TOKENIZATION IN THE REAL ESTATE SECTOR: AN ANALYSIS OF INDIA AND UAE

Gopika Kalidas, a distinguished graduate from Alliance Law School, Alliance University, Bangalore. Read More

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Introduction

The Real estate sector is one of the most stable and lucrative investment areas. However, barriers such as high entry costs, limited liquidity and geographic restrictions have made it difficult for an average investor to participate. Real estate tokenization, the process of converting property ownership into digital tokens on a blockchain, is revolutionizing the global property market by enhancing liquidity, accessibility and transparency. In simple words tokenization enables fractional ownership of property through digital tokens that are secured, transparent and tradable on a blockchain.

In rapidly growing economies like India and the United Arab Emirates (UAE), tokenization is gaining traction as a solution to traditional real estate challenges, such as high entry barriers, illiquidity and opaque transactions.  While both countries share ambitious to leverage blockchain technology, their approaches differ due to distinct economic, regulatory and cultural contexts. This article provides an in-depth analysis of the tokenization in real estate touching on fundamental concepts, technical mechanisms, regulatory framework, benefits, challenges and future potential along with an overview of tokenization in India and the UAE.

Key Concepts and Terms

Before diving deeper it’s important to understand a few foundational terms:

• Blockchain: A decentralized distributed ledger that records transactions in a secure, transparent and immutable manner.
• Token: A digital representation of a real-world assets stored on a blockchain.
• Security Token: A token that represents ownership in real estate and is subject to securities regulations.
• Fractional Ownership: Division of property ownership into smaller shares, allowing multiple investors to own a part of the property.
• Smart Contracts: Self-executing programs on a blockchain that automate contractual obligations like rent distribution or transfer of ownership.
• Special Purpose Vehicle (SPV): A legal entity created to hold the property and issue tokens representing equity or debt interest in that entity.
• Security Token Offering (STO): A fundraising method in which tokens representing ownership in a real estate asset are offered to investors.
• Know Your Customer (KYC) and Anti-Money Laundering (AML): Compliance processes to verify investor identities and prevent illegal activities.
• Secondary Market: Platforms where tokenized assets are traded post issuance, enhancing liquidity.
• Real Estate Investment Trust (REIT): A fund pooling investor capital for real estate investments, which can be tokenized for fractional ownership.

Understanding Real Estate Tokenization

1. What is Tokenization?

Tokenization is the process of converting rights to a real-world asset such as real estate into digital tokens that exist on a blockchain. So, tokenization involves representing ownership of a real estate asset as digital tokens on a blockchain[1]. Each token signifies a fractional share of a property’s value or rights, such as equity or rental income. These tokens can be bought, sold, or traded on a blockchain platforms, similar to stocks or cryptocurrencies. [2]

Tokenization in real estate involves dividing ownership or income rights to a property into smaller, tradable units, represented by tokens. These tokens can be bought and sold on digital platforms, allowing investors to own a share of a property without having to buy the entire asset. [3]

2. What is Blockchain?

Blockchain is a decentralized, immutable digital ledger that records transactions securely across multiple computers. It eliminates intermediaries by using smart contracts, self-executing agreements that automate processes like transferring ownership or distributing dividends when conditions are met. [4]

3. Why Tokenize Real Estate?

Traditional real estate markets face challenges like:

• High Capital Requirements: Properties often cost millions, excluding small investors.
• Illiquidity: Selling real estate can take months or years due to complex processes.
• Lack of Transparency: Opaque transactions and intermediaries increase costs and fraud risks.
• Geographic Barriers: Cross border investments are hindered by regulations and logistics.

There issues are addressed by tokenization by enabling fractional ownership, instant trading, transparent records, and global access, making real estate more inclusive and efficient.

