Ramky takes over Skylark's stalled projects

The government-supported SWAMIH Investment Fund has approved an investment of up to ₹600 crore in Ramky Estates & Farms (REFL). The real estate division of the Ramky Group said the funding will help complete approximately 4.3 million square feet of stalled residential projects that it has taken over from Skylark Builders in Bengaluru.

"Our focus is to bring stability, transparency and execution certainty through disciplined processes and a long-term commitment to delivery," said Sharan Alla Reddy, executive director of REFL.

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The takeover will help over 1,800 homebuyers across multiple projects.

The projects have an estimated revenue potential of approximately ₹2,000 crore, with a cost to complete of around ₹1,500 crore.

The developments, now branded as Ramky Lumina in Electronic City and Ramky Fortuna in Whitefield, together span about 4.3 million sq. ft., with Lumina accounting for about 7 lakh sq. ft. and Fortuna about 1 million sq. ft.

The takeover of Lumina was completed in June 2025, followed by Fortuna in March 2026.

The projects will deliver a total of 1,881 units, including 729 units at Lumina and 1,152 units at Fortuna.

The target for completion of Lumina is between Q3 and Q4 of FY27, while Fortuna will be delivered in line with its defined execution timeline.