Conducting a review with Andhra Pradesh State Wakf Board, Mr. Rahman Khan said the Union Cabinet had already approved the corporation and would start function with a corpus fund of Rs 100 crore initially, within 20 days.
He said the corporation would develop Wakf properties that were lying unutilized and under threat of encroachment.
He said that as per the Joint Parliamentary Committee (JPC) report, over 4 lakh acres of Wakf properties were spread all over the country, and over 50 per cent were under encroachment.
“The corporation will set up with an aim to develop Wakf properties into commercial complexes, shopping malls, banquet halls and ensure their proper commercial utilisation”, the minister said.
“As many as 400 Wakf properties have been identified across the country for commercial use under build-operate-transfer (BOT) mode as most of the properties are in poor condition and no income is being generated”, he said, adding that the proper commercial utilisation of Wakf properties could generate revenue to the tune of Rs one lakh crore annually, sufficient for socio-economic development of the entire Muslim community.