![]() The market value of waqf properties has been estimated at a whooping Rs 1.2 lakh crore by the Justice Rajinder Sachar Committee in 2006. Government sources here said the consultancy firm outside the government was chosen as not much progress has been made by the National Waqf Development Corporation Limited (NAWADCO) set up by the previous UPA government. Waqf is earmarking of a part of one's property in perpetuity for charitable purposes and welfare of community. The minority affairs ministry has engaged Deloitte Consultants India to formulate plans for the development of waqf properties all over India as institutional and commercial projects to make them profitable, with the goal of ploughing back profits to help the Muslim community. In a first major step towards protecting and developing waqf (endowment) properties, Prime Minister Narendra Modi's government has accepted the long-pending demand of the Muslim community to draw up a plan of their development and commercial exploitation.
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