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Lodha Developers intends the tower to be 117 storeys high, and it will be designed by New York-based architects Pei Cobb Freed and Partners, local newspapers reported.
The tower will be located in a central district of Mumbai and take up to five years to complete, reports said.
Last week, the Lodha group struck a 880 million dollar deal to develop the 25,000 square metre plot of land.
Sky-high property prices in Mumbai have continued to rise through the global economic downturn, though the city is plagued by severe water shortages and poor infrastructure.
India's economy recorded 7.4 percent growth for the year to March, official data released last month showed.
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