"The state Cabinet has given the right to finalise the proposal to Chief Minister Devendra Fadnavis," Finance Minister Sudhir Mungantiwar said today.
Fadnavis will soon decide on one out of the two presentations that have been submitted, he added.
He said that renowned architect Shashi Prabhu and another architect from outside the country had last week made a presentation before the finance department, which will now be put before the state Cabinet in the coming week.
"According to the plan by two companies, the memorial will cost around Rs 600 crore and we are ready to allocate money, whatever the amount. Once the chief minister gives the go ahead to the proposal, we will call for bids for the memorial," Mungantiwar said.
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Meanwhile, an official said that the memorial will be such that it would attract tourists from across the globe.
The main memorial will have a dome-like stupa structure and a circle would be constructed around it which would serve as a prayer place for followers of Ambedkar who had embraced Buddhism by renouncing Hinduism, the official said.
"Another library will include books written by Dr Ambedkar and on him by other authors that would be available for purchase as well," the official said.
He added that a three-dimensional theatre will be built to showcase important incidents associated with the life of the architect of the Indian Constitution.
Maharashtra government this week completed the formalities to acquire a bungalow in London where the Dalit icon had lived as a student in the 1920s.
The 10, King Henry's Road townhouse in north London was acquired in a 3.1-million deal.