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He also laid the foundation-stone for a 126-ft statue of Ambedkar that will come up in the park, spread over a 20-acre site.
The Smriti Vanam will have a multi-purpose Convention Hall with a seating capacity of 3,000 persons.
A Buddhist Dhyana Kendram (Meditation Hall), Dr B R Ambedkar Memorial Library with his collected works and thoughts, Memorial Park with aesthetic and landscaped gardens and an Open Air Theatre with a seating capacity of 2,000 people with facilities for conducting multi-media shows are some of the other features of the Smriti Vanam.
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This includes Rs 25 crore for the 126-ft statue.
Assembly Speaker Kodela Sivaprasada Rao, Social Welfare Minister Nakka Anand Babu and others attended the function.