"Mayabazar" is considered a classic of Telugu cinema, particularly in its use of technology. The film is memorable for Nagendra Rao's dialogue: "Evaru puttinchakunte maatalela pudathayi" ("How would words emerge if no one invented them?") and "Subhadra, aagadalu, aghaaityalu naaku paniki raavu" ("Subhadra, these atrocities mean nothing to me."). Various words and phrases, such as "antha alamalame kada" ("Is everything fine?"), "Asamadiyulu" ("Friends"), "Tasamadiyulu" ("Enemies"), "Gilpam" and "Gimbali" ("bed-" and "room-mat"), later became part of Telugu vernacular. The success of "Donga Ramudu" (1955) and "Mayabazar" prompted Venkata Reddy to produce the 1958 Telugu film "Pellinaati Pramanalu" ("Vazhkai Oppantham" in Tamil). It recovered its investment and won the silver medal at the annual National Film Awards.