Godrej Properties (GPL), one of India's leading real estate developers, today announced that it has entered into a joint venture with Nirmal Ventures for developing a residential project located on the Lal Bahadur Shastri (LBS) Marg, Thane West. This project will be developed under a development management agreement.

Spread over 14 acres, the project will offer approximately 1,95,000 square metres (2.1 million square feet) of saleable area and will be developed as a residential development comprising of modern residential apartments of various configurations along with a small retail component to support this residential development.

The project is strategically located with easy access to the Eastern 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, Executive Chairman, Godrej Properties said, ''We are happy to add this new project in Thane, a key micro-market of Mumbai. This strengthens our development portfolio in Thane and fits well 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 gained Rs 11.25, or 1.78%, to trade at Rs 644.15. The total volume of shares traded was 18,799 at the BSE (9.49 a.m., Thursday).