Ramky Estates Acquires Stalled Skylark Projects in ₹2,000 Crore Revival Move Overview:
Ramky Estates & Farms Ltd has successfully taken over and initiated the completion of two major stalled residential projects in Bengaluru, previously managed by Skylark Builders. This strategic intervention involves 4.3 million square feet of development and provides long-awaited relief to 1,881 homebuyers. The revival is powered by a ₹600 crore infusion from the government-backed SWAMIH Investment Fund I
A Lifeline for 1,800 HomebuyersIn a significant move for Bengaluru’s real estate sector, Ramky Estates & Farms Ltd (REFL), the real estate arm of the Hyderabad-based Ramky Group, has officially taken over approximately 4.3 million square feet of stalled residential projects from Skylark Builders.
The strategic acquisition is set to revive construction on long-delayed developments, offering a massive relief to over 1,881 distressed homebuyers who have faced years of uncertainty. The projects, now rebranded under the Ramky portfolio, carry an estimated revenue potential of ₹2,000 crore.
Key Projects and Strategic Rebranding
The takeover focuses on two major residential hubs in Bengaluru’s primary IT corridors:
| Feature | Ramky Lumina | Ramky Fortuna |
| Location | Electronic City | Whitefield |
| Project Size | ~7 lakh sq. ft. | ~1 million sq. ft. |
| Residential Units | 729 Units | 1,152 Units |
| Status at Takeover | 60% Complete | 75% Complete |
| Takeover Date | June 2025 | March 2026 |
| Target Completion | Q3–Q4 FY27 | Per revised schedule |
Ramky Lumina (formerly Skylark Ithaca): Located in Electronic City, the project spans approximately 7 lakh sq. ft. and includes 729 units.
Ramky Fortuna (formerly Skylark Ithaca phase/Whitefield project): Located in Whitefield, this larger development covers 1 million sq. ft. and comprises 1,152 units.
Construction progress at the time of takeover was estimated at 60% for Lumina and 75% for Fortuna. Ramky Estates has already initiated a phased transition, with the takeover of Lumina completed in June 2025 and Fortuna finalized in March 2026.
Financial Backing: The SWAMIH Fund Boost
The revival is supported by a significant financial infusion from the government-backed SWAMIH (Special Window for Affordable & Mid-Income Housing) Investment Fund.
The completion of these projects is a capital-intensive exercise requiring significant “last-mile” financing.
SWAMIH Fund Infusion: ₹600 Crore (Managed by SBICAP Ventures).
Total Cost to Complete: Estimated at ₹1,500 Crore.
Revenue Potential: The combined developments are projected to generate approximately ₹2,000 Crore in revenue.
Funding Amount: Up to ₹600 crore has been sanctioned to ensure last-mile completion.
Total Completion Cost: Estimated at approximately ₹1,500 crore.
Purpose: The funds are strictly earmarked for construction debt and project execution, ensuring that the capital is not diverted and milestones are met.
Role of the SWAMIH Fund
The Special Window for Affordable and Mid-Income Housing (SWAMIH) Fund acts as a “lender of last resort” for RERA-registered projects that are net-worth positive but stalled due to liquidity crunches.
Key impacts of the fund in this deal:
Liquidity Unlock: Provides the necessary cash flow to clear vendor dues and re-mobilize labor.
Buyer Confidence: Government backing through SBI Ventures ensures transparency and strict monitoring of project milestones.
Operational Continuity: Enables Ramky Estates to focus on execution without the immediate burden of high-interest private debt.
Management and Execution Timelines
Sharan Alla Reddy, Executive Director of REFL, emphasized that the acquisition is a “responsibility towards families” rather than just a business deal. The company has implemented a rigorous governance framework to restore buyer confidence, including:
Legal & Engineering Revalidation: Re-checking all prior approvals and structural integrity.
Transparent Updates: Milestone-based reporting for existing customers.
Completion Targets: Ramky Lumina is currently targeted for delivery between Q3 and Q4 of FY27.
Market Impact: Consolidation of Stressed Assets
Industry experts view this deal as a hallmark of the growing trend of institutional consolidation in Indian real estate. As smaller developers struggle with liquidity and rising construction costs, Grade-A developers like Ramky, backed by specialized funds like SWAMIH, are increasingly stepping in to stabilize the market. This acquisition not only strengthens Ramky Estates’ footprint in Bengaluru but also serves as a critical case study in resolving “stalled project” syndrome through public-private financial collaboration.
Conclusion and Outlook
The takeover of Lumina and Fortuna marks a critical win for Bengaluru’s real estate sector. With Ramky Lumina targeted for delivery by the end of 2026 (FY27), the focus shifts to maintaining construction momentum. This model of pairing established developers with specialized government funds continues to be the most effective blueprint for resolving India’s legacy of stalled housing projects.
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