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. Most of these properties are situated at urban locations and have the potential of generating an annual income of Rs. 12,000 crore (as per data available in 2006) i.e. at 10% return on market value, if these properties are developed and managed properly. The surplus annual income from these properties would be used for welfare of the people in the Community.
To facilitate development of Waqf Properties, National Waqf Development Corporation Limited (NAWADCO), was established with an authorized capital of Rs. 500 crore. This Corporation is under the aegis of the Ministry of Minority Affairs (MoMA) and registered under the Companies Act, 1956. The mandate is to develop invaluable Waqf properties across India and to enhance the income of State Waqf Boards/ Waqf Institutions for socio-economic empowerment of minorities.