Noida Real Estate Showdown: Which Builder Gives You the Best ROI?

The Noida property market has never been short of opportunities. But this 2025 has something revolutionary for investors: a new wave of commercial real estate options. As massive infrastructure improvements, corporate growth, and consistent demand of property on Noida Expressway have occurred, the area and the surrounding industries have become a venue to high-ROI commercial centres.

And when it comes to commercial real estate in Noida, three names are dominating the current discussions: Bhutani Group, Sikka Group, and Gulshan Homz. With a track record of timely delivery and exceptional developments, among the frontrunners are three marquee developments: Bhutani Cyberthum, Sikka The Downtown (Mall of Noida), and Gulshan One29.

But the real question investors are asking is:

Which one actually delivers the best return on investment?

Let’s find out!

Builder Comparison: Track Record Matters

A real estate project is only as strong as the builder behind it. The factors that are of concern to the investor include the delivery record, building quality, reputation in the market, and capability to attract tenants. Here’s a snapshot of the three major players:

Bhutani Infra Group

• Known for: Large-scale commercial landmarks such as iThum (Sector 62), Alphathum (Sector 90), and now Cyberthum.

• Track Record: One of the most consistent commercial developers in Noida. Especially Alphathum has re-modeled the commercial environment of Noida; it has acquired the India's largest long-term deal with WeWork India[MR1]  and invited Incuspaze with the lease of 4 lakh sq. ft.[MR2]

• Reputation: Innovative design and aggressive leasing support.

• Strengths: Strong focus on futuristic commercial spaces, leasing ecosystem, and large-scale amenities.

Sikka Group

• Known for: A mix of residential and commercial developments in Noida, including Karnam Greens, Sikka Kimaantra Greens, and the ambitious Mall of Noida (The Downtown).

• Track Record: Premium properties with exclusive amenities, but the group has positioned Mall of Noida as its commercial flagship.

• Reputation: Strong land bank on Noida Expressway; building brand presence in the retail commercial segment.

• Strengths: Prime Expressway frontage, first-mover advantage in creating a mega retail hub in Sector 98.

Gulshan Homz

• Known for: Premium residential projects such as Gulshan Ikebana, Gulshan Vivante, and Gulshan Botnia.

• Track Record: Excellent in the residential category; timely deliveries and quality finishes have earned Gulshan goodwill among homebuyers.

• Reputation: Considered boutique yet reliable. With One29, the group is entering commercial real estate seriously for the first time.

• Strengths: Trust factor, execution quality, boutique development approach.

Project-by-Project Analysis

Now that we know the builder DNA, let’s examine their current flagship projects and what they mean for ROI.

Bhutani Cyberthum Noida

Bhutani Group has built its reputation in Noida on creating futuristic commercial landmarks, and Bhutani Cyberthum Noida is no exception. Strategically located in Sector 140A, this twin-tower development (with towers rising over 50 storeys) is one of the tallest commercial projects in North India.

Project Highlights:

• Sky gardens and lounges enhance appeal to multinational tenants.

• Adjacent to Noida-Greater Noida Expressway, upcoming metro extensions nearby.

• Demand from IT/ITES, startups, and co-working operators.

ROI Angle

• Rental Yield:[MR3]  You can expect up to 9% rental yield from Grade-A office space for sale in Noida

• Capital Appreciation: Early investors have already seen price hikes; long-term appreciation potential is high as Sector 140A matures.

• Best For: Long-term growth seekers who want a landmark property with strong appreciation prospects.

Sikka The Downtown Noida

The Sikka Group, also among the veterans in the real estate business in Noida, has now ventured into the big-format retailing business, with Sikka the Downtown Noida, or Mall of Noida. It is a project that provides shopping, eating, and workspace as one ecosystem in the Sector 98 location of the Expressway.

Project Highlights:

• Surrounded by high-income residential sectors (93, 96, 100, 104).

• Entertainment attractions: Multiplexes, food courts, and family zones.

• Potential to become a regional footfall magnet.

ROI Angle:

• Rental Yield:[MR4]  In FY25, the rental income of organized malls is expected to grow by 8-9% with strong urban consumption.

• Capital Appreciation: Depends on brand leasing; once operational, units leased to big chains can command premiums.

• Best For: Yield-hungry, high-risk investors who want stronger cash flow but understand the dependency on tenant mix.

