CM Devendra Fadnavis inaugurates an expo at Global Fintech Fest
Mumbai: Maharashtra will become the first state in India to create a legislative framework for blockchain-based tokenisation of land and other immovable assets to realise value from real estate estimated at Rs 50 lakh crore, CM Devendra Fadnavis said at Global Fintech Fest (GFF).
Fadnavis said the state was bringing in the architecture for Maharashtra Digitisation and Exchange of Land Token Asset Act, or Delta Act, following his commitment at last year’s GFF to work towards making Maharashtra India’s first “tokenised state”. The framework is aimed at unlocking capital tied up in land and other physical assets and converting wealth without liquidity into productive capital. It would allow owners to digitally divide and trade ownership or economic rights in property, making otherwise illiquid land easier to sell, finance or raise money against.
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MMRDA metropolitan commissioner Sanjay Mukherjee handed over in the CM’s presence letters on allotment of prime commercial plots in BKC to Sebi, NSE and ED for a combined lease premium of over Rs 2,652 crore. Sebi has been allotted 16,000sqm for Rs 606.3 crore, NSE 43,980sqm for Rs 1,684.3 crore and ED 10,500sqm for Rs 361.4 crore.
The initiative would require legal certainty, consumer protection and regulatory trust, according to Fadnavis. “Innovation at this scale must be accompanied by legal certainty, consumer protection and regulatory trust,” he said. Operationalising Delta Act will require collaboration among the central govt, institutions and the Maharashtra govt, Fadnavis said. He said tokenisation was intended to improve transparency and liquidity rather than encourage speculation. He said Maharashtra would seek to become India’s largest real-world testbed for the next generation of fintech and invited companies to bring solutions for MSMEs, agriculture, public finance, fraud prevention and citizen services. He said the state would work with companies to test solutions, deploy them at scale and take successful ones to global markets.
The framework is being developed with expertise from Bombay Stock Exchange , National Stock Exchange (NSE), industry, technology, law and academia. “For us, tokenisation is not about speculation. It is about unlocking productive capital. It is about bringing transparency, improving liquidity and making assets more productive. ” Fadnavis also identified agentic artificial intelligence as the second major transformation facing fintech.