SWAMIH fund infuses Rs 600 crore with Ramky group to revive stuck projects in Bengaluru

The government-backed SWAMIH Investment Fund has approved an investment of up to Rs 600 crore with Ramky Estates & Farms Ltd. (REFL), the real estate arm of the Ramky Group, which has taken over approximately 4.3 million sq ft of stalled residential developments from Skylark Builders in Bengaluru.

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

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


The developments, now branded as Ramky Lumina in Electronic City and Ramky Fortuna in Whitefield, together span approximately 4.3 million sq ft, with Lumina comprising around 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. Lumina is targeted for completion between Q3–Q4 FY27, while Fortuna will be delivered in line with its defined execution timeline.

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

“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, REFL.