The announcement, coinciding with the third death anniversary of Thackeray, came at a joint media briefing by Fadnavis and Shiv Sena president Uddhav Thackeray at the heritage building.

"Several locations were considered and all were good for the memorial. But Shivaji Park is the Sena's 'karma bhoomi' and we accept the mayor's bungalow here for the Thackeray memorial," Thackeray said.

Fadnavis cited the memorial would be built through a trust which will be headed by Uddhav Thackeray and the funds would be allocated by the state government.

Read more: PM Narendra Modi pays tributes to Balasaheb Thackeray on his death anniversary

"A detailed plan on the memorial shall be ready within two months. Though there is no time frame for its completion, we are hopeful it will be done within a year, during our (government's) tenure," Fadnavis said.

He added the main mayor's bungalow will not be demolished and the memorial will be constructed around it. Thackeray expressed his gratitude to Fadnavis for clearing the pending proposal.

Thackeray pointed out that the Shivaji Park vicinity will now have memorials of two prominent Hindutva personalities -- VD Savarkar and now Bal Thackeray.

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