Government gives Prema Samajam lands worth over Rs.500 crore to Sai Priya Resorts on lease.

Thursday, May 4, 2017 
Visakhapatnam

Rs.500 crore worth of lands belonging to ‘Prema Samajam’ was given on lease to Sai Priya Resorts according to sources.

In 1959, Rao ad Company chief Cheruvu Prasada Rao has given 50 acres of land with survey No16,23 and 24 to the social organization Prema Samajam. When it got surveyed in 1971, it was actually 47.33 acres. During 2003-04, the then Chandrababu Naidu government rule, Sai Priya Resorts has taken 33.0 acres of land for 33 years lease. Later, the Endowments Department issued notices saying that the lands belong to them. The issue landed into court and the court has given judgement that the land belonged to Prema Samajam.

Sources said that one or two Ministers from the district has recommend the government to allot the lands on lease to Sai Priya Resorts. The Government has issued a GO NO.161 on Thursday giving the same for 33 years lease to Sai Priya Resorts. Though the initial lease period 13 years had completed, and the rest of the 20 years by paying Rs.2.62 lakhs per acre amounting to Rs.19.06 lakhs. The market value of the land is said to be around Rs.500 crore, said sources.