Chandigarh, April 15 -- Amid its mounting financial challenges, the Chandigarh municipal corporation (MC) is looking to generate revenue by developing a residential project in Manimajra's Shivalik Enclave area, in partnership with the National Buildings Construction Corporation (NBCC).

The project is to come up on a 6.9-acre land parcel in Pocket 6 of Manimajra, which has been earmarked for residential development under the Chandigarh Master Plan. While the MC is considering auctioning the vacant land with a reserve price of Rs.300 crore - expected to fetch at least Rs.500 crore - officials say that partnering with NBCC on a revenue-sharing model could potentially double the civic body's profit.

NBCC (India) Limited, a Navratna public s...