def create_tp_model(table_name, table_schema, namespace):
    '''Function that creates a class dynamically and injects it into namespace.
    Usually namespace is an object that corresponds to models.py's in memory object.
    ''' 
    template = '''
class %s(models.Model):
    %s
    class Meta:
        db_table = '%s'
'''
    exec template%(table_name, table_schema, table_name) in namespace       


# sample 
table_name = 'SampleTable'    
table_schema = """
    price = models.DecimalField("Price", max_digits=10, decimal_places=3)
    product = models.ForeignKey('Product')
"""

# Usage
from django.db import connection, get_introspection_module
introspection_module = get_introspection_module()
cursor = connection.cursor()

# Use globals() if this code already runs in models.py
# otherwise import models and use the module instance instead of globals(). 
create_tp_model(table_name, table_schema, globals())