We have audited the accompanying standalone financial statements
of Ashiana Housing Limited ('the Company’), which comprise the
Balance Sheet as at 31^st March 2025, the Statement of Profit
and Loss (including Other Comprehensive Income), Statement of
Changes in Equity and Statement of Cash Flow for the year then
ended, and Notes to the financial statements, including a summary
of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to
the explanations given to us, the aforesaid financial statements give
the information required by the Companies Act, 2013 ('Act’) in the
manner so required and give a true and fair view in conformity with
the accounting principles generally accepted in India including Indian
Accounting Standards ('Ind AS’) specified under section 133 of the
Act, of the state of affairs (financial position) of the Company as at
March 31, 2025, and profit (financial performance including other
comprehensive income), its cash flows and the changes in equity for
the year ended on that date.

Basis for Opinion

We conducted our audit 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 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 Companies Act, 2013 and the Rules thereunder,
and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We believe that
the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional
judgment, 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. For each
matter below, our description of how our audit addressed the matter
is provided in that context.

We have determined the matters described below to be the key
audit matters to be communicated in our report. We have fulfilled
the responsibilities described in the Auditor’s responsibilities for the
audit of the standalone Ind AS financial statements section of our
report, including in relation to these matters. Accordingly, our audit
included the performance of procedures designed to respond to our
assessment of the risks of material misstatement of the standalone
Ind AS financial statements.

The results of our audit procedures, including the procedures
performed to address the matters below, provide the basis for our audit
opinion on the accompanying standalone Ind AS financial statements.

Information other than the Financial Statements and
Auditor's Report thereon

The Company’s Board of Directors is responsible for the other
information. The other information comprises the information
included in the Annual Report, but does not include the standalone
financial statements and our auditor’s report thereon.

Our opinion on the 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 in the
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 Board of Directors is responsible for the matters
stated in section 134(5) of the Act with respect to the preparation of

Those Board of Directors are also responsible for overseeing the
company’s financial reporting process.

Auditor's Responsibilities for the Audit of 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 Standards on Auditing 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 decisions of users taken on the basis of these
financial statements.

As part of an audit in accordance with Standards on Auditing, we
exercise professional judgment and maintain professional skepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the
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 control relevant to the audit
in order to design audit procedures that are appropriate in
the circumstances. Under section 143(3)(i) of the Companies
Act, 2013, we are also responsible for expressing our opinion
on whether the company has internal financial controls with
reference to Financial Statements 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 made by management.

• 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 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
financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions
and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone
financial statements that, individually or in aggregate, makes it
probable that the economic decisions of a reasonably knowledgeable
user of the financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the
scope of our audit work and in evaluating the results of our work;
and (ii) to evaluate the effect of any identified misstatements in the
financial statements.

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

As required by the Companies (Auditor’s Report) Order, 2020 ("the
Order") issued by the Central Government of India in terms of sub¬
section (11) of section 143 of the Act, we give in the "Annexure A", a
statement on the matters specified in the paragraph 3 and 4 of the
Order to the extent applicable.

(A) 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), Statement of
change in Equity and the Cash Flow Statement dealt with
by this Report are in agreement with the books of account;

d) In our opinion, the aforesaid standalone financial
statements comply with the Indian Accounting Standards
specified under Section 133 of the Act;

e) On the basis of the written representations received
from the directors as on 31 March 2025 taken on
record by the Board of Directors, none of the directors is

disqualified as on 31 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.

(B) 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, to the extent ascertainable, disclosed
the impact of pending litigations on its financial position in
its financial statements - Refer clause (d) and (e) of Note
12 to the financial statements;

ii. The Company does not have any material foreseeable
losses on long term contracts including derivative
contracts which would impact its financial position;

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
or entity, including foreign entity ("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 or entity,
including foreign entity ("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
under sub-clause (a) and (b) above, contain any
material misstatement.

v. The Company has complied with section 123 of the
Companies Act, 2013 in respect to declaration and
payment of dividend during the year.

vi. Based on our examination which included test checks,
the company has used an accounting software for
maintaining its books of account which has a feature of
recording audit trail (edit log) facility and the same has
operated throughout the year for all relevant transactions
recorded in the software. Further, during the course of
our audit we did not come across any instance of audit
trail feature being tampered with. Additionally, the audit
trail has been preserved by the company as per the
statutory requirements for record retention.

(C) With respect to the other matters to be included in the
Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended:

In our opinion and to the best of our information and according
to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with
the provisions of section 197 of the Act

For B.CHHAWCHHARIA & CO.

Chartered Accountants
Firm Registration No. 305123E

Abhishek Gupta

Partner

Place: New Delhi Membership No. 529082

Date: 30^th May, 2025 UDIN-25529082BMIZZL9032