Maharashtra is preparing a new legal framework that would allow immovable property to be tokenized through a blockchain-based system, according to the state government’s latest proposal. Chief Minister Devendra Fadnavis has approved work on the planned Digitization and Exchange of Land Token Assets, or DELTA, Act as part of the state’s broader economic ambitions.
New law proposal
Under the proposal, state officials have been directed to draft the DELTA Act and design the rules needed to support it. The initiative is framed as a way to unlock what the government describes as the latent value of immovable property in Maharashtra.
The effort is tied to the state’s target of building a $1 trillion economy by 2030. According to the proposal, tokenization could create a more digital market structure around land and real estate assets, allowing them to be represented and exchanged through blockchain-based records.
Committee to draft the framework
Fadnavis also ordered the formation of an expert committee to prepare a comprehensive legislative framework for the measure. The committee is expected to include representatives from the Securities and Exchange Board of India, the Bombay Stock Exchange and the National Stock Exchange, along with other experienced professionals.
Their role will be to help shape the legal and operational structure for the proposed system. The state also plans to review international laws, regulatory approaches and best practices as it develops the legislation.
How the system is expected to work
The proposal envisions immovable properties being placed on a fully digital, blockchain-enabled system. Transactions would be carried out using tokens linked to the value of the underlying property.
If implemented, that structure could support the fractionalization of real estate and potentially allow on-chain trading of property-linked assets. The proposal suggests this may increase transaction volumes, expand digital asset trading activity and raise state revenue, although those outcomes remain part of the plan rather than established results.
Officials also present the blockchain-based record system as a way to reduce lengthy manual processes and lower the risk of fraud by creating permanent and verifiable ownership records.
Push to be first in India
Maharashtra said it wants to become the first Indian state to introduce legislation of this kind. The government’s approach is being positioned as an attempt to align with blockchain practices seen in other jurisdictions and to keep the state competitive with more digitally advanced economies.
The proposal remains at the framework stage, with the DELTA Act yet to be drafted by officials and reviewed through the committee process. For now, the announcement marks an early but significant step in Maharashtra’s attempt to place real estate tokenization within a formal legal structure.
The move reflects a broader state-level push to test whether blockchain-based asset systems can be adapted to conventional sectors such as property. What Maharashtra is proposing is not yet a functioning market, but a plan to build legislation, consult market institutions and study overseas models before deciding how such a system could operate in practice.
Source: Coin Edition