Dr.Prashant Das

Academic Advisory

Associate Professor, IIMA

Chairperson of Academic Advisory Board, GREMI

BIO

Prashant Das, PhD, is a faculty member in the Finance & Accounting area of IIM Ahmedabad, specializing in Real Estate. Formerly, he was Associate Professor and Director of the Real Estate Institute at EHL Lausanne, Switzerland.

He is a member of the Hybrid Securities Advisory Committee (HySAC) of the Securities and Exchange Board of India (SEBI) that regulates REITs and InvITs in India. He serves on the board of Arvind Smartspaces (NSE: ARVSMART) and XISS (Ranchi). He is helping set up GREMI (India’s first Real Estate University) in Ahmedabad and serves on its Governing Council. He is also a Board Member of the American Real Estate Society. Earlier, as a Steering Committee Member, he helped the National Housing Bank (NHB) set up India’s first Mortgage Securitization Company (RDCL).

At IIMA, he developed the India Agri Land Price Index (ISALPI) and the India Art Price Index (IAIAI). He has taught at Harvard University, the University of California–Irvine, and the University of Melbourne (online), and has served as a visiting faculty member at ASE Bucharest and the Beijing Hospitality Institute. He has served in several consulting/advisory roles internationally and has been invited to speak at international and national-level forums. He frequently contributes to print and electronic media.

Dr. Das has published 30+ research papers, 15 case studies, and 3 books. His work has earned 12 international research awards, two teaching excellence awards, and two Best Paper Awards from the Journal of Real Estate Research (USA). Twice, he received the Practitioner Research Award from the American Real Estate Society.

His research spans commercial real estate private equity, REITs, mortgage securitization, hotels, and sustainability. He holds a PhD in Real Estate (Georgia State University), a Master’s in Land Development (Texas A&M University), and a Bachelor’s in Architecture from IIT Roorkee.

Articles

‘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.

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

Achievements

Among the Top Five Teachers at IIMA (2025)
Red Pen Award from The Journal of Real Est. Portfolio Mgmt. for excellence in refereeing (2023)
Best Paper Award from ICCRIP Conference, Pune (2022)
Paper of the Year award from Journal of Real Estate Research (2022)
Red Pen Award from The Journ. of Real Est. Portfolio Mgmt. for excellence in refereeing services (2019)
Practitioner Research Award from the American Real Estate Society (2019)
Best paper award (apartment category) from the American Real Estate Society (2018)
Best Paper (Conference-2017)
Nominated for the “Teacher of the Year” Award by students and peers at EHL (2017, 2018, 2019)
Nambiar Developers Award for Best Paper in Real Estate from the Asian Real Est. Soc. (2016)
Practitioner Research Award from the American Real Estate Society (2016)
Attended the Harvard Case Method Teaching Seminar, Univ. of Vienna (2016)
Paper of the Year award from Journal of Real Estate Research (2015)
Nominated for the “Researcher of the Year” Award by peers at EHL (2015-20)
Excellence Diploma for teaching in the PGP program: ASE University (Bucharest) (2015)
Earned the Teaching Certificate (Attestation Pédagogique) by HES.SO Switzerland (2015)
Best paper award (sustainability category) from the American Real Estate Society (2015)
Completed the Robinson College of Business Teaching Seminar, GSU Atlanta USA (35 hours) (2014)
Participated in over 20 pedagogic workshops (60+ hours) organized by EHL: (2013-now)
Best paper award (office category) from the American Real Estate Society (2012)
PREA Scholarship: Pension Real Estate Association, Hartford CT (2012)
Earned the GTA Teaching Excellence Award at the Georgia State Univ. Atlanta, USA (2012)
Travel Award, RERI Conference, DePaul University, Chicago, IL (2012)
Colquitt ‘Buck’ Chandler Scholarship (Georgia State University) (2011-13)
Alpha Sigma Gamma (the International Real Estate Society) Honors (2011)
Best paper award (apartment category) from the American Real Estate Society (2011)
John H. Cowart Scholarship (Georgia State University) (2010-11)
Phi Beta Delta (by invitation: scholarly achievement in international education ) Honors (2010)
President (elected), International Graduate Student Association, Texas A&M University (2008)
Full Merit Scholarship, Indian Institute of Technology (2000-04)

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Academic Advisory

Dr.Prashant Das

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