ICAI teams with Tirupati temple trust to unlock land asset value

The Institute of Chartered Accountants of India (ICAI) is advancing plans to help Tirumala Tirupati Devasthanams (TTD) unlock the value of its substantial real estate portfolio through real estate investment trusts (REITs), according to officials.

The collaboration encompasses multiple initiatives designed to modernise the financial management of the Tirupati-based shrine, considered the world's wealthiest Hindu temple. Beyond REITS implementation, ICAI is preparing an updated accounting manual tailored to TTD's operations and developing methodologies to verify and value the trust's considerable gold holdings.

REITs provide a mechanism for institutional entities to monetise real property while maintaining operational control. TTD possesses extensive land parcels, predominantly acquired through devotional donations accumulated over centuries. The structured investment vehicle is expected to generate revenue streams while preserving the temple's custodial responsibilities.

ICIA President Prasanna Kumar D indicated that preparation of the revised accounting manual has reached advanced stages. The accounting framework modernisation reflects efforts to align TTD's financial reporting with contemporary standards while addressing the unique requirements of managing one of Asia's most significant religious institutions and its considerable asset base.