Mumbai, September 9 (Daily Kiran) : Maharashtra Chief Minister Devendra Fadnavis announced on Wednesday that the state government is preparing to launch the proposed “Digitization and Exchange of Land Token Asset Act” (Delta Act) within the next four to five months.
This legislation aims to establish a legal and regulatory framework for the blockchain-based digitization and tokenization of land and real estate properties. Once implemented, Maharashtra will become the first state in India to adopt such a measure.
In an interview with an English news channel, Fadnavis revealed that recommendations related to the proposed law have already been submitted to the executive committee. The state government is currently finalizing the framework, which will issue blockchain-supported digital tokens based on the value of real estate assets.
Fadnavis stated, “We are developing the structure for the Maharashtra Digitization and Exchange of Land Token Asset Act. The drafting requires extensive coordination among the central government, financial institutions, and state agencies.”
He emphasized that a robust regulatory framework connecting real estate rights and financial markets is essential. The state government is collaborating with institutions such as the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE), and the Bombay Stock Exchange (BSE) to achieve this goal.
According to the Chief Minister, the involvement of these institutions is crucial for addressing key issues related to property trading rules, regulatory compliance, and digital asset rights. The primary goal of the Delta Act is to legally recognize digital tokens that represent ownership or shares in real estate properties.
Fadnavis noted that blockchain-based tokenization will expedite property transactions, enhance transparency, and simplify the process of mortgaging properties for bank loans. Additionally, property owners will be able to leverage the value of their assets more effectively.
This initiative builds on the Maharashtra government’s previous policies aimed at increasing transparency and efficiency in land record management through emerging blockchain technology.
The proposed Delta Act will be based on extensive digital reforms carried out by the state’s revenue and land records department. The department has developed a unified digital portal that offers various land record services on a single platform.
According to the revenue department, this portal provides access to over 35 million 7/12 (Satbara) and 8A documents, 15 million land maps, property cards, and millions of mutation records at the click of a button.
Furthermore, digitally signed land documents with QR codes have been granted full legal recognition, eliminating the need for physical signatures from Talathi or revenue officials.
The mutation process in the state has also been automated and moved online. As soon as a property sale or transfer document is registered, the corresponding mutation entry automatically begins. This is expected to reduce delays, fraud, and ownership disputes.
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