise from breaches of these covenants, including the possibility of penalties, loss of operational rights, or the lender's right to take certain actions against the borrower.

The provided text details various contractual rights and financial provisions related to term loan facilities availed by the company from Axis Bank Ltd. and HDFC Bank Ltd., including the bank's rights concerning events of default, asset possession, and management structure reviews. It also mentions that the company has not provided guarantees for loans availed by other entities. Furthermore, the text discusses the reliance on industry research reports from ICRA Analytics Limited for market data and cautions investors against undue reliance on such information. The company operates in the residential real estate sector in Kerala, focusing on various segments, and acknowledges that its revenue and operations are susceptible to various external factors such as economic conditions, market dynamics, and regulatory changes.

This section details various aspects of the company's financial reporting, including revenue recognition, cost estimation, and the factors that can cause fluctuations in income. It outlines that revenue is recognized based on fulfilling performance obligations outlined in contracts, and that cost estimates are periodically reviewed, with changes affecting recognized profit. The text also discusses how sales volumes depend on the ability to design projects, market and sell them timely, and general market conditions. Furthermore, it covers the impact of construction factors such as material price volatility, contractor performance, and regulatory approvals on costs and margins.

This section primarily details the accounting policies adopted by the company for preparing its financial statements in conformity with Ind AS. It outlines the treatment of financial instruments, the classification of assets and liabilities based on the operating cycle, and the requirements for management to use estimates and judgments in financial reporting. Specific accounting policies are summarized for Property, Plant and Equipment, Intangible Assets, Investment Property, and Inventories, including rules for cost recognition, depreciation, impairment, and revenue recognition for various contracts and joint development arrangements.

This section details various accounting treatments under Indian Accounting Standards (Ind AS) concerning different aspects of the company's financial reporting. It covers the recognition of contract liabilities, revenue from operating activities, interest income, lease accounting standards (Ind AS 116), taxation components like current and deferred tax, employee benefits, borrowing costs, and the recognition and measurement of financial instruments. Specific rules are provided for handling short-term employee benefits, defined contribution plans, defined benefit plans, and the treatment of various financial assets and liabilities.

This section primarily details various accounting and financial reporting concepts, including definitions for equity instruments, financial liabilities, fair value measurement, provisions, contingent liabilities, and commitments. It outlines how different financial items are accounted for, including derecognition, and provides guidelines for measuring assets and liabilities. The text also covers aspects of foreign currency transactions, cash and cash equivalents, segment reporting, handling of events after the reporting date, and calculations for earnings per share and cash flow statements.

The company showed significant growth in profitability from Fiscal 2025 to Fiscal 2026, driven primarily by increased revenue from operations due to higher construction progress and revenue recognition from ongoing residential projects. Revenue from operations grew by 30.46%, with revenue from ongoing projects increasing substantially. While other income decreased, the overall profitability improved, demonstrating that the growth was mainly attributable to core operating performance rather than non-operating income. Operating costs also increased, reflecting the higher scale of construction activities undertaken during the year.

The provided text details various financial and operational changes between Fiscal 2024 and Fiscal 2025, primarily reflecting increased project execution and business expansion. Key observations include significant increases in land purchase and construction expenditure, higher employee benefit expenses due to increased staffing, and changes in inventory levels that track with the pace of construction. While operating costs rose substantially, the company managed its financing structure efficiently, with finance costs as a percentage of income declining. Overall, the growth in Fiscal 2025 was driven by the successful launch of new projects and strong demand for ongoing developments.

The provided text details various financial movements and operational aspects of the company across fiscal years, including changes in finance costs, depreciation, other expenses, and tax expenses. Finance costs increased due to higher utilization of borrowings for project development, and other expenses showed growth in marketing and professional outlays to support project expansion. Tax expense increased, corresponding to improved operating performance. The company's liquidity is primarily financed through operations and debt, and it has disclosed certain contingent liabilities related to legal proceedings for acquired lands.

The text primarily discusses the company's exposure to various financial risks, including equity price risk, commodity price risk, interest rate risk, and credit risk. The company manages interest rate risk through a balanced portfolio of fixed and variable rate borrowings and does not have interest rate swaps. Credit risk is influenced by customer characteristics, and trade receivables are monitored for impairment, with provisions made for expected credit loss in certain situations. The company also addresses liquidity risk by ensuring sufficient cash and marketable securities to meet short-term liabilities and funding long-term needs through committed credit facilities. Furthermore, the text details various aspects of financial instrument fair value classification and disclosures.

The company has not announced any new products or business segments in the near future, as disclosed in the 'Our Business' section. The business operations are subject to potential adverse effects from difficult working conditions during monsoons which may restrict construction activities. The company is not overly reliant on any single supplier or customer, as evidenced by the contribution analysis of top suppliers against construction materials, labor, and direct expenses for fiscal years 2026, 2025, and 2024. The company expects to continue competing with existing and potential competitors in the industry.