A Memorandum of Understanding (MoU) was signed between the National WAQF Development Corporation (NAWADCO) and the National Building Construction Corporation (NBCC) on 8 September 2014 for developing the WAQF properties.
NAWADCO identified several WAQF properties including one in Delhi, two in Rajasthan, six in Madhya Pradesh and seven in Karnataka which would be developed as institutional and commercial projects. Initially, properties that are lying vacant would be taken up for easy and early development.
Two projects in Rajasthan are already under process. One is for a hospital in Jodhpur and another for a school in Ajmer.
WAQF Properties in India
• The largest number of Waqf properties in the world are in India.
• There are more than 4.9 lakh registered Waqf properties (or Auqaf) and the current annual income from these properties is about 163 crore rupees.
• If these properties are properly developed with a minimum return of 10%, they would generate an income of 12000 crore rupees per annum.
• The total area under Waqf properties all over India is estimated at about 6 lakh acres and the market value of this land is about 1.20 lakh crore rupees.
National WAQF Development Corporation (NAWADCO)
The National WAQF Development Corporation (NAWADCO) was established in January 2014 on the recommendation of Sachchar Committee with Authorized Share Capital of 500 Crore rupees and paid up capital of 100 crore rupees.
NAWADCO facilitates and mobilizes financial resources for the development of WAQF properties for community development purposes in a joint venture with the State or Union Territory Waqf Boards and the Mutawallis.
National Building Construction Corporation (NBCC)
The National Building Construction Corporation (NBCC) is a Navratna Central Government public sector enterprise under the Union Ministry of Urban Development. It has wide and varied business experience and expertise in the field of construction and real estate development.
When: 8 September 2014