Also, environment activists have expressed their concern over the damage to the ecology that may be caused owing to the reclamation.
They feel the Worli dairy land is a better option and have asked the administration to see how the land could be obtained.
However, in a meeting held on Thursday, Chavan and the chairman of the legislative council decided to give the sea memorial a thought, because it was a poll promise made by the Congress-NCP in the run-up to the 2004 Assembly elections, said a minister.
The committee has been asked to submit a proposal in two months with details on the location, the execution of the project and the expenditure.
It was also decided that the cabinet would try to convince the Centre for environmental clearance. The committee has been asked to explore the possibility of building the memorial off the Girgaum coast.
Ajit Pawar did not participate in the meeting.
Meanwhile, Chavan also decided to form a committee under industries minister Narayan Rane to discuss the provision of reservation to the Maratha community. The committee is expected submit a report on the issue in three months.
Both the panels appointed by the government to study the demand earlier had turned down the idea, stating that the Marathas are not considered an underprivileged community.
The committee under Rane will study the reports submitted earlier and will suggest if the 25% reservation could be possible.