The Indian School of Business (ISB) Tuesday signed a memorandum of understanding (MoU) with Indu Projects Ltd, a Hyderabad-based real estate company, to establish the first research chair for 'real estate and urban studies'.
This is said to be the first such step taken by any business school in India.
It is also the first research chair being established by the ISB and it will function under its Wadhwani Centre for Entrepreneurial Development (WCED).
'This research chair is of great significance to us, as it is not only the first research chair to be instituted at the ISB, it is also the first chair in real estate and urban studies in India,' said Rammohan Rao, dean, ISB.
Syam Prasad Reddy, managing director and CEO of Indu Projects, said the study of real estate was extremely important to the economic development of the state and the nation.
'At Indu we believe in knowledge being a driver of growth but there is a dearth of knowledge in the real estate sector. I found that the ISB is doing a great job in producing a new generation of world-class business leaders in a variety of fields. I want to support the ISB efforts by adding a new dimension of real estate,' said Reddy.
Indu Projects is a diversified company having core competency in building, developing and promoting IT parks, integrated townships, urban residential complexes, theme parks, and also in the area of building core infrastructure.
Indu Projects will make a grant of $550,000 spread over a period of five years.
'There is a need for systematic planning, objective information and policy formulation to guide real estate players and support urban development in the country today,' said V. Chandrasekhar, executive director of WCED.