The government also plans to clean up the lake, according to a release issued by the Telangana Chief Minister's Office.
Chief Minister K Chandrasekhar Rao, who held a meeting with revenue officials on the issue, said that the lake is a boon to the city, the release said.
He discussed at length about the possibility of building 60-storied or 100-storied towers around the massive lake, the release said.
He said the Telangana government plans to bring the city on par with international standards and added that multi-storied buildings are one of specialities and attractions of international cities, the release said.
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The Chief Minister has asked his officials to submit a report with full details about the land around the lake, the release said.
He favoured beautifying the Necklace Road around the lake and promoting existing parks near it as entertainment hubs, the release said.
The proposed towers would house five-star hotels and guest houses for tourists.
The state government would also build an impressive tower for the poor who presently reside in the lake's locality, the release added.