₹1,000-cr TDR bond scam alleged in Greater Visakha

JSP corporator demands cancellation of all illegal TDR bonds

- EXPRESS NEWS SERVICE @Visakhapatnam

PEETHALA Murthy Yadav, corporator of Jana Sena Party, Greater Visakhapatnam Municipal Corporation, alleged that a scam of significant amount was taking place in the GVMC in the guise of Transfer of Development Rights (TDR) bonds.

He said some individuals who illegally acquired hundreds of crores worth of TDR bonds during the previous YSRCP regime, were now pressurising the GVMC officials to legitimise these bonds.

Speaking to the media here on Sunday, Murthy said TDR bonds should be issued based on road expansion compensation with the correct ratio being 1:1. However, he charged that the YSRCP government had incorrectly issued TDR bonds worth around ₹1,000 crore in the past five years. In 2023, TDR bonds were issued to slums that were 50-year-old.