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Maharashtra has begun work on a new law that proposes the blockchain-based tokenisation of land and other immovable properties, making it the first state in India to pursue such legislation. The proposed framework aims to digitally represent property value through tokens while ensuring legal protection and ownership clarity. An expert committee with representatives from SEBI, BSE, NSE and industry specialists will help draft the framework. The initiative is expected to improve property transactions, unlock the value of real estate assets and support the state's long-term economic growth plans.
Maharashtra has initiated the process of drafting a new law to enable blockchain-based tokenisation of land and other immovable properties. During a review meeting held in Mumbai in the past week on the proposed DELTA (Maharashtra Digitisation and Exchange of Land Token Assets) legislation, Chief Minister Devendra Fadnavis directed officials to prepare a comprehensive legal framework that can help unlock the untapped value of land assets while protecting public interest.
The proposed legislation is intended to allow the tokenisation of land and other immovable assets using blockchain technology. Under the framework, digital tokens would represent the value of physical properties, creating a digital ownership structure while maintaining legal safeguards.
The Chief Minister said the proposed law should help utilise the untapped value of immovable properties more efficiently and contribute to the state's target of becoming a USD 1 trillion economy by 2030. He also instructed officials to ensure that the framework is legally sound and supports transparent and secure digital transactions.
As part of the drafting process, the state government will constitute an expert committee comprising representatives from the Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE), National Stock Exchange (NSE), along with legal experts, blockchain specialists and industry professionals. The committee will be responsible for preparing a detailed legal framework for the proposed legislation.
The Chief Minister also directed officials to study global regulations, legal frameworks and platforms that govern the tokenisation of real-world assets before finalising the proposed law. He said the legislation should be prepared after taking inputs from industry associations, legal experts, researchers and start-ups to ensure that there are no regulatory gaps.
He further stated that the entire tokenisation process should remain fully digital while providing legal protection and clearly defining ownership rights over tokenised assets. According to the government, establishing a robust legal framework will be essential to build confidence among investors, property owners and other stakeholders.
The state government believes that the existing process of buying, selling and mortgaging immovable properties is often lengthy and documentation-intensive. It expects that blockchain-based tokenisation could simplify these processes, improve efficiency and enable property owners to unlock the economic value of assets that may otherwise remain underutilised.
Officials from the Urban Development Department and the Law and Judiciary Department have been directed to speed up work on the proposed legislation after examining relevant regulations and legal provisions issued by the central government.
The initiative comes at a time when real-world asset tokenisation is gaining global attention as governments and financial institutions explore blockchain technology for improving asset ownership, transparency and liquidity. While several countries have introduced regulatory frameworks or pilot projects for tokenised assets, Maharashtra's proposal could make it the first Indian state to introduce dedicated legislation for blockchain-based tokenisation of immovable properties.
Source PTI
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