Mumbai-based property developer Man Infraconstruction is contemplating a price hike of about 15-17% at its upcoming towers in Mulund.

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Manan Shah, the company's Managing Director told CNBC-TV18 that the decision is driven by the early completion of these towers, which has instilled significant confidence in prospective buyers.

Shah said, “Because are seeing a ready product right next to them in which they intend to buy. So the price hike will definitely be seen of around 15 to 17% over the tenure.”

Shah said the two-bedroom units are expected to start at approximately Rs 1.5 crore, with further increases beyond that point.

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The company recently received an occupancy certificate for two prime projects in Mumbai's Mulund. It has also received key approvals for another project in Ghatkopar with the potential to generate Rs 1,200 crore in revenue over the next 4 years.

Talking about the Mulund project, Shah said the company launched Phase 2 of the Atmosphere project in Mulund consisting of around four towers. Of this, the structure for two buildings is ready and the OC is in place.

Shah expects full-fledged construction at the Ghatkopar project to begin by January 2024.

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(Edited by : Shweta Mungre)