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February 15, 2024 12:53 am | Updated 02:56 pm IST – CHENNAI
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Moviegoers outside the Udhayam Theatre ahead of the screening of Kabali on July 22, 2016. File | Photo Credit: Bijoy Ghosh
Udhayam Theatre in Ashok Nagar may also figure in the long list of iconic theatres that have downed shutters, giving way to real estate development in the city, as the property is likely to be sold to a prominent real estate firm.
According to a source, real estate firm Casagrand is in talks to buy this property. “The talks are in the final stages,” he said. Two others in the real estate sector also confirmed it.
As the news started doing rounds, people took to X (formerly Twitter) to recall the fond memories associated with the theatre. “Baasha 125th day – standing in the first row and watching the movie! Will never forget the memories!” a person said in a post.
“It’s a ritual to carry the reel of #ThalaivarVijay’s films on a chariot in Udhayam Theatre. Will miss watching films here,” another person said.
However, a city-based real estate analyst pointed out that this is not the first time the news had surfaced. “In fact, we have been hearing this news for the last 15 years. In 2009, every one was talking about this property being sold, but eventually, nothing moved. The promoter family is huge, and due to certain issues within the family, the deal did not go through,” he said.
There is no confirmation on what the buyer intends to do with the property. But sources aware of the deal said that a luxury project may come up on the land parcel. Real estate analysts said the going price for residential projects in the area is ₹12,000 per sq. ft., and ₹15,000/sq. ft. for luxury projects.
“The ground floor commercial space will fetch about ₹18,000 per sq.ft. if well designed with a good front space, high ceiling height, and ample parking facility to suit the retail business,” the analyst said.
The iconic theatre, spanning more than 1.3 acres in Ashok Nagar, began its journey in 1983. The four-decade-old theatre was featured in several Tamil movies. There are references about the theatre in songs too, including Udhayam theatre-la En idhayathai tholachen (I lost my heart at Udhayam Theatre).
Casagrand did not respond to calls or messages.
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