Tata Group real estate arm Tata Housing Development today launched a luxury residential project in the northeastern suburb of Mulund.
The project, named Gateway Towers, is spread across 8.5 acres and is a part of the 19-acre redevelopment project.
"We have invested around Rs 2,000 crore for the entire redevelopment project across 19 acres, out of which the saleable component would be around 8.5 acres, where we will be developing six luxury residential towers," a company source said.
The company, which has not revealed the number of units as well as the per-unit cost, will develop six residential towers, ranging from 31 stories to 41 stories.
Managing director and CEO Brotin Banerjee said, "This project is in line with our strategy of creating marquee projects in major metros."
Mulund has witnessed an increasing demand for luxury housing from consumers and investors because of proximity to south Mumbai and fast growing Thane areas, he said.
The towers are designed by Callison. The construction is expected to be completed in four years.