Ramky Estates to Revive Skylark's Stalled Projects with ₹600 Crore Investment
Ramky takes over Skylark's stalled projects
The Economic TimesImage: The Economic Times
The SWAMIH Investment Fund has approved a ₹600 crore investment in Ramky Estates & Farms to complete stalled residential projects previously held by Skylark Builders in Bengaluru. This takeover will benefit over 1,800 homebuyers and has a potential revenue of ₹2,000 crore.
- 01SWAMIH Investment Fund invests ₹600 crore in Ramky Estates & Farms.
- 02The funding will help complete 4.3 million square feet of stalled projects.
- 03Over 1,800 homebuyers will benefit from the revival of these projects.
- 04The projects have a revenue potential of ₹2,000 crore and a completion cost of ₹1,500 crore.
- 05The developments are branded as Ramky Lumina and Ramky Fortuna.
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The SWAMIH Investment Fund has approved an investment of up to ₹600 crore (approximately $72 million USD) in Ramky Estates & Farms (REFL) to revive stalled residential projects in Bengaluru previously managed by Skylark Builders. This funding aims to complete around 4.3 million square feet of developments, which will benefit over 1,800 homebuyers. The projects, branded as Ramky Lumina in Electronic City and Ramky Fortuna in Whitefield, have an estimated revenue potential of ₹2,000 crore (roughly $240 million USD) and a completion cost of around ₹1,500 crore (approximately $180 million USD). The Lumina project, which encompasses about 7 lakh square feet, is expected to be completed between the third and fourth quarters of FY27, while Fortuna, covering about 1 million square feet, will follow its defined execution timeline. This takeover is part of Ramky's commitment to ensure stability and transparency in project execution.
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This investment will help complete residential projects, providing homes to over 1,800 buyers and potentially boosting the local real estate market.
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