Maharashtra to introduce blockchain law for property tokenisation

Maharashtra is set to introduce legislation that will permit the tokenisation of immovable properties using blockchain technology, according to an announcement by Chief Minister Devendra Fadnavis. The proposed DELTA Act aims to create a comprehensive legal framework governing the conversion of land and other fixed assets into digital tokens on distributed ledger systems.

The move represents a significant step towards modernising property transactions and ownership records in the state. By leveraging blockchain technology, the legislation seeks to streamline the process of property tokenisation, potentially reducing transaction times and enhancing transparency in real estate dealings.

The proposed framework is expected to address regulatory requirements and legal safeguards necessary for the secure digital representation of immovable assets. State officials have indicated that the legislation will establish clear guidelines for stakeholders involved in property tokenisation, including buyers, sellers, and intermediaries.

While specific timelines for the Act's introduction have not been detailed, the announcement signals Maharashtra's intent to position itself at the forefront of emerging financial technologies in India. The development comes as several Indian states explore blockchain applications across various sectors of governance and commerce.