We look at what constitutes an immovable property and the rights associated with owning them in India
You would have heard the term ‘immovable property’ often. Simply put, anything that cannot be moved from one place to another is immovable property. It has rights of ownership attached to it. Here is a look at what constitutes an immovable property.
What is movable and immovable property?
A movable property, as per many references and common understanding, refers to things like jewelry, watches, computers, money, etc. The term ‘movable property’ has been mentioned in Section 12(36) of the General Clause Act, 1847 and Transfer of Property Act, 1882. Section 22 of the Indian Penal Code (IPC) has provided the definition of movable property as any corporeal property except land and things permanently attached to the earth.
Immovable property commonly refers to real estate – a house, warehouse, manufacturing unit, or a factory. Trees or plants attached to the earth are also immovable property. In the case of realty, they remain liable to legal statutes and also taxation.
Rights associated with immovable property
If a person owns the immovable property, he/she has certain rights. These include:
Right to collect rent: A property owner is legally eligible to collect rent by leasing out his property.
Right to collect dues: If the property has been leased out so that another person/party can cultivate on it or use it to earn through his/her service, the owner of the immovable property has the right to collect the dues.
Right of ferry: This refers to the authority’s right to maintain a vessel upon a body of water, in order to transport people and vehicles across it, in exchange for the payment of a reasonable toll. A ferry can also be the continuation of a highway from one side of a water body to the other.
Right of way: A particular land may be private or public and trespassing on it may be a legal offense.
Right of fishery or factory: There may be access rights to fish in a certain water body or access to a certain factory and this would be restricted to the owner of this immovable property.
Other rights on immovable property
Other rights include the right to future rent and profits, hereditary offices of priests, equity of redemption, a reversion in a property that is leased, interest of a mortgage, and right to collect lac from trees.
SOURCE – https://housing.com/news/what-is-immovable-property/