Sabeer Bhatia's 20-year wait for luxury apartment sparks debate on India's real estate

Hotmail co-founder Sabeer Bhatia has triggered a fresh debate over India's real estate sector after revealing that an ultra-luxury apartment he booked in 2012 is now expected to be handed over only in 2032, underscoring the long delays that continue to haunt several housing projects.

His remarks come at a time when a growing number of non-resident Indians (NRIs) are looking to exit the Indian property market, signalling a broader shift in how overseas Indians perceive real estate as part of their wealth portfolios.

"I booked an ultra-luxury apartment in India in 2012. The project has gone through much drama. I'm told I'll now get possession in 2032. Is the 20 year wait worth it?" Bhatia wrote in a post on X.

In a follow-up post, he reflected on how the prolonged delay had changed the purpose of the purchase.

"I'll be an old man by the time I get it. I booked it as a young man hoping to establish a showcase base in India," he said.

While Bhatia avoided blaming any individual developer, he argued that the problem lay with the system itself.

"I don't want to blame anyone. As I said before, the system is broken," he wrote, adding that meaningful progress would require fixing institutions rather than changing individuals. In another post, he remarked, "Saying good things about a faulty system is lying. Good karma comes to those who tell the truth."

Despite the criticism, Bhatia maintained that India possesses "the greatest underutilized potential on Earth" if transparency and governance improve.

NRI owners rethink Indian property

Bhatia's comments coincide with new research showing that overseas Indians are increasingly monetising their Indian real estate holdings instead of holding on to them for emotional or family reasons.

According to the Remittor Annual NRI Wealth Report 2026, nearly 46.4% of NRI property owners plan to sell immediately, while another 26.2% intend to exit within the next six months. More than half of those surveyed also plan to transfer the sale proceeds abroad instead of reinvesting in Indian real estate.

The Vancouver-based wealth-tech startup said properties purchased during India's biggest NRI investment cycle between 2010 and 2019 are now entering what it describes as a "liquidity phase."

More than 60% of the homes expected to enter the resale market were acquired during that decade, suggesting that investments made during India's urban expansion are now being converted into cash.

From emotional investment to financial asset

For decades, buying property in India was viewed by NRIs as more than an investment. It served as a retirement plan, a home for ageing parents and a safety net in case families chose to return.

That mindset is changing.

"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 of Remittor.

The report suggests the current selling wave is driven primarily by wealth reallocation rather than financial distress. Rising mortgage costs overseas, global tax compliance, retirement planning and diversified investment strategies are prompting many NRIs to unlock capital tied up in Indian real estate.

Maharashtra tops expected resale pipeline

Among the properties likely to be sold, Maharashtra accounts for 26.8%, followed by Delhi-NCR (23.4%), Kerala (15%), Gujarat (12.9%) and Karnataka (8.2%). These states attracted substantial NRI investment over the past decade because of rapid infrastructure development and expectations of long-term capital appreciation.

Residential housing overwhelmingly dominates the expected resale market. According to the report, 88.8% of the properties are residential, with apartments accounting for 63.2%. Commercial assets make up just 4.6%, while agricultural land represents 3.4%.

The preference for apartments reflects easier documentation, RERA oversight and greater liquidity compared with standalone houses and land parcels.

Finding buyers remains a challenge

Despite the growing desire to exit, selling is proving difficult. Around 81.4% of respondents have not yet identified a buyer, highlighting the challenges of managing negotiations, paperwork and transactions from overseas.

The report also points to a gap between seller expectations and prevailing market valuations, particularly in Tier-I and Tier-II cities, where many owners continue to price properties based on anticipated infrastructure-led appreciation rather than current transaction data.

India remains the world's largest recipient of remittances, receiving $119.5 billion in 2023, while the global Indian diaspora is estimated at 18.5 million people. As more Indians settle permanently abroad, property is increasingly being viewed through the lens of portfolio optimisation rather than permanence.

Against that backdrop, Bhatia's two-decade wait for possession has become more than a personal grievance—it has reignited questions about execution risks in Indian real estate even as a new generation of NRI investors chooses to cash out.