The decision by New Delhi Municipal Council (NDMC) at an emergent meeting, comes a day after the announcement by Prime Minister Narendra Modi in St Petersburg while issuing a joint statement with Russian President Vladimir Putin.
The Officers' Mess Road is located near Army Battle Honours Mess in Chanakyapuri connecting Sardar Patel Marg with San Martin Marg.
"To cherish the memory of Alexander Kadakin, (July 22, 1949 January 26, 2017) NDMC has renamed after him an important road in Delhi's diplomatic area. He was born in Russia but his 'Karma-Bhoomi' was India, where he served as ambassador from 2009 until his last breath in January this year," a senior NDMC official said.
"This road shall bear testimony of great diplomatic bond between two great old friend nations Russia and India. The renaming is in honour of the ties between the two countries," he added.
Hailing Ambassador Kadakin and his contribution to India-Russia ties, PM Modi had yesterday said that the late diplomat was a "glorious son of Russia and a great friend of India".
"A street in Delhi has been named after Ambassador Kadakin," PM Modi said addressing a joint press event with Putin.
Mr Kadakin, 67, a fluent Hindi-speaking career diplomat considered a close friend of India, passed away in Delhi in January this year after a brief illness.
He was serving as Russia's ambassador to India since 2009 and was credited with playing a significant role in promotion of relations between the two countries.
Mr Kadakin began his diplomatic career as a third secretary at the Russian Embassy in India in 1972.
He held the position of the Head of the Russian diplomatic mission in New Delhi from November 2009.