What is immovable Property? Rights and things associated with it | By ResaleAdvisor

 

What is immovable Property? Rights and things associated with it | By ResaleAdvisor





Property has been a part of human life since the dawn of civilization. It is a source of pride and ownership, representing a sense of belonging. Property can be divided into two categories: movable and immovable, both of which have distinct rules and regulations that must be followed. You can visit www.resaleadvisor.com for getting more information on real estate.

What is the definition of immovable property?


Immovable property is any type of asset that cannot be physically moved and has its own right of ownership. It is usually referred to as real estate and, if its value is over 100 rupees, must be registered in accordance with the Indian Registration Act, of 1908. According to Section 3 (26) of the General Clause Act, of 1847, the immovable property includes land, any benefits derived from the land, and any objects that are attached to the Earth or permanently affixed to anything attached to the Earth.

 

What are the rights associated with immovable properties? 

 

1. Right of rent collection – The owner of immovable property has the right to receive rent by leasing out the property.

 

2. Right of dues collection – The property owner can collect fees from those who use their land for cultivating crops.

 

3. Right of the ferry – The property owner has the right to charge a fee for operating a vessel or ferry on the water bodies in order to provide transportation.

 

4. Right of way – The owner of the property has the right to decide whether or not it should be open to the public; any unauthorized entry is a criminal offense.

 

5. Right of fishery/factory – The owner has the right to fish in the water bodies or to build a factory on the land.

 

 

What is not included in the immovable property?

 

The following things are not included in the immovable property:

 

1. Standing timber – Wood from babool, shisham, neem, peepal, and banyan trees are not suitable for construction purposes which is why they are included in immovable property.

 

2. Growing crops – Creepers such as pans, which do not have an independent existence and do not require any human involvement for growth, are not considered to be immovable properties.

 

3. Grass  – Grasses are considered to be movable property due to their use as fodder for animals.

What is the difference between movable and immovable property?


Movable property

Immovable property


Any item that can be transported from one location to another.

Anything that is fixed to the ground cannot be moved.

This can be enforced through contractual agreements.

They are transferred according to real estate laws.

One has the option to either register or not register the property.

It is mandatory to register properties of this type.

It can be divided into portions easily.

Partitioning or dividing is not permitted.

This property is subject to Value-Added Tax (VAT).

This property is subject to stamp duty taxation.

Examples include watches, vehicles, etc

Examples: houses, buildings, etc

 

Conclusion

 

By reading through this entire article, the reader will gain a comprehensive understanding of the advantages and disadvantages of immovable properties. It is highly recommended to consider all the details associated with a property before making a purchase, as this will be beneficial in the long run. While an immovable property may appear more desirable than a movable one, it also has its drawbacks, such as the inability to transfer or divide it. Therefore, it is important to be aware of these aspects before making an informed decision. You can visit www.resaleadvisor.com for getting more information on real estate.
Location: Sector 4, Noida, Uttar Pradesh 201301, India

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