Indian PM to launch National Waqf Development Corporation tomorrow

New Delhi/January 28
India’s Prime Minister Manmohan Singh will inaugurate National Waqf Development Corporation Limited (NAWADCO), a new Central Public Sector Enterprise under Ministry of Minority Affairs, tomorrow and UPA Chairperson Sonia Gandhi will be the Chief Guest at the function.
A PMO official said that this Corporation will prove to be an important institution for the development of Waqf properties for the community welfare particularly for Muslims in India and the establishment of NAWADCO is a followup of Sachchar Committee recommendation.
“India has the largest number of Waqf properties in the world and there are more than 4.9 lakh registered Auqaf (waqf properties) and the current annual income from these properties is about Rs 163 crores,” he said, adding that Sachar Committee has estimated that such properties, if properly developed, with a minimum return of 10 percent, will be capable of generating an income of Rs 12000 crore per annum.
NAWADCO will facilitate and mobilize financial resources for the development of Waqf properties for community development purposes in a joint venture with the state/Union Territory Waqf Boards and the Mutawallis. The Waqf Boards and the Muthawallis were not having the financial resources to develop the properties leading to encroachments.
He added that Indian government has recently enacted the Waqf (Amendment) Act, 2013 and this step will make administration of Waqf properties transparent and will provide an enabling environment for development and utilization of Waqf lands for welfare of minorities.