New Delhi, Sep 8 (IANS) The National Waqf Development Corporation (NAWADCO) has identified several properties which are being considered for institutional and commercial projects, Minority Affairs Minister Najma Heptualla said Monday.

“NAWADCO has identified several waqf properties including one in Delhi, two in Rajasthan, six in Madhya Pradesh and seven in Karnataka, which shall be undertaken for development as institutional and commercial projects,” Heptulla said at the signing of a memorandum of understanding (MoU) between NAWADCO and the National Building Construction Corporation (NBCC).

Under the MoU, properties lying vacant will be taken up for easy and early development, said a statement from the minority affairs ministry.

Urban Development Minister M. Venkaiah Naidu, who was also present during the signing of the MoU, said the initiative would contribute immensely for the socio-economic development of minorities.

India has the largest number of Waqf properties in the world. There are more than 4.9 lakh registered Auqaf (waqf properties) and the current annual income from these properties is about Rs.163 crore.