Karnataka to launch India's first circular economy policy: Minister Priyank Kharge

NT Correspondent

Bengaluru

At Propagate 2024, the flagship annual event of Brigade REAP, Karnataka’s Minister for IT & Biotechnology, Priyank Kharge, announced the upcoming launch of India’s first Circular Economy Policy. Highlighting its focus on sustainability, the Minister emphasised the importance of collaboration between government and the real estate sector to drive innovation and growth.

“Karnataka’s real estate sector is poised for exponential growth, contributing around 7.3 per cent of the GDP. With PropTech emerging as a catalyst, we need to ensure sustainable development,” said Kharge. “The government is committed to mandating that 20 per cent of all construction material be sustainable under the new policy.” He also stressed the state’s potential, citing robust policies, talent and a supportive ecosystem as key drivers.

Nirupa Shankar, Joint Managing Director of Brigade Group, reflected on the evolution of PropTech since the launch of Brigade REAP, Asia’s first real estate tech accelerator. She told News Trail, “Seven years ago, we set out to mentor startups, helping them build business models that builders would adopt and pay for.” Propagate, which began as a small gathering, now draws over 900 participants, fostering collaboration among builders, startups, investors, academia and government.

“The PropTech landscape has transformed dramatically,” Shankar added. “Technology now touches every aspect of real estate, from planning to construction management. The focus is not just on efficiency but also on safety and sustainability. It’s up to us to ensure smart, environmentally responsible development.” Amit Kumar, Senior Executive Vice President at Kotak Bank, emphasised technology's role in streamlining real estate operations.

“Blockchain can revolutionise property transactions, land registration and ownership tokenization,” he noted. He also highlighted the potential of AI and India’s digital infrastructure, including UPI and DigiLocker, in enabling faster transactions.