In PHOTOS: Jagan's Rs 80 crore luxury bungalow

Late Andhra Pradesh chief minister Y S Rajasekhara Reddy's son, Jagan Mohan Reddy, who is still riding high on the the recent bypoll success, is making news once again.

This time though he ain't doing so for political reasons, but for a luxury bungalow at a place called Lotus Pond in Banjara Hills one of the poshest localities in Hyderabad that he and his family will move into soon.

The cost of this luxury residence -- a whopping Rs 80 crore!

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The sprawling building, which is spread over a 90,000-sq-ft area, has been christened by locals as Lotus Mahal, owing to its location and splendour.

Jagan and his wife, Bharati Reddy, and their two children (Harshini and Varshini), will stay here.

Sources say that Lotus Mahal has nearly 30 bedrooms apart from an office complex. It also has five high-speed elevators, badminton and squash courts, home theatres -- big and small, waiting halls, drawing and dining halls beside a sprawling lawn.

Oh, and it also has its own private heliport.

The YSR Congress president had ahead of the Kadapa Lok Sabha seat by-poll declared that he and his spouse have assets worth Rs 445.70 crore and loans to the tune of Rs 10.12 crore.

In his affidavit, Jagan said he has assets worth Rs 390.70 crore, while his wife owns movable and immovable property worth Rs 55 crore.

The former Member of Parliament said he had Rs 12.46 lakh cash, Rs 5.52 crore bank deposits, Rs 359.59 crore of shares, bonds and debentures, Rs 7.08 lakh postal savings, Rs 11.13 lakh of other investments and 667.3 grams of gold valued at Rs 20.56 lakh in his name.

His immovable assets include agricultural land at Idupulapaya (Rs 13.89 lakh) and commercial properties (Rs 24.79 crore), according to the affidavit.