Digitalizing Land Ownership: NKDA Partners with Airchains to Implement NFT-Based Land Mutation in New Town Kolkata

Digitalizing Land Ownership: NKDA Partners with Airchains to Implement NFT-Based Land Mutation in New Town Kolkata

The West Bengal New Town Kolkata Development Authority (NKDA), in collaboration with Airchains, announces a transformative step in the realm of land ownership within New Town Kolkata. This innovative initiative digitalizes land ownership through NFT-based mutation, harnessing cutting-edge blockchain technology to revolutionize the management of land records with utmost security, transparency, and efficiency.

Taking a step forward into the 21st century, the New Town Kolkata Development Authority (NKDA) has embraced blockchain and NFTs for land mutation to replace traditional bureaucracy with a transparent, efficient, and secure digital system and transform the real estate landscape.

The state government's decision to embrace and harness blockchain technology in its administrative processes reflects its dedication to transparency, efficiency, and a willingness to embrace innovative solutions that enhance governance and the well-being of its citizens.

In the past, the process of land mutation was cumbersome, involving numerous paperwork and multiple visits to government offices. However, with the advent of digitalization and the evolution of Web3, the process has become much more streamlined and transparent. The blockchain model enables fractional property ownership, creating up to 10 lakh new investment opportunities.

“New Town Kolkata stands as an extraordinary project, where every land detail is exclusively managed by HIDCO, acting on behalf of the state government. This distinctive arrangement provides us with a remarkable advantage in the land market, supported by a decade's worth of meticulously documented records. Our aim is to revolutionize the real estate sector by introducing transparency akin to the financial system, ensuring effortless transactions for the masses. Through our partnership with Airchains, we can transform our exceptional advantage into a tangible force in the land market. Our objective is to streamline the process of buying and selling land, eliminating the inherent challenges associated with such transactions. To accomplish this, we have identified NFTs as the perfect solution, as they enable the physical tokenization of properties, simplifying the entire procedure.” - Debashish Sen, Chairman, NKDA

With Airchains' expertise in blockchain solutions and NKDA's vision for progress, this groundbreaking approach replaces cumbersome paperwork with a secure, tamper-proof, and decentralized system, ensuring indisputable proof of ownership for every land mutation.

“Empowering grassroots adoption of Web3 technology marks a remarkable milestone for the Indian Web3 sector. Our primary focus has always been on achieving widespread mainstream adoption. By collaborating with Airchains and NKDA, we seize the opportunity to demonstrate the profound potential of blockchain technology in revolutionizing the archaic systems of today.” Sandeep Nailwal, Co-founder, Polygon

Through the deployment of 500,000 Non-Fungible Tokens (NFTs) on Polygon Supernets, the initiative will bring about a paradigm shift in the land mutation process across 27,000 acres. This cutting-edge innovation promises to redefine real estate transactions, making them more accessible and significantly reducing the risk of fraud.

With a vast expanse of 27,000 acres of land and a staggering 50,000 NFTs representing 1,000,000 ownerships, the NKDA's adoption of NFTs for land mutation has revolutionized the traditional approach.

About New Town Kolkata Development Authority

The establishment of the New Town Kolkata Development Authority was authorized by The New Town Kolkata Development Authority Act, 2007 (The West Bengal Act XXX of 2007) to provide diverse civic services and amenities in the region of New Town, Kolkata.

Since November 2008, it has been actively fulfilling its objectives. New Town, strategically located on the eastern outskirts of Kolkata, is designed to serve as a fresh business center, alleviating the burden on the current Central Business Districts (CBD) while also expanding the housing inventory by creating new residential units.

Airchains at the Forefront of Innovation

Airchains' blockchain-based system for NKDA aims to revolutionize land mutation records, ensuring a secure digital environment with unique NFTs serving as land ownership proofs under NKDA's jurisdiction.

“We are glad to be a part of the blockchain revolution that is steadily penetrating and disrupting a plethora of traditional sectors. The land mutation NFT model presents a real-world solution that is easily adaptable, scalable, and can seamlessly streamline an extensively complex process. With the features of immutability, transparency, easy access, and accurate tracking, this system could revolutionize the land ownership industry and can become a prime example of blockchain technology’s potential in the real world.” Ankur Rakhi Sinha, Co-founder and CEO, Airchains

The NFT-based land mutation system will facilitate lifetime tracking of ownership, easy transfer of rights, and eliminate tedious paperwork. Digitized proof of records through NFTs allows seamless updates for transfers and recovery, preventing evasion of mutation charges. Physical copies of these NFTs in card format are easily obtainable, while digital certificates with QR codes ensure quick access after authentication.

"We don’t get involved in crypto transactions. We choose a gasless method or a more easy method of doing the transaction. We take that headache away. Our users just have to pay and move on. In India, there is a lot of institutional demand for keeping the chain private or not exposing it to cryptocurrencies. That's how government institutions mostly deal with it. So we always make sure that the chain is private, or even if it is public, the transactions are gasless.”- Ankur Rakhi Sinha, Co-founder, and CEO, Airchains

Imagine you want to buy land in Kolkata's New Town. In the past, paying the mutation fee lacked clear proof and calculation, with multiple departments handling the process. Now, the NKDA app brings all this under one roof.

The game-changer is NFTs—issued for specific mutations—creating a secure digital space. These unique NFTs serve as irrefutable land ownership proofs and allow lifetime tracking of ownership. A transparent, efficient, and foolproof solution for all properties under NKDA's jurisdiction.

With its seamless plug-and-play model, Airchains is facilitating the widespread integration of Web3 across various sectors, including real estate. Impressively, the user base has surged by 150% in the past two quarters, underscoring the platform's rising demand and widespread acceptance.

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