Both films are great fun, but for different reasons.
The 1954 version is actually more romance and drama then fantasy thriller. The female lead (played by the beautiful Vyjanthimala), a jungle lass, becomes strangely attracted to a snake charmer (Pradeep Kumar) whenever he plays his musical instrument (called a "bin"). The only fantastic element of the film really is the finale and the last song and dance number which is a real knock out with dancing amongst some bizarre startues and with some odd creatures...and it's all color!
Here is a link to that number www.youtube.com/watch?v=pGkBVe4N8Do
The 1976 version is totally fantastic and totally cheezy, in a fun and enjoyable way. The film has quite a star cast and takes itself deadly serious...but the special effects, 1970s clothes and hair, and unlikely musical numbers between the naag (male snake) and nagin (female snake) in human form can be chuckle inducing.
The plot has a group of men who encounter the naag (in snake form) and the nagin (in human form). Thinking that the snake is about to attack the woman, one of the group shoots and kills it. Naturally the nagin must take revenge by killing each and everyone in the group.
A good example of the campiness of this film can be seen in this cat fight between one of the leading ladies (Rekha) and the vengeance seeking Naag (Reena Roy):
www.youtube.com/watch?v=tl6-B0FoJXg




