Hong Kong-based realty firm Risland Holdings has forayed into Indian real estate market and will develop its first housing project in the national capital at an estimated cost of Rs 700 crore, a senior company official said.

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Risland has tied up with local developer Uppal group to construct a residential project near Chhattarpur in the national capital. Uppal group owns 4.1 acre of land.

"Sky Mansion is our first project in India - a 100-metre tall ultra luxury residential condominium that is set to redefine the skyline of South Delhi," Risland Director for India (NCR) Li Qiongjia said.

The construction work has already started and the project would be ready for possession in November 2021. The construction contract has been awarded to CCTEB India (China Construction Third Engineering Bureau). 

Risland will develop 160 units in the project besides one tower for economically weaker section. The project will be launched for sale next month in a price range of Rs 7-12 crore for an apartment. The rates of penthouse will be Rs 22-25 crore.

Asked about the investment, Li Qiongjia said the total project cost is estimated at nearly Rs 700 crore, which will be funded through internal accruals and advances from customers against sales.

There are very limited number of housing projects being developed in the national capital. Realty major DLF has completed a residential project and is constructing another at Moti Nagar here. Parsvnath Developers has one project at Civil Lines and the Unity group is developing one at Karol Bagh.

Risland is looking to develop more real estate projects in Delhi-NCR and other parts of the country and is in talks with land owners and other builders, company's assistant president, design management, Prashant Mahajan said.

Globally, Risland is developing 10 projects in Thailand, the US, Indonesia, and India.