Ramky Estates Executes ₹2,000 Crore Stressed Asset Takeover to Revive Stalled Skylark Projects in Bengaluru
Bengaluru, April 30, 2026: In one of the largest stressed residential revivals in India’s real estate history, Ramky Estates & Farms Ltd. (REFL) has announced the strategic takeover of 4.3 million square feet of stalled projects from Skylark Builders. The intervention, valued at an estimated revenue potential of ₹2,000 crore, aims to safeguard the interests of over 1,800 homebuyers who have faced prolonged delivery delays. To ensure the momentum of the revival, approximately ₹600 crore in funding has been secured from the SWAMIH Fund, a Government of India-backed platform managed by SBICAP Ventures Ltd., the company said in a press release.
The legacy developments have been rebranded as Ramky Lumina, located in Electronic City, and Ramky Fortuna in Whitefield. Together, these sites will deliver a total of 1,881 residential units, with 729 units at Lumina and 1,152 units at Fortuna. The transition began with the takeover of Lumina in June 2025, followed by Fortuna in March 2026. Construction is currently well underway, with Lumina standing at 60% completion and Fortuna at 75%. The company has set an estimated completion window for Lumina between Q3 and Q4 of FY27, while Fortuna is being advanced under a structured execution timeline.
To manage the complexities of such a large-scale rescue operation, Ramky Estates has implemented a rigorous governance framework. This includes detailed engineering audits, legal due diligence, and the revalidation of all necessary approvals. The financial structure of the project is being managed through escrow-backed funding models to ensure accountability and transparency. The company is working in close coordination with lenders and regulatory bodies to maintain continuity across both developments while providing milestone-linked updates to the affected homeowners.
This strategic move underscores an increasing trend of institutional developers stepping in to resolve stressed assets within the Indian real estate sector. By committing to a cost-to-complete of approximately ₹1,500 crore, Ramky Estates is positioning itself as a specialist in execution-led governance, focusing on restoring market confidence and fulfilling the promises made to legacy customers.
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.”
