I have an option between VIT Vellore, BITS Dubai & IP University for BTech/BE chemical Engineering. Which one of these is a better option, considering the fact that I want to do research and later pursue an MS? (I am from Delhi, BTW)

Since, your priority is to go for higher studies i.e: MS so my advice would be to select BITS Dubai campus for ChemEng since the the exposure plus the brand name of BITS Pilani will be highly advantageous and will also help your CV to stand apart from others..

What I said above is only valid if fees is not an issue for you..

Or else, I would say opt for VIT Vellore in place of IP as you will get better infrastructure for your research purposes and also it is well known in the country as well as abroad.

Best of luck :)))