why government is not making land records on blockchain in india

Blockchain in real estate revolutionizes property transactions through increased transparency, efficiency, and liquidity by utilizing decentralized ledgers for land registry, smart contracts for automating agreements, and tokenization for fractional ownership. It reduces reliance on intermediaries, lowers transaction costs, and speeds up buying, selling, and leasing, with notable applications including property tokenization, secure record-keeping, and automated rental payments. [1, 2, 3, 4, 5]

Key Applications and Benefits:

Tokenization of Real Estate Assets: Real estate can be divided into smaller, digital tokens, enabling fractional ownership and lowering the barrier to entry for investors. Platforms like Lofty allow investment in property shares for as low as $\$50$.
Smart Contracts: These self-executing contracts with the terms directly written into code can automate processes such as lease agreements, rent payments, and ownership transfers, reducing administrative burdens.
Increased Transparency & Security: Blockchain provides an immutable record of property ownership, transaction history, and titles, significantly reducing the risk of fraud and disputes.
Efficiency in Transactions: By eliminating or reducing the need for traditional intermediaries (brokers, agents), blockchain streamlines the due diligence process and speeds up the entire transaction lifecycle.
Global Accessibility: Tokenized properties can be traded on blockchain-based platforms, offering liquidity and access to a broader, global pool of investors.
Innovative Financing: Smart contracts can facilitate faster and more secure loan origination and repayment. AI and blockchain are being used to transfer existing, lower interest rates on loans to new properties, as highlighted by CNBC. [2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12]

Challenges:

Regulatory Hurdles: The legal framework for tokenized assets and blockchain-based property transfers is still evolving.
Administrative Implementation: Integrating blockchain with existing, often antiquated, land registry systems requires significant infrastructure changes. [1, 13, 14, 15, 16]

Key Players and Examples:

JLL (Jones Lang LaSalle): Utilizing blockchain for enhanced, secure, and transparent transaction management.
RealT: A company that enables fractional ownership of real estate through blockchain tokens, managing hundreds of properties.
Lofty: A platform focused on fractional property ownership and daily rental income distribution via the Algorand blockchain.
Government Initiatives: Examples include Sweden’s land registry experiments and India’s Property Chain (Bhoomi, e-asthi) applications in Karnataka. [5, 10, 17, 18]