Karnataka is taking significant steps towards establishing India's first circular economy policy, with a particular focus on sustainability within the real estate sector. This initiative was introduced by Priyank Kharge, the state Minister for IT & Biotechnology and Science and Technology, during the Propagate 2024 summit, which took place in Bengaluru. The policy aims to mandate that 20% of all construction materials used in new projects be eco-friendly, reflecting a broader commitment to sustainability in building practices.
The Propagate 2024 summit provided a platform for over 500 industry leaders and stakeholders to engage in discussions centred around proptech, the intersection of property and technology. The event underscored the significance of advancements in technology necessary for the scaling of proptech and urban tech initiatives. Kharge noted the transformation of Bengaluru into a leading disruptive city on the global stage, crediting progressive state policies that support innovation and sustainability. He stated the importance of collaboration between the government and the industry, emphasising that such partnerships are crucial to achieving a sustainable future for India.
Among the various technologies discussed, blockchain and artificial intelligence were highlighted as pivotal tools in the real estate sector. These technologies are anticipated to facilitate more transparent transactions and improve operational efficiency in property dealings, thereby contributing to the overall efficiency of urban development.
The discussions at the summit not only reflect Karnataka's commitment to steering India's real estate sector into a more sustainable future but also indicate the state's role in embracing digital transformation through innovative policies and technological advancements. The event acted as a crucial point of convergence for ideas and strategies aimed at fostering a more sustainable and technologically advanced real estate market in India.
Source: Noah Wire Services