Internet of Things (IoT) is the biggest ICT revolution that the world is witnessing with potential to be the next biggest technology disruptor that will improve productivity and efficiency across different industries and services sector. The purpose of this paper is to study adoption of Internet of Things (IoT) enabled technologies in the corporate sector in India and also to identify factors influencing its adoption rate. It prescribes a suitable model serving as a blue print for enterprises. The methodology used is exploratory research as significance of Technology Adoption Model (TAM) in IoT projects is still not studied to lay the groundwork for future studies. Literature review proposed different models based on TAM or their abridged versions. In this study, a team of five experts in IoT project adoption proposed factors crucial to successful IoT project implementation. Based on these, questionnaires were developed and sent to respondents who are senior officers at their respective selected companies. Data obtained was used to validate existing and proven TAM research model. Based on this, the study proposed a new model (IOT-TAM). Variables namely Perceived utility, Perceived ease of use, intrinsic variables and external organization were developed. First generation multivariate method of multiple regressions was used to assess reliability and validity of the model measures.