Filmmaker Ram Gopal Varma has shared his views on the much-discussed budget of Namit Malhotra‘s two-part epic ‘Ramayana‘, claiming that the first instalment was made for less than Rs 800 crore. He also expressed confidence that the second part could earn 10 times more than the first, pointing to the scale of its upcoming action sequences.Varma took to X on Sunday, November 15, to praise Malhotra’s vision and business acumen, describing him as one of the biggest filmmakers in the history of Indian cinema. He further argued that the box office earnings of the first instalment could potentially help the producer recover the investment made in both films.Sharing a personal anecdote about the film’s popularity, the ‘Rangeela’ director revealed that even his mother has been buying tickets for people working in her residential complex, including domestic staff and security guards.“Even for the best of my films she didn’t do this, but my mother has been buying tickets for @malhotra_namit’s #Ramayana for the servants, watchmen, etc in the building complex she lives. And despite this kind of euphoria leading it to break all box office records and fast emerging as the BIGGEST HIT EVER in INDIAN CINEMATIC HISTORY, still a lot of noise is being made by many jealous people that the collections are still not enough because it’s 2000 cr a piece, making it 4000 for 2,” he wrote.Addressing the speculation surrounding the film’s reported Rs 4,000 crore budget for two instalments, Varma claimed that the actual production cost of Part One was considerably lower. He also pointed out that tax benefits, subsidies and other financial arrangements could bring down the overall expenditure further.“I got to know that the actual cost of part 1 is a little less than 800 and that includes mutually beneficial deals, global tax benefits, subsidy elements etc etc which all will eventually bring the cost to lesser than that. And not only me, but any reasonably experienced filmmaker, by seeing the film, can see the cost can’t be more than that.”Varma also questioned the assumption that both parts would have similar budgets, explaining that filmmaking expenses can vary significantly depending on the sequences involved. To make his point, he compared the expenditure on different portions of a film, particularly its climax.“Also, many are stupid to assume that both parts will cost the same. That’s like thinking the cost before the interval and post-interval will be the same in a film. I know of films where 50% of the cost was just the climax.”He further explained that a considerable portion of the expenditure would go towards building the world of ‘Ramayana’, with several of these assets potentially being reused for the sequel and other ventures, including gaming.“Also, much of the cost will include costs of creating the world of Ramayana, which becomes future assets for gaming and various other aspects, including assets for part 2, which are all a part of Namit’s visionary future outings. And this part I frankly think can’t even be understood by most Bollywood makers, traders and other self-proclaimed experts.”The filmmaker believes that the first instalment could generate enough revenue to cover the expenses of Part One and possibly even both films. He also highlighted the additional earnings that could come through non-theatrical rights and the sequel.“So, going by how it’s bull running now, it is obvious that Namit Malhotra is going to cover the entire cost of part 1 or maybe both parts in part 1 itself and then there’s the non-theatrical of part 1 and all revenue inflows of part 2. So, in other words, Namit Malhotra can build his own Pushpak vimaan and start dumping money into innumerable extraordinary ventures which all the biggest production companies from north to south couldn’t do till now, and then he can surpass even the biggest of the biggest Hollywood biggies.“Going a step further, Varma declared Malhotra’s project a landmark in Indian cinema and suggested that his contribution would be difficult to match. He also made a reference to the history of Indian filmmaking, beginning with ‘Raja Harishchandra’, which was released in 1913.“I don’t know what happened to Valmiki Ji or Tulsidas ji after they did their work, but it’s an irrefutable fact that, from now onwards, Namit Malhotra will be the biggest mega filmmaker in history since 1913’s May 3rd release, Raja Harishchandra, till whichever the biggest film came before November 5th 2026. If anyone has a doubt, just do the math,” the filmmaker added in his post.Varma’s biggest prediction, however, concerned the sequel. He believes Part Two could significantly outperform its predecessor, given that some of the epic’s most elaborate action sequences are yet to be brought to the screen. These include Hanuman’s exploits, the Vaanar Sena, the construction of Ram Setu, Lanka Dahan, Sita’s time in Lanka, Kumbhakarna’s death and the final battle between Ram and Ravana.“And the fact that the most fantastic action set pieces will be in part 2 starting from the Hanuman acts, Vaanar Sena, Ram Sethu, Lanka dhahanam, Sita in Lanka, Kumbha Karan’s death, Ravan vadh and many many more just to name a few, and going by the extraordinary proven Vision of Namit Malhotra’s combination of strategy, business acumen, creative understanding and visionary outlook, If KGF 2 did around 5 times more than KGF 1, I am convinced that Ramayana 2 will do 10 times more than Ramayana part 1. If you disagree, we will talk in 2028,” RGV wrote.Meanwhile, ‘Ramayana’, starring Ranbir Kapoor, Yash and Sai Pallavi, continues to perform strongly at the box office. The film collected Rs 564.60 crore net in India during its first extended eight-day week and recorded worldwide earnings of Rs 1,028.55 crore. It also witnessed a substantial jump in collections on its second Saturday, November 14.