“Government of India has incorporated National Waqf Development Corporation Limited (NAWADCO) under Companies Act, 1956 on 31st Dec, 2013 with the objective of facilitating financial services to develop waqf properties.

            The Waqf properties are not owned by the Central or State Government or any individual. In many cases, there is a custodian/ Mutawalli/Waqf Institution who manages the property and the entire Waqf affairs are governed by the Waqf Act, 1995 as amended with Rules made therein. NAWADCO has identified properties across India which could be considered for development of these properties. Based on preparedness of the state agencies/waqf institutions, feasibility study/evaluation of 10 properties in the state of Andhra Pradesh, Bihar, Haryana and Rajasthan has been done through an expert in Real Estate (the technical and financial). After evaluation of properties found feasible for development the matter is sent to State Government for permission and then these are taken up for development by way of engaging suitable Developer/ Concessionaire. At present, Rajasthan is showing interest to get their properties developed through NAWADCO”.

This information was given by Union Minister for Minority Affairs Shri Mukhtar Abbas Naqvi in a written reply to a question in Lok Sabha today.

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HK/IA

(Release ID: 1514281)