In a surprise move, Telugu Desam Party (TDP) president N. Chandrababu Naidu declared his assets in a party's politburo meeting on Friday.
Speaking to the media, the former chief minister declared that he himself had assets worth Rs. 40 lakhs including a house in the Jubilee Hills area, listed at an acquired cost of Rs. 2.32 million, an ambassador car worth Rs. 1.52 lakhs and balance of Rs. 15.16 lakhs in savings bank accounts.
According to the data posted on the TDP official website, the lion's share of Naidu's family assets belongs to his wife, N. Bhuvaneswari. The total family assets are about Rs. 40 lakhs.
Naidu's wife Bhubaneshwari has total assets worth Rs 3957.77 lakhs, which includes a building in the commercial Punjagutta area at Rs. 73.33 lakhs, a semi-permanent warehouse at Sriperumbudur in Tamil Nadu at Rs.186.33 lakhs, five acres of agricultural land in Ranga Reddy district at Rs. 73.80 lakhs, investments in listed companies including the family owned Heritage Foods Pvt. Ltd. at Rs. 1995.49 lakhs, investments in unlisted companies at Rs. 1377.75 lakhs, 2.780 kg of gold worth Rs. 26.96 lakhs, balance in Provident fund at Rs. 6.544 lakhs, 32.7 kg of silver worth Rs. 4.57 lakhs and an Audi car valued at Rs. 91.93 lakhs.
Naidu's son, Lokesh, has assets of Rs.6.73 crore, including an 8.4 acre land in Maharashtra, a 3.17 acre piece of land in Hubli, Karnataka, and investments worth Rs 2.52 crore in different listed companies. Daughter-in-law, Brahmani, has assets worth Rs 3.22 crore that includes an advance of Rs 1.15 crore given for a plot in Emaar Hills Township Pvt. Ltd., which is now under the CBI scanner. Naidu's family holds a stake of little over 48.2 per cent in Heritage Foods, which is said to be worth more than Rs 250 crore, as per market capitalization of the company.
Naidu has a house in his name, the value of which at the time of construction was Rs. 23.2 lakh. He raised a loan from Vijaya Bank for the construction of the house and that house is still under mortgage as he still has to repay the EMIs.
Interestingly, during the 2009 election affidavit, Naidu and his family had declared assets worth Rs. 68 crore and Rs. 21 crore before the 2004 assembly polls.
Naidu said the value of the assets of the family declared by him on Friday was at the time of the investment. He clarified that he is not giving the present market value of the assets as it keeps fluctuating.
Meanwhile, several leaders in the TDP are expected to follow the steps taken by their party leader Chandrababu Naidu.
"The politburo expressed its happiness over Naidu's decision," said TDP leader, K. Yerran Naidu.
"We are regularly submitting the details of our assets to the Election Commission. We will follow Naidu in future too,'' he added.