The News Minute | July 25, 2014 | 12:15 PM IST The age old, legendary studio – AVM, which once was the making point of almost all south Indian movies of the time, has been sold to Shriram Properties Ltd, a Times of India report says. The studio was set up by film maker AV Meiyappan, the studio and the land has been owned by the family for years now. The report says that in a 400 crore deal Shriram Properties will soon take over the 6.5 acres of land. The studio is situated in Vadapalani, the deal is said to have been between Meiyappan’s son - AVM Balasubramanian and the realtors. The deal is thought to be around 400 crore worth. According to the report the new owner will soon develop a 7 lakh sq ft residential project at the site, but according to what the report suggest that studio will stay in the land. The realtors might also have a partner who will sign the deal with them, . AVM Studio was the starting point of many actors like - Shivaji Ganesan, Vyjayanthimala and Kamal Haasan. This oldest surviving studio in the whole of India also has the record of producing projects like Sivaji, starring Rajinikanth which was at the time the most expensive film produced. The deal, according to the report is structured in two parts – In one half of the land there will property development and the other half will be developed with Balasubramanian himself. IANS