Considering the real estate boom in Bengaluru, conducting scientific research in this sector is essential for all stakeholders. In this regard, the work carried out by IIMB-RERI in collaboration with the state and central government is laudable. Being a student of public policy at IIM-B, the constant interaction with RERI team, gave lot of insights into the efforts they have put into collect and analyse voluminous data related to property registration and valuation in Bengaluru.
Prof. Venkatesh Panchapegasan, Head, IIMB-RERI, with his deep knowledge in financial markets and entrepreneurship, is able to bring in new ideas and initiatives in real estate sector. One such initiative which I appreciate personally being Bengalurean is the public portal created to know whether the property located in Bengaluru is located on rajakaluve. From all the projects carried out by them, it clearly emanates that empowering the general public is their ultimate goal.
I was a part of the IIM-B RERI family in 2018, and I carry with me very good memories from working there as an RA.
It provided a unique blend of rigour, learning, collaborative and fun work atmosphere. Nestled in the green and serene campus of IIM-B it is a great ecosystem to carry out research, talk to professors, and discuss with other RAs. There is ample scope to learn, not only about one's own area of research, but widen one´s perspective by attending seminars and guest lectures happening on campus. We could also partake in the cultural events and enjoy a good social life after spending the day at work. On top of having access to the intellectual community that sits under the same roof, I could also use the library, sports centre to flex both muscles and my brain.
Talking specifically about RERI, it was great working with Venky Sir and Karthik Sir. They would always be available to discuss progress, brainstorm ideas and advise not just about work, but essential aspects of being a young researcher. I was fortunate to work on a bunch of policy projects and an industry case study related to the real estate sector, and had an excellent opportunity to go on a field trip and interact directly with the stakeholders. I shall remain very grateful for the trust, exposure and opportunity and shall look forward to coming and working together again.
RERI set up by IIM-Bengaluru has been a pioneer in the field of real estate research. There were no dedicated institutions barring a few universities teach Real Estate as a Master’s course. An authentic study by an academic institution in collaboration with the industry players is something which RERI has been successful. They have collaborated with the IGR’s of various state governments and effectively guided and convinced them on the need to reduce Stamp Duty in order to encourage real estate investment into built environment of affordable housing. I have been fortunate enough as a Valuer to support RERI in their study of the real estate market as a pilot project 10 years ago. My association with Prof. Venkatesh Panchapagesan, Ms. Madalasa Venkatraman, Ms. Uma Sitaraman, Mr. Karthik and other bright minds of IIM-B has been an amazing learning experience.
While I am practicing as a Valuer catering to many financial institutions was a little apprehensive to share given the fact, we have someone from such premier institutions asking for such inputs, the data I had received was that the data we had generated as valuers was very useful in their study to compare with what the evidences reflected. RERI has been very effective in preparing the cadastral Mapshalli data which is very useful and till date we use the maps for our references in respect of the vital information on the land parcels in and around Bengaluru city.
The point of experience and transforming gut feeling with theoretical and analytical explanation with statistical models were really enlightening. The contribution of IIMB-RERI has been significant in developing Indian Valuation Standards which is in the process of being released shortly.
Wish RERI to continue this program for many years to come and me and me and my organisation’s support will always be there.
