They missed late Gulshan Kumar, who was an integral part of the original movie.
The 1990 hit romantic drama "Aashiqui", starring Rahul Roy and Anu Agarwal as the lead pair, was produced by Gulshan Kumar, founder of music label T-Series.
"Yes, it's indeed an emotional moment for me and everyone here. I still remember the day when Gulshanji came and met me. He said, let's make a musical film and from there the journey started," Mahesh Bhatt told reporters.
"I bow down my head to Gulshan Kumar, who was an unusual man of vision and a genius," he added.
Gulshan Kumar's two-year-old grandson Ruhaan unveiled the music of the film along with the entire star cast, which includes Aditya Roy Kapoor and Shraddha Kapoor, at the Sudeep Studios where the music of "Aashiqui" was recorded.
Ruhaan is Bhushan Kumar and Divya Khosla's son.
Mukesh Bhatt said: "I can feel Gulshan's presence here. I know his blessings are with us."
Composed by Nadeem-Shravan, the soundtrack of "Aashiqui" had hits like "Ek sanam chahiye" and "Nazar ke saamne jigar ke".
The music for "Aashiqui 2" is given by Mithoon, Jeet Ganguly and Ankit Tiwari. "Tum hi ho" number from the soundtrack is already a hit.
Bhushan said: "It's a very emotional moment for me. My dad created wonderful music with 'Aashiqui' and with 'Aashiqui 2', I hope to reach somewhere near to the songs that he created."
Gulshan Kumar's daughter Tulsi sang a song from "Aashiqui 2" at the event and said it was her father's dream to make her a singer.
Directed by Mohit Suri, "Aashiqui 2", however, is not a sequel to "Aashiqui" and the makers say that the only similarity is that it's also a romantic musical saga.
The film, being co-produced by T-Series and Vishesh Films, is coming out April 26.