Date: December 22, 2023Author: Team Piramal Realty

COST OF LIVING IN MUMBAI (2023)

Mumbai, also known as the financial capital of India, is famous for its vibrant culture, diverse population, and bustling economy. People from all across the country flock to this city in search of better opportunities and livelihood, rightfully earning it the tag “City of Dreams”.

However, one area that remains a concern for both the residents and the newcomers is the high cost of living in Mumbai. According to the Knight Frank India’s report on affordability index, Mumbai is the country’s most expensive city to live in.

However, the exact cost of living in Bombay can vary from case to case, depending on the number of family members, choice of accommodation, transport, and lifestyle.

This article highlights various parameters one should take into account to determine the approximate Mumbai living cost per month.

Cost of Living in Mumbai

1. Cost of Accommodation
The cost of accommodation can consume a significant portion of the total living expenses in Mumbai. Those planning to live in Mumbai in the developed and posh areas may have to pay significantly higher rent as the cost of properties is skyrocketing in such locations. But those on a tight budget may get affordable rented apartments in neighbouring suburbs, such as Thane and Navi Mumbai.

Furthermore, the cost of living in Mumbai for a single person varies greatly depending on the number of occupants, amenities, and the type of property. As of 2023, the monthly rent for a 2-BHK apartment in the heart of Mumbai ranges between₹40,000 to ₹50,000 per month, while in suburbs like Thane and Navi Mumbai, it might be slightly affordable.

Bachelors or students can even opt for shared accommodation to save on their living expenses.

2. Household and Lifestyle Expenses
Household and lifestyle expenses are other crucial overheads that contribute to the average cost of living in Mumbai. These include recurring monthly expenses such as electricity bills, internet bills, property maintenance charges, groceries, and domestic help, among others.

One can also include the money spent on lifestyle and entertainment, such as shopping, dining out at pubs or restaurants, movie tickets, leisure programs, etc.

One can enjoy a vibrant lifestyle in Mumbai with the availability of uncountable shopping malls, fancy restaurants, amusement parks, and nightclubs across the city. On average, a couple with a child may need to spend somewhere between ₹20,000 to ₹40,000 per month to enjoy a decent lifestyle in Mumbai.

3. Transportation Costs
The other major expense that one can incur while living in Mumbai is transportation costs. Mumbai is a huge city with an expanded geography and one may have to travel extensively to reach various locations.

However, Mumbai’s transportation system is vast and extensive, offering a gamut of options for all types of commuters. The city’s local trains are the most affordable and popular mode of commuting, earning them the title of the “Lifeline of Mumbai”.

One can also take public buses and shared taxis for budget-friendly commuting across the city. One can incur up to ₹20,000 per month on transportation, depending on the length and frequency of travel.

The monthly passes for trains and buses start from ₹500. Those who own a vehicle may have to spend more on fuel and maintenance.

4. Education Costs
For families with children or teenagers, the education cost should be a significant consideration. Again, it depends on the choice of educational facility and the number of students in a house. Mumbai is home to a wide range of educational institutes, ranging from schools to colleges/universities. However, quality education often comes with a substantial price tag.

The charges for a normal play school in Mumbai may start from ₹5,00 per month and can up to ₹16,000 per month in international or chain schools.

5. Healthcare Costs
Healthcare costs may also comprise a considerable chunk of living expenses in Mumbai. Mumbai has excellent healthcare facilities, both public and private. While public healthcare is more affordable, one may prefer private healthcare facilities to avoid the crowd and get the best treatment. The actual cost may vary depending on the hospital and the type of medical treatment.

To Conclude

Mumbai continues to be one of the most expensive cities in India. The average monthly cost of living in Mumbai for a bachelor ranges between ₹50,000 to ₹1 lakh. However, the city also has provisions for people seeking luxury or affordability.

Piramal Realty offers multiple housing options in Mumbai and Thane for those seeking luxury and grandeur. One can buy a 2,3, or 4-BHK apartment and enjoy ultra-modern amenities and get the best views of the majestic Arabian Sea.

The top Piramal projects in Mumbai include Piramal Mahalaxmi, Piramal Ananya, Piramal Vaikunth, and Piramal Revanta. Click here to learn more.

Disclaimer- This article is based on the information publicly available for general use. We do not claim any responsibility regarding the genuineness of the same. The information provided herein does not, and is not intended to, constitute legal advice; instead, it is for general informational purposes only. We expressly disclaim any liability, which may arise due to any decision taken by any person/s basis the article hereof. Readers should obtain separate advice with respect to any particular information provided herein.