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Jagan's humble abode at Lotus Pond worth Rs 85 crores

By Anita

YS Jagan Mohan Reddy
Hyderabad, Oct 21: With the CBI snooping in on Kadapa MP YS Jagan Mohan Reddy's Lotus Pond residence in Hyderabad on Thursday, it has now emerged that an estimated Rs 60 crore was spent on building the palatial abode of the country's richest MP, while another Rs 25 crore was spent in purchasing land for the same.

It was reported on Thursday that the CBI team along with Municipal officials had arrived at Jagan's house to evaluate his residence that has been in the news for its grandeur and sheer opulence. The CBI was believed to be specifically looking into the money spent on building his bungalow and the many benami firms of his. It was alleged that he amassed huge amounts of wealth during his father's tenure as CM. He also benefitted immensely, with many people investing heavily in his business ventures during the YSR Reddy government.

With officials refusing to disclose any facts, sources have been quoted as saying that an estimated Rs 85 crore was spent in building the towering bungalow on 5,807 square yards of land with a built-up area of 88,000 square feet. The cost also included the land value and the posh interiors.

The CBI arrived at Jagans' residence along with teams from the National Remote Sensing Agency (NRSA), local Income-Tax and town planning wing officials of GHMC. The evaluation process will continue on Friday as well.

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