Chandigarh, March 2 -- As a step to tackle its worsening financial crisis, the Chandigarh municipal corporation (MC) is planning to sell a prime 6.9-acre land parcel in Shivalik Enclave area, Manimajra.

The land, located in Pocket 6 near Panchkula, has been reserved for a residential society under the city's master plan and is expected to fetch at least Rs.200 crore.

If the auction proceeds successfully, it could provide a much-needed financial boost to the cash-strapped civic body.

As per MC's assessment, the prevailing collector rate for residential properties in Shivalik Enclave is Rs.58,687 per square yard. At the rate, MC expects to rake in around Rs.195.36 crore from the sale of the 6.9-acre land.

However, with the UT administra...