Property law in India governs the ownership, transfer, and rights related to movable and immovable assets, ensuring orderly transactions and dispute resolution.
India recognizes six statutory modes of transfer for immovable property under the Transfer of Property Act, 1882 (Sections 54 to 137).
Statutory Modes
These are explicitly defined: sale (transfer of ownership for price, Section 54), mortgage (to secure debt, Section 58), lease (transfer of possession for time/price, Section 105), exchange (mutual transfer of ownership, Section 118), gift (voluntary transfer without consideration, Section 122), and actionable claim(transfer of debt claims, Section 130).
Key Requirements
Immovable property worth ₹100+ requires a registered instrument (except leases under 1 year); delivery suffices for lower values in sales. Practical methods like relinquishment or partition derive from these (e.g., release via gift/sale).
Key Legislation
The Transfer of Property Act, 1882 (TPA), is the cornerstone, regulating sales, mortgages, leases, gifts, and exchanges of property between living persons.
Complemented by the Registration Act, 1908; Indian Succession Act, 1925; Partition Act, 1893; and personal laws like the Hindu Succession Act for inheritance.
Scope
Covers immovable property (land, buildings) and movable assets (vehicles, shares), excluding wills, leases under 1 year, and transfers to unborn persons or prohibited properties like public offices.
Applies nationwide except certain historical exclusions (e.g., pre-1956 Part B States), emphasizing competent parties, valid consideration, and registration for immovable property over ₹100.
Rights and Duties
Owners enjoy possession, use, and disposal rights under Article 300A of the Constitution, with duties like disclosure and care during transfers per Sections 55 of TPA.