Ramky Realty's Stalled Projects to Complete 4.3 Million Square Feet of Homes by Skylark

Ramky Estates Completes Over 4.3 Million Square Feet in Bengaluru, Benefiting 1,881 Homebuyers

Ramky Estates and Farms Ltd, the real estate arm of the infrastructure conglomerate Ramky Group, has announced the completion of over 4.3 million square feet in stalled real estate projects in Bengaluru, formerly being built by Skylark Builders. This move will benefit 1,881 homebuyers who had been waiting for years to take possession of their apartments.

The new developers have secured Rs 600 crore from the SWAMIH fund, an alternative investment fund dedicated towards the completion of stressed and stalled projects in the mid and affordable sector. The fund is managed by SBI Ventures, a subsidiary of the State Bank of India group.

The two projects, named Lumina in Electronics City and Fortuna in the Whitefield suburb, have reached completions of 60 percent and 75 percent respectively. The two projects have a combined revenue potential of around Rs 2,000 crore. Lumina is expected to be delivered by the end of 2026, while Fortuna is expected to be delivered later.

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This development is a significant step in the revival of the real estate sector in Bengaluru, where many projects have been stuck due to various reasons. The trend of established builders taking over stressed projects to bring them to conclusion is becoming increasingly popular, especially in the mid to affordable sector.

The revival deal represents a recent trend of established builders taking over stressed projects to bring them to conclusion, especially in the mid to affordable sector, where the viability of projects has taken a hit due to rising input costs and high costs of credit.

State-owned builder NBCC was mandated by the Supreme Court to finish multiple projects of the stressed builder Supertech, especially in the National Capital Region, while in Mumbai, Aspect Realty has taken over multiple stuck projects in under the Slum Rehabilitation Authority.

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Even in premium projects, established builders have taken over from previous developers to take projects to conclusion. In 2025, the Ashwin Sheth Group partnered with Asia-focused fund PAG to take over a 50 percent stake in the One Marina project near Marine Drive in Mumbai from another stressed builder.

Lenders to various projects have also been active in seeking alternative builders to take over the development, in order to complete them within timelines and avoid cost spillovers.