×

Cost of living in Mumbai - Guide for Students, Couples, Family

Aamchi Mumbai, Yeh hai Mumbai Meri Jaan, The City of Dreams. The financial capital of the country is called by different names in common parlance and this city has numerous accolades to its credit. From Bollywood to Dalal Street to Dharavi to Nariman Point, the city of the famous Juhu Beach is abode to billions of people who arrive in the city with big dreams and settle here with the faith of soaring high in the sky. But do you think all this is as easy as it sounds? Well, there are no free lunches in the world and thus, there is a cost attached to your dreams which you have to pay every month in the month of rent, grocery, education of kids and the list is endless. Here, let’s discuss the cost of living in Mumbai so that those who plan to settle here have an idea of what should there be in their kitty for decent survival.

Mumbai: The Most Expensive City in India

The fashion capital of India is not an easy city to live in. You need to have a good bank balance to make through the expenses of the city because as per Mercer’s 2020 Cost of Living Survey, Mumbai tops the charts in being the most expensive city in India, 19th in Asia and 60th in the world.

Cost of Living for Bachelors in Mumbai

If you are a bachelor, the cost segregation can be done under the following heads:

  • Monthly Rent: Bachelors can opt for co-living / sharing accommodations in Mumbai and it will cost somewhere between Rs 10000-Rs 20000 per head per month depending on the locality and amenities. If you opt for meals, this will shoot up to Rs 30000 per month.
  • Household expenses: Expenses for maintenance, electricity, Wi-Fi, water etc will be included in the rent if you are living in shared accommodation. But if you opt for an independent flat, you will have to shell out additional Rs 5000 per month.
  • Transportation cost: Local trains are the lifeline of the city and apart from that, METRO and local buses add to the convenience of hopping in the city. Depending on the distance you travel every day and the comfort you want (AC or non AC), you can get a monthly pass made for the public transport facility which ranges between Rs 1000-Rs 2000.
  • Lifestyle expenses: Dining out and watching a movie is the bare minimum on the weekend. While dining out will cost Rs 500 per person at any affordable restaurant, watching a movie in a multiplex will cost Rs 300 per person.

Cost of Living for a Family with Kids in Mumbai

  • Monthly rent: Things are not the same when you have family and kids putting up with you because you need a flat that is decent enough to live in. In that case, a 2BHK flat should be opted for in the suburbs like Navi Mumbai and Thane where the rent is somewhere between Rs 40000-Rs 50000 per month. The only challenge is that since these two suburbs are away from the business centre, you will have to spend a lot of time commuting and that will not put you in comfortable position. If you are thinking of buying a 2BHK in the western suburbs, get ready to spend Rs 2.5crores.
  • Household expenses: This includes the school fees, uniform, transportation expenses, grocery, maintenance charges, maid charges etc. For an average household, this will range between Rs 25000-Rs 30000 per month and this depends on the kind of lifestyle you lead and the benchmark you have set for the monthly expenses. Hiring the services of a full day nanny for your toddler will cost you Rs 5000-Rs 10000 per month depending on the category of services you wish to avail of. Kindergarten fees can range between Rs 2500-Rs 12000 in an average school while it may range between Rs 1.5 lakh per year –Rs 4 lakhs per year if you opt for an international school.
  • Transportation cost: Fuel expenses will Rs 5000-Rs 6000 per month (depending on the distance) if you use your vehicle for travelling to work every day. If you use public transport, you can get a monthly pass issued which will be Rs 1000- Rs 2000 depending on the distance and facilities you want.

Cost of Living for Couples in Mumbai

  • Average rent: For couples, 1 BHK flat will suffice their needs and the average monthly rent is Rs 30000-Rs 60000 which depends on the location, amenities, property type etc. Staying close to the city will mean spending more while living in the sub-urban areas will make things a little comfortable. If you are planning to buy 1BHK in Mumbai, be ready with Rs 80lakhs-Rs 1.5 crores depending on the location you choose and the amenities you want.
  • Household expenses: Maid expenses, electricity, Wi-Fi, maintenance charges will turn out to be Rs 15000 per month for a couple.
  • Transportation expenses: Fuel expenses will be Rs 5000-Rs 6000 per month if you use your vehicle for travelling to the workplace and if you use public transport the same will be Rs 1000-Rs 2000.

Mumbai is a costly city to live in but if you spend within your means, you can have a comfortable life in the city. Since the average salary in Mumbai ranges between Rs 4.4 lakhs per year-Rs 8.5lakhs per year, so you can choose areas like Kalyan West, Dombivalli, Mira Road East, Andheri West, Borivali West for buying a flat because the average rate per sq ft is Rs 6163-Rs 24045. If you want to stay in rented accommodation, pick Thane West, Chembur, Kharghar, Andheri East and Andheri West where the rent will be in the range of Rs 10293-Rs29054 per month.

Make a budget and plan your expenses wisely to make through well in the city of dreams.

Addressofchoice
https://www.addressofchoice.com/

Address Of Choice is an online real estate consulting firm, who workes in across India. AOC deals in residential and commercial properties.