Maharashtra leads NRI property resale listings, MMR accounts 27% of pipeline as overseas Indians cash out investments
Maharashtra has emerged as the largest source of NRI-owned properties entering India’s resale market, accounting for 26.8% of properties in the pipeline, followed by Delhi-NCR at 23.4%, Kerala at 15%, Gujarat at 12.9%, and Karnataka at 8.2%, according to the Remittor Annual NRI Wealth Report 2026.
These regions attracted significant overseas investment over the past decade, driven by rapid infrastructure development, strong rental demand and expectations of long-term capital appreciation. Today, however, a growing number of NRI investors are choosing to monetise these assets, signalling a shift in how overseas Indians view their Indian property portfolios, the report noted.
According to the report, flats dominate the properties being listed. As many as 88.8% of assets entering the sale pipeline are residential, of which 63.2% are apartments. Commercial properties account for only 4.6%, while agricultural land represents 3.4%.
The report attributes the popularity of apartments to clearer documentation, RERA regulation, and easier resale compared with standalone houses and land parcels.
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Nearly 46% NRI property owners are looking to sell immediately
Nearly 46% of NRI property owners surveyed are looking to sell immediately, while another 26% plan to exit within six months. More than half also intend to transfer the sale proceeds overseas rather than reinvest in Indian real estate, the report said.
The report, based on proprietary data from approximately 150 NRI client engagements, including property intake disclosures, transaction records, financial inputs and cross-border transfer activity, primarily involving clients in North America, suggests that properties acquired during India’s biggest NRI investment cycle are now entering what Remittor calls a ‘liquidity phase’. More than 60% of the properties entering the resale market were purchased between 2010 and 2019, while nearly 89% are residential assets.
“Properties acquired during India’s major NRI investment wave between 2010 and 2022 are now entering a liquidity phase, as owners evaluate them against mortgages abroad, retirement planning needs, education spends, portfolio diversification goals, and evolving tax obligations,” said Sanu Nair, founder and CEO, Remittor.
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“The trend reflects a more deliberate approach to wealth allocation rather than panic selling. Indian property has historically served NRIs as both an investment and a fallback asset, but its role is changing as many settle abroad for the long term. For NRIs, buying property in India was never just a real estate investment; it was a fallback plan, a retirement option, a family asset, and a link to home. As migration matures into long-term settlement, that role is shifting: these assets now help NRIs optimise their wealth portfolios back home,” he added.
Why Mumbai remains attractive to NRI sellers
Mumbai continues to stand out as one of India’s more liquid real estate markets, offering NRIs relatively easier entry and exit opportunities than many other cities. For investors looking to rebalance their portfolios or realise gains, the appeal is increasingly about liquidity and sustained demand rather than chasing sharp capital appreciation, the report said.
The report noted that the structure of Mumbai’s market is also changing. Demand has gradually expanded beyond traditional prime locations in South Mumbai towards suburban and peripheral markets such as Thane, Navi Mumbai and the Western suburbs. Infrastructure upgrades, including metro expansion, the Mumbai Coastal Road and the upcoming Navi Mumbai International Airport, have strengthened the appeal of these growth corridors.
As a result, suburban markets are emerging as important liquidity hubs for NRI-owned properties, while some older prime locations are witnessing comparatively slower transaction momentum, it added.
Mumbai’s real estate market has seen stable but moderate price movement in recent years, rather than sharp appreciation. Recent reports indicate a cooling trend in 2025, with housing launches down by 40% and a dip in project registrations. This suggests that while prices are holding, the market is no longer in a high-growth phase. For NRI sellers, this creates a window to exit at stable valuations rather than wait for uncertain future gains, it said.
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Alongside stable pricing, transaction activity has slowed, with Mumbai home sales falling to a three-year low. Buyer sentiment has become more cautious, leading to longer decision cycles and more intense price negotiations. Some market outlooks also point to a potential decline in activity in certain segments, reinforcing the idea of a more balanced, less aggressive market, it noted.