The statue is a tribute to Sandeep, who was honoured with the Ashoka Chakra for his bravery.
Sandeep's father, K Unnikrishnan, a retired ISRO officer, who was present on the occasion, said his family was living an aimless life after their son's death and haven't celebrated any festivals for the last four years.
"We are living in our son's memories. He was everything to us. To me he was more of a friend. Nothing can compensate this loss," he added.
Unnikrishnan said India and Pakistan should work together to counter terrorism.
"Ajmal Kasab's execution will not hold terrorists back from committing exigencies as they are trained to kill people. My son was trained to save lives," he said.