Section 58(2) in Jammu and Kashmir Wakafs Act, 2001
(2)The Council may make lease of any Wakaf property in favour of any beneficiary on such terms and conditions as may be prescribed :Provided that the maximum period of lease shall not exceed 40 years.Provided further that in case of lease for agricultural purpose, the initial period shall not exceed one year and may be renewed after the expiry of the initial period but in no case renewal shall exceed one year at a time :Provided also that lease of Wakaf property for commercial purposes shall be made only on payment of premium equivalent to market value plus ground rent as may be determined by the Council :Provided also that initial period of lease for commercial purpose shall not exceed 5 years that may be renewed after the expiry of the initial term but in no case renewal shall exceed ten years at a time.
