Bangalore: The Indian Institute of Management Bangalore (IIMB) and property developer Century Real Estate, the largest owners of real estate in Bangalore, signed a Memorandum of Understanding (MoU) on May 17, 2012 to set up IIMB-Century Real Estate Research Initiative, a first of its kind in the country.

The IIMB-Century Real Estate Research Initiative will focus on collecting data and conducting scientific, cross-disciplinary research on the Indian real estate sector that will be published in leading academic and practitioner journals. In addition, the Research Initiative will seek to provide guidance and policy prescriptions to government and industry stakeholders on major issues relating to Real Estate sector.

Speaking on the occasion, IIMB Director Professor Pankaj Chandra said, "For more than three decades, IIMB has exemplified excellence in management education. From an emphasis on public sector, to information technology to a focus on surging economies, IIMB has traversed many boundaries to develop its own expertise in management education and research. The setting up of this initiative is another step in this direction".

"There is a tearing need for such an initiative in the real estate space that will focus on research, act as an interface between the industry and the policy makers and eventually churn out quality human resource for this sector," said P Dayananda Pai, Founder, Century Real Estate.

Professor Venky Panchapagesan who has been leading the effort to set up this initiative at IIMB said, "The initial charter for the Research Initiative will be to create taxonomy of relevant data that will be required to do meaningful research, initiate research projects that fill key knowledge gaps and engage with key stakeholders within the industry".

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