How Tokenization Works in Real Estate

1. Asset Identification– A suitable property or portfolio of properties (residential, commercial or industrial) is chosen for tokenization. This also involved a determination of the market value, location, income potential and comparable sales along with legal and regulatory requirements are met.
2. Valuation and Due Diligence– A valuation to determine the fair market value is conducted on the basis for determine the total number of tokens to be issued and their initial price. Comprehensive due diligence is conducted to ensure the property is free of encumbrances and that all legal and regulatory requirements are met.
3. Tokenomics– This is the economics of the tokens, encompasses factors such as the total supply of tokens, the distribution mechanism, any potential for token burning or staking and the utility of the token within the ecosystem.
4. Legal Structuring– The property is placed into a legal entity, a SPV, is created to hold the property to comply with regulations. This SPV issues tokens that represent ownership in the company and indirectly in the asset.
5. Platform and Token Creation– Tokens are created on blockchain platform (Ethereum, Polygon or Solana) are created to represent ownership shares. Each token represents a fraction of the property’s value or rights adhering to specific technical standards.
6. Compliance– The token issuance complies with securities regulations, including KYC/AML checks for investors.
7. Smart Contract Development– Smart contracts are meticulously developed to encode the terms and conditions of ownership, income distribution, voting rights and process for potential future sales or liquidation of the property. These contracts are deployed onto chosen blockchain, where they autonomously execute according to their pre-defined rules.
8. Security Token Offering (STO) or Initial Token Offering (ITO)– The tokens are offered to investors through a regulated process, often a STO where tokens are classified as securities under applicable laws. STOs involve compliance with securities regulations, including KYC and AML procedures and the provision of detailed information about property and the token offering. In certain cases, an ITO may be conducted, depending on the legal classification of the tokens.
9. Trading Management and Exit– Once the ITO is completed the tokens may be listed on a secondary digital asset exchange, allowing investors to buy and sell their fractional ownership stakes. This secondary market trading is a key driver of liquidity is tokenized real estate. The investors can sell tokens on secondary markets or if the property is sold, receive a share of the proceeds proportional to their token holdings.

Token Standards

The Token Standards are a rules, protocols and specifications that delineate how digital tokens should behave with a blockchain environment.[5] Different blockchains offer various standards. Common ones include:

• ERC-20 (Ethereum): Basic standards for fungible tokens.
• ERC-721: For non-fungible tokens (unique assets)
• ERC-1400: A hybrid standard developed for security tokens, offering regulatory compliance feature.

 Tokenization in India

1. Current Scenario

India’s real estate sector is projected to reach $1 trillion by 2030, driven by urbanization, economic growth and government initiatives like Smart Cities Mission and Housing for All. Tokenization is emerging as a transformative tool to address the sector’s challenges, including opacity, high entry barriers and illiquidity. Platforms like alyf, hBits and RealX are pioneering fractional ownership and tokenization, attracting retail innovation. [6]

In 2024, Cyberwalk, a 1 million sq. ft. commercial property in Manesar, Gurugram, was tokenized on the DigiByte Blockchain by EGW Capital, offering investors annual rental income and price appreciation.

2. Regulatory Frameworks

India’s regulatory landscape for tokenization is evolving but lacks dedicated legislation for real estate tokens (RETs):

• Securities and Exchange Board of India (SEBI)– RETs are not explicitly classified, creating uncertainty about whether they qualify as securities or cryptocurrencies. SEBI’s regulations on fractional ownership platforms (FOPs) under the Small and Medium REITs (SM REITs) framework (2024) provide some guidance but do not address blockchain based tokens.
• Reseave Bank of India (RBI)– The RBI has not clarified the status of RETs, though it regulates virtual digital assets (VDAs) under the Prevention of Money Laundering Act (PMLA), requiring KYC or AML compliance for tokenized platforms.
• International Financial services Centres Authority (IFSCA)– In GIFT City, Gujarat, IFSCA has introduced a regulatory sandbox for tokenization platforms like Terazo and Tokeny, marking India’s first regulated tokenized real estate offerings.
• Telangana Government– The Telangana Department of Information Technology, Electronics, and Communications released a Technical Guidance Note on Asset Tokenization in 2024, offering insights into technical standards and proposing a structured approach for startups venturing into tokenization.
• Blockchain District– Telangana’s establishment of a Blockchain District, supported by partners like IIT Hyderabad and Tech Mahindra, fosters innovation in blockchain applications, including real estate.

