Uphaar cinema, that saw a fire ravage through it in June 1997 killing 59 people and injuring more than 100, was constructed on a piece of land measuring about 2,480 square yards at a prime location in Green Park in 1973.
The hall has been lying sealed ever since the June 13 fire horror.
Green Park area falls under category ‘A’ and the circle rate of this group is Rs 7.74 lakh per square metre. Hence, the property at present is valued at around Rs 160 crore. However, real estate agents say that the market rate of the property could be higher.
The plot was initially leased in 1971 and the theatre was inaugurated in April 1973. The hall can accommodate 1,000 guests at a go.
After their plea for de-sealing of Uphaar was turned down by the trial court, real estate barons Sushil and Gopal Ansal moved the Delhi High Court for relief in the same matter. The high court, too, refused to entertain their request, after which they knocked on the doors of the Supreme Court of India. The matter is still pending before the Apex court.
While seeking release of the Uphaar Cinema in the trial court, the Ansals argued that scores of employees were sitting idle because of the shutdown and if the court allowed their petition, a lot of people would be able to resume business.
The Ansals later also submitted that releasing of the cinema hall will enable them to sell it off to raise a part of the compensation amount that was slapped on them by the high court.