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

Since the time this blog (bricks-n-mortar.com) came into existence in April 2008, we keep receiving umpteen queries pertaining to Property Circle Rates; e-Stamping;  Stamp duty, Real Estate Registration fee; etc.-- from our subscribers, readers and blog visitors.

Many readers keep asking about the Commonly Used Definitions & Terminologies in Property Bazaar / Real Estate Sector in India. They want to know the meaning of certain commonly used terminologies and jargon in context to the Indian Real Estate Sector and Property Bazaar and related Market Transactions.

Though we keep answering most of the queries raised by our esteemed subscribers and readers individually, we think it would be prudent to summarize the same here in the form of a blog post itself for the benefit of all.

Commonly Used Terminologies in Real Estate Sector in India

"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 depicted by LegalServicesIndia, some of the prevalent theories that are usually referred to for the purpose of understanding the concept of Real Estate Property in India 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

"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 adopted from California Civil Code Section 658]

"Movable Property"

It includes those properties the final product or shape of which are not fixed, and can be moved to other geographical location(s). 

Examples: 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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Team bricksNmortar 's End Note to this log post:

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Should you have any other query or doubt regarding these or other similar terminologies used in real estate jargon, do shoot your query to us. We would be glad to provide you the answers.  :)

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