How TTD plans to unlock value from land and strengthen its financial systems
The Institute of Chartered Accountants of India (ICAI) is collaborating with Tirumala Tirupati Devasthanams (TTD) to monetize its extensive land assets through Real Estate Investment Trusts (REITs) and to verify and value its gold holdings. ICAI is also updating TTD's three-decade-old accounting manual, aiming for it to become a model for other major temples in India.
Why it matters
This initiative could significantly enhance the financial management and transparency of one of India's wealthiest temple trusts, potentially setting a precedent for improved financial practices across other religious institutions in the country.
The Institute of Chartered Accountants of India (ICAI) is working with Tirumala Tirupati Devasthanams (TTD) on ways to monetise its land assets through real estate investment trusts (REITs), while also helping the temple trust verify and value its gold holdings.The chartered accountants' apex body is also in the advanced stages of preparing an updated accounting manual for TTD, the official custodian of the Sri Venkateswara temple in Tirupati, Andhra Pradesh.An ICAI official said on Sunday that the institute was working with TTD on several projects, including the accounting manual, setting up REITs and valuing its gold assets.REIT plan for TTD land assetsREITs allow entities to monetise their real estate assets.
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