Calcutta, June 17 :    Calcutta, June 17:  The Calcutta Improvement Trust (CIT) will sell off some of its prime plots to tide over an acute financial crisis. A strategy has been chalked out to raise at least Rs 50 crore by selling plots located in different parts of the city, including some upmarket areas. Urban development minister Asok Bhattacharya said the plots would be auctioned to the highest bidders. 'Details of the sale will be advertised in the dailies to ward off graft in the process. The money will be utilised for new projects and those which were stalled due to lack of funds,' he said. According to the government policy, plots up to five cottahs will be sold to individuals and those up to 10 cottahs to housing co-operatives. The CIT will retain plots larger than 10 cottahs for its own projects. The decision comes in the wake of a government instruction on resource mobilisation. 'Instead of depending solely on government grants, we are trying to mobilise our internal resources,' said Satyabrata Chakraborty, officer-on-special duty, CIT. The CIT, the oldest agency for carrying out development projects in city, was defunct for years. Its powers were curbed after the CMDA, another agency under the urban development department, was formed. At present, the CIT has merged with the CMDA. Apart from working jointly with the CMDA, the CIT has its own projects. 'We are building commercial and residential complexes and apartments for government departments on contract. Some companies have approached us to take up contracts for housing projects. But we are not financially sound enough to initiate any major project on our own,' Chakraborty said. 'The CIT had acquired plots to implement several projects. But as many of the projects were shelved, the earmarked land was lying vacant. Hawkers have encroached upon some of the plots,' CIT officials said, adding that they had already received offers for Rs 8 to 9 lakh per cottah for certain plots. Large chunks of CIT-owned land are available at Ultadanga, CIT Road, Prince Anwar Shah Road and the Rashbehari connector to the E.M. Bypass.