Cost of Living in Mumbai After the Pandemic
Once the COVID situation improves, if you're planning to start a new venture in Mumbai, you might be curious about the cost of living. With a current monthly salary of approximately ?9300, this amount is more than sufficient to establish a stable and comfortable lifestyle in almost every part of the world, and India is no exception. Mumbai, the financial capital of India, offers a diverse range of living and working costs, depending on your specific needs and preferences.
Where to Establish?
Choosing the right location is crucial. South Mumbai, known for its luxurious and upscale neighborhoods, can be prohibitively expensive compared to Suburban Mumbai. If you're aiming to keep expenses low, Suburban Mumbai might be a better option. For instance, a 2 BHK (two-bedroom) leased flat in South Mumbai might cost more than ?1 lakh per month, whereas the same in Kandiwali, a more affordable suburb, could be around ?40000. Similarly, the cost for office space rental can vary significantly based on the location.
Living Expenses Breakdown
Rental costs are a substantial part of your monthly budget. A furnished flat in the suburbs might cost you around ?20000 to ?30000 per month, while an unfurnished studio flat for a single individual can be found for as little as ?20000. For shared accommodation, a 1-2 BHK flat could be more economical. Online platforms like Toky offer a wide range of furniture options for those looking to furnish their new home.
Eating out is another variable expense. Opt for frequent home-cooking to minimize costs, or explore local roadside eateries. Delivery services can also be a good option for those who prefer the convenience of home-cooked meals. For those who enjoy dining out, there are plenty of affordable options, but it's important to balance part-time indulgences.
Transportation plays a critical role in daily life. Choose a location that allows for easy access to public transport, ideally within walking distance of a railway or metro station. This can significantly reduce the need for a personal vehicle, further lowering overall costs.
Estimated Budget
Based on my experience, a rough budget for a single person living in a rented flat in a decent society can range between ?20000 to ?50000 per month. This estimate includes basic expenses such as rent, food, mobile internet, TV (DTH), daily travel, and occasional outings like movies and dining out. The exact amount will vary depending on factors like your exact location, mode of travel, the society you reside in, and personal spending habits.
Embracing Mumbai
No matter what, Mumbai remains the best city to live in. It has a unique charm that welcomes all, offering a vibrant and inclusive environment. Whether you prefer the bustling urban life or the serenity of its suburbs, Mumbai has something for everyone. So, why not step into this vibrant metropolis and experience its multifaceted charm for yourself?
Moving to Mumbai for 6-8 months is a significant decision, and understanding the cost of living is essential. This guide provides a realistic estimate, but the true cost will depend on your personal situation and preferences.