Padmalaya Studios, which is one of Tollywood’s prominent creative hubs, is in the news of late and all for the wrong reasons. In the year 1984 the then CM Chenna Reddy had given a land measuring 9.518 acres to actor Krishna at a price of Rs 8500/acre, which was mainly to entice the filmmakers to shift their base from Chennai to Hyderabad.
Thus, actor Krishna made a very good deal At the market price during that time is being told as Rs 5 lakh/acre. Later, Krishna violated the rule laid by the government that the land given to him should be used for Film purposes only but the actor went ahead and sold around 5 acres of this land to some third party. Now, the film studio is standing tall only on 4 acres of land and the current market value for this piece of land is estimated to be between Rs 350-450 crores.
The Padmalaya Studios was in long-standing controversy for the same reason and currently, the District Collector Ranga Reddy had conducted an inquiry over the issue and has concluded that the owners had in fact violated the norms and he has ordered actor Krishna to hand over the 9 acres land to the Government.