Chief Minister Devendra Fadnavis has directed officials to draft the DELTA Act, with an expert committee including SEBI, BSE and NSE representatives set to shape a property-tokenization framework.
Maharashtra has moved beyond early exploration of a blockchain-based real estate regime by directing officials to prepare draft legislation for the proposed Maharashtra Digitisation and Exchange of Land Token Asset Act, or DELTA Act. Chief Minister Devendra Fadnavis said the measure is intended to create a legal framework for digitizing and exchanging tokenized interests linked to immovable property through blockchain technology, a step that could make Maharashtra the first Indian state to introduce a dedicated property tokenization law. Fadnavis said he chaired a meeting in Mumbai to review the draft proposal and linked the effort to Maharashtra’s goal of becoming a $1 trillion economy by 2030, describing property tokenization as a way to unlock value embedded in land and real estate assets. Under the plan, immovable properties would be tokenized on a blockchain-enabled digital framework, with transactions conducted through tokens linked to the value of those assets. He also directed officials to study international laws, regulatory models and industry practices while preparing the bill. An expert committee comprising representatives from the Securities and Exchange Board of India, the Bombay Stock Exchange and the National Stock Exchange, along with domain specialists and experienced professionals, will draft the legislative framework. The proposal lands as tokenization draws wider policy attention in India even as the country lacks a dedicated framework for tokenized real-world assets. Maharashtra had previously signaled interest in the area, and projects in GIFT City have already used regulated structures for tokenized real estate under existing securities and virtual digital asset rules rather than bespoke tokenization legislation. The push also stands apart from India’s more cautious national stance on cryptocurrencies and privately issued stablecoins. While regulators have tightened crypto compliance and anti-money laundering oversight, policy discussions around blockchain-based asset tokenization have continued in parallel as a distinct area, particularly for real estate and fractional ownership models.