The concept of private property has always recognized the rights of the owner of the property, who has either inherited the property of acquired it otherwise after paying due consideration. But latest developments in the legal arena have resulted in the recognition of rights of the creator or inventor of a property. The rationale behind it being that the creator has applied mind, resources and efforts to create something novel, so he must have exclusive rights over it. Such rights, called as Intellectual Property Rights, which secure the rights of the creator over his creations; be it novel design, or a trademark to be used for commerce, of his literary or artistic creation, or a novel product or invention. The Universal Declaration of Human Rights also recognize the rights of a person over his intellectual property under its Article 27. It says that a person who has created some literary piece of work, or a design, product or trademark, then that person’s material interests over that creation shall be secured. This paper also attempts to study the development and history of the concept of IPR and the objective behind it. These rights basically aim to secure commercial gains to the creator or inventor who has created something novel. The condition for being granted IPR is that the creation must be novel, a creation which has not already been created by another human being. The creator must satisfy others that his creation is only possible because of his intellect and has not already been created by anybody else. There are various types of IPR like copyright, trademark, patent, etc. However, Intellectual Property Rights are not absolute. They are granted for a limited period of time. Technology has played a big role in new inventions. Because of high tech resources available, the number of Intellectual properties has increased, leading to more and more filing of IPR claims in all sectors.