Home Menu
icon-menu-close.svg

Faculty & Research

Faculty & Research

Prashant Das

Biography

Prashant Das, PhD is the Chairperson of the Finance & Accounting Area and an Associate Professor of Real Estate. He serves as a secondary member of the Centre for Management in Agriculture. He has been a guest faculty at Harvard University, and the University of California, Irvine, and a visiting faculty at various universities in China and Romania. In 2025, he was elected as a board member of theAmerican Real Estate Society. Earlier, he served as an Associate Professor and Director of the Real Estate Institute, and a member of the Academic Board at EHL Lausanne, Switzerland. Before Switzerland, He taught courses at the Robinson College of Business, Georgia State University Atlanta (USA) as a PhD scholar.

Prashant has been engaged with the industry through various consulting/advisory/ Board assignments. He helped the National Housing Bank in Developing India's first company for mortgage securitization. He serves on the governing/advisory boards of XISS Ranchi, NICMAR Pune, FLAME University Delhi and Alard University Pune.

At IIMA he developed an Agri Land Price Index (ISALPI) and an Art Price Index (IAIAI). His work has been featured in electronic and print media including Fortune, Doordarshan, CNBC, Financial Express, Economics Times, Mint, etc.

He has authored nearly 30 research papers for international journals and authored three books for SAGE, Routledge, and Kendall Hunt Publications. He regularly authors cases on real estate of which several are now listed by Harvard Business Publishing. He is currently working on two books on real estate. Two of his papers have earned best paper awards from the Journal of Real Estate Research(USA). He has twice earned the Practitioner Research Award from the American Real Estate Society and 11 international research awards.

Since 2020, he has been serving on the editorial boards of the Journal of Property Research (Taylor & Francis, UK) and the Journal of Sustainable Real Estate (American Real Estate Society). His research interests include commercial real estate (private equity, REITs, MBS, and hotels), behavioral real estate, and sustainability.
Earlier, he served on managerial and engineering roles with several firms/organizations including HCL Infosystems Ltd. and TCS. In his free time, Prashant likes to write short stories and poems, does oil painting on canvas, travels, and sculpts in clay and wood.
 

Area

Primary Area : Finance and Accounting

Secondary Area : Centre for Management in Agriculture

Contact

Email : prashantd@iima.ac.in

Phone : +91-79-7152 4858

Secretary : Hena Nair

Phone : +91-79-7152 7914

Website : Personal Website

Education

Doctor of Philosophy , Business / Real Estate, Georgia State University, Atlanta, USA, 2013

Master of Science, Land Development, Texas A&M University, College Station, USA, 2008

Bachelor of Architecture, Indian Institute of Technology (IIT), Roorkee, India, 2005

Teaching

  • Real Estate (Finance, Investment, Valuation, Development, Securitization, REIT)

  • Financial Management

  • Financial Accounting

  • Land and Agribusiness Valuation

Research Area

Commercial Real Estate (Private Equity, REIT, MBS, Sustainability)

Household FInance (homeownership, mortgage)

Hotels

Sentiments

Valuation

Alternative assets (art, movies)

Professional Experience

Associate Professor of Real Estate Finance, Indian Institute of Management, Ahmedabad, 2020 – now

Associate Professor of Real Estate Finance, EHL Lausanne, Switzerland, 2018 – 2020

Acting Director, Real Estate, Finance & Econ. Institute

Member, Academic Board

Executive Education Course Leader

Visiting Faculty, Bucharest Univ. of Economic Studies (ASE), Romania

Visiting Faculty, Jaypee Business School, India

Visiting Faculty, Beijing Hospitality Institute, China

Assistant Professor of Real Estate Finance, EHL Lausanne, Switzerland, 2013 – 2017

Graduate Teaching Associate (Independent teaching responsibility), Robinson College of Business, Georgia State University, Atlanta, USA, 2010 – 2013

Associate (National) Product Manager, HCL Infosystems Ltd., New Delhi, India, 2007– 2007

Assistant Systems Engineer, Tata Consultancy Services Ltd., Mumbai, India, 2005 – 2007

View More

IIMA-AuraArt Indian Art Index (IAIAI)

IAIAI is a quarterly price index reflecting price movement in constant-quality modern art (paintings) by Indian artists auctioned over time. Currently, the index is based on artwork produced by the top 25 artists. The index has been put together using a data-driven methodology that analyzes price variations in artwork auctions of top 25 Indian artists across the globe over 20-years. IAIAI therefore can offer art enthusiasts, financiers, insurers, and other stakeholders across the sector, data to calculate the percentage change in the likely market price of an artwork over time.


