Veegaland Developers IPO GMP Today

Veegaland Developers is a real estate development company engaged in the planning, development and sale of multi-storied residential apartment projects in Kerala, India. The company develops residential projects across the mid-premium, premium, ultra-premium, luxe-series, and ultra-luxury segments under the ‘Veegaland Homes’ brand. Its projects are developed in accordance with applicable RERA provisions. Veegaland Developers has undertaken residential projects across different cities in Kerala. The company commenced its residential real estate operations in 2011 with the development of its first project, Green Clouds, in Kochi. The company carries out construction through independent third-party civil contractors, subcontractors, and vendors, while external consultants provide architectural, structural engineering, and MEP design services. The company’s in-house engineering team oversees project planning, supervision, quality control, and regulatory compliance. Use of proceeds: This is a fresh issue of shares. Therefore, the net proceeds from the fresh issue will go to the company. They will be utilised for the following purposes: Funding a part of the expense to be incurred in the development of the ongoing projects — Rs 119.82 crore Funding unidentified acquisition of land and general corporate purposes