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Mumbai, June 25, 2025 – The Bombay Chamber of Commerce and Industry hosted the REITS – Asset Tokenisation Conclave 2025: From Bricks to Blocks at ITC Grand Central, Mumbai, bringing together senior regulators, policy influencers, industry pioneers, and legal experts to discuss the shifting contours of real estate investment in India. As the sector moves towards greater digitisation, accessibility, and transparency, the Conclave served as a timely platform to spotlight how fractional ownership and tokenisation are reshaping the real estate investment landscape.
The event began with a welcome address by Sandeep Khosla, Director General of the Bombay Chamber, who underscored the Chamber’s role in taking forward critical conversations that influence industry thinking and regulatory evolution. He emphasised that the Chamber remains committed to being a forum that not only reflects business sentiment but also actively steers emerging discussions—especially those at the intersection of innovation, finance, and policy.
Setting the thematic foundation, Sanjay Dutt, Director at Bombay Chamber and MD & CEO of Tata Housing Development Company, traced the arc of India’s real estate sector from a modest 750 million square feet of office space in 2000 to its projected expansion to 1.3 billion square feet in the next few years. He called attention to the sector’s growing complexity and promise, with emerging segments such as data centers, logistics, warehousing, co-working spaces, and senior living. He described the sector as “a supernova”—brilliant and explosive in its growth—and highlighted how new investment tools like REITs, SM REITs, and tokenisation are unlocking access to a broader investor base and building a new category of mid-ticket capital.
In his keynote address, G.N. Bajpai, Former Chairman of LIC and SEBI, examined the global financial environment and its implications for Indian investors. Speaking to a room filled with institutional stakeholders, millennials, and professionals, he emphasised that in today’s inflation-prone and uncertain world, democratising investment through technology is no longer aspirational but essential. He argued that tokenisation, backed by strong regulatory support, has the power to transform real estate into an accessible and liquid asset class for the common investor—not just the ultra-wealthy.
Shri Pramod Rao, Executive Director at SEBI, delivered a special address focusing on the regulatory view of fractional ownership and tokenisation. He offered a nuanced distinction between regulated products like REITs and unregulated financial innovations like tokenised real estate. Highlighting SEBI’s openness to learning from sandbox approaches and pilot projects, he called for thoughtful differentiation between these instruments and urged industry players to prioritise investor protection. He also pointed to the significant monetisation potential in government and municipal assets and shared his optimism on how technology and regulatory engagement could bridge investment gaps.
The first panel, moderated by Neil Borate, Deputy Editor of LiveMint, brought together Shiv Parekh, Founder & CEO, hBits, Vivek Mimani, Partner- Investment Funds Practice Group, Khaitan & Co; and Saurabh Rathi, Managing Director & Co-Head of Real Estate, Motilal Oswal, to explore the current state and future potential of fractional ownership and SM REITs. The discussion delved into key market triggers—from faster licensing and simplified processes to investor education and institutional viability. The panellists also addressed the importance of platform credibility, noting that investor confidence will grow when there are clear skin-in-the-game mechanisms and greater governance frameworks.
The second panel, moderated by Jyoti Tandon, Compliance Consultant and Co-Founder of FinCrimeExpert, featured Manish Kumar, Co- Founder & CEO, RealX; Anand Narayanan, Co- Founder & CEO, Alt DRX; Prasanth Kalangi, Founder & CEO, Zoniqx, and Anil Choudhary, Partner, Finsec Law Advisors. This panel navigated the layered dimensions of real estate tokenisation—touching upon the technology stack, financial implications, and legal frameworks. The panelists shared insights into how smart contracts, cybersecurity, and interoperable platforms are foundational to scaling tokenisation.
As the event drew to a close, Sandeep Khosla delivered the vote of thanks, reiterating the Bombay Chamber’s commitment to providing a platform for forward-looking, inclusive, and solutions-oriented engagement at the intersection of industry, innovation, and regulation.
