We have audited the accompanying standalone financial statements of Hubtown Limited ("the Company"), which comprise the Balance Sheet as at March
31,2025, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows
for the year endedon thatdate,and asummaryoftheMaterial accounting policies andother explanatoryinformation (hereinafter referredto as "the
standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, except for the effects of the matter described in the
Basis for QualifiedOpinionparagraph below, the aforesaidstandalonefinancial statements givetheinformation required by theCompaniesAct, 2013
("the Act") in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of
the Act readwiththeCompanies (IndianAccountingStandards)Rules,2015, as amended,("Ind AS") andother accountingprinciplesgenerallyaccepted
in India, of the state of affairs of the Company as at March 31, 2025, the profit after considering other comprehensive income, changes in equity and its
cash flows for the year ended on that date.

Basis for Qualified Opinion

We conductedouraudit ofthestandalonefinancial statementsinaccordancewiththeStandardsonAuditing specified underSection 143(10) of the Act
(SAs). 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 Rulesmadethereunder, and wehavefulfilledour otherethical responsibilities in accordancewith these requirements andthe ICAl's Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion on the standalone
financial statements.

a) As stated inFootnote(a)toNote29tothestandalonefinancialstatementsoftheCompanyfortheyear,withregards theCompanynot havingprovided
for Interest expense amounting to Rs. 7,382 lakhs on certain Inter-corporate deposits. Consequent to above, finance cost for the year ended 31st March,
2025 hasbeen understated by Rs. 7,382 Lakhs resulting in a consequential increase in the profit for the year ended 31st March, 2025 to that extent. Our
opinion on the Standalone financial statements for the year ended March 2024 was also modified in respect of this matter.

Emphasis of Matters

We drawAttentionto:

a) Note2 (II)(b) ofthestandalonefinancial statements,regardingto recognition ofexpenseforongoing projectswhich,based uponestimated costs,
is as per the judgment of the management and have been relied upon by us, these being technical matters.

b) Footnote (a) to Note 12 and footnote (c) to Note 31 to the standalone financial statements, regarding the status of the projects and the opinion
framed by the Company's management regarding realizable value of the costs incurred which, being a technical matter is relied upon by us.

c) Note 37 (i) (B) of the standalone financial statements, regarding Corporate guarantees issued and securities provided aggregating INR 27,905.97
lakhs by the Company to financial institutions on behalf of subsidiaries, which are significant in relation to the profit for the year and the net worth
of the Company. In the opinion of the Management, these are not expected to result into any financial liability to the Company.

d) Footnote (c) to Note 37 of the standalone financial statements regarding the above corporate guarantees issued and securities provided are
disclosed at amounts outstanding as at 31st March, 2025. The financial liabilities on account of such financial guarantee contracts have not been
measured at fair value as management is of the opinion that there is no material benefit which is expected to accrue to the borrowers on behalf
ofwhom the Companyhasprovided the corporate guarantees.

e) Footnote (b) to Note 37 of the standalone financial statements, regarding reliance placed by the auditors on certification received from the
management with regard to the disclosure of contingent liabilities of the Company.

f) Note 42 of the standalone financial statements, regarding balances that are subject to confirmations, reconciliation and adjustments, if any.

g) Footnote (a) to Note 9 of the standalone financial statements, regarding the Company not having charged interest on advances given by it to
variousgroup entitiesdevelopingrealestate projects,inwhich theCompanyhasacommercialand businessinterest.

h) Footnote (d) to Note6 of the standalone financial statements, regarding the Company's investments in certain subsidiaries,jointly controlled
entities and associates as at 31st March, 2025 which have incurred losses and carry an eroded net worth as at 31st March, 2025.

Our opinion is not qualified in respect of the above matters.

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. We have determined the matters described below to be the key audit matters to
be communicated in our report.

