NBCC to develop four waqf properties

NEW DELHI: National Buildings Construction Corporation has undertaken the task of developing four Waqf Board properties as institutional and commercial projects, with an estimated cost of Rs 398 crore.

Gulistan Shadi Mahal, Masjid-e-Mavalli, Dargah Hazrat Attaullah Shah in Bangalore and Takiya Chand Shah in Jodhpur will be developed as per the MoU signed between NBCC and National Waqf Development Corporation (NAWADCO) on September 8 last year for the development of various properties of Waqf Board, said a NBCC official today.

Seeking to develop waqf properties as institutional and commercial projects, NAWADCO had signed an MoU with National Building Construction Corporation.

NAWADCO had identified several waqf properties, including one in Delhi, two in Rajasthan, six in Madhya Pradesh and seven in Karnataka, that will be undertaken for development as institutional and commercial projects.

While the current annual income from waqf assets is about Rs 163 crore, Sachar Committee had estimated that these properties, if properly developed, could be capable of generating an income of Rs 12,000 crore per annum.

NAWADCO was established in January 2014 as a follow up of Sachchar Committee recommendation with authorised share capital of Rs 500 crore and paid up capital of Rs 100 crore.