Mumbai, Sep 9 (IANS): Maharashtra Chief Minister Devendra Fadnavis said on Wednesday that the state is set to introduce the proposed Digitisation and Exchange of Land Token Asset Act (DELTA Act) within the next four to five months.
The legislation aims to establish a regulatory and legal framework for the blockchain-based digitisation and tokenisation of land and immovable property, making Maharashtra the first state in India to implement such a system.
Speaking to an English television channel, CM Fadnavis said that recommendations for the proposed law have already been submitted to the Executive Committee.
The state government is currently finalising the structural design of the framework, which will issue blockchain-backed digital tokens representing the underlying value of real estate assets, he added.
"We are currently shaping the structure of the proposed 'Maharashtra Digitisation and Exchange of Land Token Asset Act' (DELTA Act)," CM Fadnavis said, emphasising that the drafting process requires meticulous execution and extensive coordination among the Central government, financial institutions, and state authorities.
To build a robust regulatory ecosystem bridging real estate rights and financial markets, the state government is collaborating closely with market regulators and capital market institutions, including the Securities and Exchange Board of India (SEBI), the National Stock Exchange (NSE), and the Bombay Stock Exchange (BSE).
Their participation is critical to addressing key aspects such as asset trading rules, regulatory compliance, and digital property rights, the Chief Minister added.
The primary objective of the DELTA Act is to provide a legal basis for creating digital tokens that represent ownership or partial stakes in real estate based on core underlying value.
CM Fadnavis highlighted that blockchain tokenisation will speed up transactions, streamline buying and selling processes for immovable assets, simplify using real estate as collateral for bank loans and enable property owners to monetise trapped asset value efficiently through fractionalised or tokenised models.
This regulatory initiative builds on Maharashtra's prior policy commitment to leverage emerging blockchain technology for transparent and efficient land record management.
The proposed DELTA Act builds upon extensive digital governance and administrative reforms introduced by Maharashtra's Revenue and Land Records Department.
A unified digital portal that consolidates land record services into a single gateway.
It provides single-click access to more than 3.5 crore 7/12 (Satbara) and 8A extracts, 1.5 crore land maps, and property cards, along with hundreds of millions of mutation records, the revenue department sources said.
Full legal status and digital validity have been granted to digitally signed land extracts (7/12, 8A, and Urban Property Cards) bearing QR codes, eliminating the need for physical signatures from Talathis or Revenue Officers.
An automated online mutation process is linked directly to Sub-Registrar Offices (SROs). Once a property sale or transfer deed is registered, an automated Ferfar entry (mutation entry) is triggered, minimising delay, fraud, and legal disputes over title updates.
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This report was published from a syndicated wire feed. Apart from the headline, the EdexLive Desk has not edited the copy.