Mumbai remains India’s most expensive city to live in: Survey

Mumbai has maintained its position as India’s most expensive city for expatriates, according to the 2024 Cost of Living survey by HR consultancy Mercer. Since the survey’s inception in 2013, Mumbai has consistently ranked as the most expensive city in India. On a global scale, it has moved up 11 spots from the previous year, now standing at 136th out of the 226 cities surveyed.

The top 10 most expensive cities globally are Hong Kong, Singapore, Zurich, Geneva, Basel, Bern, New York City, London, Nassau and Los Angeles, according to the survey.

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Indian Cities in Global and Asian Rankings

Other Indian cities in the top 200 are New Delhi (ranked 164, up four spots), Chennai (189, down five) and Bengaluru (195, down six). Hyderabad (202) has remained stable, while Pune (205) has risen eight spots and Kolkata is up four at 207.

Within Asia, Mumbai and Delhi have seen upward movement in rankings. Mumbai has climbed six spots, while Delhi has moved up by two. As a result, Mumbai is now ranked as the 21st most expensive for expats among the cities surveyed in Asia, while Delhi is at the 30th position.

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Housing Rental Increases and Economic Stability in Indian Cities

Housing rentals in expatriate neighbourhoods have increased in the range of 3-6% from last year for Bengaluru and 2-4% for Pune, Hyderabad, and Chennai. Delhi has seen the steepest increase at 12-15%, while in Mumbai, rents have increased by 6-8%.

There is no significant dip in ranking for Indian cities due to the stability of the Indian rupee against the US dollar and the country’s economic growth driven by domestic demand and the services sector, said Rahul Sharma, the India mobility leader at Mercer.

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Economic Factors and Cost of Living Influences in Indian Cities

“Factors such as employment growth, rising middle class, and a largely resilient economy positively impacted the cost of living in India. Despite Mumbai’s rise in rankings, the overall affordability of Indian cities remains a key advantage for multinational organisations or Indian companies looking to attract global talent,” said Sharma.

Mumbai and Pune remain the most expensive in terms of energy and utility costs, finds the survey. Transportation costs encompassing automobiles, auto parts and running costs are the highest in Mumbai, followed by Bengaluru. Alcohol and tobacco items are least expensive in Delhi and most expensive in Chennai, where the cost has gone up 20% in a year.

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