Other Matters

Attention is furtherinvitedtotheStatementofProfit and Loss of the Company which includesshare oflossfrominvestmentsinpartnership firms/ joint
ventures aggregating to INR ? 1.87 lakhs that are based on the financial statements of the firms/joint ventures as prepared by the management and
presented to us onwhichwehaverelied.

Our opinion is not qualified in respect of the above matter.

Information Other than the Standalone Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the preparation of 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 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 standalone 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.

Responsibility of the 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 these standalone
financial statements that give a true and fair view of the state of affairs (financial position), profit and loss (financial performance including other
comprehensive income), changes in equity and cash flows of the Company in accordance with other accounting principles generally accepted in India,
including the Ind AS specified under Section 133 of the 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 judgments 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,whetherdue tofraudor error.

In preparing the standalone financial statements, management is 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 management either intends to
liquidatetheCompanyor tocease operations, or hasnorealisticalternative but todoso.

The Boardof Directors isalsoresponsible for overseeingtheCompany'sfinancialreportingprocess.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectivesaretoobtain reasonable assuranceaboutwhether thestandalonefinancialstatements as awhole arefreefrommaterial 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 standalone 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 andassesstherisksofmaterial misstatement ofthestandalonefinancialstatements,whetherdue tofraudorerror, 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
ofnot detectinga 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.

• Obtainanunderstanding of internalcontrols relevant totheaudit inordertodesign auditproceduresthat areappropriateinthe 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
controlssystem in placeandtheoperatingeffectivenessofsuchcontrols.

• 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 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 matterscommunicated with those chargedwithgovernance, wedeterminethose mattersthatwere ofmost significanceintheaudit 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 Section 197(16) of the Act, 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 to the Act.

2. As required by the Companies (Auditors' Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of Section 143 (11)
of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order.

3. As required by Section 143(3) of the Act, based on our audit 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 ofour audit;

b) In ouropinion,proper books of account as required by law have been kept bytheCompanyso faras it appears from our examination of
those books;

c) The Standalone Financial Statements dealt with by this Report are in agreement with the books of account;

d) Except for the matter described in the Basis for Qualified Opinion paragraph above, in our opinion, the aforesaid standalone financial
statementscomplywiththeIndASspecifiedunder Section 133 of the Act;

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

f) We havealsoauditedthe internalfinancial controls over financial reporting (IFCoFR)oftheCompanyason31stMarch 2025 in conjunction
with our audit of the standalone financial statements of the Company for the year ended on that date and our report as per Annexure B
expressedanunmodifiedopinion;

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,(asamended)inouropinionandto the best of our informationandaccordingto theexplanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialpositioninitsstandalonefinancial statements;

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable
losses.

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 persons or entities, 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 persons or entities, 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 mannerwhatsoever by or on behalf of the FundingParty("Ultimate Beneficiaries”) or provide any
guarantee, security or the like on behalf of the Ultimate Beneficiaries; and

(c) . Based on such audit procedures that were 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) contain any material
misstatement.

v. The companyneitherdeclarednor paid any dividend during the year.

vi. Based on our Examination, which included test checks, the company has used accounting software for maintaining its books of
accounts for the financial year ended March 31,2025 which has a feature of audit trail facility and the same operated throughout the
year for all relevant transactions recorded in the software. Further, during the course of audit we did not come across any instance
ofaudittrailfeaturebeingtampered with. As per proviso to Rule 3(1)of the Companies (Account) Rules,2014 is applicable from
April 1, 2023 reporting under rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 on preservation of audit trail as per the
statutory requirement for record retention. The audit trail of previous year has been preserved by the Company as per the statutory
requirements for record retention to the extent it was enabled and recorded in the previous year.

FOR JBTM & ASSOCIATES LLP

Firm Registration No.: W100365
Chartered Accountants

DHAIRYA BHUTA

Place : Mumbai Partner Membership No.: 168889

Date : May 22nd, 2025 UDIN: 25168889BMTFFU4531