Relocating to Mumbai in 2024? Understanding the city’s cost of living is essential. This article serves as a factual and straightforward guide to help you navigate its economic landscape, offering clear insights on the cost of living, in an era when cost of living is increasingly dominating the headlines.
1. Housing
Accommodations in Mumbai can be rented, purchased, or leased. They range from 1 BHK, 2 BHK, to 3 BHK and more. Options include flats by owners (without brokerage), furnished flats, and single-room options. Accommodations can be found in various localities like Bandra West, Bandra East, Bandra Kurla Complex, Swami Vivekananda Road, Mount Mary in Bandra, and areas like Chembur, Marol Maroshi Road, Saki Naka, Andheri Kurla Road, Saki Vihar Road in Andheri.
The cost of accommodations can vary based on whether they are semi-furnished or fully furnished. A semi-furnished room on shared rental can cost approximately ₹15,000 per month per person, while a fully furnished room can cost around ₹20,000 per month per person. A fully furnished managed service can cost approximately ₹40,000 to ₹50,000 per month per person.
Renting
Mumbai’s rents vary significantly depending on location, size, and amenities. On average, expect to pay around ₹30,000-₹60,000 for a 1-bedroom flat, around ₹53,968 for a studio, and ₹40,000-₹50,000 for a 2-bedroom flat. Central Mumbai commands a premium, with areas like South Mumbai boasting average 1-bedroom rents exceeding ₹60,000. Venturing northwards to neighborhoods like Malad or Andheri can offer more budget-friendly options, with similar flats averaging around ₹30,000. The approximate prices for a few areas can be as below:
- Bandra: The rent for flats in Bandra varies between ₹45,000 to ₹6.5 Lac with options ranging from 1-5 BHK. The average rent for a 1 BHK is around ₹68,217, and for a 2 BHK, it’s approximately ₹1.1 Lac.
- Andheri: The rental price range in Andheri is between ₹26,000 to ₹3.1 Lac. The average rent for a 1 BHK is around ₹39,981.
Platforms like MagicBricks, NoBroker, Airbnb, Booking.com, and others can be used to find suitable accommodations based on individual requirements.
Buying
The average house price in Mumbai currently sits at ₹4.52 Cr for a 3-bedroom property. However, remember that location, property condition, and type significantly impact the price tag. Be prepared for significant variations, particularly when comparing Victorian terraces in South Mumbai to modern apartments in Powai.
Please note that these prices are approximate and can vary based on the exact location, the condition of the property, and other factors. It’s always a good idea to check multiple sources and negotiate to get the best deal.
North Mumbai, particularly Malad and Andheri offer a “leafy green suburban” feeling, while property closer to the City of Mumbai (the “center” of Mumbai) commands a high premium for location. Similarly, much like elsewhere, proximity to a local Mumbai Metro or Railway station will inflate the price significantly.
2. Utilities
Electricity and Gas
This depends on the size and energy efficiency of your home, whether you’re moving with your family, and your usage habits. However, a broad estimate for a typical two-bedroom flat with moderate usage in Mumbai is around ₹5,000 to ₹7,000 per month. If you’re moving with a family of four, which is quite typical, expect this to be within the same range.
Note that electricity prices in Mumbai can vary based on the amount of usage. The residential tariff is now ₹4.41 per kWh for the first 100 units, the next 200 units which is from 101 to 300 will be ₹9.64 per kWh and for the next 200 units it cost around ₹13.61 per units and the ₹15.57 per units for the above 500 units.
Water
Water In Mumbai, the official charge for residences is ₹5.94 per kiloliter, while informal settlements pay ₹4.44 per kiloliter. The water rates that Mumbaikars are burdened with can vary, with housing as the deciding factor.
Internet and Phone
Internet and Phone Providers such as Jio Fiber, Excitel, Hathway and Airtel offer comprehensive telecoms packages including TV, phone, internet, and other extras. Like electricity and gas, internet costs vary depending on the provider, package speed, and contract terms. You can expect to pay around ₹500-₹1500 per month for a basic broadband plan. If you want to include a mobile phone and TV plan on top, this will likely add ₹200-₹500 to the price.
3. Transportation
Local Trains
Transportation Local Train Fares A monthly pass for the local train, which is the primary mode of transportation for Mumbaikars, costs around ₹1,500.
Taxi Fares
A taxi ride within the city can cost anywhere from ₹200 to ₹500, depending on the distance and time of day. In March 2021, the minimum fare was revised upwards from ₹22 to ₹25 for the first 1.5 kilometres. Beyond this, the rate is ₹16.93 per kilometre.
Bus Fares
Bus Fares Mumbai has one of the best connected and most extensive bus networks of any major city on earth. Buses therefore offer a flexible and affordable way to get around, especially for shorter trips. Bus journey depending on the kms, and the air conditioning can range anywhere between Rs 15 – Rs 19.
