The historic Premabhai Hall owned by Gujarat Vidya Sabha may soon disappear from the city's heritage map thanks to the civic body's decision to convert the place into a parking lot.

The standing committee of the municipal corporation decided in its meeting on Thursday to acquire the hall, which stands on 2,744 sq metres land, if Gujarat Vidya Sabha does not agree to part with it over the pricing issue. The latter has demanded Rs 10 crore for the hall.

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The civic body will first have the property valued by a government approved valuer and compare it with Rs 10 crore that Gujarat Vidya Sabha has demanded. "We will pay them the less of the two sets, the value ascertained by the valuer or the Rs 10 crore agreed upon by the owners," Vora said. The land will be utilised for construction of a multi-level parking as part of Bhadra Plaza, which is proposed to be developed under an agreement between the AMC and the Archaeological Survey of India.