JOIN USJagan busy building castle , CBI keeps hawk eye
This time the bone of contention is a multi-crore palace under construction in Hyderabad. His 40 room-building worth Rs 200 crore on Yalahanka road in Bangalore with a private helipad is a passé before this ultra modern Lotus Mahal being constructed on six plots of Hyderabad Urban Development Authority at Banjara Hills.
These were purchased by Jagan’s front companies —Utopia Infrastructure, Capstone Infrastructure, Classic Realty and Marvel Infrastructure —from the allottees after either paying premium or by using clout, say sources in CBI, who visited the site two days ago and made an assessment of its size and market value.
Of the total land, Jagan owns 3,800 square yards while his sister Sharmila Reddy has 2,100 square yards. The floor plans show 14 escalators, 10 lifts, and a mini-theatre with 200 seating capacity, libraries, squash court, tennis and volleyball courts, gyms, marble flooring in about 60 rooms and bathrooms which are of the size of a single bedroom flat, says a contractor who had been supplying marbles directly from Rajasthan.
Sources say the building coming up in a 90,000 square feet area has nearly 30 bedrooms apart from an office complex. It has space developed for 20 servants’ quarters and a double-story outhouse in the back yard. Considering the current construction cost in the area, which is Rs 10,000 per square feet, the building will cost Rs 53.09 crore.
With the cost of the land currently valued at Rs 30.46 crore, the complex could cost almost Rs 100 crore.