An interview with Sahil Verma , COO of Shray Projects, a leading Real Estate services company based in Connaught Place, New Delhi
In this exclusive interview, we speak with Sahil Verma, the COO of Shray Projects, a premier real estate services company located in Connaught Place, New Delhi.
Sahil Varma shares his insights on industry trends, innovative practices, and the companyโs commitment to excellence in transforming urban landscapes.
You joined Shray Projects at the young age of 22. What motivated you to step into the family business so early, and how did that decision shape your career?
Sahil Verma: I joined Shray Projects way back in 2013 just after completing my Bachelors in Finance from Aston Business School in the UK when I was 22.
After my graduation, my eventual plan was returning to India and joining the family business under my father, Mr. Sandeep Verma, who had established Shray Projects in 1989 and was a well-known industry veteran.
However, the journey took a turn which nobody had anticipated when only a few months after I returned back to India, my father passed away due to Dengue fever in October 2013.
This personal tragedy became a pivotal moment in my career since I lost my mentor, teacher, and father at the same time. It created a sense of responsibility and focus which has guided my career since then.
I and my elder brother who has been my guiding light and leads the company took the reins of the business, determined to honor our fatherโs legacy.
Since then, weโve upheld the core values our father formed this company over and instilled in us: Accountability, Integrity, and Honesty.
While following these principles hasnโt been easy in Indiaโs fragmented real estate industry, theyโve served as our compass in growing Shray Projects and to make it one of the top Real Estate Advisory in India today.
Looking back, the unfortunate circumstances in which I joined the business and the early responsibility has played a big part in making me into the business leader I am nowโsomeone who appreciates both the privilege and the accountability that comes with continuing a family legacy.
Having studied Real Estate Economics and Finance at LSE and worked at BNP Paribas, how have these experiences influenced your strategic approach as COO of Shray Projects?
Sahil Verma: I was fortunate to have gotten one of the best educations possible and it has significantly shaped my leadership approach at Shray Projects.
During my Bachelors at Aston Business School, I enrolled in a sandwich program which required 1 year of practical work experience between studies to complete the degree.
I secured a placement at BNP Paribasโ investment banking division, where I got the opportunity of working under some of the most dynamic investment bankers in India at that time.
A few years after joining Shray Projects, I discovered the Real Estate Economics and Finance diploma program at the London School of Economics (LSE) and decided to join it as it seemed a good fit and could add value to my work.
The experience from these courses from different disciplines cemented my understanding and made me realise how real estate and finance are closely interlinked.
This realization equipped me to interpret how economic movements can impact Real estate and how we can use global strategies and adapt them to Indian Real Estate context to support and grow our services to clients.
Today, Data is king but very few know how to extract meaningful insights from it. My academic background and professional experience have given me the ability to make sense of the dynamic nature of business and the information available to deliver genuine value to our clients.
The integrated approach โ combining theoretical knowledge with practical application, global standards with local adaptations and financial expertise with Real Estate fundamentals has guided my decisions as COO of Shray Projects.
Shray Projects has an impressive legacy in Delhi NCR. What strategies have helped the company maintain its dominance in such a competitive and fragmented real estate market?
Sahil Verma: In our thinking and working, weโve always upheld the core values our father Mr. Sandeep Verma instilled in us: Accountability, Integrity, and Honesty.
These principles are not just some words on our Mission Statement but are the pillars of our operations and give us a competitive edge in a market which is known to be uncertain.
Combined with modern thinking and focus on including new technologies in our operations, it makes us unbeatable in the market.
In practical terms, what following these values has ensured is that we are always transparent to all stakeholders, follow timelines precisely and maintain highest quality standards even when faced with market pressures. We swear by the commitment we make to our clients and thatโs why our clients trust us.
Along with this, weโve ensured that we make continuous structural improvements in the organization and implement systematic planning.
To counter the fragile nature of Indian Real Estate, we developed robust systems for project shortlisting, quality control, and customer relationship management created specifically for the Delhi NCR market which is our core area of operation.
One of the things which truly sets our approach apart from the other players in the market is how we apply global perspective with local wisdom. Weโve ensured that we study international best practices and adapt them to the Indian scenario.
