- Property initially comprised land and a dwelling which fulfilled a generic need.
- It has now become a tool of investment.
- It is a permanent asset which is .unaffected by inflation or normal wear and tear.
- It is also the cause of many disputes, acrimony and strife in the society and the family.
- Property besides material possessions has now acquired a new dimension in the form of intellectual property.
- Conclusion: So great is the greed of property that people forget it is to serve life and not above life itself.
“Property is the fruit of labour; property is desirable, it is a positive in the world,” said Abraham Lincoln. It plays an important role in life and is defined as things that are owned whether in the form of land or real estate. Ever since man set foot on earth, he set about fulfilling his generic need, which was first of food and clothing, for himself and his family. To avoid conflict over food, he delineated some part of the land for himself to cultivate and grow food crops, for the subsistence of the family. Thus began the concept of property, on which he claimed ownership right. However his greed fuelled the desire of acquiring more and more of this asset, which has now become a malice, leading to corruption, and crime.
Thus property which fulfilled a generic need of providing livelihood and shelter from the vagaries of nature and beasts in due course of time become synonymous with power and status. A person possessing more land or house property, came to be regarded as rich and wealthy, consequently commanding more respect and a better status in the society.
This was for more land meant more agricultural produce and consequently more wealth. In the cities because of pressure on land, a small plot or even a flat fetches a lakh of rupees. Inflation and and lack availability of land has skyrocketed the price of real estate, making it a good investment option for investors and it a good hedge against inflation. Thus property which once fulfilled a basic generic need has now become a tool of investment, to increase one’s wealth.
Besides being a good investment, it is an asset which is not subject to normal tear like cars and automobiles. Moreover since the person has complete right over it, he can bequeath it to his children without the fear of it being stolen, as in case of money or any other moveable asset.
However it is the cause of many disputes, acrimony and strife in the society and the family. There are instances of siblings fighting for a rightful share in ancestral property, which has poisoned the spirit of brotherhood and affection in joint families. People with wealth and muscle power are grabbing land or houses, evicting lawful owners. So great is the allurement that goons can go to any extent including murder, to annex property.
Besides being a material asset, property has now acquired a new dimension in the form of intellectual property. Such a property is the creation of the intellect and is assigned to the owner by law. It includes invention, patent, literary or artistic work of value etc. There are special laws that protect individuals ct individual’s intellectual property right, so that people are motivated to explore and invent new things and technology, for the betterment of the society.
Thus property plays an important role in life. So great is the greed to accumulate it, that people go to any extent to acquire it. They forget that property is there to serve life and till not above life itself. Martin Luther King rightly said “Property is intended to serve life and no matter how much we surround it with rights and respect, it has no personal being. It is part of the earth man walks on. It is not man.”