India has the largest Waqf land in the world. As per estimation by Sachar Committee Report, 2006 there are about 4.9 lakh registered Waqf properties comprising of about 6 lakh acres of land, approximate market value of these properties is Rs. 1.20 lakh crore. Since most of these properties are situated at prime urban locations, they have the potential of generating an annual income of Rs.12,000 crore considering only 10% return on market value, if these properties are managed and developed properly.
To fill the gap of development deficit, National Waqf Development Corporation Limited (NAWADCO), was established with an authorized capital of Rs.500 crore and paid up share capital of Rs.100 crore, under the aegis of the Ministry of Minority Affairs (MoMA) on 31st December, 2013, under the Companies Act 1956, with specific mandate to develop invaluable Waqf properties across India and to enhance the income of State Waqf Boards/ Waqf institutions for socio economic empowerment of the minorities.