This has been done thoughtfully ensuring that we donโt just copy everything but only adapt whatever is best and can work to unique challenges and opportunities of the Indian market.
How has the Delhi NCR real estate market evolved over the past decade, and what trends do you foresee shaping its future?
Sahil Verma: Delhi NCR has seen a dramatic evolution in terms of Real Estate over the past decade. The region is now home to projects that are not only equivalent but better compared to global standards in design, sustainability, and scale.
This development has not happened in isolation but is driven by Indiaโs economic rise over this period and an ever expanding middle class, thus leading this region to become a magnet for real estate innovation in the world.
The three major cities in Delhi NCR โ Delhi, Gurugram and Noida have been completely transformed, evolving from their earlier perceptions into established, distinctive cities with unique urban characters.
Each of these cities has iconic real estate projects that genuinely stand shoulder-to-shoulder with international benchmarks and something we only used to see in cities like Dubai, Singapore and London earlier.
Looking ahead, we foresee the following trends to keep this market evolving:
- Larger, landmark projects setting new benchmarks
- Vertical development to meet urban density demands
- Continued formalization via regulations like RERA
- Sustainability becoming a core design principle
- Growth in new asset classesโsenior living, co-working, healthcare-housing hybrids
At Shray Projects, we are not just adapting to these changes in our regionโwe are actively shaping them through innovative, responsible practices and contributing to the landscape in our capacity.
What are the pros and cons of investing in residential vs. commercial real estate in India today?
Sahil Verma: Both residential and commercial real estate investments in India today present their own set of advantages and disadvantages.
Residential properties typically prove to be an easy entry point for investors with lower capital requirements and simplified management. They generally offer steady rental yields of 2-3%, reliable appreciation in prime locations over the years, and benefit from government initiatives like PMAY for certain kinds of properties.
However, on the other hand, they usually come with higher maintenance responsibilities, tenant turnover concerns, and provide lower overall returns compared to commercial properties.
If we talk about Commercial properties, they usually require larger capital outlays and deliver superior rental yields of 6-8%, longer lease terms ensuring stability, and a potential for triple-net leases where tenants take the responsibility of handling expenses.
The cons include higher vacancy risks during economic downturns, complex compliance requirements, and greater sensitivity to market shifts.
The optimal choice while deciding depends ultimately on individual risk appetite, investment capacity, and financial goalsโwhile someone might choose residential for stability and moderate growth, commercial offers potentially higher returns with corresponding risks.
What advice would you give to corporate clients looking to lease commercial spaces in todayโs market?
Sahil Verma: For corporate clients navigating todayโs commercial leasing market for offices, I would recommend a strategic approach where they should balance their immediate needs with future flexibility.
Keeping the current situation regarding the importance of Work-Life balance in mind, they should reassess their spatial requirements in light of hybrid work modelsโ as many organizations now need 20-30% less space than they used to pre-pandemic.
One should focus on buildings with robust digital infrastructure, energy efficiency certifications, and wellness features, as these have proven to directly impact operational costs and employee satisfaction.
Always keep in mind โ everything in leasing is negotiable if done with the right intention, right agent and terms. Therefore, negotiate flexible lease terms with expansion/contraction options and reasonable exit clauses to accommodate business evolution.
Before finalising, do consider the total occupancy cost beyond base rent, including CAM charges, maintenance, and potential retrofitting expenses.
Location decisions should be prioritized keeping in mind employee accessibility via multiple transportation options like Metro, Bus etc. and proximity to amenities that support talent attraction.
Finally, leverage current market conditions to secure tenant improvement allowances and rent-free periods, but be selectiveโthe right property should align with your companyโs brand identity and long-term strategic objectives, not just offer the lowest immediate cost.
When we talk about Retail leasing, location remains the single most critical factorโprioritize visibility, high footfall, and proximity to complementary brands.
Today, consumers seek experience-led shopping, so spaces placed in well-managed, mixed-use developments or premium high streets often outperform isolated units.
Again, negotiation here plays a key role. So negotiate lease terms that include flexibility for scaling or restructuring based on evolving retail formats.
Try for revenue-linked rent options where possible, which make sure that landlord and tenant interests are aligned in uncertain demand cycles of the market.
