What Is The Cost Of Living In Mumbai?
What is the cost of living in Mumbai for students, couple, family, bachelors? On the basis of the cost of buying or renting a home, cost involved in commuting to and fro workplace, cost of household utilities, childcare costs and more, MakaanIQ compiles detailed list of prices in Mumbai for food, housing, transportation, going out, living rental cost in residential areas of Mumbai and calculates actual cost of living in the city.
Cost of Living in Mumbai City
|Expense Item||Average Cost|
|2BHK on rent||₹ 40,000|
|Cost of 2BHK||₹ 1.02 crore|
|Local travel ( monthly pass for train)||< ₹ 1,000|
|Electricity, Water, Garbage) for apartment||₹ 3,140|
|Cost of pre-school/ kindergarten||₹ 2,500-12,000|
|Maid (cook, clean)||₹ 7,000|
|Cost of 1 meal in inexpensive restaurant (per person)||₹ 300|
|Miscellaneous (water tankers, repair costs per month)||₹ 2,000 onwards|
What makes Mumbai the costliest Indian city to live in? We analysed the city in terms of monthly spending that a family of two would have to make to live in this city. The estimation is based on cost of residential property on rent, cost of owning a 2BHK in Mumbai, cost involved in commuting from home to workplace and back, electricity cost, cost of engaging a cook and maid, lifestyle-related costs such as movies, restaurants, entertainment avenues, cost of a pre-school or daycare for your young ones, cost of petrol and even cost of meals at budget hotels.
What researches say about Mumbai
The Wealth Report Asia 2018 has listed the 11 most expensive cities in Asia and Mumbai is the only city from India to feature in this list and secured the eighth spot. While this survey analysed these markets in terms of 22 goods and services such as - business Class flight, residential property, wedding banquet, hotel suite, lasik treatment, hospital room, golf club membership, legal services, watch, ladies handbag, jewellery, wine, men’s suit, botox, piano, car, cigar, ladies’ shoes, skin cream, degustation dinner, boarding school fees and university expenses, there’s much more that makes this island city costly.
Rent an apartment in Mumbai
If you are looking at a 2BHK apartment on rent in Mumbai, prices vary from Rs 4,000-60,000 per month depending upon the exact location, type of property, convenience provided, size of the unit etc. On an average, for a comfortable lifestyle, a little further away from the city centre, you need to reserve a budget of Rs 40,000 per month. You can also look at residential areas like Navi Mumbai for a 2BHK apartment.
Buy an apartment in Mumbai
Hunting for a 2BHK apartment in Mumbai? Depending on the exact location, prices may vary between Rs 25 lakh to Rs 20 crore. Kharghar, Panvel, Ulwe, Dadar East, Bandra East, Matunga, Mira Road, Dadar West are some of the popular localities with good supply of residential properties.
Local travel in Mumbai
Mumbai’s local trains, Mumbai Metro, autos and cabs together make for smooth travel in the city. Data with Numbeo suggests that for a monthly pass for BEST bus services, you will have to spend anywhere between Rs 250-680. However, such costs vary depending upon the mode of transport you use, the kind of comfort you desire (AC, Non-AC) and the distance you have to cover each day.
Household utility cost
Numbeo estimates electricity, water and garbage handling charges for residential properties to be anywhere between Rs 2,000-5,700 per month.
Childcare cost in Mumbai
This depends on the age of the child, quality of pre-school as also other factors whether you are looking for part-time or full-time daycare or nannies to look after your child. On an average, you would be spending Rs 5,500 per month but the costs may vary between Rs 2,500-12,500 per month. An international primary school or equivalent will cost you anywhere between Rs 1-4.5 lakh per year.