Real estate boom in Ahmedabad is influencing number of cinema halls in the city. A mega commercial centre for ready-made garments fetched 1,700 square yard property at rate of Rs1.7 crore.
According to sources, Madhuram cinema was sold at Rs10,000 sq yard, which began its operation in early 1950s.
Due to competition from multiplexes, the owners of cinema halls decided to sell its property and reduce their losses. The builder who bought it is planning to construct a wholesale market for readymade garments.
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