At the NSE, the stock went up by 6.53 per cent to settle at Rs 203.80.
The scrip ended the day 5.77 per cent higher at Rs 202.65 on the BSE. During the day, the scrip surged 6.99 per cent to Rs 205.
The project will be developed through a profit sharing model.
"The proposed project, spread over 7 acres, will offer approximately 93,000 square meters of saleable area and will be developed as a modern group housing residential development comprising one, two and three bedroom apartments," the company had said yesterday.
On Wednesday, GPL had entered into a joint venture with two local firms to develop a premium housing project in Pune.
GPL is developing housing, commercial and township projects spread across 94 million sq ft in 12 cities.