Godrej Properties Ltd., the real estate development division of the Godrej Group, has signed a deal with Oxford Group and Ekta World to develop a residential project in Mundhwa, Pune.

The Mumbai-based real estate developer said that the joint venture (JV) residential project, spread over 43 acres, will offer premium one, two, three and four BHK apartments.

Pirojsha Godrej, managing director & chief executive officer of Godrej Properties, said that the JV fits well its strategy of entering partnerships for residential projects in the country's best locations.

Speaking on the topic, Mr. Godrej said, "This new residential project in Pune fits well with our strategy of entering partnerships for residential developments in the best locations within India's largest real estate markets."

He noted that the company built several landmark properties in Pune over the past few years. The newly announced JV project is the eighth project in the city. Godrej Properties will get 35 per cent of the profits from the JV project.

The company is currently involved in developing a number of residential, commercial and township projects spread across 8.73 million square meters in twelve cities across the country.

In the after-hours trade, stock in Godrej Properties gained 4 per cent to close at Rs 187 a share on the Bombay stock Exchange.