Inheriting a business often comes with a roadmap. For Sahil Verma, that roadmap was abruptly rewritten. Just months after returning to India with a degree in finance from Aston Business School in the UK, Sahil lost his father, Sandeep Verma—the founder of Shray Projects and a known figure in Delhi NCR’s real estate sector. With little time to adjust, Sahil and his brother found themselves navigating the complexities of an industry in transition, driven not just by legacy, but by the urgency of responsibility.
That pivotal moment defined Sahil’s journey in real estate. Together with his elder brother, he assumed responsibility for the company, carrying forward the values instilled by their father—Accountability, Integrity, and Honesty.
“These weren’t just values on paper. They became our compass in navigating the challenges of India’s fragmented real estate sector. Today, those same principles continue to guide our every decision.”
Under Sahil and his brother’s leadership, Shray Projects has not only maintained its stature but expanded its influence in one of India’s most competitive real estate markets: Delhi NCR.
“We differentiate ourselves by sticking to our principles even when it’s tough. Transparency with stakeholders, delivering on timelines and maintaining high-quality standards have earned us deep trust.”
The company also continues to invest in technology and system-driven efficiency. Proprietary systems for project shortlisting, quality control, and customer relationship management have allowed Shray Projects to thrive despite the volatile nature of the Indian real estate sector.
“We’ve also taken a global perspective and localized it carefully. We don’t blindly copy international models—we study them and implement only what aligns with India’s unique challenges and opportunities.”
Shray Projects’ legacy is especially visible in Gurugram’s dramatic transformation over the last few decades. From early developments like Palam Vihar to landmark projects such as Sushant Lok, DLF Phases 1–5, and commercial icons like MGF Metropolitan Mall and Sahara Mall, the company played a central role.
“We were involved when only three big developers—DLF, Ansals and Unitech—dominated the market. Our participation in nearly every major project gave us unmatched insights and community trust. We’ve seen how thoughtful planning can create long-term value for both the economy and society.”
With the rise and fall of many real estate developers—particularly between 2010 and the COVID-19 pandemic—Shray Projects recognized the need to protect client interests more aggressively.
“We developed a proprietary evaluation system to assess a developer’s financial strength, delivery history, and credibility. We look at everything—land acquisition practices, construction timelines, approval statuses. Our due diligence goes beyond the surface.”
This process has allowed the firm to form successful partnerships with top-tier developers like DLF, Krisumi, and M3M. “Our role isn’t just about selling. We act as an advocate and ensure clients are aligned with developers that match their risk profile.”
When asked about the pros and cons of residential versus commercial real estate, Sahil presents a balanced analysis.
“Residential is easier to enter—lower capital, easier to manage, and benefits from government incentives. But it typically yields just 2–3%, and comes with tenant turnover and maintenance issues.”
On the other hand, commercial real estate offers higher returns—rental yields of 6–8%, longer leases, and often fewer headaches if structured well. “But it demands larger capital, and there are higher compliance complexities,” he cautions.
Ultimately, the choice depends on the investor’s risk appetite and long-term goals.
For corporate clients looking to lease office spaces, Sahil suggests aligning space usage with post-pandemic realities.
“Many companies need 20–30% less space today. Prioritise buildings with digital infrastructure, energy certifications, and wellness features. Negotiate for flexibility—exit clauses, expansion options, even rent-free periods.”
When it comes to retail leasing, Sahil emphasises one golden rule: location is king. “Visibility, high footfall and complementary brand presence are essential. Try for revenue-linked rents where feasible—these align tenant and landlord interests.”
Shray Projects has facilitated leases for several prominent retail brands across India. “We make sure our clients’ capital expenditure, rent-free periods and other needs are negotiated upfront—not left as pain points later,” Sahil explains.
Sahil’s advice to individual investors is rooted in caution, discipline, and long-term vision.
“Don’t chase short-term hype. Look at infrastructure development, employment growth, and connectivity. The best bets are in emerging areas adjacent to established neighborhoods.”
He stresses the importance of diversification—residential, commercial, and even REITs. “And never skip due diligence. We do it thoroughly for every client. Avoiding a bad investment is often more valuable than picking the perfect one.”
He also advises using financing judiciously and maintaining liquidity. “And don’t forget asset management. Maintenance and renovations can significantly improve long-term returns.”
Geographically, they are now expanding into Tier-1 and Tier-2 cities undergoing infrastructure transformation. “But we’ll ensure our signature quality and client-centric approach remains constant,” Sahil affirms.
