A major challenge faced by the law as it struggles to keep up with advances in technology is the surprising rate at which it canters along, throwing up new varieties of disputes, new types of transactions and even new types of property. This note examines the concept of virtual property and the problems that may arise from it in the specific context of cyberspace games, as well as the ways in which such problems have been dealt with by the law in the past and how they may be better dealt with in the future. It also discusses the existing debate over the need for legal regulation of virtual property and endeavours to see if the provisions of Indian law are sufficient to deal with cases such as these.