Synergy Property bags Rs 1,239-cr realty order

MUMBAI: Project management and consulting firm Synergy Property Development Services today said it has bagged two residential projects from the Bangalore-based Embassy Group worth Rs 1,239 crore on turnkey basis.

Under contract, Synergy will manage the entire development the projects including design, procurement, construction management, co-ordination, engineering and will be responsible for time, cost, quality and environmental health and safety standards, the company said in a statement here.

The two projects are Embassy Boulevard and Embassy Lake Terraces coming in Bangalore, it said.

"We have taken up the challenge to deliver the projects through international standards. We have even mobilised resources, local and international to ensure high standards," chairman and managing director Sankey Prasad said.

Blackstone Real Estate Partners, an affiliate of Blackstone Group LP, had invested USD 18 million for a minority stake in Synergy in 2008. The current order book of Synergy stands at over 125 million sq ft or Rs 2,000 crore.