New Delhi’s Town Hall could be re-developed as a major tourist attraction, thanks to a large heritage renewal fund announced last week.

The 150-year-old building could receive up to Rs500,000 million (US $8.2 million), which has been approved by the local municipality, according to Times of India.

The ambitious project in the city’s Chandni Chowk district will culminate in a museum, library, conference hall, boutique hotel, restaurants and other areas.

"The Town Hall restoration and renewal project has been cleared by the tourism ministry. The Rs 50-crore (500 million) fund from the Centre, however, will be released by them subject to the submission of the DPR," said Yogendra Singh Mann, North Delhi Municipal Corporation’s public relations officer.

The yellow brick and stone building was first opened in 1863. Known first as the Lawrence Institute, it housed the Delhi College of Higher Studies before being purchased by the municipality in 1866.