Risland Holdings to Launch a Luxurious Residential Project in Delhi

Risland Holdings, the real estate firm based in Hong Kong, has entered into real estate market in India. It has planned to invest Rs. 700 Cr. to launch its first ever housing
project in Delhi, according to a senior company official. Risland has tied up with Uppal Group, Indian real estate developer to build a residential project in Chattarpur region of Delhi, with 4.1 acres of landscapes. Sky Mansion is going to be the first project by Risland in India. It features ultra-luxury residential condo complex which is 100 meter tall to redefine South Delhi’s skyline. Construction of the project has been started already and the project is all set to be ready by November 2021 for possession. The contract for construction has been awarded to China Construction Third Engineering Bureau (CCTEB).

Risland has planned to develop over 160 units in this project along with a tower dedicated for residents under economically weaker section. It will be available for sale in price from Rs. 7 to 12 Cr. for each apartment next month. The penthouses will be available from Rs. 22 Cr. to Rs. 25 Cr. When it comes to investment, the total cost of the project is estimated at around Rs. 700 Cr, which is going to be funded with advances against sales and internal accruals.

Only a few housing projects are being developed in Delhi and DLF has just finished a residential project and is building next at Moti Nagar. Along with them, Unity Group is developing a project at Karol Bagh and Parsvnath Developers is also planning one at Civil Lines.

Risland is planning to develop several other real estate projects in NCR and other major cities of India. They are also dealing with other developers and land owners, according to Prashant Mahajan, company’s assistant president. Risland is developing 10 major projects in Indonesia, Thailand, India, and the US. The developer considers Delhi as the leading real estate market in India, despite limited supply of land. They are also going to target Noida, Gurgaon, and Faridabad. They are planning to launch more residential developments in Delhi NCR.

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