Karnataka is working on India’s first-ever circular economic policy, which will mandate that 20 percent of all construction materials be sustainable, State Minister Priyank Kharge said on Wednesday.As part of this policy, 20 per cent of all construction materials will be required to be sustainable, he added. Kharge was speaking at Propagate 2024, a real estate accelerator programme, in Bengaluru.The 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.According to Kharge, 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," minister for information technology & biotechnology and science and technology said.He also mentioned that while slogans are being made elsewhere, the real work is being done in Karnataka. This, Kharge said, is why when the world looks at India, it is specifically focusing on Karnataka."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. What is circular economy?Circular economy aims to circumvent waste through processes like maintenance, reuse, refurbish, re-manufacture, recycle and composting. This is being increasingly adopted by governments around the world to tackle specifically climate change related challenges.
