This is more of a dilemma. The Tiago offers better ride-handling than the Elite or Baleno while the Baleno is quicker only because its lightweight.
The Tiago may not be as refined as the four cylinder cars, but it is never underpowered and is in the league of the Petrol Polo 1.2. The initial vibration issues are being corrected by Tata and we expect the Tiagos manufactured from August onwards to be totally free of vibrations.
If I were you, I would rather go for the Tiago xz, since the Tiago lower variants with optional packs are yet to be delivered to anyone and no one knows even if it has been produced. And yes, no compromise on safety.
I personally don't believe in the Baleno being a premium hatchback as it is just a Swift underneath that ugly waxy melty body of it. I won't be surprised if the owners get bored within just 2 years of Baleno-ing.
The Elite is one premium feeling car, but it's best as a city car. The handling and feedback of the steering is sleepy and toyish enough to make your highway drive very boring.
Why don't you try the Figo? I don't know about it's petrol engine, but the diesel is absolutely great. It may not be as exciting to look at as the Tiago, but it's good to drive and have fun on highways.
If petrol and fun are your priorities and looks don't matter much, then the Bolt 1.2Turbo is great value. The Sport mode is real fun. Yes, you may need to mod it by slapping on some cool body kits and alloys to make it look better, but it's a great car nonetheless.
Regarding the Tiago Activ kits, only the body skirts are available with SRT Tata here in Coimbatore. Alloys and roof rails are yet to come.
Happy choosing.
This Blue Tiago is an XM variant, with 13 inch alloys and Activ skirts fitted by SRT Tata. There are images of Red XM, Blue XZ with activ kits on other threads.