We have audited the accompanying Standalone Financial
Statements of Eldeco Housing and Industries Limited (“the
Company”), which comprise the Balance Sheet as at 31^st
March, 2025, the Statement of Profit and Loss including Other
Comprehensive Income, the Statement of Cash Flows and
the Statement of Changes in Equity for the year ended and
Notes to Financial Statements including a summary of the
material accounting policies and other explanatory information
(hereinafter referred to as “the Standalone Financial
Statements”).

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid Standalone Financial
Statements give the information required by the Companies Act,
2013 (“the Act”) in the manner so required and give a true and
fair view in conformity with the Indian Accounting Standards
(“IND AS”) prescribed under Section 133 of the Act read
with the Companies Rules, 2015, as amended and accounting
principles generally accepted in India of the state of affairs of the
Company as at 31^st March, 2025 and the profit (including other
comprehensive income), its cash flows and changes in equity for
the year then ended.

BASIS FOR OPINION

We conducted our audit of the Standalone Financial Statements in
accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those
Standards are further described in the Auditor's Responsibilities
for the Audit of the Standalone Financial Statements section
of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of
Chartered Accountants of India (ICAI) together with the ethical
requirements that are relevant to our audit of the Standalone
Financial Statements under the provisions of the Act and the
Rules made thereunder and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the
ICAI's Code of Ethics. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our
audit opinion on the Standalone Financial Statements.

KEY AUDIT MATTERS

Key audit matters ("KAM") are those matters that, in our
professional judgement, were of most significance in our audit
of the Standalone Financial Statements of the current period.
These matters were addressed in the context of our audit of the
Standalone Financial Statements as a whole and in forming our
opinion thereon and we do not provide a separate opinion on
these matters.

We have determined following key audit matters to be
communicated in our report:

INFORMATION OTHER THAN THE STANDALONE
FINANCIAL STATEMENTS AND AUDITOR’S
REPORT THEREON

The Company's Board of Directors are responsible for the
preparation of the other information. The other information
comprises the information included in the Company's annual
report but does not include the financial statements and our
auditor's report thereon. The Company's annual report is
expected to be made available to us after the date of this Auditor's
Report.

Our opinion on the Standalone Financial Statements does not
cover the other information and we do not express any form of
assurance conclusion thereon.

In connection with our audit of the Standalone Financial
Statements, our responsibility is to read the other information and
in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained during the course of our audit or otherwise appears to
be materially misstated. If, based on the work we have performed,
we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing
to report in this regard.

RESPONSIBILITIES OF MANAGEMENT AND
THOSE CHARGED WITH GOVERNANCE FOR
THE STANDALONE FINANCIAL STATEMENTS

The Company's Management and Board of Directors are
responsible for the matters stated in Section 134(5) of the Act
with respect to the preparation of these Standalone Financial
Statements that give a true and fair view of the financial position,
financial performance, total comprehensive income, cash flows
and changes in equity of the Company in accordance with
the accounting principal generally accepted in India including
IND AS specified under Section 133 of Act. This responsibility
also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the
assets of the Company and for preventing and detecting frauds
and other irregularities; selection and application of appropriate
accounting policies; making judgements and estimates that
are reasonable and prudent; and design, implementation and
maintenance of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and
presentation of the Standalone Financial Statements that give
a true and fair view and are free from material misstatement,
whether due to fraud or error.

In preparing the Standalone Financial Statements, Management
and Board of Directors are responsible for assessing the
Company's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going
concern basis of accounting unless Board of Directors either
intends to liquidate the Company or to cease operations or has no
realistic alternative but to do so.

The Board of Directors are responsible for overseeing the
Company's financial reporting process.

AUDITOR'S RESPONSIBILITIES FOR THE AUDIT
OF THE STANDALONE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether
the Standalone Financial Statements as a whole are free from
material misstatement, whether due to fraud or error and to
issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that
an audit conducted in accordance with SAs will always detect a
material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or
in the aggregate, they could reasonably be expected to influence
the economic decision of users taken on the basis of these
Standalone Financial Statements.

As part of an audit in accordance with SAs, we exercise professional
judgement and maintain professional skepticism throughout the
audit. We also:

• Identify and assess the risks of material misstatement of the
Standalone Financial Statements, whether due to fraud or
error, design and perform audit procedures responsive to
those risks and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations
or the override of internal control.

• Obtain an understanding of internal financial controls
relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under Section
143(3)(i) of the Act, we are also responsible for expressing
our opinion on whether the Company has adequate
internal financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used
and the reasonableness of accounting estimates and related
disclosures in the Standalone Financial Statements by
Management and Board of Directors.

• Conclude on the appropriateness of Management's use of
the going concern basis of accounting and based on the audit
evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant
doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we
are required to draw attention in our auditor's report to the
related disclosures in the Standalone Financial Statements
or if such disclosures are inadequate to modify our opinion.
Our conclusions are based on the audit evidence obtained up
to the date of our auditor's report. However, future events
or conditions may cause the Company to cease to continue
as a going concern.

