Buggana Rajendranath reveals names of TDP leaders allegedly indulged in insider trading

Amaravati: Blaming the irregularities of the previous government in the capital city, Finance Minister Buggana Rajendranath detailed on how the land was acquired and the methodology used to benefit the TDP leaders and their coterie.

Land was acquired in the peripheries of the proposed capital region by people close to TDP leadership months before the announcement of the capital area which is insider trading and there were many irregularities in land acquisition and awarding contracts to Singapore companies with terms loaded heavily in favour of the foreign companies, he said during the discussion on Amaravati.

"Between June and December of 2014 about 4,070 acres of land was acquired by the coterie of TDP in the peripheries which shows that there was a clear case of insider trading. Prominent among those who purchased land during the period, which is before the announcement of the capital, Heritage Foods, the company owned by the family members of Chandrababu Naidu", he added.

They have rescheduled the boundary and ring road adjacent to the lands to benefit their coterie. They have also taken away the assigned lands using coercion and later on issue a GO to regularise it and take it for land pooling. After acquisition land allotment there was discrimination in pricing between government institutions and people close to the ruling party, he said.

The Finance Minister said that the previous government tried to showcase Singapore companies as mascot to create real estate boom and sell plots which they called as self financed project. The TDP did not consider the report of Sivaramakrishanan Committee and had set up a parallel committee of entrepreneurs.

Earlier, initiating the debate, Dharmana Prasada Rao said that the need of the hour decentralised development and do not concentrate on one area which is a lesson we have to learn from the Hyderabad experience.

Lauding the Chief Minister YS Jagan Mohan Reddy for his initiatives, he said, the government should go forward and see that all regions should be developed equally and there should be no heartburn from people of any part of the state.

The previous TDP has cheated the people and has the capital city as a real estate venture resorting to insider trading and playing taunt on the issue. The government paid exorbitant fees to consultants and encouraged Singapore companies with very soft terms and used Swiss Challenge though it was considered as a faulty system.

What the present government has to do is to build a decentralised capital, he suggested.

The other suggestions that have come include multiple capitals in different regions of the state, assigned lands were taken away by the government and 52,000 acres of land was acquired where there was no need for such a large extent of land.

When the Opposition members rushed to the well of the House and disrupting the proceedings, the Speaker has suspended the TDP members on the motion moved by the Legislative Affairs Minister.