SWAMIH Fund Invests Rs 600 Crore to Revive Stalled Projects in Bengaluru

The government-backed SWAMIH Investment Fund has approved an investment of up to Rs 600 crore with Ramky Estates & Farms Ltd. (REFL), the real estate arm of the Ramky Group. This investment will help revive approximately 4.3 million sq ft of stalled residential developments taken over from Skylark Builders in Bengaluru.

The takeover will benefit over 1,800 homebuyers across multiple projects. These projects have an estimated revenue potential of approximately Rs 2,000 crore, with a cost to complete of around Rs 1,500 crore.

The developments, now branded as Ramky Lumina in Electronic City and Ramky Fortuna in Whitefield, together span approximately 4.3 million sq ft. Ramky Lumina comprises around 7 lakh sq ft, while Ramky Fortuna covers about 1 million sq ft. The takeover of Lumina was completed in June 2025, followed by Fortuna in March 2026.

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–Q4 FY27, while Fortuna will be delivered in line with its defined execution timeline.

The company is also engaging closely with lenders, regulatory bodies, and other financial stakeholders to streamline execution and ensure continuity across all developments. “Our focus is to bring stability, transparency, and execution certainty through disciplined processes and a long-term commitment to delivery,” said Sharan Alla Reddy, Executive Director, REFL.

This investment is a significant step towards resolving the issues faced by homebuyers in Bengaluru and ensuring that these long-awaited projects are completed and delivered on time. The collaboration between SWAMIH and REFL is expected to set a positive precedent for similar initiatives in the real estate sector, fostering trust and confidence among homebuyers and investors.