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Waqf Property Leasing Rules

22 Dec 2015 2:40 PM GMT
Waqf Property Leasing Rules
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The Government has formulated and notified the Waqf Properties Lease Rules, 2014 vide notification dated 3rd June, 2014. Some amendments in the Waqf Properties Lease Rules 2014 have been made vide notification dated 26th August, 2015. The details of amendments notified in the above Rules are: 

(i) Rule 7: The reserve price per square feet for lease of an immovable Waqf property shall (a) for hospitals, educational institutions and social sectors, be not less than 2% per annum; (b) for commercial activities, be not less than 2.5% per annum, of the market value of the property; and 

(ii) Rule 17 (1) : A lease of any immovableWaqf property exceeding the period of three years and extending up to thirty years may be granted for the purpose of carrying out any commercial activity, education or health purposes, with the approval of the State Government and if the State Government fails to grant permission within forty-five days, the permission shall be deemed to be granted. 

The percentage of reserve price and not the lease rent has been reduced keeping in view the difficulties faced by the Waqf Boards. 

The amendment will not affect the income of the Waqf as the waqf properties will be leased out by the process of competitive bidding after giving wide publicity through advertisement in the Newspapers and the Waqf will fetch the highest lease rent. 

This was stated by Shri Mukhtar Abbas Naqvi, Minister of State for Minority Affairs in Rajya Sabha today in reply to a question.

Source; PIB

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