There are 3 kinds of good romances. Or maybe 4. Or even 5, if you include even Jurassic Park. It doesn't really matter - Madhumasam doesn't fall into any of them. It is almost a Mannem Sarada / Yuddhanapudi Sulochana Rani kind of novel disguised as a movie. Those ambling novels for housewives in the 70s and 80s that were a slice of life of ordinary people rather than page-turners or commercial blockbusters.
That way, it's hard to call Madhumasam a bad film. It's just about who it will appeal to. None of the big stars of Tollywood will give you pure romances, and so the expensive....