India’s luxury real estate market is witnessing an exceptional boom, with Mumbai standing at its epicenter. Non-Resident Indians (NRIs) are increasingly viewing property in Mumbai as both an emotional and financial investment — reconnecting with their roots while capitalizing on strong capital appreciation.
Projects such as Rustomjee Cliff in Bandra West exemplify the ultra-premium living that discerning NRI investors seek today, supported by favourable FEMA regulations and impressive ROI prospects.
Understanding NRI Status and Investment Rights in India
Under the Foreign Exchange Management Act (FEMA), an individual qualifies as an NRI if they reside outside India for 182 days or more during a financial year. NRIs are permitted to purchase residential and commercial properties in India but cannot acquire agricultural land, plantation property, or farmhouses.
According to the Reserve Bank of India (RBI), NRI real estate investments have grown over 20% year-on-year, contributing more than USD 13 billion in FY 2024–25, largely concentrated in Tier-1 cities like Mumbai and Bengaluru. Developers such as Rustomjee ensure all their projects are MahaRERA-registered, providing transparency in title, approvals, and timelines — a key factor for overseas investors who value legal assurance and compliance.
FEMA Compliance: Essential Rules for NRI Property Investment
Compliance is central to every NRI real estate transaction. FEMA mandates that all investments must be routed through legitimate banking channels:
- NRE (Non-Resident External) and FCNR (Foreign Currency Non-Resident) accounts are for repatriable transactions.
- NRO (Non-Resident Ordinary) accounts for income earned in India.
NRIs must also file property declarations (such as Form IPI-7) within 90 days of purchase and ensure foreign remittances are properly documented.
Premium Locations in Mumbai: Where NRIs Are Investing
Mumbai continues to dominate the luxury real estate segment, with Bandra, Juhu, and Thane leading the charge.
- Bandra West / Pali Hill: Home to some of India’s most exclusive addresses, Bandra West recorded a 17% YoY growth in luxury housing sales in H1 2025.
- Mount Mary: Sea-facing residences remain highly sought-after, with average prices touching ₹1.25 lakh per sq. ft.
- Juhu: Properties here yield 2.8–3.2% rental returns, making it ideal for NRIs seeking income plus capital appreciation.
- BKC Annexe: Proximity to Mumbai’s financial district drives 15–18% annual price growth, outperforming the city average.
- Thane West: Affordable luxury projects in Thane show 11–12% YoY appreciation, making them a strong entry point for first-time NRI buyers.
Read Also: Flats in Pali Hill, Best Real Estate Investment for NRIs in 2025-2026
Rustomjee Cliff: Ultra-Luxury Living in Bandra’s Most Coveted Address
Rustomjee Cliff at Mount Mary redefines sea-facing luxury in Mumbai. The project features 4 & 5 BHK residences and penthouses designed by internationally acclaimed architects, complete with triple-height lobbies, private elevators, and resort-style amenities.
For NRIs, properties like Rustomjee Cliff combine architectural excellence, global-quality interiors, and unmatched waterfront views—offering a tangible asset that appreciates over time while connecting emotionally to one’s homeland.
Rustomjee Crescent & Panorama: Exclusive Pali Hill Residences
At Bandra’s iconic Pali Hill, Rustomjee Crescent and Rustomjee Panorama stand as twin beacons of luxury.
- Rustomjee Crescent offers spacious 3 & 4 BHK homes starting at ₹13.40 crore, featuring elegant interiors and community living.
- Rustomjee Panorama presents premium 4 BHK residences with panoramic city views and privacy-focused layouts.
Rustomjee Ashiana: Coastal Elegance in Juhu
Positioned on the tree-lined 10th Road (Gulmohar Road, JVPD Scheme) in Juhu, Mumbai, Rustomjee Ashiana places residents within easy reach of the sea. The project prides itself on being a “boutique development” (only three apartments per floor) with low density, privacy and exclusivity built in.
Rustomjee Ashiana offers 3 BHK (1,578 sq. ft.) and 4 BHK (~1,954 sq. ft.) apartments, crafted for discerning buyers seeking coastal luxury in Mumbai’s high-end segment. The architecture features a signature terracotta/brick-clad façade, three-sided open units, large private decks or balconies, and modern finishes throughout.
Amenities include a rooftop lounge, infinity pool, fitness center, landscaped gardens, high-end security, and concierge-style services. As a property in Juhu, one of Mumbai’s most coveted districts (home to celebrities, luxury hotels, and beachfront cafés), Rustomjee Ashiana delivers more than a home; it offers a coastal lifestyle within the city’s elite “entertainment district.”
