One of the earliest works regarding Space Technology advancement achieved by sovereign is exploration the idea of ‘asteroid mining’ was the opera “Edison’s Conquest of Mars (1898)”, by Garrett P. Servis, in which the hero follows a fleet of spaceships running into ‘Martians’ mining asteroids for gold. In recent years, technological developments have led to the conviction that this science fiction stuff might turn into reality. Countries like the USA, Luxembourg and UAE have enacted domestic laws to regulate or rather facilitate space resources exploitation. The growing interest in exploiting resources contained in the celestial bodies including the Moon and near-earth asteroids has opened up a global debate on the regulatory/legal framework under which such operations are to be carried out. In order to regulate space activity within national territory and foreign territories as per international agreement and commitments. The Power and Responsibility of Statutory Authority, Dispute Resolution mechanism for non-governmental private entities (NGPE) and cogent definition and application of Space Activity, Property Rights in the context of Space Intellectual Property Rights is also necessary for Exploration and Exploitation of Space Resources under International law besides promotion of domestic space activities. In the above backdrop, this study reviews the status of the discussions on desirability of Space legislation for sustainable Space Activity Regulation at par with the international concerns and their adequacy in dealing with technical and legal challenges associated with the subject