Despite these initiatives, the absence of a clear legal definition for RETs hinders mainstream adoption. Indian regulators are looking to jurisdictions like the UAE, USA, and Switzerland for guidance.

3. Case Studies

• Terazo and Tokeny– Terazo, a private market investing platform, collaborated with Tokeny to develop India’s first regulated tokenized real estate asset in GIFT City, which was approved by the IFSCA. Oryx, their main initiative, promises to democratize real estate investing using blockchain technology.  The USD 7 million fund allows main investors to contribute up to $100,000, while secondary investors can spend as little as $1,000. [7]
• Cyberwalk, Manesar (2024)– A 1 million sq. ft. commercial property was tokenized on the DigiByte blockchain by EGW Capital. Tokens represent fractional ownership, offering investors rental income and potential appreciation. The asset is listed on digital exchanges supporting tokenized assets. Demonstration of tokenization’s potential for commercial real estate, attracting retail investors and NRIs.[8]
• RealX Platform– RealX, an Indian startup, offers tokenized real estate products combining blockchain with fractional ownership. Investors can buy tokens representing shares in residential or commercial properties, with smart contracts automating income distribution. Pioneers retail focused tokenization, making high value properties accessible to small investors.[9]

Tokenization in the UAE

1. Current Scenario

The UAE, particularly Dubai, is a global leader in real estate tokenization, driven by its tech forward vision, robust regulatory frameworks, and dynamic property market. The UAE’s real estate sector contributes significantly to its economy, with Dubai’s market generating AED 411 billion ($111 billion) in sales in 2023. Tokenization is aligning with the Dubai Economic Agenda D33 and Dubai Real Estate Sector Strategy 2033 to enhance innovation and global investment.

The UAE’s tokenized real estate market is projected to reach $16 billion by 2033, representing 7% of Dubai’s total real estate transactions. The global market, valued at $2.7 billion in 2022, is expected to hit $3.894 trillion by 2029, with the UAE at the forefront. [10]

The Dubai Land Department (DLD) launched the Real Estate Tokenization Project in March 2025 under the Real Estate Evolution Space (REES) initiative, making DLD the first Middle Eastern entity to tokenize property title deeds.[11]

2. Regulatory Frameworks

The UAE has a progressive regulatory environment for tokenization, fostering innovation while ensuring investor protection:

• Emirates Securities and Commodities Authority (SCA)– Security tokens, including RETs, are classified as securities, subject to the same regulations as traditional securities, including licensing and KYC/AML requirements.
• Dubai Virtual Assets Regulatory Authority (VARA)– VARA collaborates with DLD to regulate tokenized real estate, ensuring compliance with blockchain and virtual asset laws.
• Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM)– These financial hubs have introduced frameworks for digital assets, including tokenization, with DIFC’s Tokenization Regulatory Sandbox supporting pilot projects.
• Anti-Money Laundering Measures– The UAE enforces strict AML and counter-terrorism financing regulations for tokenized platforms, aligning with global standards.
• Real Estate Innovation Initiative (REES)– Launched by DLD, REES promotes blockchain adoption through partnerships with VARA, Dubai Future Foundation (DFF), and the Central Bank of the UAE.

The UAE’s proactive regulations, inspired by jurisdictions like Switzerland and Luxembourg, position it as a global hub for tokenized real estate.

