Monitoring Agency Report

Ref: SEC/VDL/2026/020 November 05, 2026 BSE Limited National Stock Exchange of India Limited 20th Floor, P.J. Towers Exchange Plaza, C-1, Block G Dalal Street Bandra Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Scrip Code: 544923 Scrip Symbol: VEEGALAND Dear Sir/Madam, Sub: Monitoring Agency Report on the utilization of proceeds raised through issuance of equity shares by way of Public Issue of the Company Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulations 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations”) please find enclosed the Monitoring Agency Report issued by CARE Ratings Limited (Monitoring Agency), in respect to utilization of the proceeds raised through issuance of equity shares by way of Public Issue of the Company for the quarter ended September 30, 2026. The above disclosure is also being made available on the website of the Company at https://www.veegaland.com/investor-relations/ Kindly take the same on record. Thank You, For Veegaland Developers Limited Akshay Anand T S Company Secretary & Compliance Officer Membership No: A70026 Veegaland Developers Limited (Formerly known as Veegaland Developers Private Limited) Registered Office: XXXV/564, 4th Floor, K C F Tower, BMC Road, Kakkanadu, Thrikkakara, Ernakulam – 682 021 Email ID: cs@veegaland.in Phone: 0484 - 2584004 CIN: L45201KL2007PLC021107 www.veegaland.com No. XX No. CARE/CRO/GEN/2026-27/1015 The Board of Directors Veegaland Developers Limited XXXV/564, 4th Floor, K C F Tower, Bharat Matha College Road, Kakkanadu, Thrikkakara, Ernakulam, Kerala, India - 682021 November 03, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the IPO of Veegaland Developers Limited (“the Company”) We write in our capacity of Monitoring Agency for the Initial Public Offering (IPO) for the amount aggregating to Rs. 210.00 crore of the Company and refer to our duties cast under 41 of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 18, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ali Monish PE Assistant Director AliMonish.P@careedge.in Report of the Monitoring Agency Name of the issuer: Veegaland Developers Ltd For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (b) Range of Deviation: No Declaration: We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Ali Monish PE Assistant Director AliMonish.P@careedge.in 1) Issuer Details: Name of the issuer : Veegaland Developers Limited Name of the promoter : Kochouseph Thomas Chittilappily and K. Chittilappilly Trust Industry/sector to which it belongs : Realty - Residential Commercial Projects 2) Issue Details Issue Period : September 10, 2026, to September 15, 2026 Type of issue (public/rights) : IPO Type of specified securities : Not applicable IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 210.00 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report CA certificate*, Management Whether all utilization is as per the disclosures in Yes confirmation, Bank statements, Nil No Comments the Offer Document? supporting documents Whether shareholder approval has been Not CA Certificate* and Management obtained in case of material deviations# from Nil No Comments applicable confirmation. expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed CA Certificate* and Management No Nil No Comments objects of the issue have changed? confirmation. Is there any major deviation observed over the Not Not applicable First report after IPO No Comments earlier monitoring agency reports? applicable The company has obtained the regulatory and statutory approvals Whether all Government/statutory approvals required to carry on its existing real estate development operations. Yes Offer Document No Comments related to the object(s) have been obtained? These include project-specific approvals, building permits, RERA registrations, labour registrations, etc. Whether all arrangements pertaining to technical Not CA certificate*, Management Nil No Comments assistance/collaboration are in operation? applicable confirmation, Offer Document Are there any favorable/unfavorable events No CA certificate*, Management Nil No Comments Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report affecting the viability of these object(s)? confirmation Is there any other relevant information that may CA certificate*, Management materially affect the decision making of the No Nil No Comments confirmation investors? *As per Chartered Accountant certificate from G Venugopal Kamath & Co, Chartered Accountants dated October 29, 2026. #Where material deviation may be defined to mean: a) Deviation in the objects or purposes for which the funds have been raised b) Deviation in the amount of funds actually utilized by more than 10% of the amount projected in the offer documents. 4) Details of objects to be monitored: (i) Cost of objects – Source of information / Original cost Comments of Comments of the Board of Directors Revised Sr. Item certifications considered by (as per the Offer the Proposed Particulars of -firm Cost Reason for cost No Head Monitoring Agency for Document) in Rs. 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