Mumbai: Maharashtra will soon have a law that facilitates digitisation and exchange of land token assets. It will allow real estate assets to exist as verifiable digital entities on blockchain, enabling property owners to monetise their holdings efficiently.On Monday, CM Devendra Fadnavis directed the administration to draft the Maharashtra Digitisation and Exchange of Land Token Assets Act. He instructed the setting up of a committee comprising SEBI, BSE, NSE and experts and experienced persons in the field to formulate a comprehensive law.At a meeting at the Sahyadri State Guest House, Fadnavis said that in future the value of land will be increased by tokenising properties and creating a source of income. “The value of real estate will be increased by tokenising them through the blockchain method. For this, the laws, rules and practices currently existing in the world should be studied. Maharashtra is the first state in the country to propose such a law,” he said.The entire system developed through the blockchain method will be digital. Through this method, transactions will be made by giving tokens according to the value of the land. In this entire process, it is very important to have legal protection for such transactions and hence the proposed Delta Act.“In the current process, whether it is a purchase and sale transaction or the process of providing loan collateral to banks, it is time-consuming. If this entire process is digitised and brought in the form of tokens, it will bring dynamism. Also, the property owner can get great benefits by identifying the hidden value of their property,” said Fadnavis.
