Veegaland Developers Limited Sold All Completed Area, 64% Ongoing

Veegaland Developers Limited had sold 100% of saleable area across its 10 completed projects and 63.62% of ongoing saleable area on its stated basis as of June 30, 2026. The completed portfolio comprised 692 units and 11.05 lakh square feet, while 11.72 lakh square feet of the ongoing portfolio had been sold excluding one joint-development landowner allocation.

How much completed area has Veegaland sold?

Veegaland has sold all the area in its 10 completed residential projects. The portfolio comprised 692 units and 11.05 lakh square feet of saleable area as of June 30, 2026, including 43 units allocated to landowners under joint development arrangements, or JDAs. A JDA is an arrangement in which a landowner contributes land and the developer undertakes development in return for an agreed allocation of project area.

The completed portfolio included projects in Kochi across mid-premium, premium and ultra-luxury segments. Bluebell was the smallest listed completed project at 22,128 square feet, while Petunia & Begonia Kings covered 1,76,955 square feet; both reported 100% area sold. Veegaland defines saleable area as the area on which consideration is charged to buyers, including carpet area, internal walls, balconies or terraces where applicable, and a proportionate share of common areas.

The disclosed completion record also shows several projects finishing before their stated regulatory deadlines. Exotica received its occupancy certificate on June 21, 2022, compared with a December 31, 2022 estimated completion date, while Springbell received its certificate on December 12, 2024, compared with a December 31, 2024 date. Kings Fort received its certificate on August 12, 2021 after its April 30, 2021 timeline was extended because COVID-19 restrictions were treated as a force majeure event by the Kerala Real Estate Regulatory Authority, or K-RERA.

What share of Veegaland's ongoing area is sold?

Veegaland had sold 63.62% of its ongoing saleable area, excluding the landowner allocation in Elanza, its ongoing JDA project, as of June 30, 2026. The company reported 987 units, 18.43 lakh square feet of ongoing saleable area and 11.72 lakh square feet sold on that basis. The full ongoing portfolio comprised 12 projects, 994 units and 18.57 lakh square feet, including seven Elanza units allocated to the landowner.

The project-level disclosure gives a different comparable measure because it includes the 14,907-square-foot Elanza landowner allocation in area sold. On that basis, Veegaland reported 11.87 lakh square feet sold from 18.57 lakh square feet, or 63.91%. The distinction is material because the company’s 63.62% operating measure excludes the JDA landowner area while the project table includes it.

Sales absorption varied sharply by project as of June 30, 2026. Green Fort was 100% sold by area, Green Heights was 99.29% sold and Maybell was 98.77% sold; Green Capitol was 84.90% sold and Casabella was 84.66% sold. By comparison, Lluvia Garden was 22.91% sold and Amora was 2.70% sold, reflecting their earlier development positions within the portfolio.

How do construction-phase sales support Veegaland's revenue visibility?

Veegaland’s construction-phase sales support an order book and phased customer collections, but they do not become recognised revenue automatically. Bookings in ongoing projects are made during construction, while collections are received according to K-RERA-approved construction schedules. The company includes these bookings in its order book, subject to project progress and applicable revenue-recognition requirements.

Veegaland reported a contracted order book of Rs 909.4207 crore as of June 30, 2026, defined as the aggregate value of sale agreements executed in ongoing projects. The company states that conversion of this order book into recognised revenue depends on construction progress and satisfaction of recognition criteria. Revenue from operations is recognised under Indian Accounting Standard 115, Revenue from Contracts with Customers, using the percentage-of-completion method.

Construction progress shows why sales agreements and revenue can fall into different periods. As of March 31, 2026, Elanza was 86.28% complete against a November 30, 2026 K-RERA completion date, whereas Green Heights was 50.56% complete against an August 30, 2028 date. Amora received its RERA registration on June 5, 2026 and had not begun construction on March 31, 2026, although the project had recorded 4,346 square feet of sales by June 30, 2026.

How has Veegaland's sales momentum changed?

Veegaland’s sales value rose from Rs 186.9601 crore in Fiscal 2024 to Rs 393.6192 crore in Fiscal 2026, while annual pre-sales increased from Rs 206.7063 crore to Rs 405.8222 crore. Veegaland’s financial year runs from April 1 to March 31. Sales value is the aggregate agreement value, excluding goods and services tax, of apartments for which sale agreements were executed during the relevant year.

The company reported a 45.10% compound annual growth rate in sales value from Fiscal 2024 to Fiscal 2026. Units sold increased from 167 in Fiscal 2024 to 270 in Fiscal 2025, then declined slightly to 261 in Fiscal 2026, even as sales value increased in the final year. Average sale price rose from Rs 6,935.42 per square foot in Fiscal 2024 to Rs 8,021.63 per square foot in Fiscal 2026.

Pre-sales differ from sales value because they represent customer bookings supported by a booking advance during construction, whether or not a sale agreement has been executed. Veegaland reported that pre-sales in the quarter ended June 30, 2026, the first quarter of Fiscal 2027, increased 64.8% year on year. That figure measures booking momentum rather than revenue already recognised or future collections guaranteed.

What could affect conversion of Veegaland's sold area into revenue?

Veegaland must complete construction, collect instalments and satisfy percentage-of-completion recognition criteria before sold ongoing area becomes reported revenue. Its construction work is undertaken through independent civil contractors, subcontractors and vendors, while external consultants handle architectural, structural and mechanical, electrical and plumbing design. Construction sequencing, contractor deployment, material procurement, weather and statutory compliance can affect project timing.

The next launch pipeline also depends on statutory approvals. Veegaland had three upcoming projects with an estimated 4.62 lakh square feet and about 212 units as of June 30, 2026. Fortune had received statutory permits and was in the process of obtaining RERA registration, Sarovar awaited a building permit, and East Fort awaited no-objection certificates from fire and aviation departments; the stated upcoming-project area remains subject to approval-related changes.

Conclusion

Veegaland’s disclosed sales position combines full sell-through of 11.05 lakh square feet in completed projects with 63.62% sales of ongoing area on the company’s JDA-exclusion basis. The high sales proportions at Green Fort, Green Heights and Maybell show that substantial demand was recorded during construction, while the Rs 909.4207 crore contracted order book measures sale agreements already executed in ongoing projects.

The next disclosure to watch is progress against K-RERA completion schedules, which range from November 2026 for Elanza to May 2031 for Lluvia Garden. Veegaland’s board-approved strategy, approved on December 30, 2025, is to complete ongoing and upcoming projects within planned timelines through contractor deployment, procurement planning and site-level supervision.