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Karnataka is set to launch India's first Circular Economy Policy to promote sustainability in the real estate sector. Announced by Minister Priyank Kharge, the policy mandates 20% sustainable materials in construction, aiming to reduce environmental impact and set a national example. Real estate, contributing 7.3% to GDP and projected to reach USD 1 trillion by 2030, is a key focus for Karnataka, with Bengaluru driving growth through Proptech adoption. The policy aligns with the "Beyond Bengaluru" strategy for decentralized development, addressing demand for grade A commercial spaces while fostering collaboration among policymakers, industry leaders, and Proptech innovators.
Karnataka is set to unveil India's first Circular Economy Policy, an initiative aimed at promoting sustainability in the real estate sector. Speaking at an industry event, Sri Priyank Kharge, the state's Minister for Information Technology, Biotechnology, and Science and Technology, underscored the critical role of collaboration between the government and the real estate industry in building a sustainable future for India. Advertisement
Highlighting the sector's economic significance, Kharge noted that real estate contributes approximately 7.3% to the nation's GDP and is projected to achieve USD 1 trillion in revenue by 2030. He emphasized Karnataka's immense potential in this domain, with Bengaluru positioned as a key driver of this growth. The city, he said, is poised to leverage emerging Proptech (property technology) solutions, which act as a catalyst for innovation and efficiency in the industry.
The Minister stressed the importance of creating platforms that foster cooperation among policymakers, industry leaders, and the real estate sector to design effective strategies and policies. According to him, this convergence of ideas and efforts is essential for addressing current challenges and unlocking opportunities for sustainable development.
A significant component of Karnataka's forthcoming policy is its focus on sustainable construction practices. The Circular Economy Policy will mandate that 20% of all construction materials used in the state must be sustainable. This move aims to reduce environmental impact while setting an example for other regions to follow. The initiative aligns with global expectations, as Karnataka has increasingly become a focal point of attention due to its robust policy framework, skilled workforce, and thriving ecosystem. The state also benefits from a strong network of incubation centers and the progressive "Beyond Bengaluru" strategy, which seeks to decentralize development and create growth opportunities across other regions.
Despite these strengths, Kharge acknowledged the growing demand for high-quality, grade A commercial buildings that meet international standards. He reaffirmed the government's commitment to addressing this need by closely engaging with the Proptech sector. By integrating technology and sustainability, Karnataka aims to set a new benchmark for real estate development in India.
In conclusion, the Minister emphasized that Karnataka's proactive approach and emphasis on sustainable practices position it as a leader not just within the country but globally. The Circular Economy Policy is a testament to the state's dedication to fostering innovation, supporting the real estate sector, and paving the way for a greener and more sustainable India.
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