Godrej Properties (GPL), one of India's leading real estate developers, today announced it has entered into a development management agreement with Shivam Realty to develop a residential group housing project off the Akurli cross road at Hanuman Nagar, Kandivali East, Mumbai.

Spread over 5 acres, the project will offer approximately 93,000 square metres (1 million sq. ft.) of saleable area and will be developed as a modern residential development comprising of apartments of various configurations. The project is strategically located with easy access to the Western Express Highway. The location offers extremely well developed social and civic infrastructure with multiple schools, hospitals, retail malls and residential and commercial spaces in close proximity.

Pirojsha Godrej, managing director & CEO, Godrej Properties said, "We are happy to add this new project in Kandivali. This strengthens our development portfolio in Mumbai and fits with our strategy of deepening our presence in key markets across India's leading cities. We will seek to ensure this project delivers an outstanding lifestyle for its residents."

Shares of the company declined Rs 2.25, or 0.56%, to trade at Rs 397.60. The total volume of shares traded was 8,014 at the BSE (10.09 a.m., Monday).