New Delhi, March 18 -- India's corporate skyline has expanded rapidly over the past three decades. Tech campuses in Bengaluru and Hyderabad, logistics parks along the Delhi-Mumbai industrial corridor and multiple warehouse clusters on city outskirts reflect a country building the infrastructure of a modern economy. Yet, much of this expansion has been planned around connectivity, labour access and land prices. Climate risk has rarely figured in the blueprint.

That omission is becoming harder to ignore. Floods, extreme heat and infrastructure breakdowns are increasingly shaping the reliability and value of corporate real estate.

The 2015 Chennai floods offered a stark illustration, causing industrial property losses estimated at around R...