The cost of to completion of these projects comes to around ₹1,500 crore | Photo Credit: MURALI KUMAR K

Ramky Estates & Farms Ltd. (REFL), the real estate arm of the Ramky Group, took over ₹2,000-crore worth stressed residential projects from Skylark Builders in Bengaluru. 

The cost of completion of these projects comes to around ₹1,500 crore. 

To support execution and ensure delivery momentum, funding of about ₹600 crore has been secured from the SWAMIH Fund, a Centre-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.

Over 50% work done

The takeover of Lumina was completed in June 2025, followed by Fortuna in March 2026. Construction progress currently stands at approximately 60 per cent at Lumina and 75 per cent 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 home-buyers, 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.

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 and transparent milestone-linked customer updates.

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

Published on April 30, 2026