Rustomjee Uptown Urbania – La Vie: Affordable Luxury in Thane
Rustomjee Uptown Urbania—La Vie brings together the three critical pillars of modern real estate investment: affordable premium, township living, and value investment—all situated in the heart of Thane West. The project comprises 8 independent towers over approximately 8.5 acres within the larger 100-acre township.
The homes are well-designed 2 & 3 BHK apartments with generous balconies and views, delivering a premium feel without the ultra-premium BKC-Mumbai price point (₹1.56 crore onwards). Apartments include premium CP fittings and a host of amenities (sky gyms, rooftop pools, central park, and leisure zones).
Financial Aspects: Home Loans and Currency Advantages
NRIs can secure home loans from leading institutions like HDFC, ICICI, and Kotak Mahindra, offering up to 80% LTV. Current interest rates (Oct 2025) average between 8.5% and 9.5%.
With the USD–INR exchange rate at around ₹84, every dollar buys more property value—giving NRIs an 8–10% higher purchasing advantage compared to 2023. Additionally, NRIs can avail:
- ₹1.5 lakh deduction on principal under Section 80C
- ₹2 lakh deduction on interest under Section 24B
Rustomjee Plus provides complete financial facilitation—from bank tie-ups to loan documentation and EMI guidance—streamlining the purchase process for overseas investors.
Tax Implications and Repatriation Rules for NRIs
India’s Double Taxation Avoidance Agreements (DTAA) with 85 countries ensure no double levy of taxes on income earned through property investments.
- Rental Income: Subject to TDS at 30%.
- Short-term capital gains (STCG): Taxed at applicable income slab if held for less than 2 years.
- Long-term capital gains (LTCG): Taxed at 20% (after indexation) if held for more than 2 years.
- Repatriation: NRIs can remit up to USD 1 million/year for NRO-funded purchases; NRE-funded assets allow unlimited repatriation for up to 2 properties.
Read Also: Why NRIs Should Do Real Estate Investment in India
Legal Documentation and Power of Attorney
For a seamless remote transaction, NRIs should ensure:
- PAN Card, Passport, and Overseas Address Proof.
- MahaRERA registration verification.
- Title Deed & Encumbrance Certificate check.
- Stamp Duty (5–6% in Mumbai, with concessions for women buyers) and Registration.
- A notarized Power of Attorney (PoA) for legal representation in India.
Rustomjee’s NRI Services handle every documentation and verification step, allowing investors to finalize their purchase from anywhere in the world.
Why Choose Rustomjee: 29 Years of Trust and Excellence
With a 29-year legacy, Rustomjee has delivered 25 million sq. ft. of development and built homes for 17,000+ families. Every project complies with MahaRERA, and the brand partners with world-class architects like Sanjay Puri and Hafeez Contractor.
Rustomjee Plus extends beyond construction—offering interiors, leasing, resale, and property management—ensuring NRIs experience a truly end-to-end homeownership journey. This blend of trust, transparency, and timely delivery positions Rustomjee among India’s most respected luxury developers.
Future Growth Prospects: Mumbai Real Estate Outlook 2026
Mumbai’s infrastructure momentum will define its 2026–2027 property cycle:
- Mumbai Trans Harbour Link (MTHL): Operational in 2025, cutting travel time to Navi Mumbai by 40 minutes.
- Metro Lines 2A & 7: Expected to increase connectivity across Western Suburbs by 35%.
- Coastal Road Phase 1: Adding a new lifestyle corridor from Marine Drive to Worli.
Conclusion
Mumbai’s luxury real estate offers NRIs a unique blend of lifestyle, investment, and emotional connection. Projects like Rustomjee Cliff, Rustomjee Crescent, Rustomjee Panorama, Rustomjee Ashiana, and Rustomjee La Vie combine world-class design, prime locations, and strong capital appreciation.
With regulatory clarity, expert support, and unmatched amenities, NRIs can confidently invest in Mumbai’s most prestigious addresses. Secure your dream home and grow your wealth with Rustomjee today.
FAQs
- Can NRIs buy property in India without visiting?
Yes, NRIs can buy property remotely using a registered Power of Attorney (POA) and complete documentation and registration digitally.
- What are the best bank accounts for NRI property transactions?
Use NRE or FCNR accounts for repatriable investments and NRO accounts for managing income or rent earned in India.
- How does the USD to INR exchange rate benefit NRI investors?
A stronger dollar means greater buying power, allowing NRIs to purchase premium properties at a relative discount in rupee terms.
- Are there tax benefits for NRI property investors in India?
Yes — NRIs can claim deductions under Sections 80C (principal) and 24B (interest), along with DTAA relief to avoid double taxation.
- How does MahaRERA protect NRI buyers?
MahaRERA registration ensures legal transparency, verified titles, escrow safeguards, and timely delivery of all Rustomjee projects.
