Ramky Estates Takes Over Rs 2,000 Cr Stalled Projects in Bengaluru, Secures Rs 600 Crore SWAMIH Funding

Ramky Estates & Farms Ltd. (REFL) has taken over around 4.3 million sq ft of stalled residential projects from Skylark Builders in Bengaluru, in one of India’s largest stressed housing revivals. The projects have an estimated revenue potential of about Rs 2,000 crore, with a completion cost of around Rs 1,500 crore.

To support execution, the company has secured funding of approximately Rs 600 crore from the SWAMIH Fund, managed by SBICAP Ventures Ltd.

The developments, now rebranded as Ramky Lumina in Electronic City and Ramky Fortuna in Whitefield, will deliver 1,881 residential units across 4.3 million sq ft. The Lumina project was taken over in June 2025, followed by Fortuna in March 2026.

Construction progress stands at around 60% for Lumina and 75% for Fortuna, with execution underway through a milestone-based approach. Lumina is expected to be completed between Q3 and Q4 FY27, while Fortuna will be delivered as per its planned timeline.

The intervention spans multiple projects across key micro-markets of Bengaluru and impacts over 1,800 homebuyers, addressing prolonged execution and delivery delays that had affected customer confidence and project viability.

With this takeover, Ramky Estates aims to revive construction, strengthen execution discipline, and ensure time-bound delivery. The move underscores a broader trend of institutional developers stepping in to resolve stressed real estate assets at scale.

To drive a structured and accountable revival, Ramky Estates has established a comprehensive execution and governance framework, including disciplined financial closure mechanisms, strong corporate governance protocols, detailed engineering and technical audits, legal due diligence with revalidation of approvals, transparent milestone-linked customer updates, and escrow-backed funding models to ensure financial accountability and timely delivery.

The company is also engaging closely with lenders, regulatory bodies, and financial stakeholders to streamline execution and ensure continuity across all developments.

Commenting on the development, Sharan Alla Reddy, Executive Director, REFL, said, “This is not just a takeover; it is a responsibility towards over 1,800 families who have placed their trust in these projects. Our focus is to bring stability, transparency, and execution certainty through disciplined processes and a long-term commitment to delivery.”