3. Case Studies

• Dubai Land Department’s Real Estate Tokenization Project (2025)- Launched in March 2025, this pilot project tokenizes property title deeds on a blockchain, in collaboration with VARA and DFF. The project enables fractional ownership, allowing multiple investors to co-own properties. It aims to attract global tech firms and investors. Dubai is one of the leaders in blockchain based real estate, with a projected market value of $16 billion by 2033.[12]
• SmartCrowd Platform– Founded in 2016, SmartCrowd is a UAE based tokenized real estate platform offering fractional ownership of residential and commercial properties. Using blockchain, SmartCrowd ensures transparent transactions and allows investors to diversify portfolios with small investments. This democratizes access to Dubai’s high value properties, attracting retail and international investors.[13]

The Benefits Tokenization in Real Estate  

Tokenization offers transformative advantages over traditional real estate investment:

• Increased Liquidity– Traditionally, real estate is considered an illiquid asset. Selling a property can be a time consuming and costly process. Tokenization transforms these static assets into more liquid digital tokens that can be traded on secondary markets with greater ease and speed, potentially reducing transaction costs and providing investors with more flexibility.
• Lower Barriers to Entry– The high capital requirements for direct real estate investment often exclude a significant portion of the population. Fractional ownership through tokenization allows individuals to invest smaller amounts, democratizing access to this asset class and enabling portfolio diversification for a wider range of investors.
• Global Access– Tokenized real estate can be offered to a global pool of investors (subject to regulatory compliance), breaking down geographical barriers and potentially attracting more capital to real estate projects. This can be particularly beneficial for properties in emerging markets or unique investment opportunities.
• Transparency and Security– Blockchain technology provides an immutable and transparent record of ownership and transactions. All token transfers are recorded on the distributed ledger, enhancing trust and reducing the risk of fraud. Smart contracts further enhance transparency by automating the terms of ownership and distribution, eliminating the need for intermediaries in certain processes.
• Fractional Ownership– Tokenization allows investors to own fractions of high value or trophy assets, such as iconic skyscrapers, resorts, or vineyards, previously accessible only to institutional investors.
• Cost Efficiency– Traditional real estate transactions involve numerous intermediaries, including brokers, lawyers, and notaries, leading to significant fees and administrative overhead. Tokenization can streamline these processes through smart contracts and direct peer to peer trading on exchanges, potentially reducing transaction costs and shortening settlement times.
• Automated Management and Distribution– Smart contracts can automate the distribution of rental income to token holders based on their ownership percentage, eliminating the need for manual calculations and payments. They can also manage voting rights and other governance aspects of the property more efficiently.
• Flexibility and Granularity– Tokenization allows for the creation of highly granular ownership fractions, enabling investors to tailor their investments to their specific financial capacity and risk appetite. It also opens up possibilities for innovative financial products linked to real estate assets.

Real-World Applications

• Residential Real Estate– Single-family homes, condos, or multi-family units can be tokenized for fractional ownership, attracting retail investors seeking stable rental income or appreciation.
• Commercial Real Estate– Office buildings, retail centers, warehouses, and hotels can be tokenized to diversify investor portfolios and enhance liquidity.
• Specialized Assets– Trophy assets (iconic buildings, luxury resorts etc.) or undeveloped land can be tokenized to attract high net worth and retail investors.
• Cash Flow Tokenization– Tokenization can separate rental income streams from property ownership, allowing investors to buy tokens tied to future cash flows without owning the asset.
• Tokenized REITs and Funds– Real estate funds or REITs can be tokenized to enhance liquidity and accessibility, allowing investors to trade shares on blockchain exchanges.

