Mumbai, July 20 — Chief Minister Devendra Fadnavis on Monday directed officials to propose a new DELTA (Maharashtra Digitisation and Exchange of Land Token Assets) Act to unlock the latent value of immovable properties for public benefit.
He said the proposed legislation should harness the untapped economic potential of property assets and help create new revenue sources as Maharashtra works towards achieving its goal of becoming a USD 1 trillion economy by 2030.
The Chief Minister also directed that an expert committee comprising representatives from SEBI, BSE, NSE and experienced professionals from the field be constituted to draft a comprehensive and inclusive legislation covering all relevant stakeholders. The directions were issued during a meeting to review the draft framework of the proposed DELTA Act. Minister of State for Urban Development Madhuri Misal was present at the meeting.
Fadnavis said that globally, property tokenisation is emerging as a means of generating new income streams and enhancing the value of land assets. Under the proposed framework, immovable properties would be tokenised using blockchain technology, enabling value enhancement and more efficient transactions.
He directed officials to study the laws, regulations and best practices adopted internationally in this field. Maharashtra, he noted, would become the first state in India to propose legislation of this kind, continuing its tradition of pioneering progressive and path-breaking laws.
He emphasised that the entire ecosystem developed through blockchain technology would be digital, with property transactions taking place through tokens linked to the underlying value of land.
He stressed that these transactions must be backed by a strong legal framework to ensure certainty, transparency and legal protection. While drafting the legislation, the expertise of reputed institutions, domain experts, researchers and start-ups should be fully utilised. The law should also clearly establish ownership rights in blockchain-enabled property transactions.
Fadnavis observed that the existing processes for property purchase, sale and mortgage financing are often time-consuming. Transforming these into a digital, tokenised framework would significantly improve efficiency and transaction speed. It would also enable property owners to realise the latent value of their assets, creating greater economic opportunities.
He further directed officials to study the relevant regulations of the Government of India when drafting the legislation and asked the Urban Development Department, along with the Law & Judiciary Department, to expedite the preparation of the proposed Act.
Noting that several developed countries have already begun creating platforms for property tokenisation, the Chief Minister said Maharashtra should not lag behind in adopting such emerging technologies.
He added that, in addition to benefiting property owners, the proposed framework is expected to enhance the State’s revenue.