Shares of Godrej Properties rose 3.5 per cent in early trade today as the company announced it would develop a large residential project in Bandra, Mumbai.

The stock is 2.24 per cent away from 52 week high of Rs 937.

After opening 7.5 points higher at Rs 899, shares of Godrej Properties climbed 3.31 per cent to the intraday high to Rs 921 against yesterday's close of Rs 891.45 on BSE.

On NSE, it scored Rs. 922 as the day's high at 3.5 per cent growth rate.

The Mumbai-based real estate developer in its press release said that it has entered into a joint venture with a renowned developer to develop a 4.25 acres sea-facing property in the prime suburban micro-market of Bandra West, Mumbai.

With rising investor participation, 11.64 lakh shares changed hands on NSE and another 1.09 lakh shares were traded on BSE.

Godrej Properties' stock already trades higher than 5 day, 20 day, 50 day, 100 day and 200 day moving average.

It has delivered 35 per cent returns against sector's returns of 15 per cent in the last three months and 28 per cent returns against the sectors' returns of 15 per cent over the period of one month, respectively.

" The project will offer approximately 1 lakh square meters (approximately 1.1 million square feet) of saleable area and will be developed as a luxury residential project," the filing further added.  

Executive Chairman of Godrej Properties Pirojsha Godrej said, "We are happy to add this exciting new project to our development portfolio. This project addition fits well with our strategy of building our presence across the country's leading real estate markets. We look forward to delivering an outstanding project for our customers that becomes a Mumbai landmark."

The stock closed at Rs 918, 26 points up on NSE and 22 points up at Rs. 914 on BSE.

(Edited by Rupa Burman Roy)