The Challenges of Tokenization

While there is major potential there are also several hurdles being:

• Regulatory Uncertainty– Real estate tokens are often classified as securities, subject to strict regulations. In the U.S., the SEC applies the Howey Test to determine if tokens are securities, limiting access for nonaccredited investors. Globally, regulatory frameworks vary, with some countries (like Singapore, UAE) being more progressive than others.
• Valuation Complexity and Market Volatility– While the initial valuation of the underlying property is crucial, the market value of the tokens themselves can be influenced by factors beyond the property’s fundamentals, such as market sentiment, trading volume on exchanges, and the overall performance of the cryptocurrency market. Establishing stable and reliable valuation mechanisms for tokenized real estate remains a challenge.
• Security Risks– While blockchain technology is inherently secure, the platforms and exchanges where tokens are traded, as well as the wallets used to store them, can be vulnerable to hacking and cyberattacks. Robust security measures and secure custody solutions are essential to protect investors’ assets.
• Adoption Barriers– Real estate tokenization is a relatively new concept, and widespread adoption requires educating investors, real estate professionals, and regulatory bodies about its benefits, risks, and operational intricacies. Overcoming skepticism and fostering understanding are crucial for mainstream acceptance.
• Technical Challenges– Blockchain scalability (handling high transaction volumes), interoperability (connecting different blockchains), and cybersecurity (hacking, market manipulation) are ongoing issues.
• Job Disruption– Tokenization and digitalization may reduce demand for traditional roles, such as brokers, title agents, or escrow officers. Studies in Germany suggest significant job restructuring in real estate due to digital transformation.
• Standardization– The lack of standardized protocols and interoperability between different blockchain platforms and tokenization platforms can create friction and limit the seamless transfer and trading of real estate tokens across different ecosystems.

Regional Trends

• Africa and Latin America: Emerging markets like Nigeria and Brazil are exploring tokenization, but regulatory and technical barriers slow progress.
• Asia: Singapore and Hong Kong have progressive frameworks, fostering tokenization growth. Japan is an early adopter with clear guidelines.
• Europe: Luxembourg’s Blockchain Law IV positions it has a hub for tokenized assets. Switzerland, Germany, and the UK are active, with supportive regulations.
• Middle East: The UAE is a leader with blockchain friendly policies and real estate focused initiatives.
• North America: The U.S. leads due to its mature real estate market and regulatory frameworks, through SEC restrictions limit retail access. Canada is emerging with pilot projects.

Notable Examples

• Regis Aspen Resort (2018)– The St. Regis Aspen Resort, a $68 million luxury property in Colorado, was tokenized via Aspen Coin, raising $18 million through a security token offering. Investors purchased tokens representing fractional ownership, receiving rental income and potential appreciation. The offering targeted accredited investors, complying with SEC regulations. This demonstrated the viability of tokenizing high value assets, attracting global investors and enhancing liquidity.[14]
• Hello World in Baar (2019)– Led by Michael Truebestein, this commercial building became the world’s first tokenized property, issued on the Ethereum blockchain. Tokens represented ownership shares, with smart contracts automating rental income distribution. The project showcased blockchain’s transparency and efficiency. This set a precedent for tokenized real estate, inspiring similar projects in Europe and beyond.[15]
• Dallas Apartment Complex (2023)– A $47 million apartment complex in Dallas raised $6.5 million through tokenized investments, targeting both retail and institutional investors. Tokens were issued via a blockchain platform, with investors receiving monthly rental income. The offering complied with U.S. securities laws. There was highlight on tokenization’s ability to attract diverse investors, paving the way for more U.S. based projects.[16]
• HarbourVest Fund (2023)– HarbourVest tokenized a $500 million private real estate fund, allowing fractional ownership for institutional and high net worth investors. Tokens were traded on a blockchain exchange, offering liquidity and transparency. The fund included a diversified portfolio of commercial properties. The project demonstrated tokenization’s potential for large scale funds, bridging traditional finance and blockchain.[17]

Conclusion

Real estate tokenization is a game changer, leveraging blockchain to make property investment more accessible, liquid, and transparent. By enabling fractional ownership, reducing costs, and opening global markets, it addresses longstanding challenges in the sector. Applications range from residential and commercial properties to specialized assets and tokenized funds, with a market projected to reach $3 to 16 trillion by 2030. While regulatory, technical, and adoption hurdles persist, the success of projects like the St. Regis Aspen and Dallas apartment complex demonstrates tokenization’s viability. As blockchain technology matures and regulations evolve, tokenization will likely become a cornerstone of real estate investment, reshaping the industry for decades to come.

