Liquid Investments vs Commercial Rental

Kind of in two minds about what to do with a piece of land we own. It's in a prime location, and has a 30-year-old building on it which generates 4 lakhs in rental income a month. But the problem is that (for reasons that were not wholly in our control) the rental income comes from several small-scale tenants and it's become a hassle that we don't want to deal with, long-term. That leaves us with two options: * Sell the property for around 15 crores * Develop the land for 5 crores (including loss in rental income)

The first option is pretty straightforward. Not much work, and we get a good chunk of money that we can either stick in liquid investments (like the stock market) or in another piece of real estate. Leaning toward the former, because we'd be losing rental cashflow by selling and we'd want accessible money to replace it.

The second option is less straightforward, with more unknowns. It's going to be quite a bit of work but, once done, we can either get more rental income from more reliable and hassle-free tenants (probably around 10 lakhs a month) or we could probably then sell the entire property for 30 crores.

Financially, developing the land makes more sense, whichever way you slice it. But we'd also be losing a significant portion of our cashflow and investing quite a bit of time into it for the next 3 years. I think it's worth it, but I guess I'm just here for a sanity check.

My overarching question, however, is on how you'd prefer your cashflow in retirement. Would you prefer having it in the form of liquid investments that you can sell as and when you want to? Or is that a little anxiety-inducing, considering you might feel like you're eating into your nest egg, and would rather have a consistent rental income which ostensibly preserves the principal? Which would give you more peace of mind and a better quality of life, for practical and emotional reasons?