Maharashtra To Introduce DELTA Act For Blockchain-Based Property Tokenisation, First-Of-Its-Kind Law In India
The Maharashtra government is preparing a first-of-its-kind legal framework to allow blockchain-based property tokenisation through the proposed DELTA Act. CM Devendra Fadnavis said the law should provide ownership protection, transparency and faster transactions. Officials will study global practices and include experts from SEBI, BSE and NSE while drafting rules for the new digital asset system.
Maharashtra To Introduce DELTA Act For Blockchain-Based Property Tokenisation, First-Of-Its-Kind Law In India |
The Maharashtra government is set to introduce a first-of-its-kind law to unlock the economic potential of immovable properties through blockchain-based tokenisation, with Chief Minister Devendra Fadnavis directing officials to draft the proposed DELTA (Maharashtra Digitisation and Exchange of Land Token Assets) Act.
Goal: USD 1 Trillion Economy
Chairing a meeting at Sahyadri Guest House on Monday, Fadnavis said the legislation should enable property owners to realise the latent value of their assets while creating new revenue streams for the state as it works towards becoming a USD 1 trillion economy by 2030.
The Chief Minister directed the Urban Development and Law & Judiciary departments to constitute an expert committee comprising representatives from the Securities and Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE) and domain experts to prepare a comprehensive legal framework.
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Under the proposed law, immovable properties would be tokenised using blockchain technology, allowing digital transactions linked to the underlying value of land. Fadnavis said the legislation should ensure legal certainty, transparency and protection of ownership rights while facilitating faster and more efficient property transactions.
He asked officials to study international best practices and the relevant regulatory framework of the Government of India while drafting the legislation. If enacted, Maharashtra would become the first state in the country to introduce a dedicated law for blockchain-based property tokenisation.
The Chief Minister said the proposed framework would not only simplify property transactions and mortgage financing but also generate new economic opportunities for property owners and boost the state's revenue through emerging digital asset technologies.
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