NCR Real Estate Shifts Toward Luxury and Experience-Led Retail: Saya Group Chairman Vikas Bhasin
Interview with Vikas Bhasin, Founder & Chairman of Saya Group
Q. The Indian real estate sector has seen strong momentum over the last few years. How do you see the current market evolving, especially in NCR, and what key trends will shape the sector in the next 2–3 years?
- What we’re seeing right now doesn’t feel like a short-term upswing; it feels more fundamental than that. In NCR, the buyer has evolved. It’s no longer just about investors looking for quick gains; end-users are far more decisive and clear about what they want. There’s also a noticeable move toward better, more lifestyle-oriented homes. As per industry reports from Cushman and Wakefield, NCR recorded 9,677 new residential unit launches in Q1 2026, marking a 32% fall over the previous quarter and 26% higher on a y-o-y basis, with Greater Noida and Noida contributing 23% and 4% shares, respectively. In terms of retail, leasing by the F&B category in main streets grew by 1.3X in Q1-26 as compared to the similar period last year. We see infrastructure as the real catalyst here; corridors like Dwarka Expressway and Noida-Greater Noida Expressway are reshaping demand maps. Over the next 2–3 years, we see consolidation among developers, sustained price appreciation in well-connected micro-markets, and a stronger tilt toward branded, quality-driven developments.
Q. Saya Homes has built a strong presence in Delhi-NCR. What are your expansion plans going forward—both in terms of geography and asset classes (residential vs commercial)?
- Our growth strategy is both focused and forward-looking. Within NCR, we see strong headroom in markets like Raj Nagar Extension, Indirapuram, Noida, and Greater Noida West. These locations are evolving rapidly on the back of infrastructure and social ecosystem upgrades. Alongside premium residential, we are equally bullish on high-street retail, which is seeing renewed traction. Going ahead, the idea is to scale thoughtfully; expand our residential footprint while building high-quality commercial assets that complement our developments and create long-term value.
Q3. From an investor’s point of view, what makes NCR—particularly micro-markets like Indirapuram and Greater Noida West—attractive today? What kind of returns or value appreciation can investors realistically expect?
- Micro-markets like Indirapuram and Greater Noida West are increasingly standing out because they offer a strong mix of accessibility and future upside. What’s really shifted is the demand profile—today, it’s not just investors, but a growing base of end-users upgrading to better, more premium living. Recent data also shows that Noida and Ghaziabad have joined Gurugram in the luxury housing upcycle, with a noticeable rise in demand for homes priced above Rs. 1 crore and faster absorption in premium projects. This signals a broader shift in buyer aspiration across NCR. Further, with infrastructure upgrades like the Noida International Airport and improved expressway connectivity, these areas are well-positioned for steady price growth. For investors, rental yields remain stable, while capital appreciation continues to be driven by infrastructure-led growth in the range of high single-digit to low double digits.
Q. With your presence in high-street retail and commercial developments, how do you see the demand for retail spaces evolving in NCR? Are we seeing a shift in leasing trends or tenant expectations?
- Retail today feels very different from where it was a few years ago—it’s far more experience-led. Brands aren’t just looking for space anymore; they’re focused on visibility, engagement, and the quality of footfall they attract. That’s where high-street formats, especially within dense residential catchments, are really gaining ground—they offer immediacy and a stronger connection with the consumer. We’re also seeing a more deliberate curation of tenant mix, with F&B, wellness, and entertainment taking on a bigger role in driving repeat visits. Leasing itself has become more strategic—brands are asking for flexible formats, stronger frontage, and environments that encourage longer dwell time. Interestingly, fashion continues to lead this momentum, accounting for about 32% of leasing in Q1 2026, with nearly 75% year-on-year growth. In essence, retail spaces today are being designed less as transaction zones and more as destinations that people want to spend time in.
Q. What is your long-term vision for Saya Homes, and how do you see the brand evolving over the next decade?
- Our vision is to evolve into a brand that stands for trust, design-led development, and long-term value creation. Scale is important, but not at the cost of quality or customer experience. Over the next decade, we want to deepen our presence across NCR while selectively expanding into high-potential markets. Sustainability and smarter construction practices will be integral to how we build going forward. At the same time, we see ourselves playing a larger role in shaping urban ecosystems, not just delivering projects, but creating spaces where people genuinely enjoy living and spending time.
