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The term property springs from the Latin word ‘propertietat’ and therefore the French equivalent ‘proprious’ which suggests ‘a thing owned’. The concept was known to ancient Greeks, Hindus, Romans, Jews etc.
The concept of property occupies a crucial place in human life because it's virtually impossible to measure without the utilization of fabric objects which constitute the topic matter of property.
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The concept of property and ownership are very closely associated with one another . the 2 are mutually interdependent and correlative. One necessary implies the existence of the opposite . There are often no property without ownership and no ownership without property.
In times , aside from its common use, ‘property’ is employed during a wider sense also. In its widest sense, it includes all the rights which an individual has. Thus a person’s life, liberty, reputation and every one other claims which he may need against other persons is his property.
The term property is employed also to denote the proprietary rights of a person as against his personal rights. during this sense, it means a person’s land, house, his shares during a business etc.
It is utilized in a 3rd sense also, that is, to mean proprietary rights in rem. Salmond takes the term during this sense. He says: “The law of property is that the law of proprietary right in rem, the law of proprietary rights in personam being distinguished from it because the law of obligations. consistent with this usage, a freehold or leasehold estate in land, or a patent or copyright is property: but a debt or the advantage of the contract isn't .”
There is also a fourth and therefore the narrowest sense during which the term ‘property’ is employed . during this sense, property includes nothing quite the corporeal property or the proper of ownership in material things. Bentham has preferred to interpret the term property during this sense.
According to Ahrens, property is “a material object subject to the immediate power of an individual house for sale in chandausi .”
After the Indian Independence, when the Constitution of India came into force on 26th January, 1950, the proper to property was included as a ‘fundamental right’ under Article 19(1)(f) and Article 31 partially III, making it an enforceable right.
However, during the primary decade of independence era, it had been felt that the proper to property as a fundamental right was an excellent impediment in ushering a just socio-economic order and a source of conflict when the State was to accumulate personal property for public purposes, particularly, expansion of rail, road and industries etc.
In order to urge obviate this hurdle, the Supreme Court within the historic case known Fundamental Rights Case held that the proper to property is not any a part of the essential structure of the constitution and thus , Parliament can acquire or deduct personal property of persons for concerned good and within the public interest.
Thereafter, Parliament passed the Constitution 44th Amendment which made right to property a standard right under Article 300-A.
However, the Supreme Court in one among the cases has made it clear that the chief cannot deprive an individual of his right to property without the authority of law. The State can acquire a person’s property for public purpose on payment of compensation, which require not be necessarily just equivalent of the worth of the property so acquired, but such compensation must not be illusory and irrationally disproportionate.
The latest position with reference to property in India is well expressed by the Supreme Court of India in Indian Handicraft Emporium v. Union Of India, wherein the Court observed that right to property may be a right as a constitutional right under Article 300-A, but it's not a fundamental right. it's indeed a Statutory right but each and each claim to property wouldn't be property rights.