India is moving to extend its blockchain initiatives into real estate through Maharashtra’s proposed Digitisation and Exchange of Land Token Asset (DELTA) Act, a framework intended to support the tokenization of immovable property.

Maharashtra has proposed the DELTA Act, becoming the first Indian state to take such a step. Chief Minister Devendra Fadnavis has directed state officials to prepare draft legislation for the proposal. If approved, Maharashtra would become the first Indian state to adopt a legal framework for property tokenization.

The proposed Maharashtra Digitisation and Exchange of Land Token Asset (DELTA) Act is intended to create a law that enables immovable property to be tokenized. The framework could introduce on-chain real estate ownership in India and make property transactions more accessible through blockchain-based ownership records.

Maharashtra Seeks Legal Framework for Tokenized Property

Fadnavis said Maharashtra has taken the initiative to introduce the DELTA Act as part of a broader effort to promote digital ownership of immovable property. The state aims to tokenize property interests so that ownership can be represented digitally.

The proposal is also linked to Maharashtra’s stated goal of becoming a $1 trillion economy within the next four years. Fadnavis has said property tokenization could significantly support the state’s financial economy by opening new revenue opportunities. He has therefore instructed officials to begin preparing the legislative draft for the DELTA Act.

Under the proposed framework, ownership interests in immovable property would be converted into digital tokens. These tokens would represent a share or interest in a property, creating a new model for real estate ownership in India. Supporters of the proposal say the structure could make transactions more transparent, efficient, and accessible.

For such a system to carry legal force, token records would need to work alongside India’s established property laws, registration processes, and land revenue records. In India, land administration is largely handled at the state level, making Maharashtra’s proposed framework especially important as a state-led test case for applying blockchain records to real estate ownership.

Officials to Study Global Regulations

Maharashtra’s interest in property tokenization comes as several jurisdictions explore or implement frameworks for tokenized real-world assets. Fadnavis has ordered state officials to study regulations and guidelines for the sector in other countries before finalizing the proposed legislation.

Dubai is among the jurisdictions that have moved ahead in property tokenization. The city has launched a government-backed tokenization pilot through the Dubai Land Department (DLD). Dubai has also introduced clearer industry rules through the Virtual Assets Regulatory Authority (VARA).

The United States, the European Union, and the United Kingdom have also taken steps related to real-estate tokenization. These jurisdictions have introduced measures including anti-money laundering rules and investor protection standards for the sector.

Those examples show why legal design matters for tokenized property. Real-estate tokens can involve questions of title, transferability, custody, disclosures, and buyer protections, while any secondary trading may require compliance with financial-market and anti-money laundering rules.

Indian Crypto Industry Calls Proposal a Milestone

Crypto industry participants in India have described the DELTA Act proposal as a significant policy development. Some community members view it as one of the country’s largest blockchain policy initiatives and a key step for real-world asset (RWA) tokenization.

Mudrex co-founder Edul Patel said the DELTA Act represents India’s first major move toward adopting RWA tokenization. He added: “Real estate is India’s largest illiquid asset class. A legal wrapper for tokenised land titles means faster transactions, cleaner ownership trails, and potentially, new mortgage and lending products built on programmable, verifiable ownership.”

Another Indian crypto commentator on X, Unnati, said the proposal could “set the precedent for how RWAs are regulated, financed, and traded not just in India, but globally.”

A major unresolved issue is how India’s existing land registration system would be integrated with tokenization. Managing that transition remains a key challenge for the proposal, along with the details of the draft legislation, including how tokenized interests would be created, verified, transferred, and recognized by authorities.