For example, the area and type of accommodation you choose may have a significant impact on your monthly budget, as rentals in Mumbai can range from Rs 25,000 to Rs 2.5 lakh per month. In case you plan to purchase a property, Mumbai is one of the most expensive cities in India, with prices in core areas starting from around Rs 1.5 crore for a 1 BHK apartment measuring 350 400 sq ft.
Let's look at how much it costs to live in Mumbai for professionals, students, families, working couples, and bachelors.
Check Out The Detailed List Of Monthly Expenses For Mumbai
Important considerations Before relocating to Mumbai, consider the following factors to determine the estimated cost of living.
The cost of living in Mumbai is determined by a variety of factors, including location, type of housing, monthly rent, distance from work, and financial situation. The average monthly cost of living in Mumbai ranges between Rs 40,000 and Rs 60,000.
Mumbai, India's financial capital, provides numerous job opportunities for people from diverse backgrounds. Every year, thousands of migrants arrive in the city in search of work. It is also a popular choice among students because it is home to numerous prestigious colleges and institutes. However, depending on your lifestyle choices, the cost of living in Mumbai can vary significantly.
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to limit your expenses based on your needs. Bachelor's living expenses in Mumbai A bachelor's cost of living in
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tenants and home buyers seek property in eastern and western suburban areas with adequate transportation and infrastructure. Living in
in the following ways. Expenses Average cost Average restaurant charges for two Rs 1500 Local transport pass cost Rs 400 Taxi fare (km wise) Rs 22 Fuel for cars and other vehicles Depends on the current rate Electricity bill for an apartment of area 800 square feet (average) Rs 3500 Broadband or internet service Rs 800 monthly Rent for 1 BHK apartment Rs 25,000 Cost of 1 BHK apartment Rs 1.5 Crore Mumbai is
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following factors. Rent and purchase price
Your current job or profession Whether you have a family or are a bachelor, Employment situation Lifestyle options Property type required (rented, ownership, partnership and shared) Every day commute Distance from the workplace Job Description Expenses for food Services for the home Overhead expenses include things like electric bills, internet bills, gas supply, and so on.
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Lifestyle
It all depends on the restaurant you choose and the number of people you hang out with. It will cost you Rs 500 1,000 per day on average.
The average household cost for a bachelor will be around Rs 5,000. This cost includes, among other things, electric bills, domestic help, internet bills, and maintenance.
A student's cost of living in Mumbai Students generally prefer well connected suburban areas. They consider the distance between their colleges and the nearest affordable areas and make their decision accordingly. In the same vein, the average rent for apartments, PGs, and other shared accommodations in different parts of this city can vary as follows. Powai Rs 20,000 Chembur Rs 12,000 Navi Mumbai Rs 18,000 Parel and vicinity Rs 18,000 Thane Rs - 18,000 Aside from that, the rest of the cost of living in Mumbai for a student will be the same as it is for a bachelor. It will also be heavily influenced by the student's lifestyle choices.
A family's cost of living in Mumbai
Transportation Transportation For bachelors, a daily commute will cost Rs 1,000 or less if local or public transportation is used. It also depends on the distance and mode of transportation (non AC or AC).
A bachelor can live in a shared apartment for Rs 10,000 20,000 per month per bed. Individual apartments in Mumbai can cost up to Rs 30,000 per month.
household costs
A family may have to spend Rs 30,000 35,000 per month on expenses such as school fees, domestic held, food and accessories, and so on. This means that a family may have to spend nearly Rs 4 lakh per year. The cost of transportation When you choose a suburban location, car maintenance can be as low as Rs 6,000 per month. It may rise if you stay in the main city. The cost of fuel will be determined by the distance between your office and home. On weekdays, the average fuel cost for a 20 kilometer drive would be around Rs 10,000 per month.
Taxi fare (km wise)
Broadband or internet service
Local
Electricity bill for
Let us examine the cost of living in Mumbai for a family in greater detail: Expenses Average cost Average restaurant charges for four Rs 3000 transport pass cost Rs 400 per person Rs 22 Fuel cars other vehicles Rs 20,000 an apartment of area 800 square feet (average) Rs 3500 Rs 2 BHK Rs 50,000 of 2 BHK apartment Rs 2 Crore
When it comes to living in the city with children, a family must be strategic. In the city's outskirts, rented apartments, along with other outstanding expenses, may cost Rs 40,000 50,000 per month. A family may have to spend around Rs 2.5 crore for a standard 2 BHK property in Mumbai.
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Cost of living for working couples
Cost
Household costs
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The average monthly cost of living in Mumbai for working couples is Rs 30,000 60,000, depending on the location of the rented property. A one bedroom apartment in Mumbai can cost between Rs 80 lakh and Rs 1.5 crore.
The cost of living in Mumbai can be lower if you rent rather than buy and pay monthly instalments.
Renting a home for a couple may cost Rs 40,000 per month, plus other costs such as domestic help, maintenance, electric bills, and internet bills. If the working couple drives a car for transportation, the monthly cost will be around Rs 10,000.
If you intend to relocate to Mumbai, consider your financial situation and future plans before deciding on a location. Concentrate on your priorities and choose the area accordingly. Consider the yearly increase in rental rates.