Maharashtra to draft DELTA Act for blockchain based property tokenisation
On Monday, Maharashtra Chief Minister Devendra Fadnavis directed state officials during a meeting at the Sahyadri Guest House to draft a pioneering law, the proposed DELTA (Maharashtra Digitisation and Exchange of Land Token Assets) Act, to enable blockchain-based property tokenisation. The landmark legislation aims to unlock the latent economic value of immovable properties and establish secure, transparent digital property transactions.
During the meeting at the Sahyadri Guest House, Fadnavis emphasized that the legislation should enable property owners to realise the latent value of their assets. At the same time, the measure is designed to create new revenue streams for the state as it works towards becoming a USD 1 trillion economy by 2030. If enacted, Maharashtra will become the first state in India to introduce a dedicated legal framework for blockchain-based property tokenisation.
To prepare the comprehensive legislation, Chief Minister Fadnavis directed the state's Urban Development Department and the Law & Judiciary Department to constitute a specialized expert committee. This committee will comprise representatives from the Securities and Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), and various domain experts.
Under the proposed DELTA Act, immovable properties would be tokenised using blockchain technology, allowing digital transactions to be directly linked to the underlying value of the land. Fadnavis stated that the legislation must ensure legal certainty, transparency, and the protection of ownership rights, while facilitating faster and more efficient property transactions.
The Chief Minister instructed officials to study international best practices and the relevant regulatory frameworks of the Government of India during the drafting process.
According to Fadnavis, the proposed framework will not only simplify property transactions and mortgage financing but will also generate new economic opportunities for property owners. Additionally, the initiative is expected to boost the state's revenue through the adoption of emerging digital asset technologies.
