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Waqt Board orders valuation of commercial properties across J&K

Srinagar: Jammu and Kashmir Waqf Board here has launched a comprehensive exercise for valuation of its hundreds of commercial properties across the Union Territory.

“Continuing with its reformative agenda initiated 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 the UT of Jammu & Kashmir,” a statement issued in this regard to the news agency—Kashmir News Observer (KNO) said.

Interestingly, despite being the second largest asset-rich organisation 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, revealed the sources in Waqf, it said.

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 creation of a permanent database for smooth rent assessment of structures in future”.

The Administrators and other Waqf Supervisory staff have been directed to facilitate and provide all necessary support & manpower for smooth conduct of the exercise, the order said—(KNO)