In 1981, Eyamkode Sreedharan, with the help of Venugopala Varma, the then Raja of Kollengode who donated a plot of land, initiated the efforts to build a memorial for the poet in Kollengode which was subsequently taken up by the Government of Kerala to establish the "Mahakavi P. Memorial Art and Culture Centre". The centre houses music school, a library, Kerala Kalabhavan which is a school for kathakali. The centre also holds performances in folk and classical art forms such as Kathakali, Kanyarkali and Porattukali.