Commonly Used Definitions & Terminologies in Property Bazaar / Real Estate Sector

It seems the recent series of posts here on this blog-- pertaining to Property Circle Rates; e-Stamping;  Stamp duty and Registration fee; etc.-- have struck a deeper note with our subscribers, readers and blog visitors.

Umpteen number of messages, tweets, facebook comments have been received by us since we published our last two posts sometime during last week with many a readers asking the meaning of certain terminologies that were used in the said blog posts.
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Though we have answered most of the queries raised by our esteemed subscribers and readers individually, we think it to be prudent to summarize the same here in the form of a new post itself for the benefit of all.

The essential comments and queries were from those who had asked for the meanings and/or definitions of the usual terminologies used in the posts regarding Property Bazaar & Real estate sector.

Commonly Used Definitions & Terminologies in Real Estate Sector

"Property"

It can be termed synonymously for all those realty elements which
essentially refers to property of any kind, whether movable or immovable, tangible or intangible, and includes any right or interest in such property.

As described in the website- LegalServicesIndia, some of the prevalent theories that are usually referred to for the purpose of understanding the concept of property are:

1. Historical Theory of Property
2. Labour Theory (Spencer)
3. Psychological Theory (Bentham)
4. Functional Theory ( Jenks, Laski)
5. Philosophical Theories–
(i) Property as a means to Ethnical Ends
(ii) Property as an End in itself

[PS: Check LegalServicesIndia's website for a detailed account on Property clicking here]

"Immovable Property"

It can be termed synonymously for all
those realty elements which include land, buildings, hereditary allowances, rights to ways, lights, ferries, fisheries or any other benefit to arise out of land, and things attached to the earth or permanently fastened to anything which is attached to the earth, but not standing timber, growing crops nor grass.   [as per Indian Property Registration Act -1908, mentioned in Part-I (Preliminary section) of the same]

In simple words, Immovable Property is the property that has a fixed location and cannot be moved or transferred elsewhere. It can be built upon or affixed to the ground. Immovable property has a fixed address, determined by the jurisdiction where it is located.

By definition, immovable property is permanent, and it may include buildings, improvements and natural features. Immovable property does not normally include livestock, crops or botanical species including trees or hedges.   [as per California Civil Code Section 658]

"Movable Property"

It includes standing timber, growing crops and grass, fruit upon and juice in trees, and property of every other description, except immovable property
.   [as per Indian Property Registration Act -1908, mentioned in Part-I (Preliminary section) of the same]

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