The present invention relates to a process for the preparation of esters of hydroxy tiglic aldehydes which are the key intermediates for Vitamin-A acetate synthesis and various perfumistic products, said process relates to the hydroformylation of biscarboxylic esters of but-2-ene-1,4-diol, followed by deacetoxylation of its hydroformylation compound, in the presence of heterogeneous catalyst having rhodium complex entrapped, anchored or teethered on the acidic support, said acidic support causes deacetoxylation in the reaction mixture immediately after hydroformylation, to give 100% selectivity to the carboxylic esters of hydroxyl tiglic aldehydes in a single step.