Correct option is C
The correct option to fill in the blank is (C) is planning; around.
Explanation:
"Is planning" shows current or ongoing plans.
"Around the premises" means surrounding area, which fits correctly.
Example: The university is planning to build new hostels around the campus.
Why other options are incorrect:
Option A: will be planning — future continuous tense not required.
Option B: was planning — past continuous, inappropriate.
Option D: about — wrong preposition for "location."
Information Booster:
Use "around" to indicate surrounding or nearby locations.