Bengaluru: Karnataka Minister for Information Technology and Biotechnology, Priyank Kharge, said on Wednesday that the state is working on a circular economic policy, which is to be the first-ever in India. The policy will mandate that 20 per cent of all construction materials be sustainable, PTI reported.
The circular economy aims to circumvent waste through processes like maintenance, reuse, refurbishment, re-manufacture, recycling and composting. This is being increasingly adopted by governments around the world to tackle climate change-related challenges specifically.
Speaking at the Propagate 2024, the annual flagship event of Brigade REAP, a real estate accelerator program, in Bengaluru, the minister said that thanks to various timely policies implemented by the Karnataka government, Bengaluru has transformed from being a pensioners' paradise to the most disruptive city in the world. He also emphasised that the government and the real estate sector must collaborate to create a sustainable India.
"Karnataka has tremendous real estate potential, and Bengaluru is poised to lead this growth, with proptech emerging as a catalyst. We are at the right time to create platforms where the industry, the real estate sector, and the government can come together to develop the right policies for the sector," Priyank Kharge said.
"We have a great policy, great talent, a great ecosystem, a strong incubation system, and a great beyond Bengaluru policy, but the need of the hour is grade-A commercial buildings. The government is committed to working more closely with the proptech sector to build a more sustainable India," added Kharge.
The Propagate 2024 summit, which focused on proptech, featured industry experts discussing the latest tech trends, innovations, and the key factors required to scale the next unicorn in proptech and urban tech.