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Let me tell you what we usually follow in our family.If it is life the new couple is going to set up a new house for themselves, we discuss among ourselve and buy different things to set up the house, it could be a complete kitchen, fridge , washing machine, microwave etc.,
If in case they already have the house and household ready, we gift them the money so that they can invest it in the way they like it. My uncle has purchased a land with all the gift money his sisters and brothers had given him.
If they don't suit you , don't take it otherwise, just take it easy.