Click here for more details and the latest updates

IIMA-SFarmsIndia Agri Land Price Index (ISALPI)

ISALPI was launched during the second quarter of 2022. SFarmsIndia, a Hyderabad-based Agri Land (Online) marketplace, signed a memorandum of understanding (MoU) with the Indian Institute of Management Ahmedabad (IIMA) on 25 November 2021. The MoU laid out the blueprint for a collaborative research project on the pricing of Agri Land parcels listed on the SFarmsIndia platform. SFarmsIndia agreed to share new land listing data with IIMA on a regular frequency. IIMA agreed to explore the idea of developing an Agri Land Price Index for India based on the SFarmsIndia data. The first batch of data included over 6,000 listings across several states of India starting the January of 2019.


Click here for more details and the latest updates

Journals

‘Salience of Social Identities in Explaining Homeownership Patterns in India’. With A. Gupta, NE Coulson and A. Das. Urban Studies. [ABDC A*]. Forthcoming.

‘Investor Cliques and Superior Fund Performance in Less Efficient Markets: An Examination of Private Equity Real Estate Funds.’ With B. Yu and P. Liu. Journal of Real Estate Finance & Economics. [ABDC A]. Forthcoming

Plural Form Business Strategy and the Financial Reporting Quality in International Hospitality Firms’, with T. Jerome and C. Poretti. Journal of Hospitality & Tourism Research [ABDC A]. Forthcoming

Are Green and Healthy Building Labels Counterproductive in Emerging Markets? An Examination of Office Rental Contracts in India’ With A. Banerjee and F. Fuerst. Journal of Cleaner Production. [ABDC A]. Forthcoming

Brand Affiliation and the Hotel Asset market,’ with P. Liu & J. Freybote (Forthcoming). International Journal of Hospitality Management [SSCI, ABDC A*]. Forthcoming

Why A New Name? The Role of Asset Characteristics and Broad Market Trends in Predicting Brand Affiliation Change in Hotels’ with I. Blengini (2020). Cornell Hospitality Quarterly, Vol 62, Issue 2. [SSCI, ABDC A]

What Explains Differing Holding Periods Across Hotel Investments? A Hazard Rate Framework’, with C. Poretti (2020). International Journal of Hospitality Management, Vol 89. [SSCI, ABDC A*]

The Cross-Over Effect of Irrational Investor Sentiments in Commercial and Residential Real Estate Markets’ with Füss, R.; Hanle, B. & Russ, I. (2020). Journal of Banking and Finance, [SSCI, ABDC A*] Vol 114

Investor Sentiment and Prepayment Hazard: The Case of Multifamily MBS Loans,’ with Freybote, J. (2020). Journal of Real Estate Research, Vol. 43, Issue 4, p 383-401. [ABDC B]

Caste, Faith and Gender: Determinants of Homeownership in India,’ with Coulson, E. & Ziobrowski, A. (2019). Journal of Real Estate Finance & Economics, 59 (1) pp 27-55. [SSCI, ABDC A]

Pricing Extreme Attributes in Commercial Real Estate: The Case of Hotel Transactions, with Smith, P. & Gallimore, P. (2018).. Journal of Real Estate Finance & Economics, 57 (2), pp 264-296. [SSCI, ABDC A]

Online information search, market fundamentals and apartment real estate,’ with Ziobrowski, A., & Coulson, E. (2015).. Journal of Real Estate Finance and Economics, 51(4), pp 480-502. [SSCI, ABDC A]

Revisiting the Hotel Capitalization Rate’, International Journal of Hospitality Management, 46 (2015) 151–160. [SSCI, ABDC A*]

An investigation into sentiment-induced institutional trading behavior and asset pricing in the REIT market,’ with Freybote, J., & Marcato, G. (2015). Journal of Real Estate Finance and Economics, 51(2) pp 160-189. [SSCI, ABDC A]

