CAG: Madhapur IT Firms Misappropriated ₹100 Crore in Property Tax
HYDERABAD: The Industrial Area Local Authority (IALA) in Madhapur has reportedly caused a loss of over ₹100 crore to the government by under-assessing property taxes, according to the Comptroller and Auditor General (CAG). The Greater Hyderabad Municipal Corporation (GHMC) mandates that IALA levy property tax according to specific classifications and monthly rental values (MRV). In Madhapur, the MRV for industrial properties was set at ₹4 per square foot for ground and first floors, and ₹3.50 per square foot for upper floors. Meanwhile, office buildings had an MRV of ₹6 per square foot for the ground and first floors, with ₹5.50…