Risland Holdings gets nod to resume realty project, sales in Delhi

July 1, 2023

Delhi’s Real Estate Regulatory Authority (RERA) has permitted Hong Kong-based Risland Holdings to resume construction and sales of its first Indian project, after an about nine-month hiatus caused by insufficient documentation.

The building sanction plan and the RERA registration for the project at Chattarpur in South Delhi had lapsed, and the Municipal Corporation of Delhi (MCD) as well as the RERA had declined to extend the validity of the documents due to a land ownership dispute.

“Since, sanctioned building plans have been revalidated by MCD, applicants can now proceed with the work accordingly. Applicants are now also allowed to collect the due instalments from the allottees as per the agreements of sale and take fresh bookings as per the provisions of the (RERA) Act,” the Delhi RERA said in its order in May. ET has seen a copy of the order.

The high-end luxury project is being developed by Brilliant Etoile Pvt Ltd, which is registered in India as a subsidiary of a foreign company.

The project is based on a joint development model between Risland Holdings and Delhi-based Uppal Housing.

According to the RERA order, while Uppal Housing owned the majority of the land, a portion in between belonged to a local village and its transfer to Uppal Housing was under scrutiny since the revenue department was unable to trace a file related to the land.

The company has now applied for the occupancy certificate for the project, Sky Mansion, which comprises 160 flats and is spread across 4 acres. It is the first 100-metre skyscraper in South Delhi.

As much as 65% of the units have already been sold, said Saurabh Sharma, director India region, at the Hong Kong company.

The project was registered on July 24, 2018 with a completion date of August 25, 2021.

On June 5, 2020, the RERA gave an extension of nine months to complete the project due to the impact of Covid-19 on construction activities. The deadline was later extended to May 25, 2022.

But, on May 25, 2022, the local authorities submitted a report that “some irregularities/illegalities/violations of rules and procedures have come to light” in the consolidation of the village, the RERA had said in the earlier order. It said at the time that a committee formed by the Department of Vigilance was investigating the matter. The order declining to extend the validity of the filings came around September last year, halting the project.

Risland Holdings has developed projects in countries such as the US, UK, New Zealand, Thailand and Indonesia. Risland India was established in 2017. It has projects also in Mumbai and Chennai.

  • Published On Jul 1, 2023 at 03:00 PM IST

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