The primary issue around Clause 7.1 is that the right to property as a fundamental right was snatched away from Indians in 1978.

A short thread... https://twitter.com/_YogendraYadav/status/1263782240514785280

Between 1951 through 1976, seven amendments—1st (1951), 4th (1955), 17th (1964), 25th (1971), 39th (1975), 40th (1976), and 42nd (1976)—were brought in, all of which were struck down by the Supreme Court.

Finally, with the 44th Amendment (1978) and the repeal of Article 19(1)(f), the right to property was taken away.
With two exceptions:
1. Minorities to establish and administer educational institutions.
2. Persons holding land for personal cultivation within the ceiling limit.

This assault was party-neutral: “While the Congress Govt for over a quarter of a century had eaten into the vitals of Article 31(2) ... it was left to the Janata Govt to eliminate the right to property from the list of Fundamental Rights,” wrote legal expert Durga Das Basu.

Perhaps this ridiculous proposal can ignite a real debate on reversing the past and including the Right to Property as a Fundamental Right.