Land, being a scarce and valuable resource, is in high demand, especially in densely populated areas of older cities. Development authorities require land for infrastructure projects and other amenities, while landowners hold onto their land for both its usage and its financial value. Transferable Development Rights (TDRs) serve as a mechanism to separate the development rights associated with the land from the physical land itself. Development authorities acquire the land by offering compensation in the form of TDRs, which hold monetary value. In this paper, we present the tokenization of development rights, focusing on the implementation in collaboration with a development authority. While there have been previous implementations of land tokenization, we believe our approach is the first to tokenize development rights specifically. Our implementation addresses practical challenges related to record-keeping, ground verification of land, and the unique identification of stakeholders. We ensure the accurate evaluation of development rights by incorporating publicly available circle rates, which consider the ground development of the land and its surrounding areas.

翻译：土地作为稀缺且价值不菲的资源，在人口密集的老城区需求尤为旺盛。开发机构需要土地用于基础设施建设及其他公共设施，而土地所有者则因其使用价值与经济价值而持有土地。可转让开发权（TDRs）作为一种机制，将土地相关的开发权与实体土地分离。开发机构通过提供具有货币价值且以开发权形式呈现的补偿来获取土地。本文聚焦与某开发机构合作的具体实施，提出开发权的代币化方案。尽管此前已有土地代币化的实践案例，我们确信本方法首次专门针对开发权代币化。该方案解决了与记录保存、土地实地核查及利益相关者唯一身份识别相关的实际挑战。通过引入考虑土地及其周边区域实际开发状况的公开基准价格，我们确保了开发权评估的准确性。