According to Faiaz Ahmed Khan, MMiC (Parks and Squares), the estimated cost of the project is Rs 2.15 crore and the renovation work will be completed in one year. However, the civic authorities feel that the expense can rise.

Interestingly, the proposal to renovate the Park Circus Maidan was first mooted by the KMC and Rs 2 crore was sanctioned by the Asian Development Bank (ADB) in August 2007. Kolkata Environment Improvement Project (KEIP) was supposed to carry out renovation work. Despite the sanction of funds almost two years ago, the renovation work had been stalled due to several reasons, including renting out of the area for different fairs, religious festivals and meetings.

Meanwhile, the KMC received many proposals from many corporate houses and chambers of commerce but not a single entity was ready to beautify the area without having any commercial interest.