Chief Minister Devendra Fadnavis has instructed officials to develop a new DELTA Act aimed at unlocking the value of immovable properties for public benefit. The proposed legislation seeks to leverage the economic potential of property assets to establish new revenue streams as Maharashtra strives to achieve a USD 1 trillion economy by 2030. Fadnavis has called for the formation of an expert committee, including representatives from SEBI, BSE, NSE, and industry professionals, to draft a comprehensive law involving all stakeholders.
Globally, property tokenisation is gaining traction as a method to generate additional income and boost the value of land assets. The envisioned framework involves tokenising immovable properties through blockchain technology to enhance their value and streamline transactions. Maharashtra aims to pioneer such legislation in India, emphasizing the digital ecosystem created by blockchain technology for property transactions, ensuring legal certainty, transparency, and protection.
Fadnavis highlighted the inefficiencies in current property processes like purchase, sale, and mortgage financing, underscoring the need for a digital, tokenised system to enhance efficiency and transaction speed. By embracing this digital framework, property owners can unlock the latent value of their assets, leading to increased economic opportunities. The Chief Minister urged officials to expedite the drafting of the Act by studying relevant Indian regulations and collaborating with various stakeholders.
Several developed nations have already initiated property tokenisation platforms, prompting Maharashtra to embrace these emerging technologies to stay competitive. The proposed legislation is not only expected to benefit property owners but also enhance the state’s revenue streams.
