Custom delegated properties in Kotlin let you control how a property is read and written by using a delegate class. This class must have operator functions getValue and setValue. When you declare a property with 'by Delegate()', Kotlin calls these functions instead of directly accessing the property. In the example, getValue always returns "Hello" and setValue prints the assigned value but does not store it. The execution table shows step-by-step how the property is accessed and assigned, and the variable tracker shows that the property value is controlled by the delegate, not stored normally. Key moments clarify why the property prints "Hello" even after assignment and the role of the delegate. The visual quiz tests understanding of these steps. This technique allows you to customize property behavior easily.