In India, tokenization is in its early stages, with platforms like RealX and projects like Cyberwalk paving the way for retail investors. However, regulatory uncertainty and technical limitations hinder growth. In contrast, the UAE is a global leader, with government backed initiatives like DLD’s Real Estate Tokenization Project and mature platforms like SmartCrowd driving innovation. Its progressive regulations and robust infrastructure position it ahead of India, though both face challenges like cybersecurity and education needs.

Both nations share the potential to democratize real estate through fractional ownership and global access, yet the UAE’s advanced regulatory framework and infrastructure give it a head start. Overcoming challenges like cybersecurity, regulatory clarity, and stakeholder education will be critical for both to unlock tokenization’s full potential, fostering innovation and attracting diverse investors in this rapidly evolving sector.

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[1] Real Estate Tokenization: Legal Perspectives in Europe and the Middle East, https://thetechisland.org/blog/real-estate-tokenization-legal-perspectives-europe-and-middle-east.

[2] Asset Tokenization: Unlocking New Possibilities for the Enterprise, https://www.kaleido.io/blockchain-blog/guide-to-tokenization.

[3] Asset Tokenization: What It Is and How It Works, https://chain.link/education/asset-tokenization.

[4] What is blockchain?, https://www.ibm.com/think/topics/blockchain.

[5] Token Standards, https://academy.binance.com/en/glossary/token-standards.

[6] Asset Tokenisation in the Indian Real Estate Sector, https://www.lexology.com/library/detail.aspx?g=3b05bb3b-8b83-4386-93b5-74bde3277399.

[7] Terazo and Tokeny Join Forces for India’s First Regulated Tokenization Project, https://tokeny.com/terazo-and-tokeny-join-forces-for-indias-first-regulated-tokenization-project/.

[8] Real Estate Tokenization, The Next Big Thing In India, https://www.openpr.com/news/2088565/real-estate-tokenization-the-next-big-thing-in-india.

[9] RealX Investment Token, https://realxtoken.finance/en.

[10] Dubai Launches Real Estate Tokenization Pilot: Projects $16 Billion Market, https://coincentral.com/dubai-launches-real-estate-tokenization-pilot-projects-16-billion-market/.

[11] UAE Witnesses US$3 Billion Real Estate Tokenization: Dubai’s Sandbox Model Draws Global Attention, https://www.middleeastbriefing.com/news/uae-witnesses-real-estate-tokenization-dubais-sandbox/.

[12] Dubai Land Department Launches Pilot Phase of the ‘Real Estate Tokenisation Project’, https://dubailand.gov.ae/en/news-media/dubai-land-department-launches-pilot-phase-of-the-real-estate-tokenisation-project#/.

[13] SmartCrowd, https://www.smartcrowd.ae/.

[14] Aspen Coin Case Study (Tokenization of Real Estate Part 2), https://medium.com/@hannah_pham/aspen-coin-case-study-tokenization-of-real-estate-continued-3d61870ab48f.

[15] “Hello World” from the Crypto Valley: first real estate transaction on blockchain, https://medium.com/blockimmo/hello-world-from-the-crypto-valley-first-real-estate-transaction-on-blockchain-2bf985b0ff3.

[16] Tokenized real estate: Gamechanger or fad?, https://swiftlane.com/newsletter-archive/tokenized-real-estate/.

[17] HarbourVest Partners Launches the HarbourVest Private Investment Fund, https://www.businesswire.com/news/home/20250402447119/en/HarbourVest-Partners-Launches-the-HarbourVest-Private-Investment-Fund.