Most importantly, your retail space should match your brand story. We as customers often see the retail spaces as extensions of what we perceive of the brand, so choose locations that reinforce your identity and connect with your target demographic.
At Shray Projects, we pride to have some of the brands associated who weโve helped to lease out in some of the most premium locations, not only in Delhi NCR, but across India at a price that they were comfortable with and ensuring all points regarding capex, rent free period and other important requirements of the clients are part of negotiation itself and not left as a pain point later.
Remember, leasing is not just about costโitโs a strategic investment in brand visibility and customer experience.
What advice would you give to individual investors exploring real estate for long-term wealth creation?
Sahil Verma: Individual investors considering real estate as a long-term investment strategy should first establish a clear understanding of their financial objectives with the investment and the risk tolerance they have.
While real estate can prove to be an excellent vehicle to build wealth, but it requires both patience and strategic thinking for success. Location should be a key factor to consider rather than chasing any short term trends in the market.
Areas which have seen or are planned to have strong infrastructure development, employment growth, and improving connectivity consistently outperform other regions over extended periods.
The best investments often lie in emerging corridors where future developments are planned and are adjacent to established neighborhoods.
Diversification in real estate like all your financial investments remains crucialโconsiders allocating capital across residential, commercial, and REITs to balance growth potential with income stability.
For many investors, starting with a residential property in a mid-tier market offers an accessible entry point before they expand to more complex assets such as commercial.
Due diligence cannot be overemphasized. At Shray Projects, we pride in making sure that our clients are fully aware of all intricacies during their purchase and all important documents are available to them.
We thoroughly investigate developer track records, approval statuses, and title clarity and give them a report before proceeding. The highest returns often come not from timing market cycles perfectly but from avoiding problematic investments altogether.
Financing should be used judiciously to amplify returns and maintain sufficient liquidity so that this leverage provides a buffer and protects against market fluctuations and unforeseen expenses.
Finally, think beyond the transaction. Focus on asset management with proper maintenance, timely renovations etc. which can significantly impact long-term performance and can transform average acquisitions into exceptional returns over time.
What is your vision for Shray Projects in the next decade?
Sahil Verma: We see the shifts happening in the Indian Real Estate and Retail leasing space as a catalyst to the growth and vision we have planned for Shray Projects.
Keeping this in mind, we would be evolving in a multifaceted approach, addressing both our internal team development and external market expansion while remaining anchored to our foundational principles.
First and the most critical aspect is our emphasis in cultivating teams that genuinely embody and advance our core values of Honesty, Accountability, and Integrity.
We see this as a strategic development of our human capital to meet the increasingly complex requirements of the evolving real estate landscape in future.
In a rapidly changing industry and also one which is fragile, we believe that value-driven teams will be our most sustainable competitive advantage and therefore weโre significantly investing in leadership development programs that identify and nurture talent who demonstrate both technical expertise and ethical alignment with our principles.
Geographically, weโre planning and implementing a careful expansion strategy wherein weโll expand to cities with strategic economic importance and possessing a demographic advantage beyond our established presence in Delhi NCR..
Weโve identified certain tier-1 and several tier-2 cities through thorough market analysis which are undergoing infrastructural transformation and present compelling opportunities for growth for our business โ both from investor point of view and retail leasing.
This expansion will however be kept in mind that new markets receive the same standards of quality which weโve maintained in Delhi NCR with client centricity at its core.
As we believe knowledge is key in real estate, therefore, weโre also building a knowledge ecosystem: research divisions, digital resources, and forums to help clients navigate the fast-evolving market.
A dedicated research division will be established to produce actionable market intelligence, creating digital knowledge repositories which can be accessed by clients, and hosting regular forums forย industry experts, policy makers, and investors.
Our goal is to be more than a transaction facilitatorโto become a strategic advisor, empowering clients through insight, trust, and long-term partnership.
We want to inculcate an information-rich environment where the clientโs decisions are backed by research and in depth understanding of the market and thus the most valuable service we can provide is helping clients distinguish between noise and signal.
Sahil Vermaโs vision and leadership at Shray Projects exemplify the dynamic nature of the real estate sector.
As the company continues to thrive in a competitive market, his dedication to innovation and sustainability positions Shray Projects as a key player in shaping the future of urban development.
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