BAF and RERI Sign MoU to Enhance Bengaluru's Residential Communities and Empower Homebuyers
In a significant development for Bengaluru’s residential community, the Bangalore Apartments Federation (BAF) and the Real Estate Research Initiative (RERI) at the Indian Institute of Management Bangalore (IIMB) have signed a Memorandum of Understanding (MoU). This partnership aims to elevate awareness, knowledge, and education among prospective homebuyers, current homeowners, and residential communities in Bengaluru.
The collaboration is set to benefit around 1,300 apartment and villa resident welfare associations (RWAs), which collectively represent nearly 300,000 households and approximately 1.5 million citizens. BAF, an advocate for Bengaluru’s homeowners and residents, and RERI-IIMB, known for its interdisciplinary research in the real estate sector, will focus on generating research and knowledge. Together, they plan to produce white papers, publications, articles, and thought-leadership content addressing issues impacting homebuyers, homeowners, and the real estate industry at large.
One of the primary objectives of this partnership is to influence government policies and regulations. By promoting best practices in resource management, such as water and energy conservation, waste management, safety, security, health, sports, and cultural integration, BAF and RERI-IIMB aim to enhance the vibrancy and sustainability of the city.
Vikram Rai, President of BAF, expressed his enthusiasm about the partnership, stating, “BAF has been expanding as a community platform for apartment residents across Bengaluru. We are thrilled to collaborate with RERI-IIMB. This collaboration will bring immense value to Bengaluru’s apartment residential community.” His sentiments were echoed by Prof. Venkatesh Panchapagesan, Chairperson of the Real Estate Research Initiative at IIMB, who highlighted the significance of this community-level engagement. “This marks RERI’s first significant community-level engagement. Our initial initiative will involve working with BAF on a training program to help residents become effective managers of their apartment associations,” he added.
The collaboration between BAF and RERI-IIMB comes at a crucial time when the city’s real estate sector is witnessing rapid growth. With the burgeoning number of residential projects, there is a pressing need for well-informed homebuyers and proactive residential communities. This initiative aims to fill that gap by providing the necessary tools and knowledge to navigate the complexities of homeownership and community living.
Through this partnership, both organizations aim to foster a more informed and proactive residential community in Bengaluru. The MoU not only signifies a step towards better resource management and sustainable living but also emphasizes the importance of community engagement in shaping the future of the city’s real estate landscape. As BAF and RERI-IIMB embark on this collaborative journey, the residents of Bengaluru can look forward to a more vibrant, sustainable, and informed community living experience.
Image source-pixabay.com
