Maharashtra has started preparing draft legislation for a blockchain-based framework to tokenize interests in immovable property, a move that could make it the first Indian state to introduce a law specifically focused on property tokenization.
Proposal for a new legal framework
Chief Minister Devendra Fadnavis said the state government has begun work on the proposed Maharashtra Digitisation and Exchange of Land Token Asset Act, or DELTA Act. The planned law is intended to establish rules for digitizing and exchanging tokenized interests connected to immovable property using blockchain technology.
According to a statement shared by Fadnavis on X, the proposal is aimed at creating a legal structure for how such assets could be represented and transferred through a blockchain-enabled system. The idea, as outlined by the chief minister, is for immovable properties to be tokenized within a digital framework, with transactions carried out through tokens linked to the value of those assets.
Meeting in Mumbai and state economic goals
Fadnavis said he chaired a meeting in Mumbai to review the draft legislation and instructed officials to prepare the proposal. He linked the initiative to Maharashtra’s broader ambition of becoming a $1 trillion economy by 2030.
In his account of the meeting, Fadnavis said the state would need to develop new revenue sources to help reach that target. He described property tokenization as one possible way to unlock value embedded in land and real estate assets for public benefit, though the framework remains at the proposal stage.
Committee to draft the legislation
To develop the measure, an expert committee will prepare what Fadnavis described as a comprehensive legislative framework. The committee is set to include representatives from the Securities and Exchange Board of India, the Bombay Stock Exchange and the National Stock Exchange, along with domain specialists and other experienced professionals.
Fadnavis also directed officials to examine international laws, regulatory approaches and industry practices while drafting the bill. That suggests the state intends to compare overseas models before finalizing how tokenized property interests might be handled under Maharashtra law.
What the DELTA Act could mean
If the DELTA Act is enacted, it would make Maharashtra the first Indian state to introduce legislation dedicated to blockchain-based property tokenization, according to the chief minister. For now, the measure remains a draft proposal, and the source article does not indicate a timeline for completion or passage.
The announcement places Maharashtra among the jurisdictions exploring how blockchain systems could be used for real-world assets, but the current development is limited to the start of legislative work. What emerges next will depend on the committee’s draft and the state’s eventual decisions on the legal and regulatory design of the framework.
Source: crypto.news