One of the priciest cities in India to reside in is Mumbai, the city of dreams. The nation’s financial centre is renowned for its fast-paced way of life, commercial possibilities, and entertainment choices. The high expense of living is the price that comes with all the glitz and glamour. For those who want to relocate to Mumbai, the expense of living can be intimidating. Everything in Mumbai is expensive, from renting or purchasing a home to getting groceries and paying bills. We’ll look at the different costs of living in Mumbai in this article so you can be more prepared and make the appropriate plans.
- Real Estate/ Owning a property in Mumbai:
One of your largest outgoing costs will be the price of purchasing or hiring a home in Mumbai. Depending on the location and amenities, the average price of a 2BHK apartment in Mumbai varies from 80 lakhs to 1.5 crores. On the other hand, a 2BHK flat in Mumbai typically rents for between 60,000 and 1.5 lakhs per month. The most expensive area to live in is South Mumbai, with prices significantly varying based on location.
- Food & Beverages (Including daily Groceries
Mumbai has a higher expense of living than other Indian cities. Depending on the type of eatery and the location, dining out can cost anywhere between 200 and 1,000 rupees per person. While the expense of groceries for a family of four can range from 10,000 to 15,000 rupees per month.
- Expenses for the home
Mumbai has greater household costs than other Indian cities. Mumbai has higher prices for everyday necessities like food, cleaning materials, and personal care items. A family of four in Mumbai can anticipate paying between 25,000 and 35,000 rupees per month for living costs.
- Transportation cost
Mumbai’s public transit system is among the busiest in the world, making it one of the city’s largest expenses. The local train, Mumbai’s main form of public transit, has monthly passes that run about 1,500 rupees. Depending on the route and time of day, a taxi ride within the metropolis can cost anywhere from 200 to 500 rupees.
- Utilities
Electricity, water, and gas expenses can add up fast in Mumbai. An average monthly utility bill for a household of four is between 5,000 and 7,000 rupees.
- Shopping
Mumbai shopping is a unique experience in and of itself. The city has a variety of shopping options for everyone, from high-end malls to neighbourhood markets. There are several well-known markets where you can find anything from apparel to electronics to antiques, including Crawford Market, Colaba Causeway, and Chor Bazaar.
I would like to break it down in two sections as per the budget and your lifestyle.
Expensive Shopping:
You won’t be let down if you’re searching for luxury shopping in Mumbai. There are numerous upscale malls and designer shops in the metropolis. Some well-liked choices include the Taj Mahal Palace Hotel Arcade in Colaba, which has designer boutiques like Jimmy Choo and Louis Vuitton, and the Palladium Mall in Lower Parel, which has foreign brands like Gucci and Prada. Be prepared to spend a sizable sum of money because the rates at these places tend to be on the higher side.
Cost-effective shopping
Mumbai offers a variety of affordable shopping choices if you’re on a tight budget. Clothing, accessories, and home goods can all be found at reasonable rates in street markets like Crawford Market, Colaba Causeway, and Linking Road. For those searching for unusual finds, such as antiques and vintage items, Chor Bazaar is another excellent choice. It’s crucial to be prepared to haggle when buying in these markets in order to get the best deal. Additionally, be aware that these markets frequently exhibit chaos and a high level of crowding, so be ready for an exciting purchasing experience.
Entertainment
Mumbai offers a wide variety of exciting entertainment, but it can also be quite costly. A night out at a bar or party in Mumbai can set you back up to 1,000 rupees, while a movie ticket can run you anywhere from 200 to 500 rupees.
Child Education
Mumbai has many top international schools and universities, which contributes to the city’s high level of education. The average expense of a child’s private school education in Mumbai ranges from 50,000 to 1.5 lakhs per year, though it is also expensive.
Despite the intimidating expense of living in Mumbai, it is possible to live comfortably there with careful planning and budgeting. Mumbai does indeed have higher costs for everything, including housing and entertainment, but it also has a high standard of living and a lot of employment opportunities. The city is also a fantastic location to live and raise a family because it is full of culture and history.
FAQs
- Compared to other Indian cities, how costly is it to live in Mumbai?
Mumbai has a higher expense of life than other Indian cities. Everything in Mumbai is pricey, from housing and transportation to food and amusement.
- What is the typical price for purchasing or leasing a home in Mumbai?
Depending on the location and amenities, the average price of a 2BHK apartment in Mumbai varies from 80 lakhs to 1.5 crores. In Mumbai, a 2BHK flat typically rents for between 50,000 and 1.5 lakhs per month.
- In Mumbai, how much does transit cost?
In Mumbai, one of the biggest expenditures is transportation. The local train, which is the main method of transportation for Mumbai residents, has monthly passes that run about 1,500 rupees. Depending on the route and time of day, a taxi ride within the metropolis can cost anywhere from 200 to 500 rupees.
- What is the price of goods in Mumbai?