Overview
- Chief Minister Devendra Fadnavis on Monday directed officials to draft the DELTA (Maharashtra Digitisation and Exchange of Land Token Assets) Act to convert immovable property rights into blockchain-linked tokens.
- Fadnavis asked the Urban Development and Law & Judiciary departments to form an expert committee that will include representatives from SEBI, the BSE and the NSE to prepare the legal framework.
- The proposal remains at the directive stage with no bill published, no public consultation opened and drafting work to be expedited by state departments.
- Under the planned framework, tokenisation would let owners hold or trade digital tokens that represent shares of a property, which could speed transfers, allow fractional ownership and change how mortgages and financing work.
- Key drafting challenges the committee must resolve include legal recognition of tokenised ownership, dispute resolution, valuation and investor protection, tax treatment and alignment with central government rules.