After paying homage to martyrs of the 1999 war with Pakistan, the Minister said he would soon be visiting the Princess Park locality near the India Gate complex here with the chiefs of three Services to take an appropriate decision on the issue.
"For the war memorial, where names of all those who sacrificed their lives for the country will be written, we feel it is required.
"We feel that at the very site (Princess Park), as it is a very large area or somewhere close in the vicinity, which is the best site available, it is being shortlisted. We will, in a day or two may be visit that site with the chiefs and take an appropriate decision," Jaitley said.
He said the construction of the memorial "will take some time because we want it to be a grand war memorial and war museum".
The Defence Minister said the war museum would be built at the site of Princess Park.
"It is a large piece of land and I think it is appropriate for the war museum, which is required by India. As soon as details are finalised, they will have to get sanctions from all the departments. I think, in principle, that is the arrangement. It will take some time before it is completed," he said.