As a part of its asset monetisation plan to raise Rs 5,000 crore over a period of three years till March 2016, the civil aviation ministry has prepared a cabinet note proposing sale of properties worth Rs 250 crore belonging to state-run Air India, a move that has come after a delay of two years. The ministry will soon send the note to the cabinet on sale of land and houses in Mumbai, Chennai and Coimbatore, a senior ministry official said. The plan originally envisaged monetisation of assets worth Rs 1,200 crore in 2013-14, Rs 2,000 crore in 2014-15 and Rs 1,800 crore in 2015-16. The money was to be used to retire the airline's debt. However, adverse market conditions and legal issues over title deeds and ownership clauses forced the airline to sign a memorandum of understanding with National Buildings Construction Corporation (NBCC) in December last year. NBCC will develop and redevelop properties on land owned by Air India on a project-to-project basis.