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Delhi’s Real Estate Regulatory Authority (RERA) has given permission to Hong Kong-based Risland Holdings To resume manufacturing and sales of its first Indian project, after a gap of nearly nine months due to insufficient documentation.
Building Approval Plan and RERA Registration for the Project Chhatarpur had lapsed in South Delhi, and Delhi Municipal Corporation (MCD) as well as RERA refused to extend the validity of the documents due to land ownership dispute.
“Since, the sanctioned building plans have been revalidated by the MCD, the applicants can now proceed with the work accordingly. The applicants are now allowed to collect the due installments from the allottees as per the agreements of sale and also to take new bookings as per the provisions (RERA) Act,” 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 Private Limited, 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.
As per the RERA order, while Uppal Housing owned most of the land, a middle portion belonged to a local village and its transfer to Uppal Housing was under scrutiny as the revenue department was unable to locate the file related to the land.
The company has now applied for the occupancy certificate for Project Sky Mansions, which has 160 flats and is spread over 4 acres. It is the first 100 meter high skyscraper in South Delhi.
Around 65% of the units have already been sold, said Saurabh Sharma, India region director of the Hong Kong company.
The project was registered on July 24, 2018 with a completion date of August 25, 2021.
On June 5, 2020, RERA granted an extension of nine months for the completion of the project due to the impact of COVID-19 on construction activities. The deadline was later extended till May 25, 2022.
But, on May 25, 2022, the local authorities submitted a report that “certain irregularities/illegalities/violation of rules and procedures have come to the fore” in the consolidation of the village, RERA said in an earlier order. It was said at that time that a committee constituted by the Vigilance Department was probing the matter. The order to extend the validity of the filing came around September last year, stalling 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 also has projects in Mumbai and Chennai.
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