Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Live Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023

Ancestral house in ruins? Here’s what you need to know

The failure to involve first generation owners can prove expensive in the long run as they hold sway over second generation siblings and can get them to coordinate effectively.

Archit Kumar Sood

Property has traditionally been considered one of the most preferred assets. Legally, most properties broadly fall under two categories, ancestral and self-acquired. In the case of self-acquired property, the owner has the right to further develop or dispose of the property as they see fit as long as it is through legal means.

However, when it comes to ancestral property, matters become more complicated. An ancestral property has a complicated ownership structure, which makes it difficult to manage repairs, maintenance, or sale. As a result, ancestral properties are often left to ruin. However, there are alternative means to manage such properties, such as handling them through a property management firm.

Complex property rights