HYDERABAD: BRS working president KT Rama Rao alleged that Chief Minister A Revanth Reddy was orchestrating a massive scam, involving Transferable Development Rights (TDR), worth thousands of crores.
Speaking to reporters here on Monday, he said that serious allegations from various quarters point to Revanth, along with a coterie of four real estate brokers closely associated with him, manipulating the system to execute what could be one of the largest financial scams in recent times.
Rama Rao alleged that four real estate brokers, operating under Revanth’s influence, were actively identifying and acquiring TDR rights across Hyderabad. He claimed that the brokers were working relentlessly to corner the TDR market, purchasing these rights at throwaway prices.
The purported plan, according to Rama Rao, involves imposing restrictions on the Floor Space Index (FSI) in Hyderabad by Revanth to artificially spike the demand for TDRs. Once the demand surges, the group intends to offload these TDRs at exorbitant rates, pocketing massive illicit profits, he alleged.
‘It is like insider trading’
The BRS leader alleged that Revanth was gearing up to impose FSI limitations in Hyderabad in the near future, while his associates were aggressively snapping up TDR rights at current low price.
Rama Rao likened this scheme to insider trading — a grave offense — and asserted that it merits investigations by agencies like the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED).
The TDR system, originally intended to facilitate urban development without straining public finances, was allegedly being twisted for personal enrichment, he said and accused the CM of leveraging his authority to manipulate policies for profit, transforming a public welfare mechanism into a cesspool of corruption.
“If Revanth Reddy has nothing to hide, he should release a white paper detailing the current ownership and transactions of TDRs in Hyderabad,” he demanded.
Rama Rao emphasised that the TDR system was introduced with noble intentions, to acquire land for public needs without financial burden on the government. Through this mechanism, the Greater Hyderabad Municipal Corporation (GHMC) obtained approximately 400 acres of land, valued at thousands of crores, from citizens for infrastructure projects. But Revanth hijacked this well-meaning policy, turning it into an avenue for illegal wealth accumulation, he alleged.
‘KCR will attend Assembly’
Meanwhile, Rama Rao said that BRS chief K Chandrasekhar Rao will attend the upcoming Assembly session for the Governor’s address.
Stating that “KCR operates on a different level”, he said that the BRS would continue its fight for Telangana’s interests both inside and outside the Assembly.