Royal Enfield, the Chennai-based arm of the company, currently sells various models including Bullet, Classic and Thunderbird.
"Our ambition is to make sure that our motorcycles are accessible so we took pains to keep the prices down," Lal told reporters here.
The 535-cc motorcycle would be retailed at Rs 2.14 lakh (on road) in Mumbai and below Rs 2 lakh in some markets including Punjab, he added.
Continental GT would be manufactured at the company's Oragadum manufacturing plant in Tamil Nadu.
Earlier this year, the company had launched the model in the international market.