Bengaluru 5th December 2024: Propagate 2024, the annual flagship event of Brigade REAP, India’s pioneering real estate accelerator program with a focus on PropTech, was inaugurated by Sri. Priyank Kharge, Hon. Minister for Information Technology & Biotechnology and Science and Technology, who emphasised that the government and the real estate sector should work together to create a sustainable India.
In his special address, Sri. Priyank Kharge, Hon. Minister for Information Technology & Biotechnology and Science and Technology, Government of Karnataka said, “India’s real estate sector contributes around 7.3% of the GDP and it is set to grow to $1 trillion in revenue by 2030. Karnataka has tremendous real estate potential and Bengaluru is poised to lead this growth with proptech emerging as a catalyst for that growth. We are at the right time to create platforms where industry, the real estate sector and government come together to work towards and create the right policies for the sector. The government of Karnataka is working on India’s first ever circular economic policy, under which we will ensure that 20% of all construction material will be mandated to be sustainable. The world is looking at India and they’re looking specifically at Karnataka, which has great policy, great talent, a great ecosystem, a great 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.”
Delivering the inaugural address, Nirupa Shankar, Joint Managing Director, Brigade Group said, “The PropTech landscape has undergone a dramatic transformation. Technology is intricately woven into every aspect of real estate development, from project planning and design to construction management and building operations. It’s not just about speed and efficiency anymore; safety and sustainability are paramount. We understand that real estate development is inevitable, but it’s up to us to ensure it happens in a way that safeguards our environment and builds smarter cities for the future.”
Delivering the keynote address, Amit Kumar, Senior Executive Vice President, Kotak Bank said, “Emerging technology is the future of real estate in India. Some of the key pain areas in the real estate sector are demand for technology driven agility, longer onboarding processes, complex cash flows across multiple stakeholders and fragmented regulations across state and local levels. From a banking perspective, we need to leverage India’s tech stack for simplification of KYC and documentation using Aadhar and Digi Locker integrations for faster validation of buyer credentials, seamless access to financial data for credit assessment and esign enabled smart contract for lease agreements and project tenders. Blockchain technology can play a vital role in transparent and tamper-proof property transactions, land registration and tokenization of property ownership. AI can be used to leverage transaction data for better credit assessment of buyers and developers, virtual property tours and customer queries. Today, 62% of value-based transactions in India flow through UPI. This shift, from P2P dominance to a B2B and B2C ecosystem, holds immense potential for real estate. Faster transactions, lower costs, and a secure environment created by the digital identity stack, these are game changers. The future of real estate is intertwined with the advancements in the digital landscape, and with UPI at the forefront, this future is closer than ever.”
Propagate 2024 also witnessed panel discussions involving industry captains, startup leaders, and leading bankers. At the event, the graduation of Brigade REAP’s Cohort 16 was also held. Over 500 delegates from across industry and academia attended Propagate 2024.