Does index addition add any new information? Evidence from REIT dividend forecasts,’ with Sah, V. & Zhou, X. (2015). Journal of Property Research, 32(1), 33-49. [ESCI, ABDC B]

Houses and apartments: similar assets, different financials,’ with Chinloy, P. & Wiley, J. A. (2014). *. Journal of Real Estate Research, (lead article) 36(4), 409-433. [ABDC B]

Determinants of premia for energy-efficient design in the office market,’ with Wiley, J. A. (2014). Journal of Property Research, 31(1), 64-86. [ESCI, ABDC B]

Das, P., Kozorez, E. and Thakare, R. (2020). How to Address the Sensitivity of Commercial Real Estate Valuation to Holding Period. Real Estate Finance. Forthcoming

Das, P., Blal, I. & Freybote, J. (2020). ‘The Importance of Micro-Location for Pricing Real Estate Assets. Journal of Real Estate Portfolio Management. Forthcoming

Frutig, B. & Das, P. (2020). ‘Does Geographic Diversification Reduce Systematic Risk in Hotel REITs?’ Journal of Hospitality Financial Management 28(1). Forthcoming

Blengini, I. & Das, P. (2020). ‘Why A New Name? The Role of Asset Characteristics and Broad Market Trends in Predicting Brand Affiliation Change in Hotels.’ Cornell Hospitality Quarterly, [SSCI]. Forthcoming

Poretti, C. & Das, P. (2020). ‘What Explains Differing Holding Periods Across Hotel Investments? A Hazard Rate Framework’. International Journal of Hospitality Management, [SSCI] Vol 89

Das, P. & Freybote, J. (2020). ‘Investor Sentiment and Prepayment Hazard: The Case of Multifamily MBS Loans’ Journal of Real Estate Research, [SSCI] Forthcoming

Das, P., Füss, R.; Hanle, B. & Russ, I. (2020). ‘The Cross-Over Effect of Irrational Investor Sentiments in Commercial and Residential Real Estate Markets.’ Journal of Banking and Finance, [SSCI] Vol 114

Agarwal, M. & Das, P. (2019). Green Hotels: An Overview. Boston Hospitality Review (peer-reviewed). Winter 2019

Das, P., Coulson, E. & Ziobrowski, A., (2019) ‘Caste, Faith and Gender: Determinants of Homeownership in India’. Journal of Real Estate Finance & Economics, [SSCI] 59 (1) pp 27-55.

Das, P.; Smith, P. & Gallimore, P. (2018). ‘Pricing Extreme Attributes in Commercial Real Estate: The Case of Hotel Transactions’. Journal of Real Estate Finance & Economics, 57 (2), pp 264-296 [SSCI]

Robinson, S.; Singh, A.J. & Das, P. (2016), ‘Financial Impact of LEED and Energy Star Certifications on Hotel Revenues’. Journal of Hospitality Financial Management.

Low, W.; Das, P. & Piffaretti, C. (2016). ‘The Role of Hotels in Mixed Asset Portfolios: Revisiting the Asset-Heavy versus Asset-Light Debate’. International Journal of the Built Environment and Asset Management, 1(4), 273-292.

Das, P. & Thomas, C.R. (2016). ‘Strategic Development of REITs in India. Journal of Real Estate Literature, Vol 24 No. 1 pp 105-131.

Das, P., & Ziobrowski, A. (2015). The relationship between Indian realty stocks and online searches. Journal of Emerging Market Finance, (lead article) 14(1), 1-19

Sah, V., Zhou, X., & Das, P. (2015). Does index addition add any new information? Evidence from REIT dividend forecasts. Journal of Property Research, 32(1), 33-49.

