"Mayabazar"s Telugu version was released on 27 March 1957; the Tamil version was released two weeks later, on 12 April. Both were critically and commercially successful, with a theatrical run of 100 days in 24 theatres, and it became a silver-jubilee film. The Telugu version of "Mayabazar" was also dubbed into Kannada. The film is considered a landmark in both Telugu and Tamil cinema, with praise for its cast and technical aspects, despite the limitations of technology at the time. "Mayabazar" was screened at the Public Gardens in Hyderabad for its 50th anniversary on 7 April 2007. Raavi Kondala Rao novelized the film's script based on Venkata Reddy's screenplay. A May 2013 CNN-News18 poll selected "Mayabazar" as the greatest Indian film of all time.