UPA chairperson Sonia Gandhi will be the chief guest at the function. (JPN)
This corporation will prove to be an important institution for the development of Waqf properties for the community welfare particularly for Muslims in India.
The establishment of NAWADCO is a follow up of Sachchar Committee recommendation. India has the largest number of Waqf properties in the world. There are more than 4.9 lakh registered Auqaf (waqf properties) and the current annual income from these properties is about Rs.163 crores.
Sachar Committee has estimated that such properties, if properly developed, with a minimum return of ten percent, would be capable of generating an income of Rs. 12,000 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.
The Government of India has recently enacted the Waqf (Amendment) Act, 2013.
This will make administration of waqf properties transparent and will provide an enabling environment for development and utilization of waqf lands for welfare of minorities.
UPA chairperson Sonia Gandhi will be the chief guest at the function.