Common fund for re-building ancestral property.

you can form LLP and then open current account in the bank.

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Why not Apartment owner's Asssociation by which the corpus fund can be invested to earn interest for building maintenance and other expenditures?With LLP there may be tax liability.

 

Form as Family Trust or association, prepare bye laws (You need not.  Ready made formats are available for bye laws of Trust and society, you have to adopt the same by signing) and open current account.

There is no need to open only Current account, you can even open Savings Bank account that carries interest, as you are not engaged in business.

I would suggest you contact expert from Kolkata , there should be multiple goal while reconstruction. 1. Maximum profit in form of immovable property or money 2. You need to take steps to end anchestor property tag tactfully , 3. Since constricting building then making individual flats 4. Making individual flat detaching legally from each other so In case in future 10 year or so if anyone wants to exit he will not jepodize other legally 5. Forming new form of organisations like apartment association or society and getting conveyance to it. Well this legal steps should be planned from now , then architecture design should be also done taking into consideration that we need to place one family in structure but making independent flats so legal dispute don't arise in future. To maintain common account other LLP firm can be formed who can act to consolidate funds and act is construction company or developer This requires professional project management consultant who can analysis legal , architecture buildings bye laws etc.

New association can be society also if required no.met . After getting conveyance society will be owner and you member of society for individual flat. Now a days high rise building after forming society and getting conveyance give terrace to mobile company towers and literally whole society maintenance is free including maintenance of sinking fund Similarly you R separate association can think of getting income from shops etc. But this requires your state law study and taking correct steps legally and architecture wise too to get best results

New association can be society also if required no.met . After getting conveyance society will be owner and you member of society for individual flat. Now a days high rise building after forming society and getting conveyance give terrace to mobile company towers and literally whole society maintenance is free including maintenance of sinking fund Similarly you R separate association can think of getting income from shops etc. But this requires your state law study and taking correct steps legally and architecture wise too to get best results

Common area in structure can be also great option where inspite everyone having independent flats can come and seat or eat or socially meet , means modern structure , legally separate flats but common place where traditional house is maintained , common place owner can be society or apartment association.

Forming a Housing Society may be an option.However is it possible to form the same with less than 7 members?