As per the plan, the civic body has appointed an architect-consultant for redeveloping the two markets into tourist and shopping hubs while adding cultural value to the city.
As per the design plan, a 3D museum and a 10-storey shopping complex will come up in Gole Market area.
The museum at Gole Market will present the history of Lutyens' Delhi and will include photographs and artifacts.
"The 3D format will be a visual treat to visitors. The museum will chronicle important events that took place in Lutyens' Delhi since its beginning," Shrivastava said.
NDMC has also planned a 10-storey night bazaar on Shaheed Bhagat Singh Marg. The multi-storey building will be a shopping complex on the lines of Mustafa Centre in Singapore one of the 24X7 shopping malls.
"The complex will remain open all night. It will open up space which will be used to rehabilitate tehbaazaris (vendors)," an NDMC official said.
"The plan is to turn these markets into tourist and shopping hubs which will also add cultural value," NDMC chairperson Jalaj Shrivastava said.
Similarly, Khan Market will have a commercial community centre, an underground parking facility, a central AC plant and a common effluent treatment park.
For Khan Market, the civic body has asked its consultant to come up with a comprehensive plan to do away with the twin problems of parking and lack of a centralised air-conditioning system.
An underground parking lot which will be connected to the metro station through a tunnel, a centralised AC plant, and a common effluent treatment plant are in the scheme of things in Khan Market, one of the most expensive retail locations in India.
The Khan Market Redevelopment Plan was commissioned in 2011 but has only remained on paper so far.
"The new plan also includes a community centre, and an efficient fire safety mechanism," project consultant Sudhir Vohra, said.