Bank To Auction Rayapati Sambasiva Rao’s House 

Hyderabad: The Banjara Hills House of veteran Telugu Desam MP Rayapati Sambasiva Rao will be put up on auction by Andhra Bank on the grounds of non-repayment of loans. The bank had issued an auction notice for the G+3 building on Road no. 7 at Banjara Hills, Hyderabad.

According to a report, Andhra Bank had loaned Sambasiva Rao’s company Transstroy Rs 433 crore which it had failed to repay. The amount with interest today stands at Rs 750 Crore. The bank had later seized the Transstroy office and the four-story building at Hyderabad.

Notices have been issued by banks to the guarantors Sambasiva Rao’s son Rayapati Ranga Rao, his daughters Devika Rani and Lakshmi, and ten other individuals regarding the auction.

Base price was set at Rs 7,36,14,000 and Rs 73,61,400 was the upset price to participate in the auction.

The bank had issued notices in various newspapers and the news has gone viral among political groups.

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