Hyderabad: The National Wakf Development Corporation (NWDC) will soon start functioning with an initial capital of Rs 100 crore, Union Minister for Minority Affairs K Rahman Khan said here on Friday.
"We are starting this corporation with Rs 100 crore. It will start functioning very soon in the next 15-20 days," Rahman Khan, told reporters.
The Cabinet had recently given its approval on setting up the corporation with an authorised capital of Rs 500 crore. This is a very big step the Centre has taken, he said.
The NWDC will develop wakf properties spread across the country, under build-operate-transfer (BOT) basis, the minister said.
The Sachar Committee and the Joint Parliamentary Committee had already made recommendations for setting up the corporation, he pointed out and added that it would help in mobilising resources and develop the wakf properties.
The corporation will operate on the lines of National Buildings Construction Corporation with an aim to develop wakf properties into commercial complexes, shopping malls, banquet halls and ensure their proper commercial utilisation.
Reacting to a query, he termed the reports as rumours that efforts were underway for have an "out-of-court settlement" in the Manikonda Jagir case here.
"We will extend all help to the AP State Wakf Board to fight this case in the Supreme Court," Khan said.
He said that it was "unfortunate" that the Andhra Pradesh government had "failed" in not posting a full-time chief executive officer (CEO) to the AP State Wakf Board.