Banks have put the assets of TDP MP Rayapati Sambasiva Rao on auction in the backdrop of not repaying their loans. Andhra Bank has issued a fresh auction for Rayapati's Jubilee Hills home in Hyderabad. A press release on Friday announced the auction of the Narasaraopeta MP's G+3 commercial building at Jubilee Hills Road No. 7 on 25/04/2019. 

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The building, which has an area of 631 square yards, is priced at a minimum of Rs 7,36,14,000. The participants will have to deposit Rs 73,61,400 as Deposit before participating in the Auction. The Transstroy company of Rayapati Sambasiva Rao which has got the Polavaram Project Tenders defaulted loans to the tune of 748.77 crores as on March 20, the bank said in a statement.

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Rayapati Sambasiva Rao's sons - Rayapati Rangarao and Daughters - Devika Rani and Lakshmi along with fourteen others are the guarantors of this loan. Transstory has defaulted loans to the tune of 4300 Crore to various banks. Rayapati is once again contesting for Narasaraopeta Parliament as TDP Candidate.


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