Recently, during the election campaign, Jagan made a statement about Butta Renukamma, remarking that she is gentle and her assets are limited, leaving everyone in awe.
However, before these comments could fade away, LIC Housing Finance has now issued an auction notice for 15 properties belonging to their family.
This development has sparked discussions, particularly as the name of Meridian Educational Institutions has also been implicated.
Butta Renuka, who is contesting on behalf of YSRCP for the Yemmiganoor assembly seat in Kurnool district, has reportedly incurred a debt of almost Rs. 360 crores to LIC Housing Finance.
The auction of the mortgaged properties, scheduled for the 6th of next month, was announced by LIC through a notice published in the Hyderabad edition of a popular daily on Thursday.
The announcement clarified that the properties are being auctioned due to long-standing non-payment of dues.
It’s worth noting that the assets of Butta Renuka’s family members in Hyderabad pale in comparison to this debt.
Even the sale of just two or three properties could clear the entire debt, which was accumulated through two loan accounts amounting to Rs. 360 crore.
The Butta family, known as prominent property owners in Telugu states, has seen a significant decline in their leverage due to this development.
While Jagan’s earlier statement portrayed Renuka’s assets as abundant, the situation has now taken a downturn with LIC Housing Finance listing them as defaulters.
The YSRCP leaders assert that LIC Housing Finance’s announcement during the critical election period has caused significant personal loss to the Butta family. It’s anticipated that this issue will be utilized as a propaganda tool by opposing parties.
