Mahesh Babu & Krishna to lose Padmalaya Studios
One of the prolific film studios of Tollywood, Padmalaya Studios has come under scanner in recent times. Way back in 1982, the then Chief Minister Chenna Reddy gave 9.518 acres of land in Shaikpet mandal to actor Krishna at a throwaway price of Rs 8,500 per acre to lure film industry from Chennai to Hyderabad.
According to sources, the market price of the land at that time was approximately Rs 5 lakh per acre. As per the rule, the land should be strictly used for film related purposes. However Krishna sold a 5.3 acres to the land to third parties. Currently, the studio stands on just about 4 acres valued at anywhere between Rs 350 and Rs 450 crore as per the prevailing market rates.
There was a long stand controversy regarding this issue. Rangareddy district collector conducted a detail enquiry in to the issue and confirmed that the owners had violated the regulations.Now the collector had ordered Krishna to return back the 9 acres land to the government.
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