How expensive is living in Mumbai? Renting a one-bedroom apartment will cost you around Rs 30,000-60,000 a month, and purchasing a one-bedroom property will set you back anywhere from Rs 80 lakhs to 1.5 crores.
Electricity bills are extremely high in Mumbai, and food is expensive. Here are some tips for living within your means in the city. Read on to discover the costs associated with living in Mumbai.
Renting a 1BHK apartment in Mumbai
A typical cost of living for a working couple in Mumbai is between Rs 30,000 and 60,000 per month. Rent varies by locality and price range. In less expensive localities, you may pay between Rs 7000 and Rs 15,000 per month for a one-bedroom apartment.
However, in more expensive localities, rents may exceed Rs 1.5 crores.
The rent will depend on the region you choose, but in Mumbai, a typical 1BHK apartment will cost you around Rs 30,000-60,000 a month. Your budget will also depend on utilities and maintenance costs.
Depending on the region, utilities can range from Rs 2000 to Rs 6000 per month. You may also be required to pay for Wi-Fi, electricity, and cable TV.
In Andheri East, a furnished two-bedroom apartment will cost you around Rs 32-35k. If you search well, you can find a furnished one-bedroom apartment for less than thirty-five thousand. Make sure to check out the registration process.
The registration process can be a hassle, but it’s well worth it to have a comfortable one-bedroom apartment at this price range.
If you’re thinking of moving to Mumbai, make sure to consider your financial situation and future goals before choosing a location. If you’re looking for a luxury apartment, you’ll need to spend at least Rs ten lakh per month.
Other popular locations for luxury apartments include Malabar Hill and Worli. Luxury abodes can cost up to 50 lakh per month. Powai, for example, has 2,507 properties available for rent. Tilak Nagar has 689 properties for rent.
Buying a 1BHK property in Mumbai
Depending on your preferences, a 1BHK apartment in Mumbai will cost you anywhere from Rs 80 lakhs to Rs 1.5 crore. However, if you want to save up for a bigger down payment, you may want to consider buying a lower-priced apartment.
A smaller apartment may be more affordable to maintain your budget, or you may decide to purchase a property in a cheaper city instead. The decision is ultimately up to you.
One BHK apartment in Mumbai will cost you between Rs 30,000 and 60,000 a month, depending on its location, size, and housing society. This figure does not take into account the cost of the cook and maid, which can run from Rs 4,000 per month to Rs 150,000.
Fuel costs, which vary from Rs 5,000 to 6,000 a month, will add up to a significant portion of your household’s budget. Additionally, the cost of maintaining your car will be around Rs 20,000 per month if you have two cars.
If you’re looking for a cheap apartment in Mumbai, try buying an old redevelopment building. These properties are frequently sold at distressed prices, so you can get a great bargain and find a bargain.
In fact, you can even buy a 1BHK apartment in Mumbai for under Rs 80 lakhs – Rs 1.5 crore.
Cost of living in Mumbai: Food costs
The cost of living in Mumbai is high compared to other major cities in the country. For instance, a typical fast food meal will cost you between INR 10 and 20. In addition, you can expect to pay INR 80-400 per meal, while a 3-course meal for two will cost between INR 500 and 1,200.
Besides, you should not forget to purchase the minimum requirement of fruits and vegetables, as they are very cheap in Mumbai.
The increase in the cost of basic items has been felt for years in Mumbai. However, in recent months, the cost of food has shot up to unprecedented levels, and families have been finding it difficult to make ends meet.
Rising fuel prices have also led to spiraling food costs in Mumbai. Meanwhile, the lockdown has increased economic losses. And as food is expensive, restaurants are struggling to survive. Thankfully, Mumbai is facing this crisis with open arms.
The cost of living in Mumbai depends on where you live and what kind of lifestyle you prefer. You can lead a simple life in Mumbai on a budget of around Rs.25,000 per month, or you can live luxuriously and enjoy all that the city has to offer for less.
As for transport, you can take public transportation in the city or rent a car. You can find a low-cost option by living in a suburban area of the city.
Electricity bill cost
Why are electricity bills high in Mumbai? One answer may seem counter-intuitive, given that Mumbai does not experience a severe winter or summer. However, power consumption levels in the city are comparable to those in Delhi.
Despite this disparity, Mumbai’s residents are facing higher bills than their Delhi counterparts. Former Central Electricity Regulatory Commission chairperson Pramod Deo points to several factors. Let’s take a look at a few of the most common causes.
A large portion of the increase is due to increased consumption. The summer months are known for higher consumption than the winter months, so electricity bills spike during these months.
However, the power utilities were not able to take meter readings before the lockdown, so their bills were calculated using average consumption for the previous three months. Consequently, bills were high during these months.
While summer months tend to be cooler and less crowded, power companies are able to raise prices on the same basis.
In June, electricity bills soared two to three times. This was a major problem for residents of Mumbai and across India. Residents raised the issue in the Bombay and Madras High Courts, where they were directed to grievance forums.
However, the Madras High Court dismissed their petition after the power companies submitted an explanation for the higher bills. Many people have uploaded their power bills online, claiming that their bills were three to 15 times higher than normal.
Some have reported bills that were more than Rs 30,000 in June.
Cost of living in Mumbai: Renting a PG
While a PG in Mumbai is generally a fully furnished apartment, the rent can be a bit expensive. It will cost you anywhere from five to fifteen thousand rupees a month. The basic facilities of a PG include a kitchen, bathroom, and electricity bills.
You will also have to pay around three hundred and fifty rupees a month for the services of a cook. It costs approximately Rs 5000 to Rs 8000 a month for a four-person PG in Mumbai.
Depending on the neighborhood, renting a PG in Mumbai will cost you anywhere between Rs 5,000-8000 per month. Depending on the size and location, you can choose the area where you want to live based on budget and preferences.
Public transportation is excellent in Mumbai and will help you get around without any hassle. If you’re on a tight budget, a PG in Mumbai will cost you around Rs 5000-8000 a month.
The cost of rent in Mumbai is relatively high, so the location you choose can have a significant impact on the monthly expenses you’ll incur.
For example, a one-bedroom unit in the most expensive part of town can cost you around Rs.30,000-50,000 per month. A two-bedroom apartment in an affordable part of the city can cost you as much as Rs1.5-2.5 crores.
However, if you’re looking for something in a more affordable neighborhood, you can find a 2BHK for around Rs.40,000-50,000 per month.
Cost of living in Mumbai: Shopping
While living in Mumbai, you can expect to spend between Rs. 20,000 and Rs. 40,000 a month on various costs. Depending on your taste and lifestyle, the cost of accommodation in Mumbai will run from Rs. 20,000 to Rs. 40,000 per month.
Fuel for a vehicle will cost you anywhere between Rs. 5,000 and Rs. 6,000 per month, while dining out at a posh restaurant will cost you Rs. 2,000 to Rs. 500 per person.
While most major retail stores in India are expensive, Mumbai offers a number of reasonably priced options for every budget. While Zara and other high-end stores are among the most expensive in India, there are many other stores with reasonable prices.
Budget shops offer amazing designs at lower prices and cater to a more diverse customer base. When comparing prices, remember that gas prices are often revised monthly. Also, be sure to check the price of electricity and water before you buy a new car.
For a more affordable option, visit one of the many markets in the suburbs. These markets work on the principle of bargaining. You can buy trendy clothes and accessories for very cheap prices. Mumbai is also an aspiring shopper’s paradise.
It has many streets filled with quirky treasures and bargains. You can find something for every budget on this street. The prices are often lower than at other malls in India, so don’t be afraid to bargain.