Right to Property was omitted from Part III of the Constitution by the

The 44th amendment of the Indian Constitution removed the Right to Property in 1978.
It was removed from the Constitution under the Moraji Desai government.
Article 19(1)(f) and Article 31 guaranteed the rights of citizens to hold property.
It was removed from the list of fundamental rights and included in the list of legal rights under Article 300A.
Article 300-A of the constitution provided that “no person shall be deprived of his property save by authority of law.
The Right to Property was removed to:
Prohibit excessive possession of land in the hands of few people

Implement land ceiling laws in India.

The Right to Property is not a part of the basic structure of the Constitution.
Right to Property which is removed from the list of Fundamental Rights through the 44th Amendment becomes a simple legal right under Article 300A.
The 44th Amendment of 1978 removed the right to property from the list of fundamental rights.
A new provision, Article 300-A, was added to the constitution, which provided that "no person shall be deprived of his property save by authority of law".
It has been held to be a human right and a constitutional right.
Additional Information

Some important Amendments in the Constitution:

Amendment Act Description
1st Amendment Act
It was made in 1951.
It amended Article 15(4).
9th Schedule was also added.
42nd Amendment Act
It was made in 1976.
It is also known as the Mini Constitution of India.
Fundamental Duties were also added.
It added 'SOCIALIST, SECULAR and INTEGRITY' in the Preamble.
44th Amendment Act
The Amendment aimed to undo several changes that had been made to the Constitution by the 42nd Amendment which had been enacted by the Indira Gandhi-led Indian National Congress during the Emergency.
61st Amendment Act
Reduce the age of voting from 21 to 18.
What was removed: The right to property was removed by repealing Article 19(1) (f) and Article 31.

What was added: Article 300-A was added to the Constitution, which states that "no person shall be deprived of his property save by authority of law".

Result: The right to property is now a legal right, not a fundamental right.