The eagerly anticipated film, which has four story tracks moving simultaneously and revolves around Indians' unshakable obsession with America, has an ensemble cast that includes wife Ratna Pathak Shah, Paresh Rawal, Konkona SenSharma and Irrfan Khan.
Naseer has had a steady fan following for the last four decades, many of whom will make it a point to see his directorial venture, but he says he will wait for the audience reaction before planning his next film.
He says he has no expectations from the film and wants the audiences to decide its fate.
"I am not in a rush to make another movie. I will wait for the audiences reaction and then I will decide if I want to make another film or not," Naseer told as he was rushing to take a flight out of Delhi, where he had come for the premiere of "Yun Hota...".
"Yun Hota Toh Kya Hota" had its world premiere at the eighth Osian Cinefan Festival Of Asian Cinema on Wednesday and Naseer says he was more than happy to showcase his film at this platform. The movie was well received with audiences cheering and clapping.
It is well crafted with its characters in the four stories aiming to reach America because they think that will solve their problems.
When asked whether the 9/11 terror attack had dimmed people's enthusiasm to go to the US, Naseer said: "I don't think the tragedy has diminished people's craze to go to America. For most of the people it was another bad luck. Until it happens with you, you don't take it seriously."
The film also features his son Immaauddin Shah in an interesting role, though Naseer is categorical that it is not his launch pad.
"Do you think anybody can be launched with that kind of role! He is like any other actor who has a role to play in the film. That's it."
The film is dedicated to Naseer's two older brothers, who helped him realise his dream.
"When I was a child, I wanted to be an actor but I couldn't tell anybody except my brothers. They have been a great support. Whatever I am today is because of them. So, I dedicate this film to both of them," said Naseer.
When asked what he enjoys most, directing or acting, he said: "I enjoyed making 'Yun Hota Toh Kya Hota'. It was stimulating. I am enjoying the role of a director so much that I am not taking so many acting assignments. I would love to make more films."
He said he had wanted to make a film for a long time, but was waiting for the right script.
"Uttam Gada, who is a Gujarati director, discussed the story with me and it appealed to me and I took it forward from there."
So, is he trying to convey any message to the people through his film?
"No message. I am not a messenger, I am a storyteller and I hope people like my story."
Naseer talked highly of Konkona, who plays a newly married Bengali girl desperate to join her husband in the US, calling her one of India's finest actresses.
Talking about his other stars, he said: "I chose these actors because they were the best actors available to me. I am able to connect with them. I enjoy watching them and that's why I had cast them."