Ramky Estates & Farms (REFL) has received Rs 600 crore from the government-backed SWAMIH Fund, as the Ramky Group’s real estate arm takes over stalled residential projects from Skylark Builders in Bengaluru, covering 4.3 million sq ft.
The projects have an estimated revenue potential of approximately Rs 2,000 crore, with a cost to complete of around Rs 1,500 crore. To support execution and ensure delivery momentum, funding of about Rs 600 crore has been secured from the SWAMIH Fund.
Launched in November 2019, the Special Window for Affordable and Mid-Income Housing (SWAMIH) was set up to provide last-mile funding to residential projects stuck due to financial stress and other issues. The Fund, managed by SBICAP Ventures, has unlocked over Rs 37,400 crore across 127 projects, sanctioned more than Rs 14,800 crore in capital and enabled customer collections of Rs 10,470 crore, as per government data.
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.
Construction progress currently stands at approximately 60% at Lumina and 75% at Fortuna, and is being advanced under a structured execution framework with milestone-based tracking. 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 and Q4 of FY27, while Fortuna will be delivered in line with its defined execution timeline.
According to Ramky, the stalled projects had faced prolonged execution and delivery delays, affecting customer confidence and project viability. 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.”