Last updated on: May 31, 2011 21:43 IST


Jagan's Rs 80 crore luxury bungalow


Late Andhra Pradesh chief minister Y S Rajasekhara Reddy's son, Jagan Mohan Reddy, who is still riding high on the the recent bypoll success, is making news once again.

This time though he ain't doing so for political reasons, but for a luxury bungalow at a place called Lotus Pond in Banjara Hills one of the poshest localities in Hyderabad that he and his family will move into soon.

The cost of this luxury residence -- a whopping Rs 80 crore!

Click on NEXT to see more PHOTOS...

Photographs: SnapsIndia



The sprawling building, which is spread over a 90,000-sq-ft area, has been christened by locals as Lotus Mahal, owing to its location and splendour.

Jagan and his wife, Bharati Reddy, and their two children (Harshini and Varshini), will stay here.



According to media reports, the building is coming up in the land owned by Jagan's four companies that purchased six plots from private individuals who had got them from the then Hyderabad Urban Development Authority (now HMDA).

The six plots come to 5,807 square yards, which is more than an acre



Sources say that Lotus Mahal has nearly 30 bedrooms apart from an office complex. It also has five high-speed elevators, badminton and squash courts, home theatres -- big and small, waiting halls, drawing and dining halls beside a sprawling lawn.

Oh, and it also has its own private heliport.



The YSR Congress president had ahead of the Kadapa Lok Sabha seat by-poll declared that he and his spouse have assets worth Rs 445.70 crore and loans to the tune of Rs 10.12 crore.

In his affidavit, Jagan said he has assets worth Rs 390.70 crore, while his wife owns movable and immovable property worth Rs 55 crore.



The former Member of Parliament said he had Rs 12.46 lakh cash, Rs 5.52 crore bank deposits, Rs 359.59 crore of shares, bonds and debentures, Rs 7.08 lakh postal savings, Rs 11.13 lakh of other investments and 667.3 grams of gold valued at Rs 20.56 lakh in his name.

His immovable assets include agricultural land at Idupulapaya (Rs 13.89 lakh) and commercial properties (Rs 24.79 crore), according to the affidavit.



The Telugu Desam Party, meanwhile, is up in arms. The party's leaders allege that while the 2004 affidavit filed by YSR mentioned 1180 sq yards of land in Banjara Hills, the affidavit filed by Jagan in 2009 disclosed that he received 70 percent of 1815 sq yards at Banjara Hills.

In the 2011 affidavit, Jagan stated that this land was gifted to him vide deed registered on December 2, 2008, which was not shown in 2009 affidavit.