India's data center growth, driven by policy and investment, necessitates a re-evaluation of financial appraisal. Institutions must treat data centers as critical digital national infrastructure, not just commercial real estate. Credit assessment needs to cover revenue visibility and resource profiles—energy, water, climate resilience. This new asset class blends contracted cash flows with technology obsolescence and geopolitical risks. Lenders must integrate infrastructure, technology, and market analysis, aligning with international practices. RBI guidance is crucial for robust financial frameworks, including green financing. The ultimate aim is resilient, energy-efficient, and adaptable data center infrastructure for India's future.