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Chandrababu Naidu declares assets, 3-yr-old grandson is richer by Rs 16 crore

In a show of transparency, the Naidu family voluntarily discloses its assets and liabilities every year for the past 8 years.

india Updated: Nov 22, 2018 09:32 IST
HT Correspondent
HT Correspondent
Hindustan Times, Vijayawada
Chandrababu Naidu,Naidu assets,Andhra Pradesh
Andhra Pradesh Chief Minister N. Chandrababu Naidu’s net assets grew from Rs 2.53 crore to Rs 2.99 crore over the last one year, an increase of 18.18 per cent. However, his three-year-old grandson Devansh is richer with assets worth Rs 18.71cr,(Vipin Kumar/HT file photo)

Andhra Pradesh Chief Minister N. Chandrababu Naidu’s net assets grew from Rs 2.53 crore to Rs 2.99 crore over the last one year, an increase of 18.18 per cent. However, his three-year-old grandson Devansh is richer with assets worth Rs 18.71crore.

In a show of transparency, the Naidu family voluntarily discloses its assets and liabilities every year for the past 8 years.

IT and Panchayat Raj minister and Naidu’s son Nara Lokesh declared the family’s assets for the financial year 2018-19 on Wednesday where his wealth is shown as Rs 21.40cr during the current fiscal. He wealth registered a 30 per cent growth over Rs 15.21cr during the previous year.

Bhuvaneswari, Naidu’s wife and head of Heritage Foods Limited with net assets worth Rs 31.01cr over the previous year’s 25.41cr continued to be the richest in the Nara family, followed by little Devansh.

Lokesh, clocking multi-fold increase in the value of his properties, mostly the shares in the Heritage Foods Limited in a span of six months drew sharp criticism from opposition parties in 2017.

Fielding questions over the growth of his properties, Lokesh told media persons that “We only go by the current market value of properties based on the prices prevailing at the time of acquisition”.

Chandrababu’s liabilities in the form of a home loan obtained from Bank of Baroda, stood at Rs 5.31 cr with a cash balance of Rs 4.83 lakh in the savings bank account of a nationalised bank, National Savings Certificate with a face value of Rs 1,000.

Besides, he continues to own an ambassador car worth Rs 1.52 lakh which he purchased in 1993-94 and a residential building built in 0.97 acres at his native Naravaripalli village under Chandragiri mandal in Chittor district, costing 23.84 lakh.

Lokesh also owns a residential property of 1,285 sq.yards at Road Number 65, jubilee hills, Hyderabad in which he has built a house jointly with his father Naidu by pledging it with a bank as a collateral security for obtaining house loan of Rs 5.31 cr from Bank of Baroda, Hyderabad. He acquired a Ford Fiesta and two bullet proof Fortuner cars worth Rs 92.49 lakh.

The IT minister holds 47,32,800 shares in the Heritage Foods with total value registered at Rs 2.52cr. Lokesh said his liabilities have gone up this year due to the housing loan (of Rs 5.89cr) which he raised for building a house at Banjara Hills in Hyderabad. His wife Bramhani holds properties with a net value of Rs 7.72cr which includes 3.10kgs of gold jewellery.

Referring to the criticism from opposition parties over the veracity of his claims over his family’s properties, Lokesh offered to give away all of it if anyone could prove him wrong.

He asked the opposition leaders Y.S. Jaganmohan Reddy of the YSR Congress and Pawan Kalyan of Jana Sena Party to take a leaf out of the Nara family’s book and declare their assets periodically so as to ensure transparency in public life.

The Andhra chief minister is also ‘poorer’ than his Telangana counterpart K. Chandrasekhar Rao who declared a net worth of Rs 22.60cr in the affidavit to the election commission authorities while filing nomination for Gajwel Assembly elections in Telangana on November 15.

First Published: Nov 22, 2018 09:30 IST