He also exuded confidence that the nod from the central government for the construction of the memorial would be received soon.
"If the central government wants to keep the ownership of the land with itself, it is okay with us. We are ready to construct the memorial," Chavan said while interacting with reporters.
He said the memorial would be constructed after consulting the committee, consisting of top central and state government officials, formed to work out modalities for the purpose.
Chavan also said the Prime Minister has directed the committee and the state government to sort out the issues, including technical ones regarding the coastal regulations.
Asked whether the Centre's nod is expected before December 6, Ambedkar's death anniversary, Chavan said, "There is no need to wait till December 6. The decision will be taken soon."
The 12.5 acre Indu Mill land belongs to the central government owned National Textiles Corporation.
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A committee of top central and state government officials is currently working on modalities to hand over the land for the memorial.
The sea-facing plot adjacent to Chaityabhoomi, the final resting place of Ambedkar, is visited by lakhs of followers on his death anniversary every year.