Maharashtra Chief Minister Devendra Fadnavis on Monday, 20 July directed state officials to draft a new DELTA (Maharashtra Digitisation and Exchange of Land Token Assets) Act, aimed at unlocking the latent economic value of immovable properties for public benefit. The proposed legislation, if enacted, would make Maharashtra the first state in India to introduce a dedicated law for blockchain-based property tokenisation.

What the DELTA Act Proposes

Under the proposed framework, immovable properties would be tokenised using blockchain technology, enabling more efficient transactions, faster property dealings, and value enhancement of land assets. Fadnavis stressed that the entire ecosystem must be fully digital, with property transactions conducted through tokens directly linked to the underlying value of land. He also directed that the legislation must clearly establish ownership rights in blockchain-enabled property transactions.

The Chief Minister noted that existing processes for property purchase, sale, and mortgage financing are often time-consuming. A tokenised digital framework, he argued, would significantly improve efficiency and allow property owners to realise the latent value of their assets, creating broader economic opportunities.

Expert Committee to Draft the Legislation

Fadnavis directed the constitution of 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 experienced professionals from relevant fields. The committee will be tasked with preparing a comprehensive and inclusive law covering all stakeholders. The Urban Development Department, along with the Law and Judiciary Department, has been asked to expedite the drafting process.

Minister of State for Urban Development Madhuri Misal was present at the review meeting, which examined the draft framework of the proposed Act.

Global Context and Maharashtra's Ambition

Fadnavis observed that several developed countries have already begun building platforms for property tokenisation, and Maharashtra should not fall behind in adopting such emerging technologies. He directed officials to study international laws, regulations, and best practices in this domain. The Chief Minister emphasised that the proposed law must be backed by a strong legal framework to ensure certainty, transparency, and legal protection.

Expertise from reputed institutions, domain experts, researchers, and start-ups is expected to be incorporated during the drafting phase. Officials have also been asked to align the proposed Act with relevant regulations of the Government of India.

Link to Maharashtra's USD 1 Trillion Economy Goal

The DELTA Act initiative is positioned as a key enabler of Maharashtra's broader economic ambition of becoming a USD 1 trillion economy by 2030. Fadnavis said the legislation should help create new revenue streams for both property owners and the state government, harnessing untapped economic potential embedded in property assets across Maharashtra.

This comes amid a global surge in interest in real-world asset tokenisation, with blockchain-based property platforms gaining traction in markets such as the UAE, Singapore, and parts of Europe. Maharashtra's move signals an intent to position itself as a regulatory pioneer in this space within India.