Part XII (Finance) of the Constitution contains Article 300A which replaced the Right to Property as a Fundamental Right. Which of the following describes that change accurately?

The 44th Constitutional Amendment Act, 1978 fundamentally altered the constitutional status of the Right to Property. Previously a Fundamental Right under Articles 19(1)(f) and 31, it was removed from Part III and reintroduced as Article 300A. This change was intended to prevent excessive litigation that hindered land reform and welfare legislation. Property is now a constitutional legal right, enforceable through ordinary courts but not via Article 32. However, deprivation of property must still satisfy the authority of law, ensuring protection against arbitrary executive action and reinforcing the rule of law.