Launching the National Waqf Development Corporation Limited, Prime - TopicsExpress

Launching the National Waqf Development Corporation Limited, Prime Minister Manmohan Singh on Wednesday said the properties under the Waqf board can be used for the socio-economic development and benefit of the Muslim community. Speaking at the inauguration ceremony of NAWADCO here, Dr. Singh said, “There are more than 4.9 lakh registered waqf properties in India today which fetch an annual income of about Rs.163 crore. Many of these properties have the potential of generating considerable returns, which in turn could be used for the socio-economic development of the Muslim community. As per the estimates of the Sachar Committee, if these properties are properly developed, they could fetch an annual income of about Rs. 12000 crore, assuming an annual return of 10 percent on the value of the property. It is this vast potential that NAWADCO will strive to realize.”

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