Hello @Gaurav Pandey
Azure VNet is created within the scope of a region. The virtual network and the resources in the affected region remains inaccessible during the time of the region disruption or outage.
Azure VNet is simply is a logical representation of your network in the cloud. It allows you to define your own private IP address space and segment the network into subnets. VNets serves as a trust boundary to host your compute resources such as Azure Virtual Machines and Cloud Services (web/worker roles).
You should consider not the High availability of VNet itself but High availability of the resources that are hosted inside VNet. Azure Site Recovery could help you with this.
Azure Site Recovery enables disaster recovery for Azure VMs by replicating VMs to another Azure region, failing over if an outage occurs, and failing back to the primary region when things are back to normal.
During failover, you might want to keep the IP addressing in the target region identical to the source region:
Example of VM High Availability and Disaster recovery architecture
Example of App Service High Availability and Disaster recovery architecture
https://learn.microsoft.com/en-us/azure/site-recovery/site-recovery-retain-ip-azure-vm-failover
https://learn.microsoft.com/en-us/azure/virtual-network/virtual-network-disaster-recovery-guidance
https://learn.microsoft.com/en-us/azure/architecture/reference-architectures/app-service-web-app/multi-region