The urbanization trend and the prevailing energy crisis in India, makes it important to study the potential of IoT technology in the Indian buildings market. This research work proposes a systems dynamics model of IoT based climate control systems diffusion in Intelligent Buildings. The modeling process leverages the generic Bass model of technology diffusion and augments it with causal loops based on the enablers and barriers to IoT diffusion in buildings identified through literature review. The model encompasses the technological, social, financial, business, regulatory and environmental aspects of the system, and uses stock-flow concepts to represent their dynamic interplay. The model will be useful to value chain players in the construction sector by providing them support for strategic decision-making concerning market entry and new product development. It will also help policy makers to assess industry readiness to tackle the prevailing energy crisis and devise strategies to mitigate it.