Das, P., Freybote, J., & Marcato, G. (2015). An investigation into sentiment-induced institutional trading behavior and asset pricing in the REIT market. Journal of Real Estate Finance and Economics, 51(2) pp 160-189. [SSCI]

Das, P. (2015). Revisiting the Hotel Capitalization Rate, International Journal of Hospitality Management, 46 (2015) 151–160. [SSCI

Das, P., Ziobrowski, A., & Coulson, E. (2015). Online information search, market fundamentals and apartment real estate. Journal of Real Estate Finance and Economics, 51(4), pp 480-502. [SSCI]

Das, P., & Wiley, J. A. (2014). Determinants of premia for energy-efficient design in the office market. Journal of Property Research, 31(1), 64-86

Chinloy, P., Das, P., & Wiley, J. A. (2014). Houses and apartments: similar assets, different financials*. Journal of Real Estate Research, (lead article) 36(4), 409-433. [SSCI]

Das, P., Sah, V., Sharma, D., Singh, V., & Galuppo, L. (2013). Real Estate Development Process in India. Journal of Real Estate Literature, 21(2), 271-292.

Das, P., Tidwell, A., & Ziobrowski, A. (2011). Dynamics of green rentals over market cycles: Evidence from commercial office properties in San Francisco and Washington DC. Journal of Sustainable Real Estate, lead article, 3(1), 1-22

Read More

Books

‘Hospitality Financial Management and Contextualized Decision Making’, with Nan Hua, Ph.D., Barry A.N. Bloom, Ph.D., Agnes L. DeFranco, Ed.D., Toni Repetti, Ph.D., Twila Mae Logan, Ph.D., Dipendra Singh Mann, Ph.D., Peng Liu, Ph.D., and Arun Upneja, Ph.D. (2021). Kendall Hunt Publishing Company. ISBN: 978-1-7924-4048-9.

Real Estate in South Asia,’ (edited volume) with R. Aroul & J. Freybote, Routledge Publications, UK, 2019

'Real Estate in South Asia,’ (edited volume) with R. Aroul & J. Freybote, Routledge Publications, UK, 2019

‘Real Estate Finance in India,’ with D. Sharma, SAGE, India, 2014

Chapters

‘A Macroeconomic Summary of South Asia: A Real Estate Perspective: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan & Sri Lanka’ with Y. Chen

‘REITs in India: A Story Still Unfolding’ with C.Thomas

‘Economics of Real Estate Knowledge in South Asia: Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan & Sri Lanka’ with P. Varga & E M’Seddi

‘Minimizing the Cost of Capital in Hotel Investments’, with G. Bodenmann, Book: Holistic Optimization Techniques in the Hospitality, Tourism, and Travel Industry, IGI Global Publishers, USA, 2017

‘Residential Real Estate in China, Past, Present & Future’, Book: Corporate Counsel's Guide to Doing Business in China, Thomson West Reuters Press, USA, 2009

Consulting

Developed Natural Vacancy Rate Indices across global markets for STR, London, UK & Nashville, USA, 2018

Conducted a study of real estate credit rating system in the United States, Korea Research Institute for Human Settlements, 2012

‘Integration of Retail Business in Multi-Use Real Estate Development’, EHL Lausanne, 2019

‘How to Develop Courses that Matter.’, EHL Lausanne, 2019

‘Financial Agility for Hotel Managers.’ , Coworth Park/ London (UK), 2019

Co-authored a white paper on Hotel Valuation for the Royal Inst. of Chartered Surveyors, Switzerland

Invited by the Securities and Exchange Board of India to critique the REIT regulation, Mumbai, 2015

Invited for feedback on the business school at Jaypee Business School, Noida (India), 2017

Member- Editorial Board: Journal of Property Research, Taylor & Francis, UK, 2020

Member- Editorial Board: Journal of Sustainable Real Estate, Taylor & Francis, UK, 2020

Member of the Academic Board: EHL Lausanne, 2018

Invited to serve on the Advisory Board of a US-based Hotel Fund, USA, 2018

Best manuscript award jury member, specific category, , ARES, 2017

Best manuscript award jury member, specific category ARES, 2016

Best manuscript award jury member, specific category ARES, 2016

Best manuscript award jury member, (specific category), ARES, 2014

Best manuscript award jury member, specific category ARES, 2013

Acting Director: Real Estate, Finance & Economics Institute, 2018

Led & delivered executive education workshops

Set up an International Board of Advisors

Organized webinars

Facilitated index development by the school

Co-Convener: HFE Conference, 2020

Area Chair- Lodging Real Estate: American Real , 2020

Session Chair

European Real Estate Society Conference, ESSEC Paris, 2019

American Real Estate Society Conference, Bonita Springs FL, 2018

‘Three Mantras of Success’, Bachelors’ , Graduation Speech, EHL Switzerland, 2020

