HK's Risland gets nod to resume realty project, sales in Delhi

economictimes.indiatimes.com:

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,