Maharashtra Education Minister Vinod Tawde, currently in London for a global academic conference, finalized the deal and made the announcement there on Saturday.
According to an official in Mumbai, the deal for the 2050 sq. feet home, which was up for sale for the past few months.
"By April, we plan to complete all the formalities and throw it open as a permanent museum-cum-memorial for the public," Tawde said in London.
The house has market price of Rs 40 crore. An agent of Goldschmidt & Howland said that after the initial flurry of activity last year, the Indian authorities seem to have lost interest in the property, according to Shelar.
Former chief minister Prithviraj Chavan had also made a request to the Union government to buy the property.