Maharashtra Chief Minister Devendra Fadnavis on Monday directed officials to draft a new law for blockchain-based tokenisation of immovable properties, saying it should unlock the “latent value” of land assets and help create new revenue streams as the state works towards its goal of becoming a USD 1 trillion economy by 2030.

Chairing a meeting at Sahyadri Guest House to review the proposed DELTA (Maharashtra Digitisation and Exchange of Land Token Assets) legislation, Fadnavis said the law should enable the productive use of the “latent value” in immovable properties while safeguarding public interest, PTI reported.

He also directed the government to constitute an expert committee comprising representatives from Securities and Exchange Board of India (SEBI), Bombay Stock Exchange (BSE), National Stock Exchange (NSE) and specialists from the sector to prepare a comprehensive legal framework.

According to an official release, the proposed law seeks to facilitate tokenisation of land and other immovable assets through blockchain technology, allowing digital tokens to represent the value of such assets.

Fadnavis said Maharashtra would become the first state in the country to propose legislation of this nature and asked officials to study global laws, regulations and platforms governing asset tokenisation before finalising the framework.

“The entire process should be digital and legally protected, with clear ownership rights over tokenised assets. The legislation should also draw on the expertise of industry bodies, legal experts, researchers and start-ups to ensure there are no gaps in the framework,” the CM said.

The present system of property transactions and mortgaging assets for loans is time-consuming, and digitisation through tokenisation could make the process more efficient while enabling property owners to realise the untapped value of their assets, he added.

Fadnavis directed Urban Development Department and Law and Judiciary Department to expedite work on the proposed legislation after examining relevant central government regulations.