NAWADCO inks deal with NBCC to develop waqf properties

Seeking to develop waqf properties as institutional and commercial projects, the National Waqf Development Corporation (NAWADCO) today signed an MoU with National Building Construction Corporation (NBCC).
Urban Development Minister M Venkaiah Naidu said revenue generated by proper utilisation of waqf properties can contribute immensely for socio-economic development of Muslims.
"Government views minorities as equal partners in development and nation building," Naidu, who was joined by Minority Affairs Minister Najma Heptulla, said as the MoU was signed.
While the current annual income from waqf assets is about Rs 163 crore, Sachar Committee had estimated that these properties, if properly developed, could be capable of generating an income of Rs 12,000 crore per annum.

Heptulla said NAWADCO has identified several waqf properties, including one in Delhi, two in Rajasthan, six in Madhya Pradesh and seven in Karnataka, that will be undertaken for development as institutional and commercial projects, according to an official statement.
She said two projects in Rajasthan are already under process. "One is for a hospital in Jodhpur and another for a school in Ajmer."
The total area under waqf properties is estimated at about six lakh acres and their market value about Rs 1.2 lakh crore.
NAWADCO was established in January this year as a follow up of Sachchar Committee recommendation with authorised share capital of Rs 500 crore and paid up capital of Rs 100 crore.