Maharashtra has prepared a draft of the Maharashtra Digitisation and Exchange of Land Token Asset Act, or DELTA Act, and formed a committee to review it, Chief Minister Devendra Fadnavis said on September 9, 2026. The proposed legislation would establish India’s first legal framework for blockchain-based tokenisation of land and other immovable assets, but it has not been enacted and no tokens have been issued. Fadnavis said recommendations had reached the executive committee and that the legislation was expected within four to five months. The state estimates latent value locked in land and real estate at as large as ₹50 lakh crore, though that is a government estimate rather than a market valuation. The draft is being developed with expertise from SEBI (India’s securities regulator), BSE, NSE, industry, technology, law and academia. The initiative is intended to create legally recognised digital interests in property, potentially supporting fractional ownership, collateralisation and liquidity, but key issues involving title, registration, taxation, custody, investor protection and securities regulation remain unresolved.