Ex-Andhra CM Chandrababu Naidu declares family’s assets, 5-year-old grandson richer than him by Rs 15 crore

As per the declaration, the net worth of Naidu’s assets was Rs 3.87 crore by March 31, 2019. His grandson Nara Devansh possesses assets whose net worth is Rs 19.42 crore.

Telugu Desam Party president N Chandrababu Naidu’s net assets grew by almost 30 per cent for the financial year 2018-19 but the former Andhra Pradesh chief minister is still poorer than this five-year-old grandson by nearly Rs 15.55 crore.

Former Andhra Pradesh chief minister N Chandrababu Naidu’s family has been declaring their assets every year for the last nine years. (ANI File Photo)

This was disclosed in the declaration of assets of Naidu and his family members made by his son and TDP general secretary Nara Lokesh at a press conference in Mangalagiri in Guntur district on Thursday. “All the values projected in the declaration are as per purchase value and not the market value,” Lokesh said.

As per the declaration, the net worth of Naidu’s assets was Rs 3.87 crore by March 31, 2019. His grandson Nara Devansh possesses assets whose net worth is Rs 19.42 crore. In fact, Devansh is richer than his father Lokesh, whose net worth is Rs 19 crore and his mother Nara Brahmani, whose assets are worth Rs 11.51 crore.

This is the second year when the Naidu’s grandson has beaten him in terms of net assets value.

The Naidu family has been declaring their assets every year for the last nine years. Though the declaration for the financial year ending March 31 used to be made in September or October, it got delayed by nearly four months this year.

The total assets of the former Andhra CM are worth Rs 9 crore, including his posh residential bungalow at Jubilee Hills in Hyderabad worth Rs 8.01 crore and another residence worth Rs 23.84 lakh in his native village of Naravaripalle in Chittoor district. He still shows an Ambassador car (a 1983 model) as his only own car whose value is Rs 1.52 lakh, National Savings Certificates worth Rs 1,000 and an amount of Rs 74.10 lakh as cash balance in Savings Bank account.

Naidu has loans and liabilities to the extent of Rs 5.13 crore including housing loan from Bank of Baroda. Taking the liabilities in account, the net worth of his assets becomes Rs 3.87 crore.

In March 2018, Naidu had projected total assets worth Rs 8.31 crore and liabilities of Rs 5.31 crore, thereby showing his net worth at Rs 2.99 crore. Thus, there is an increase in the value of Naidu’s net assets by Rs 88 lakh, an increase of nearly 29.5 per cent.

The declaration shows Naidu’s wife Nara Bhuvaneswari having net assets worth Rs 39.58 crore. Her total assets, including properties in Tamil Nadu and Telangana, shares in Heritage Foods and other companies and gold and silver ornaments, are worth around Rs 50.62 crore. She has liabilities are worth around Rs 11.04 crore.

Last year, her net worth was Rs 31 crore, including total assets worth Rs 53.3 crore and the remaining liabilities.

Similarly, Lokesh has net assets worth Rs 19 crore. He holds total assets worth Rs 24.70 crore, including a share in his father’s Jubilee Hills bungalow, a farmhouse along with five acres of agricultural land in Ranga Reddy district in Telangana and investments in Heritage.

Unlike his father, Lokesh has two bullet proof Toyota Fortuner cars and a Ford Fiesta car. He has liabilities are the tune of Rs 5.70 crore. By March end in 2018, he had net assets worth Rs 21.4 crore, with total assets of Rs 27.29 crore and liabilities of Rs 5.88 crore.

Lokesh’s wife Nara Brahmani holds net assets worth Rs 11.51 crore, with total assets being Rs 15.68 crore and liabilities of Rs 4.17 crore. She also has properties in Hyderabad, Ranga Reddy and Chennai, besides investments in Heritage and other companies. In March 2018, she had shown Rs 7.72 crore as net assets and Rs 13.38 crore as total assets.

Lokesh’s son Nara Devansh, has total assets worth Rs 19.42 crore, compared to Rs 18.71 crore the previous year. His assets include an open plot worth Rs 16.17 crore in Jubilee Hills, fixed deposits and shares in Heritage Foods. He has no liabilities.

The TDP general secretary refuted the allegations that his family concern Heritage Foods had purchased lands in Amaravati as part of alleged insider trading. “The company had bought nine acres of land at about 30 km away from Amaravati in March 2014, much before the elections were held in AP,” he said.

He challenged that if anybody proved that his family owned more properties than what was declared, he would gift those properties to such a person.