The company made this announcement after market hours on Tuesday, 17 April 2012.

Meanwhile, the BSE Sensex was up 135.52 points or 0.78% to 17,493.46.

On BSE, 6,414 shares were traded in the counter as against average daily volume of 9,906 shares in the past one quarter.

The stock hit a high of Rs 625 and a low of Rs 606.10 so far during the day. The stock had hit a record high of Rs 845 on 12 July 2011. The stock had hit a 52-week low of Rs 592.30 on 21 March 2012.

The stock had underperformed the market over the past one month till 17 April 2012, falling 6.11% compared with the Sensex's 0.62% fall. The scrip had also underperformed the market in past one quarter, declining 4.54% as against Sensex's 5.42% gain.

The mid-cap real estate developer has equity capital of Rs 78.04 crore. Face value per share is Rs 10.

Godrej Properties said the proposed residential project at Alipore in Kolkata is envisioned as a luxury project with modern specifications and state-of-the-art amenities, and will be 14 storied. This project will be done on a joint venture basis. The project is expected to be launched in January 2013 and is estimated to be completed in 3 years.

Commenting on the development, Mr Pirojsha Godrej, Godrej Properties said, "This will be our fourth project in Kolkata and fits in well with our strategy of adding quality residential projects in different parts of the country. We will endeavor to create Kolkata's finest residential development".

On a consolidated basis, Godrej Properties' net profit jumped 84.4% to Rs 28.62 crore on 196.9% growth in net sales to Rs 143 crore in Q3 December 2011 over Q3 December 2010.

Established in 1990, Godrej Properties (GPL) has completed several landmark projects and is currently developing significant projects in 12 cities across India.