The wax statue, which was unveiled today, has been styled in her most admired character of 'Anarkali' from the 1960 classic "Mughal-E-Azam".
The figure, which has been built with the help of a number of artists, involved extensive research including meeting the family members and studying the photos and videos available of the actor.
Madhur Brij, Madhubala's sister, who attened the launch, said the figure would allow her admirers to cherish her beauty.
"Madhubala lived a short life but achieved a lot in that short span of time. In those days, acting was not considered appropriate for women but with her remarkable acting skills and timeless beauty she created a mark for herself and is remembered with warmth till date," Brij said.
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Madhubala died at the age of 36 due to congenital heart disease in 1969.
Her portrayal of Anarkali in K Asif's "Mughal-E-Azam" remains as her most iconic roles in Hindi cinema.
"We were never allowed to go and see her during the shoots. The only visit I remember was to the sets of 'Mughal- E-Azam' to see the replica of the Sheesh Mahal where the song 'Jab pyar kiya to darna kya' was filmed. The set was a huge attraction for tourists," Brij said, recalling the shoot of the magnum opus.
"We are ecstatic to be unveiling Madhubala's figure in Delhi. She is unarguably one of the most beautiful women the world has seen and her aura remain amongst her fans even today," Anshul Jain, general manager and director at Merlin Entertainments India, said.
Wax figures of cricket icon Kapil Dev, singer Asha Bhosle and Shreya Ghoshal have already been unveiled by the museum, which is expected to open to public later this year.