An "ambitious development" of 44 and 38 storey tower blocks will see more than 500 new homes built in the heart of Croydon.

Two housing companies (Greystar Real Estate Partners and Henderson Park) announced that contracts have been exchanged with a third company to acquire the 550-apartment development at 101 George Street.

The development, which already has full planning permission, will "comprise two of the world’s tallest towers built using modular construction."

Greystar managing director of investments, Troy Tomasik, said this would make Croydon stand out in south London

“This is an ambitious development and an exciting milestone for Greystar which signals our commitment to finding innovative solutions to London’s housing challenge," he said.

"Croydon is emerging as an economically-vibrant and culturally dynamic centre but it’s going to need high-quality rental homes to support this stellar growth.

"101 George Street, as well as claiming the title ‘tallest modular towers in the world’, will set a new standard for rental accommodation in south London, with fantastic facilities for residents as well as civic space for the local community."

The towers will even bring a bit of colour to George Street.

While the ground floor of the towers will include things like an art gallery and a café, a ‘woodland winter garden’ that will offer "green space" is also part of the plan for George Street.

It is expected that from the time construction starts in 2019 to the time residents will be moving in will take 24 months, so look out for an influx of people in George Street come 2021.