Ramky Estates & Farms Ltd (REFL), the real estate arm of the Ramky Group, has announced the strategic takeover of approximately 4.3 million sq ft of stalled residential developments from Skylark Builders in Bengaluru, marking one of the largest stressed residential project revivals in India. The developments carry an estimated revenue potential of approximately ₹2,000 crore, with a cost to complete of around ₹1,500 crore. To support execution and ensure delivery momentum, funding of about ₹600 crore has been secured from the SWAMIH Fund, a Government of India-backed alternative investment platform managed by SBICAP Ventures Ltd.

The projects, now branded as Ramky Lumina in Electronic City and Ramky Fortuna in Whitefield, together span approximately 4.3 million sq ft and will deliver a total of 1,881 residential units, including 729 units at Lumina and 1,152 units at Fortuna. The takeover of Lumina was completed in June 2025, followed by Fortuna in March 2026. Construction progress currently stands at approximately 60% at Lumina and 75% at Fortuna, and is being advanced under a structured, milestone-based execution framework. Lumina is targeted for completion between Q3–Q4 FY27, while Fortuna will be delivered in line with its defined execution 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.”

This strategic intervention strengthens Ramky Estates’ presence in Bengaluru and reinforces its position as an execution-focused developer capable of addressing complex real estate challenges while prioritizing customer trust and long-term value creation.