There are two ways of acquisition to the immovable property by a person –
- By act of parties.
Example: Purchase, gift etc.
- By operation of law.
Example: Inheritance, decree of Court etc.
Note – For details please see Transfer of Property Act, 1882 (Central Act)
Property law is the area of law that governs the various forms of ownership and tenancy in real property (land as distinct from personal or movable possessions) and in personal property, within the common law legal system.
Immovable property is an immovable object, an item of property that cannot be moved without destroying or altering it – property that is fixed to the earth, such as land or a house. In the United States it is also commercially and legally known as real estate and in Britain as property.
The following categories can purchase immovable property in India:
- Non-Resident Indian (NRI)
- Person of Indian Origin (PIO)