A palatial house that Y.S. Jaganmohan Reddy is building in Hyderabad is under the scanner of the CBI, which has been asked by Andhra Pradesh High Court to probe the politician's assets.
Two days ago, CBI sleuths visited a 52,263sqft site (well over an acre) in Hyderabad's upscale Banjara Hills where Jagan's five-storey mansion, valued at Rs 300 crore by local real estate players, is nearing completion.
According to real estate sources, the building plan shows several escalators, lifts, a 200-seat mini-theatre, a library, a gym, and squash, tennis and volleyball courts, apart from a three-floor underground car park.
A local contractor said he had been commissioned to supply 24 train wagonloads of marble from Rajasthan so that about 60 rooms and bathrooms, each the size of a single-bedroom flat, could be floored with marble.
Lotus Mahal, which local people have begun referring to as "Jagan Mahal", will sprawl over a 10,000sqft area. The total floor area across the five storeys is estimated at 42,000 sqft.
CBI officials said the plot had been bought by Jagan's front companies. It is made up of six original plots ' numbered 2, 3, 4, 6, 7 and 8 ' at HUDA Heights in Banjara Hills' Lotus Pond locality, they added.
Jagan owns about two-thirds of the property while his sister Sharmila Reddy owns the rest, the sources said. Going by current property rates, the price of the entire plot should be over Rs 30 crore.
Real estate sources said Lotus Mahal would have nearly 30 bedrooms apart from an office complex, 20 servants' quarters and a two-storey outhouse in the backyard.
A builder said that but for the Telangana agitation, the mansion's price would have been Rs 700 crore. "Even at the downswing rates, it is roughly valued at Rs 300 crore."
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