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India's first International Arbitration and Mediation Centre (IAMC) was jointly inaugurated by Chief Justice of India, N.V. Ramana, and Telangana Chief Minister, K. Chandrasekhar Rao, here on Saturday.

The IAMC has come up with 25,000 sq ft temporary accommodation at VK Towers in Gachibowli, an information technology hub.

The state government has announced that land for a permanent building will be allotted at Puppalaguda in Hyderabad.

Life trustee of the centre, Justice R.V. Raveendran, Supreme Court judges L. Nageswara Rao, Hima Kohli and judges from the Telangana and Andhra Pradesh high courts attended the event.

Those who empanel the centre include internationally acclaimed arbitrators and mediators from countries such as Singapore and the UK.

The Telangana Chief Minister thanked the CJI for choosing Hyderabad to set up the prestigious facility.

Speaking on the occasion, Justice Ramana said he is confident that this centre will lead the way for arbitration and mediation in the country and will become the premier centre not only in India, but across Asia and the world.

He also said that the Centre becoming a reality is nothing short of a miracle.

"I have not witnessed any such project concluding in such a short span of time," the CJI said, recalling that he had broached this subject with the Chief Minister on June 12 during his first visit to Hyderabad.

He pointed out that the trust deed was signed on August 20 and the MoU between the government and the trust was signed on October 27.

Ramana said that he is all for ADR (Alternate Dispute Resolution) as such methods are beneficial to the parties to a dispute due to various reasons such as low cost, speed, more control over timelines and process, autonomy of parties, more comfortable environment and non-adversarial nature.

"These are some reasons why I suggest that people explore ADR options such as arbitration and mediation first, and approach courts only as a last resort," he said.

"The setting up of IAMC at Hyderabad is an important step towards enhancing the ADR landscape of the country. While arbitration centres have already been set up in India, most prominently in Delhi and Mumbai, domestic and international parties still appear to prefer to go to foreign countries for dispute resolution," Ramana said, as he exuded confidence that this trend will change with IAMC at Hyderabad.

"Domestic and international parties will increasingly come to this centre, which has world class facilities. Its location in Hyderabad will also be an attraction," he said.

Calling Hyderabad one of the best cities in the country, the CJI noted that it is a growing hub of commerce and is one of the top destinations for business in India.

"I am feeling proud that I could contribute something, which would enhance the glory of this city," he added.

He also urged the legal fraternity to turn the centre into a most sought after destination for resolution of all types of disputes, including family as well as commercial disputes.

The CJI termed the creation of the centre as a tribute to former Prime Minister P.V. Narasimha Rao, who saw ADR as the way forward.

He also quoted from Narasimha Rao's speech at the inauguration of ICADR in New Delhi 26 years ago.