Suggestions on ancestral property
I share ancestral property, which is still registered in my dead father's name, with 1 brother and 1 sister at Kolkata. It's a two storied house and the total land is around 3 katha, and none of us is using the house at this moment. Verbally it was decided amongst us that ground floor will be mine, 1st floor would be my brother's and my sister would only claim share if we sell off the property or develop it. I have let my portion on rent. Now my brother has come up with a proposal after consulting with some developers and given me the following options:
1) The developer would do some patch up work at our portions, give some money to my sister and develop 2 flats for sale at top floor
2) Demolish the house and develop 6 nos. 550 sqft flats in 3 floors- give 1 each to 3 of us and sell the rest.
All these would be done after registering the portions in our names.
Please suggest me on this issue, so that i may get the best possible way out, considering i would not ever come to live in this house and see it as an investment for rent or resale purpose.
Adhir Kumar Chowdhury