Naidu’s son Nara Lokesh on Thursday declared the family's assets and liabilities, which has become an annual practice for the last nine years.

Watch Chandrababu Naidus family declares assets grandson Devansh richer than Lokesh
news Politics Friday, February 21, 2020 - 10:30

Telugu Desam Party (TDP) chief N Chandrababu Naidu grew richer by about Rs 87 lakh in 2019 as his net assets touched Rs 3.87 crore but his liabilities stood at Rs 5.13 crore on account of a housing loan. His wife Bhuvaneswari, who heads the family's Heritage business, saw an increase of over Rs 8 crore in her fortune, with jer net assets being Rs 39.58 crore.

The figures were released by their son and MLC Nara Lokesh on Thursday. Lokesh declared the family's assets and liabilities, which has become an annual practice for the last nine years.

Interestingly, Lokesh said he became poorer by Rs 2 crore compared to last year as the value of his net assets shrunk to Rs 19 crore. He had liabilities to the tune of Rs 5.70 crore, he said.

This meant that his son Devansh, was now richer than Lokesh, with net assets of Rs 19.42 crore, without any liabilities.

Lokesh's wife Brahmani, who holds an executive position in Heritage, also became richer by over Rs 4.5 crore since last year, with net assets now amounting to Rs 11.51 crore.

"The value of these assets are disclosed at the rate at which they were bought and not the current market price, as the present value could rise or fall based on several socio- economic factors," Lokesh told the media.

Nirvana Holdings, the family's investment company, too, saw an increase in its net assets from Rs 6.8 crore to Rs 9 crore but its liabilities stood at Rs 34.85 crore, according to Lokesh.

Lokesh also said none of the allegations of disproportionate assets against his family were proved.

“We challenge anyone to prove if the Nara family has even one rupee more than its declared assets”, he added.

The YSRCP, however, has accused Lokesh of disclosing ‘fake assets’, with party MLA G Srikanth Reddy saying that Lokesh is ‘bluffing’ people in the midst of a controversy surrounding the TDP over Income Tax (I-T) raids conducted over close associates of the party.

“All those assets are duplicate and fake. He has to disclose the illegal earnings including those that were deposited in Singapore and other countries along with the list of assets of their close associates,” Srikanth Reddy said. 

He even went on to say that Chandrababu Naidu and Lokesh are the biggest liabilities of the state.

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