Gulshan One29, Noida Sector 129

Gulshan Homz, best known for its luxury residential projects, has ventured into commercial with Gulshan One29 Noida Sector 129 on the Expressway. One29 positions itself as a boutique commercial destination, unlike Cyberthum, which is of a mega-scale, or The Downtown which is more retail-oriented.

Project Highlights:

• Sector 129 is a well-established corridor with premium residential density (Jaypee Wish Town, ATS Greens).

• Boutique scale ensures exclusivity and focused management.

• Gulshan’s first commercial project: high brand commitment.

ROI Angle:

• Rental Yield: High rental yield supported by mid-sized enterprises and small-format retail.

• Capital Appreciation: Moderate, but safer due to established catchment area.

• Best For: First time investors who are looking to invest in a safe place to stay with a moderate growth and cheap entry point.

Comparative Snapshot

Fresh Perspective: Choosing Projects by Investor Persona

Now, that we know about the leading builders and their signature projects, it’s time to decide which one delivers the highest ROI.

But the truth is, there’s no single “best project or builder”, only the best fit for your investment style.

Whether you are looking for office space or food court in Noida, these projects have something for every type of investor. Let’s check!

• The Visionary Investor (Growth-Oriented): Choose Bhutani Cyberthum. It is an equivalent of investing in a blue-chip, and this will require time, but the magnitude of scale and the leasing ecosystem will result in long-term wealth-creator.

• The Opportunistic Investor (Cash-Flow Driven): Opt for Sikka The Downtown. Retail yields are higher, but they come with volatility. If you’re comfortable with retail cycles, the rewards can be substantial.

• The Conservative Investor (Safety First): Pick Gulshan One29. Small size of the ticket, boutique size and reputation of Gulshan in timely delivering make it a good fit to risk averse people who want to earn constant returns.

Conclusion

Noida’s commercial property boom is not just about glittering glass towers; it’s about aligning your money with the right builder and project. Bhutani, Sikka, and Gulshan represent three very different philosophies of real estate; scale-driven innovation, retail magnetism, and boutique reliability.

In the end, the question isn’t which project is best overall.

The real question is: which project best matches your investment DNA?

Because in real estate, as in life, ROI is not one-size-fits-all; it’s about choosing the builder and property that grows with your goals.

FAQs

Q. Which Noida commercial project offers the highest long-term appreciation?

A. Bhutani Cyberthum is distinguished by the long-term growth as it is developed on mega scale, located in Sector 140A, and has a robust leasing ecosystem.

Q. Are boutique commercial projects a safer investment than large-scale ones?

A. Yes. Boutique projects such as Gulshan One29 usually have reduced risk, predictable rent, and targeted management strategy, which are defined as ideal in terms of conservative investors.

Q. How do retail-focused projects like Sikka The Downtown perform in Noida?

A. Retail projects can deliver higher rental yields (8–9%) and strong cash flow, but they depend heavily on tenant mix, footfall, and operational management.

Q. Which sectors in Noida are seeing the most commercial activity in 2025?

A. Noida Expressway sector 98, 129, and 140A are commercial hotspots, which is attributed to the recent infrastructure development, metro accessibility and closeness to residential areas.

Q. How does builder reputation impact ROI?

A. The history of a builder guarantees punctual delivery, good workmanship, credibility of tenants and asset appreciation. All of them have different strong points, each contributed by Bhutani, Sikka, and Gulshan.

Q. Is Noida good for first-time commercial property investors?

A. Yes. Projects like Gulshan One29 offer smaller ticket sizes and a boutique approach, making entry easier for first-time investors seeking steady returns.

Q. Can I expect rental yields above 9% in Noida commercial properties?

A. Where Grade-A office space such as Cyberthum reaches up to 9% rental yield, the same may differ in a boutique or retail based project. Malls such as The Downtown are capable of presenting high cash flows based on agreements with the tenants.

Q. How important is location for ROI in Noida?

A. Location is crucial. Proximity to the Expressway, metro stations, and premium residential zones enhances tenant demand and capital appreciation.

Q. Which project is best for a short-term cash-flow strategy?

A. Sikka The Downtown is ideal for investors focused on short-term returns and higher rental yields, provided they can manage market and tenant fluctuations.

Q. How do I decide which commercial project fits my investment style?

A. Assess your risk appetite:

• Visionary/growth-oriented → Bhutani Cyberthum

• Opportunistic/cash-flow driven → Sikka The Downtown

• Conservative/safety-first → Gulshan One29