Bengaluru, 10 July 2024: CII Karnataka organized the 1st edition of the CII Karnataka Real Estate Conclave 2024 “Karnataka Horizon: Navigating Real Estate Excellence in the South” today at Bengaluru. The conclave took up key themes of sustainable urban development, the pivotal role of connectivity in urban growth, unlocking Karnataka’s real estate potential through future mobility, the impact of ESG considerations on real estate development, and innovative investments in Karnataka’s real estate through smart living and integrated townships, as the State continues to remain a beacon and hub for industrial activity.
“Completing Phase 2 of Bengaluru’s Yellow Line metro network, by end of this year marks a pivotal step toward enhancing urban mobility. We are anticipating a significant increase in ridership, we aim to transform commuting in the city, making public transportation integral to Bengaluru’s sustainable growth.” – Mr Maheshwar Rao M, IAS, Managing Director, Bangalore Metro Rail Corporation Limited (BMRCL).
At CII Karnataka, we are committed to fostering a vibrant and holistic environment that nurtures competitiveness, innovation, and sustainability. As we focus on creating globally competitive ecosystems , the real estate sector, with its pivotal role in urban mobility and economic activities, stands at the forefront of our agenda. Through strategic collaborations and a strong emphasis on sustainability, we aim to drive Karnataka’s growth and development beyond Bengaluru, making it a hub for cutting-edge research and technological advancements,” said Mr N Venu, Chairman, CII Karnataka State Council 2024-25 & MD & CEO – India & South Asia, Hitachi Energy.
“Addressing Bengaluru’s traffic challenges requires a holistic approach, integrating cutting-edge research and data analysis. Our goal is to develop innovative solutions that not only reduce congestion but also enhance overall traffic safety, aiming to bring pedestrian fatality rates down from 22% to 15%. We are also in the process of training drivers, including those of trucks, autos, and water tankers, on proper driving patterns and lane usage,” said Mr M N Anucheth, IPS, Joint Commissioner of Police (Traffic), Bengaluru City.
“The reasons why people are moving from rural to urban areas are catalysts like quality of life including employment, Education, Health care and housing,” stated Mr Pawan Kumar Singh, Convenor of the CII Karnataka Infrastructure and Urban Mobility Panel & Director-Transportation and Electronics Business, 3M India Region. “Real estate plays a pivotal role in creating the sustainable infrastructure needed to attract investments into the state. It is crucial for making Karnataka a 1 trillion dollar and India a 5 trillion dollar economy. We must work closely with the government and other stakeholders to ensure that real estate development happens sustainably.”
Ms Pavitra Shankar, Co Convenor CII Karnataka Environment & Sustainability Panel & Managing Director, Brigade Group cited “Bangalore’s real estate market has experienced rapid growth and has significantly rebounded post-COVID. Returns have increased year on year, resulting in the highest sales and leasing volumes among all southern cities. To further enhance our presence, Brigade Group plans to develop a World Trade Center in its 75-acre industrial park in Devanahalli. To ensure we also upskill our work force, Brigade Foundation has established a Skill Development Academy on 5 acres in Aerospace Park, offering courses in bar bending, shuttering carpentry, electrical work, and plumbing. Training began in May 2023, upskilling 400 construction workers and training 125 PWD candidates, who were subsequently employed in its first year.” .
Mr Ram Chandnani, Managing Director – Advisory & Transaction Services, CBRE India, said, “By 2030, Bengaluru is expected to have thriving commercial, residential, retail, and I&L sectors. The city is likely to capitalize on its existing strengths to attract investment in these growth areas. Bengaluru’s success is also expected to spill over to nearby Tier-II cities in Karnataka, aided by initiatives such as the ‘Beyond Bengaluru’ program. Karnataka’s vibrant tech infrastructure must continue to evolve to retain its edge. Developing premium, sustainable tech spaces with cutting-edge facilities will be key. Additionally, prioritizing employee experience strengthens state’s appeal for both skilled workers and global corporations seeking Indian GCC locations”.
“With the theme ‘Navigating Real Estate Excellence in Karnataka,’ our first Real Estate Conference underscores the vital role of this sector in India’s growth. As the second-largest employer and a significant contributor to GDP, real estate drives economic development and urbanization. The surge in demand for housing and commercial spaces highlights the need for innovative solutions and strategic planning. By focusing on sustainability and leveraging the growth potential of Tier II cities, we aim to create a balanced and inclusive urban landscape,” said Dr Prashanth Reddy, Convenor, CII Karnataka EODB Taskforce & Managing Director, Fundermax. .
The CII – CBRE Joint Report on, ‘Karnataka Horizon: Navigating Real Estate Excellence in the South’, at the at the 1st Edition of CII Karnataka’s Real Estate Conclave 2024 highlights that Bengaluru office stock is expected to touch 330-340 million. sq. ft. by 2030, the highest in the country. The report also points out that with an average annual absorption of about 15-16 million sq. ft. over the past few years, Bengaluru has also been the front-runner in office absorption as compared with other Indian cities. Technology, engineering & manufacturing and BFSI sectors are expected to be the main demand drivers of office space while life sciences, aviation and automobile are likely to be the emerging sectors that would drive demand.
Leading industries and institutions including Brigade Enterprises; Fundermax, Assetz Group, 3M, BIAL, CBRE, shared and showcased their insights which was attended by over 100 industry CXO’s and stakeholders across sectors.