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Nowadays in Tamilnadu Cinema Theatres are converted into shopping malls or Function Halls. The popular “Udhayam Theatres Complex” in Chennai has been sold in public auction. Mr. Paramasivam Pillai, a Chennai based Industrialist has purchased a landmark cinema multiplex-“Udhayam Complex” at Chennai through public auction conducted by the Madras High Court for over Rs.80 crores.
There are four theatres in the complex with seating capacities of over 2300 “Udhayam Complex” is one of the biggest Multiplexes in Asia built in 1.31 acres of land. The new owner may continue the complex as Cinema Theatres or he may convert the same into some shopping mall, Hospital or Function Halls.
The real worth of the complex is said to be about Rs 30 crores while the new owner has purchased the same for Rs 80 crores.
Is the Real Estate Business in Chennai really going down or flying high?