User-centric, localized energy and comfort management solutions that are essential in commercial buildings are realized by IoT enabled building management systems, involving networked sensors and artificial intelligence-based data processing. This study examines the adoption, use and management of IoT in intelligent buildings (IBs) from the perspectives of their value chain, and occupant behavior in the Indian context. The barriers to IoT adoption in the context of the IBs’ value chain are identified, classified and prioritized using the DELPHI method, leading to the development of a novel measure termed ‘IoT adoption index’. The occupant adoption analysis leverages the well-established Theory of Reasoned Action, Theory of Perceived Behavior, and the Technology and Value Adoption Models, deals with development of a custom model, and further investigates the moderation effect of ‘energy conscious’ occupant behaviour. The results will help IoT players to formulate business and technology strategies for product management and target early adoption customer segments. The work also proposes a new theoretical framework for evaluating IoT adoption scenarios in IBs.