Waqf Board starts valuating its commercial properties
Post by RK News on Saturday, January 21, 2023
Srinagar, Jan 20: Under the leadership of Chairperson, Dr. Darakhshan Andrabi, J&K Waqf Board has started an exhaustive Valuation exercise of its hundreds of commercial assets spread across Jammu & Kashmir, officials said.
Chairperson J&K Waqf Board, Dr. Darakhshan said despite being the second largest asset-rich organization in the UT after the Govt itself,“No significant efforts have been made till date for assessment of Commercial Properties by the previous authorities at the helm of affairs in Waqf over the last several decades.”
In an order issued by Executive Magistrate, Tehsildar J&K Waqf Board, it has been revealed that, in absence of proper valuation, “random assessment values have been used to insure commercial properties in the past and that has also created difficulties in settlement of claims with insurers”.
The move is also expected to “result in the creation of a permanent database for smooth rent assessment of structures in the future”.
The administrators and other Waqf supervisory staff have been directed to facilitate and provide all necessary support and manpower for the smooth conduct of the exercise, as per the order.