• Evaluate the overall presentation, structure and content
of the Standalone Financial Statements including the
disclosures and whether the Standalone Financial
Statements represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding,
among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies
in internal control that we identify during our audit.

We also provide those charged with governance with a statement
that we have complied with relevant ethical requirements
regarding independence and to communicate with them all
relationships and other matters that may reasonably be thought
to bear on our independence and where applicable, related
safeguards.

From the matters communicated with those charged with
governance, we determine those matters that were of most
significance in the audit of the Standalone Financial Statements
of the current period and are therefore the key audit matters.
We describe these matters in our auditor's report unless law or
regulation precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that a matter
should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.

REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order,

2020 (“the Order”) issued by the Central Government

in terms of Section 143(11) of the Act, we give in

“Annexure A” a statement on the matters specified in

paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143(3) of the Act, we report that:

a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by
law have been kept by the Company so far as it appears
from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss
including Other Comprehensive Income, the Statement
of Cash Flow and Statement of Changes in Equity dealt
with by this Report are in agreement with the relevant
books of accounts.

d) In our opinion, the aforesaid Standalone Financial
Statements comply with the IND AS specified under
Section 133 of the Act.

e) On the basis of the written representations received
from the directors as on 31^st March, 2025 taken on
record by the Board of Directors, none of the Directors
is disqualified as on 31^st March, 2025 from being
appointed as a Director in terms of Section 164 (2) of
the Act.

f) With respect to the adequacy of the internal financial
controls over financial reporting of the Company and
the operating effectiveness of such controls, refer
to our separate Report in “Annexure B”. Our report
expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company's internal
financial controls over financial reporting.

g) With respect to the other matters to be included in
the Auditor's Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014,

as amended in our opinion and to the best of our
information and according to the explanations given to
us:

I. The Company has disclosed the impact of
pending litigations on its financial position in its
Standalone Financial Statements - Refer Note 37
to the Standalone Financial Statements.

II. The Company did not have any long-term
contracts including derivative contracts for which
there were any material foreseeable losses as at
31^st March, 2025.

III. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.

IV. (a) The Management has represented that,

to the best of its knowledge and belief, no
funds have been advanced or loaned or
invested (either from borrowed funds or
share premium or any other sources or
kind of funds) by the Company to or in any
other person(s) or entity(ies), including
foreign entities ("Intermediaries”), with the
understanding, whether recorded in writing
or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest
in other persons or entities identified in
any manner whatsoever by or on behalf of
the Company ("Ultimate Beneficiaries”) or
provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

(b) The Management has represented, that,
to the best of its knowledge and belief, no
funds have been received by the Company
from any person(s) or entity(ies), including
foreign entities ("Funding Parties”), with
the understanding, whether recorded in
writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or
invest in other persons or entities identified
in any manner whatsoever by or on behalf of
the Funding Party ("Ultimate Beneficiaries”)
or provide any guarantee, security or the like
on behalf of the Ultimate Beneficiaries.

(c) Based on the audit procedures that
have been considered reasonable and
appropriate in the circumstances, nothing
has come to our notice that has caused us to
believe that the representations as provided
under (a) and (b) above, contain any material
misstatement.

V. (a) The final dividend proposed in the previous

year, declared and paid by the Company
during the year is in accordance with Section
123 of the Act, as applicable.

(b) No interim dividend was declared or paid
during the year by the Company.

(c) The Board of Directors of the Company have
proposed final dividend for the year which is
subject to the approval of the members at
the ensuing Annual General Meeting. The

dividend declared is in accordance with
Section 123 of the Act to the extent it applies
to declaration of dividend.

VI. Based on our examination which included test
checks, the Company has used accounting
software for maintaining its books of accounts,
which have a feature of recording audit trail (edit
log) facility and the same has operated throughout
the year for all relevant transactions recorded in
the respective software.

Further, where audit trail (edit log) facility was
enabled and operated throughout the year for
the respective accounting software, we did
not come across any instance of the audit trail

feature being tampered with. However, due to the
inherent limitation of the accounting software, we
are unable to comment whether there were any
instances of the audit trail feature been tampered
during the audit period. Further, the audit trail
has been preserved by the Company as per the
statutory requirements for record retention.
(Refer note 50 of the Standalone Financial
Statements).

3. As required by Section 197(16) of the Act based on our
audit, we report that the Company has paid remuneration
to its Directors during the year in accordance with the
provisions of and limits laid down under Section 197 read
with Schedule V of the Act.

For Doogar & Associates

Chartered Accountants

Firm Registration Number: 000561N

CA Udit Bansal
Partner

Membership Number: 401642
UDIN: 25401642BMJNNN8461

Place: New Delhi
Date: May 22, 2025