What are all the property types?

A property is something legally owned by a person or a business. It can be a car, land, building, bonds, stocks, etc.

Broadly, Properties can be divided into types. Tangible Property and Intangible Property. 

 

• Properties such as automobiles, industrial equipment, furniture, and Real estate fall under the category of tangible property. Real estate is also called ‘Real property’.

• The properties that have current value, also have possibilities of future worth but they do not have any intrinsic value and fall under the category of intangible property such as stocks and bonds. Properties with intellectual worth such as design concepts, logos, and lyrics of songs also fall under the category of intangible property.

Property Types in India :

In India, properties are classified into different types and the term ‘property’ has a very wide concept. There are various enactments that deal with the concept of ‘property’ such as Benami Transactions (Prohibition, Act), 1988, and the Sales of Goods Act, 1930.

 

These different types of properties can be classified into:

Movable and Immovable Property :

 

In simple terms, A movable property is that which can be moved from one place to another with ease. On the other hand, immovable property cannot be moved including the things attached to the earth but there are some exceptions.

As per Section 2(9) of the Registrations Act, of 1908. Standing timber, grass, crops, fruits, and juice in trees also fall under the category of movable property. 

Section 2(6) of the Registrations Act states that land and things permanently attached to it including the resources provided by the land an immovable property but there are some exceptions described in Section 2 (9) of the Registrations Act, 1908.

 

Public Property and Private Property :

 

Public property is owned by the government and is used for the welfare of the public. Parks, government hospitals, government schools etcetera are examples of a public property 

A property owned by an individual is called private property. Homes, hotels, malls etcetera are examples of private property.

Both of these properties are tangible and intangible in nature.

 

Real Property and Personal Property :

 

Personal property can be tangible property or intangible property. Things such as vehicles, utensils, furniture, securities, bonds, patents etcetera fall under the category of personal property.

 In real estate, real property includes land, things attached to that land, and any development made on that land. The materials used in making a building or any other project on that land also add up to the real property such as buildings, crops, canals, machinery, roads, etc.

 

Corporeal and Incorporeal Property :

 

Properties with a tangible existence and are related to the world of trading fall under the category of corporeal property. For example land, houses, gold, silver, ornaments, etc. 

Incorporeal property is intangible in nature but is worthy. Things such as copyrights, licenses, easements etcetera are enforceable by law and are examples of this property. 

All these property types have their own purposes and many of them are also correlated. Awareness about these types and the rules related to them is important for someone who wants to invest in these properties.