Maharashtra has taken a concrete step toward becoming the first Indian state with a dedicated legal framework for tokenizing immovable property. Chief Minister Devendra Fadnavis has directed officials to prepare the draft Maharashtra Digitisation and Exchange of Land Token Asset Act (DELTA Act), which aims to create a blockchain‑based system for digitizing and exchanging tokenized interests linked to real estate.
The announcement came after a high‑level meeting in Mumbai on July 20, 2026, where Fadnavis reviewed the proposed legislation and underscored its importance for Maharashtra’s ambition to build a $1 trillion economy by 2030. The DELTA Act envisions immovable properties being represented by digital tokens on a blockchain, enabling transparent ownership records and regulated transactions. The state estimates that tokenization could unlock nearly ₹50 trillion (approximately $595 billion) in dormant real estate value.
An expert committee will now draft the legal framework, with representatives from the Securities and Exchange Board of India (SEBI), the Bombay Stock Exchange (BSE), the National Stock Exchange (NSE), along with legal, financial and technology specialists. The committee’s mandate includes studying international regulatory models and defining whether property tokens will represent ownership records, investment interests, income rights or securities — decisions that will shape custody rules, trading protocols and anti‑money laundering obligations.
The DELTA Act enters the policy debate as tokenization gains traction among Indian policymakers, though the country still lacks a dedicated law for tokenized real‑world assets. In GIFT City, for instance, regulated tokenized real estate structures are already operating under existing securities rules, using platforms like Tokeny and Terazo on public blockchains such as Polygon. Meanwhile, the Reserve Bank of India continues to advise restricting cryptocurrencies and privately‑issued stablecoins from the formal financial system, highlighting the cautious divide between India’s stance on crypto and its growing interest in blockchain‑enabled asset tokenization.
