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Mahesh Family to lose PS Land, Order Passed!
By: Tupaki Desk | 8 Feb 2014 6:26 AM GMT
Hyderabad District Administration which has put the spotlight on illegal transfer of government properties by Padmalaya Studios management in the past has finally taken action against Superstar Krishna who owns one of Hyderabad's most high profile film studios.
As per the latest update, Hyderabad Collector directed CCLA to take back land allotted by state government to Padmalaya Studios due to abuse/irregularities.
Krishna acquired 9.518 acres of land in Shaikpet mandal in the year 1982 at a minimal price of Rs 8,500 per acre from state government for development of Film Industry through Padmalaya Studios. At that point of time, Market price of the land was Rs 5 lakhs per acre.
The management, however, sold out 5.3 acres of allotted land to Third Parties in the first few years itself and built the Studio in just over 4 acres which is valued at Rs 450 crore as per the current market rates.
In fact, the 5.3 acres land was distributed to Krishna's family members including his first wife Priya Darshini, daughter Manjula and family members of his two brothers G Adi Seshagiri Rao and G Hanumantha Rao. Later the land was sold to private parties like Zee Tele Films Ltd and Creative Developers.
In March 2006, Hyderabad collector issued an order to take back the 5.3 acres allotted to Padmalaya Studios. But, CM YS Rajasekhar Reddy turned down the proposal due to his close association with Krishna.
In 2008, TRS MLA Harish Rao approached High Court against the illegal usage of Government land and finding fault with the district administration for not recovering the land from Studio Owners. Finally, Hyderabad Collector has yet again ordered for recovery of the land allotted to Padmalaya Studios.
As per the latest update, Hyderabad Collector directed CCLA to take back land allotted by state government to Padmalaya Studios due to abuse/irregularities.
Krishna acquired 9.518 acres of land in Shaikpet mandal in the year 1982 at a minimal price of Rs 8,500 per acre from state government for development of Film Industry through Padmalaya Studios. At that point of time, Market price of the land was Rs 5 lakhs per acre.
The management, however, sold out 5.3 acres of allotted land to Third Parties in the first few years itself and built the Studio in just over 4 acres which is valued at Rs 450 crore as per the current market rates.
In fact, the 5.3 acres land was distributed to Krishna's family members including his first wife Priya Darshini, daughter Manjula and family members of his two brothers G Adi Seshagiri Rao and G Hanumantha Rao. Later the land was sold to private parties like Zee Tele Films Ltd and Creative Developers.
In March 2006, Hyderabad collector issued an order to take back the 5.3 acres allotted to Padmalaya Studios. But, CM YS Rajasekhar Reddy turned down the proposal due to his close association with Krishna.
In 2008, TRS MLA Harish Rao approached High Court against the illegal usage of Government land and finding fault with the district administration for not recovering the land from Studio Owners. Finally, Hyderabad Collector has yet again ordered for recovery of the land allotted to Padmalaya Studios.
