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Facing a severe financial crisis, the municipal corporation has decided to sell its land in Shivalik Enclave area, Manimajra, for a housing project. The project spans 6.8 acres (4,840 sq yd) and will include flats constructed in five designated pockets. The land, specifically earmarked for residential use, is valued at over Rs 195 crore based on the current collector rate. The civic body has calculated this amount considering all existing financial factors. Also, around 0.5 acres of the site has been reserved for a shopping area. After receiving the layout plan from the chief architect of the Chandigarh administration for area listing and verification of encumbrances, the MC completed its ground survey, which included land verification, identification of existing encumbrances, and assessment of underground services at the proposed site. The detailed report was then sent to the urban planning department of the administration to issue the zoning of the site, initiating the process of allotting the land to a private bidder. "The concerned road division of the MC's engineering department demarcated the said area on the ground to check the dimensions of the given plots and identified the existing encumbrances on the proposed site. Now the report has been sent to the department of urban planning to amend the proposal according to the site's conditions and prepare a zoning plan. The land parcel can be disposed of after receiving the zoning plan. Since it is a crucial exercise, if all goes well, it may take a minimum of six months to dispose of this land, as per the discussion held with the urban planning department," sources in the MC said. Since the MC calculated the land value based on the existing collector rates, and the land is located in Shivalik Enclave area of Manimajra, the collector rate for the residential area is Rs 58,687 per square yard. Based on this rate, the MC can earn Rs 195.36 crore by selling 6.878 acres of land for the housing project, sources confirmed. Moreover, as the Chandigarh administration started the process to revise the collector rates of Chandigarh and the matter is under discussion amongst the senior officers of the administration, sources said that if the collector rates are revised in the coming few months, the cost of the said land in Manimajra for the housing project will give more money to the MC. "Since the process of this entire project will take a few months, we are hopeful that the collector rates will be revised in between to ensure money to the MC."