Vehicles
Vehicles This is a more significant investment. New cars can range anywhere from ₹2,99,800 for budget to ₹40,00,000+ for luxury vehicles. The used market offers a similar range, from ₹50,000-₹4.5 Crore+ for similar price-pointed new vehicles. It’s worth remembering that the cost-of-living crisis/inflation has hit the used vehicle market particularly hard.
If you’d like to relocate the vehicle you’re currently using, it’s also worth bearing in mind that Crown Relocation provides international vehicle relocation services.
4. Food and Groceries
Supermarkets
Major supermarkets in Mumbai include Mumbai Mart, Natures Basket, Big Bazar, Reliance Retail, and Metro Wholesale. They offer a wide range of groceries at competitive prices. The average monthly expenditure on groceries comes to about Rs.6000 per month.
Farmer's Markets
Farmer’s Markets Mumbai’s farmer’s markets are a good location for seasonal produce and artisan goods. Some of these markets include the Bandra Farmers’ Market, Malad Organic Farmers’ Market, Juhu Organic Farmers’ Market, Nariman Point Farmers’ Market, and Versova Organic Farmers’ Market. Be prepared to pay slightly more than supermarket prices, but the quality and variety is often superior.
Eating out
Eating out Mumbai offers a wide range of culinary experiences for dining out, with Indian cuisine being among the most popular. Budget options like Canon Pav Bhaji7 can sit at around Rs.200 per person and are very popular with locals, while independent bistros and restaurants like Out Of The Blue8 and Sasa Chillout will generally be around Rs.1000-2000 for one main dish plus one side.
Michelin-starred and other luxury dining experiences will naturally be significantly more expensive. Some of the best restaurants in Mumbai include Ziya Restaurant, Yauatcha Mumbai, Hakkasan Mumbai, Wasabi by Morimoto, and Trèsind Mumbai.
5. Healthcare
Healthcare Accessing healthcare in Mumbai as a non-Indian citizen involves navigating different options and potential costs compared to Indian residents.
Public Healthcare Mumbai has a universal healthcare system that starts deep inside its slums1. The BMC (Mumbai City Municipal Corporation) has set up free polyclinics called “mohalla clinics” in the city’s slums1. These clinics are accessible to all Mumbai residents. However, given their location in the slums, it is unlikely that the middle classes would visit them.
Private cover
For expatriates who have international health insurance or have availed of local health insurance, you may opt to seek medical treatment or services in privately-run clinics or hospitals. Private hospitals in Mumbai do have better facilities, not to mention state-of-the-art technology. Some of the best private hospitals include Fortis, Apollo, Lilavati Hospital and Research Centre, Breach Candy Hospital and Kokilaben Dhirubhai Ambani Hospital and Medical Research Institute.
Further tips
- Securing a mortgage in Mumbai requires careful research and planning. Familiarize yourself with different mortgage types available in Mumbai, such as fixed-rate mortgages, adjustable-rate mortgages, and government-backed loans3. Each option has its own pros and cons, so choose the one that aligns with your financial goals and preferences.
- Factor in additional expenses like processing fees and stamp duty.
- Track your spending in your current location to understand your baseline expenses and adjust for cost-of-living differences in Mumbai.
- Explore public transportation options and compare them to find the most economical way to get around6. If driving, factor in fuel costs and possible congestion charges6.
- Research Indian mobile phone plans and consider prepaid options if you’re unsure of your long-term stay.
Lifestyle
Mumbai offers a cosmopolitan lifestyle with a large international community. The city is home to numerous shopping malls, cinemas, parks, and cultural sites. A monthly gym membership cost around Rs 1,976.
Education
If you’re moving with children, Mumbai has a range of international schools. However, the yearly school fee for primary education can be quite high, averaging at Rs 250,852. Crown Relocations can assist you in finding the right school for your children.
Check out our latest article on schooling options in Mumbai.
Conclusion
Whether you are finalizing your relocation plans or just starting to explore the possibility of moving to Mumbai, this article is designed to provide a clear picture of the cost of living in 2024, ensuring you can keep those expat relocation costs low.
Living in Mumbai can be an exciting experience, but planning your finances carefully is essential. The cost of living can be high, but with a well-negotiated salary or relocation package, you can enjoy a comfortable lifestyle in this dynamic city.
Relocating to a new city, especially one as bustling as Mumbai, can be a daunting task. But with Crown Relocations by your side, you can rest assured that every aspect of your move will be handled with care and precision. From packing, shipping, storage, to pet relocation, short- or long-term home finding, orientation and language training, Crown Relocations does it all.
So why wait? Get in touch with Crown Relocations today and let us help you make Mumbai your new home. Or, click on the WhatsApp icon to get in touch with our relocations expert.