Annapurna Studios was founded by late Tollywood actor Akkineni Nageswara Rao. The government had allotted 22 acres in Banajara Hills for the promotion of the Telugu film industry in Hyderabad at a nominal price ranging from Rs 7,500 to Rs 8,000 per acre. The land is now worth up to Rs 30 crore per acre.The Telangana state government is all set to acquire a half-acre portion of land of the Annapurna Studios in Banjara Hills, owned by Tollywood actor Akkineni Nagarjuna, for road widening. The road widening works have been pending for more than three years.
The management initially refused to part with the land, but agreed to it later. The acquisition got delayed as there was no clarity on how the studio would be compensated. The government is now planning to offer transfer of development rights instead of paying cash.The TDR will entitle the land owners to transfer development rights and use it in any other property that he or she may own or transfer it to any other person for a consideration.
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