ankvis21 :
There is no trustful release date for 8700k and I am leaning towards 7820x. One question I have is would the motherboard with X299 chip work with 8700k in future if I decide to purchase 7820x right now?
No, the motherboard definitely would not work with an 8700K. It's a different CPU socket.
For gaming, the 8700K will almost certainly be the best thing on the market, but not necessarily by a wide margin. It'll likely also be better value for money than what Intel currently has available, but again not necessarily by a wide margin.
Whether that's waiting for is up to you.