Shubhendu Saha

Shubhendu Saha

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Professional Experience

Shubhendu Saha, Partner: iVAS Partners, is an IBBI Registered Valuer for Land and Building (Valuer Registration Number: IBBI/RV/02/2019/11552) and Securities or Financial Assets (Valuer Registration Number: IBBI/RV/02/2019/12598) with nearly 25 years of experience in the domain of real estate and infrastructure advisory.

He was the national practice head of Valuation Advisory services of a UK Listed International Property Consulting. As the leader of valuation practice there, Mr. Saha authored India specific guidelines of the RICS Valuation Standards (“Red Book”) for financial accounting, taxation and development land, which became part of the 7th edition of Red Book.

He undertook valuation of India’s first listed portfolio of healthcare assets at Singapore Stock Exchange as a Business Trust. He is also the first registered valuer to have undertaken valuation of portfolio of assets for IPO of REITs in India. He has led numerous valuation exercises for multiple private equity/real estate funds, financial institutions, developers and corporates across asset classes of commercial, retail, residential and hospitality

Representative Assignments

Assignment About the Company
Valuation of a portfolio comprising office parks, commercial buildings, facility management and power distribution services in Chennai, Hyderabad, Mumbai and Pune for IPO and subsequent investor reporting A leading listed REIT in India
Valuation of a portfolio of retail malls located across India for financial reporting purposes A listed retail mall developer and operator
Valuation of a portfolio comprising IT SEZ Campuses, IT Park and Commercial building in Kolkata, Mumbai and NCR for IPO and subsequent investor reporting India’s first institutionally sponsored REIT
Valuation of a mix-use commercial office campus comprising IT SEZ, retail and hospitality for acquisition by a listed REIT under SEBI REIT Regulations A leading listed REIT in India
Multiple valuation assignments for urban land, residential projects, commercial office buildings, hotels and villas for secured lending Purposes India’s leading housing and construction finance NBFC
Valuation of a portfolio of office assets across South India for secured lending purposes A leading retail mall developer
Valuation of Land and Building and Financial Assets on the balance sheet of a Corporate Debtor under IBC, 2016 Developer of a premium office building at BKC, Mumbai

Key Clients

  • Mindspace Business Parks REIT
  • Brookfield India Real Estate Trust
  • Embassy Office Parks REIT
  • DLF Limited
  • Inorbit Malls
  • TRIL
  • ICICI Prudential AMC
  • Phoenix Mills
  • HDFC Limited
  • TVS Group
  • RMZ Corp
  • Citigroup
  • Kotak Investment Advisors
  • Hines
  • Tishman Speyer
  • IL&FS Investments
  • Nirlon Limited
  • SAMHI Hotels
  • Chalet Hotels
  • Air India

Shubhendu Saha

Partner, iVAS Partners

T: +91- 9910386675


  • Member of ICMAI Registered Valuers Organisation
  • Member of Royal Institute of Charted Surveyors (MRICS)