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Karnataka government is set to announce a circular economic policy, under which we will ensure that 20 per cent of all construction material will be mandated to be sustainable, said Priyank Kharge, Minister for IT, Biotechnology, and Science and Technology.
Speaking at Propagate 2024, the flagship event of Brigade REAP, Kharge highlighted the importance of the real estate sector’s contribution to the economy and the need for sustainable practices. “India’s real estate sector contributes around 7.3 per cent of the GDP and is set to grow to $1 trillion in revenue by 2030. Karnataka has tremendous real estate potential, and Bengaluru is poised to lead this growth with PropTech emerging as a catalyst,” he said.
He also emphasised the necessity of collaboration between the government and the real estate industry to address sustainability challenges. “We are at the right time to create platforms where industry, the real estate sector, and government come together to work towards the right policies for the sector. The Government of Karnataka is committed to working more closely with the PropTech sector to build a more sustainable India,” Kharge added.
He highlighted the State’s strengths, including its talent pool, robust policies, and incubation ecosystem. “The world is looking at India and specifically at Karnataka, which has great policy, great talent, and a great ecosystem. However, the need of the hour is grade A commercial buildings,” he said.
At the same event, Nirupa Shankar, Joint Managing Director of Brigade Group, underscored the role of technology in transforming real estate development. “Technology is intricately woven into every aspect of real estate development. It’s not just about speed and efficiency anymore; safety and sustainability are paramount,” she said.
Propagate 2024 also witnessed discussions on leveraging technology like blockchain and AI to enhance transparency and efficiency in real estate. The event marked the graduation of Brigade REAP’s Cohort 16 and hosted over 500 delegates from across the industry.
The circular economy policy is part of Karnataka’s broader push for sustainable growth in the real estate sector.
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