How much does a home cost in Mumbai?

home cost in Mumbai

Mumbai may rank among the most expensive cities in India to live in, depending on your lifestyle and way of living. Depending on one’s spending habits, the kind of property ownership, and commuting patterns, the monthly home cost in Mumbai might vary for students, couples, families, and bachelors.

To give you a rough idea, we compiled a comprehensive list of costs you can face for numerous items, such as food, transportation, hotel, etc., that will go toward your monthly cost of living in Mumbai.

In addition, the city features an effective public transit system, a good amount of greenery, and open areas. You can save a lot of time by using remote work. Because they have more greenery and open space than Mumbai does, areas like Navi Mumbai and Thane have a higher standard of living. In the end, it depends on the kind of work you do and how much money you make.

Cost of living in Mumbai:

We calculated several costs that a family would incur to reside in Mumbai to examine the cost of living there. The evaluation that follows is based on the costs to buy a property in Mumbai or rental, transportation, eating out, power costs, internet costs, school costs, automobile gasoline, and the bare minimum cost of purchasing fruits and vegetables.

Without rent, the projected monthly expenses for an individual are Rs 30,000. Living expenses in Mumbai are 8% more than those in Delhi. According to statistics, the cost of housing is 136% more in Mumbai than in Delhi.

Average rent in Mumbai and buying price:

Mumbai’s average rent is between Rs 40,000 and Rs 50,000 per month, depending on whether you wish to live in the suburbs or farther from the city center. Though property rates in Thane and Navi Mumbai, two far-off suburbs of Mumbai, are reasonable, living expenses in Mumbai are higher. You must invest at least Rs 2.5 crores to own a 2BHK apartment in Mumbai’s western suburbs.

Household cost:

The cost of a 2 BHK flat in Mumbai for a family with two working parents and a child will have expenses for food, clothes, school supplies, a maid, maintenance fees, and other lifestyle-related expenses. This might range from Rs 25,000 to Rs 30,000, depending on several variables.

If your child is in preschool, you would need to pay for a full-time daycare facility or nannies. Depending on the caliber of the services, this might run you anywhere from Rs 5,000 to 10,000 each month. Your annual cost of living would increase by between Rs 1.5 lakh and Rs 4 lakh if you enroll your child in an excellent elementary school.

Transportation cost: 

Depending on the distance you travel, you could have to spend between Rs 5,000 and Rs 6,000 per month on automobile gasoline if you drive a private vehicle. If your workplace or community does not offer free parking, you will also need to pay for parking.

Inspection fees for bank loans:

Mumbai is an extremely expensive city to live in, thus most people purchase homes using home loans. A house inspection is necessary to get authorized for a mortgage.

As part of the loan repayment procedure, you will be required to pay inspection fees that are included in the loan amount. Thus, on top of the initial property price, the whole cost of purchasing a home in Mumbai will increase.

Mumbai’s cost of living: Is it reasonable?

Your mindset and desired lifestyle will determine this. Mumbai is undoubtedly one of the most expensive cities in India to live in and to maintain a respectable standard of living. You may need to earn more than you would in other cities.

Despite this, Mumbai offers a lot of prospects and beginning salaries that are significantly greater than those in other cities. We have many houses for sale in Mumbai, you can contact us for more details and avail all the facilities of the house.

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