On Monday, Maharashtra Chief Minister Devendra Fadnavis instructed government officials to draft a new law that would enable the tokenisation of immovable properties using blockchain technology. The initiative is part of the state’s effort to unlock hidden value in land assets and generate new revenue streams. It aligns with Maharashtra’s goal of becoming a USD 1 trillion economy by 2030.
The directive was announced during a meeting chaired by the CM at the Sahyadri Guest House. The focus was on reviewing the proposed DELTA (Maharashtra Digitisation and Exchange of Land Token Assets) legislation. The meeting set the tone for the upcoming legal framework.
Fadnavis stressed that the law should unlock the latent value of immovable properties while safeguarding public interest. He emphasized that the legislation must be comprehensive and protective of owners’ rights. The goal is to create a transparent and efficient market for land assets.
The CM directed the formation of an expert committee comprising representatives from SEBI, BSE, NSE, and specialists from the sector. This committee will prepare a detailed legal framework for tokenisation. Their expertise will help address regulatory gaps and ensure smooth implementation.
The proposed law seeks to enable tokenisation of land and other immovable assets through blockchain. Digital tokens would represent the value of these assets and facilitate easier transfer and trading. This approach could reduce paperwork and speed up transactions.
Maharashtra would become the first state in India to introduce such legislation. Fadnavis urged officials to study global laws, regulations and platforms that govern asset tokenisation before finalising the framework. Learning from international best practices will strengthen the state’s policy.
The CM highlighted that the entire process should be digital and legally protected, with clear ownership rights over tokenised assets. He called for input from industry bodies, legal experts, researchers and start‑ups. This collaboration aims to eliminate loopholes in the framework.
The current system of property transactions and mortgaging is time‑consuming. Tokenisation could make these processes more efficient and help property owners realise untapped value. It also promises faster access to credit for borrowers.
Fadnavis directed the Urban Development Department and the Law and Judiciary Department to expedite work on the proposed legislation. They must also examine relevant central government regulations. The government aims to bring the bill to the floor as soon as possible.