In this paper, we discuss managerial challenges and opportunities related to the newly introduced real estate investment trust (REIT) in India. Features of the proposed REIT structure are critiqued in light of the existing body of knowledge about REITs. We revisit the debate surrounding the issue of external versus internal management of REITs. Analysis of salient aspects of Indian real estate companies such as financing, investment, cash flows, and ownership pattern suggest that potential sponsors must go through some fundamental attitudinal changes to successfully adopt the REIT model.