‘Five Common Mistakes in Hotel Valuation’, RICS Switzerland, 2020

‘Pricing Anything in Commercial Real Estate’, NMIMS Mumbai, 2019

‘Hedonic Valuation for Commercial Real Estate’, RICS SBE Mumbai, 2019

‘Hotel Valuation using Hedonic Models’, RICS Switzerland, 2018

‘Pursuit of Wealth’ , Exec. MBA Graduation Speech, Switzerland

‘Pursuit of Happiness’, Exec. MBA Graduation Speech, 2017

‘Pricing Anything in Commercial Real Estate’, RICS School, Noida, 2017

‘A Primer on Real Estate for Architects’, IIT Roorkee, 2015

‘Behavioral Explanation to Spatial Dependence’, Univ. of Reading (UK), 2020

‘Behavioral Explanation to Spatial Dependence’, Univ. of Manchester, 2020

‘Behavioral Explanation to Spatial Dependence’ , IIM Bangalore, 2018

‘Determinants of Homeownership in India’, IIM Bangalore, 2013

Covid19: Hotels and Commercial Real Estate’, Indian School of Hospitality, 2020

‘Commercial Real Estate in the Covi-19 Era’,, REFE Institute, 2020

Awards & Honors

2025 - Among the Top Five Teachers at IIMA

2023 - Red Pen Award from The Journal of Real Est. Portfolio Mgmt. for excellence in refereeing

2022 - Best Paper Award from ICCRIP Conference, Pune

2022 - Paper of the Year award from Journal of Real Estate Research

2019 - Red Pen Award from The Journ. of Real Est. Portfolio Mgmt. for excellence in refereeing services(2019)

2019 - Practitioner Research Award from the American Real Estate Society (2019)

2018 - Best paper award (apartment category) from the American Real Estate Society (2018)

2017 - Best Paper (Conference)

2017, 18, 19 - Nominated for the “Teacher of the Year” Award by students and peers at EHL (2017, 18, 19)

2016 - Nambiar Developers Award for Best Paper in Real Estate from the Asian Real Est. Soc.(2016)

2016 - Practitioner Research Award from the American Real Estate Society (2016)

2016 - Attended the Harvard Case Method Teaching Seminar, Univ. of Vienna (2016)

2015 - Paper of the Year award from Journal of Real Estate Research (2015)

2015-20 - Nominated for the “Researcher of the Year” Award by peers at EHL (2015-20)

2015 - Excellence Diploma for teaching in the PGP program: ASE University (Bucharest) (2015)

2015 - Earned the Teaching Certificate (Attestation Pédagogique) by HES.SO Switzerland (2015)

2015 - Best paper award (sustainability category) from the American Real Estate Society (2015)

2014 - Completed the Robinson College of Business Teaching Seminar, GSU Atlanta USA (35 hours) (2014)

2013-now - Participated in over 20 pedagogic workshops (60+ hours) organized by EHL: (2013-now)

2012 - Best paper award (office category) from the American Real Estate Society (2012)

2012 - PREA Scholarship: Pension Real Estate Association, Hartford CT (2012)

2012 - Earned the GTA Teaching Excellence Award at the Georgia State Univ. Atlanta, USA (2012)

2012 - Travel Award, RERI Conference, DePaul University, Chicago, IL (2012)

2011-2013 - Colquitt ‘Buck’ Chandler Scholarship (Georgia State University) (2011-13)

2011 - Alpha Sigma Gamma (the International Real Estate Society) Honors (2011)

2011 - Best paper award (apartment category) from the American Real Estate Society (2011)

2010-11 - John H. Cowart Scholarship (Georgia State University) (2010-11)

2010 - Phi Beta Delta (by invitation: scholarly achievement in international education ) Honors

2008 - President (elected), International Graduate Student Association, Texas A&M University (2008)

2000-04 - Full Merit Scholarship, Indian Institute of Technology (2000-04)

IIMA