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Harley Davidson's new Street 750 and 500 motorcycles are likely to land on the Indian shores with a sub-₹5 lakh price tag, claims a new report.

Unveiled in early November at the 2013 EICMA Motor Show in Milan, the Street 500 and Street 750 are touted as the cheapest offerings from the iconic Milwaukee-based company.

The two new cruiser bikes from the American manufacturer are expected to make their Indian debut at the 2014 Auto Expo. Although the company is tight-lipped about the pricing of the new bikes, reports suggest the Street 500 would be priced at ₹4.5 lakhs and the Street 750 would also fall in the ₹5 lakh price bracket.

AEG India, citing Harley-Davidson India managing director Anup Prakas as its source, reported the two new models would be built in India and exported to other countries. The localistation of the new models is expected to aid the company in placing them at a lower price end.

"India is ready to move from utility bikes [which are what 100 cc whippersnappers are all about] to lifestyle bikes," noted Anoop Prakash, adding that "Nothing in the world comes remotely close to the Harley experience," as quoted by The Economic Times.

On the mechanical front, both Street 500 and 750 come with a liquid-cooled, V-twin Revolution X engine and the bikes pack features like six-speed transmission, 2-into-1 exhaust, disc brakes, 2-passenger seat. Regarding its style, both models adapt the iconic brand's traditional design language and low seating, compared to the previous models. With the affordable bikes, Harley, which is into high-end business and lifestyle motorcycles, eyes to tap a new market in India.